On this page of StockholderLetter.com we present the latest annual shareholder letter from XCEL ENERGY INC — ticker symbol XEL. Reading current and past XEL letters to shareholders can bring important insights into the investment thesis.
2025 ANNUAL REPORT MAKING ENERGY WORK BETTER 2025 ANNUAL REPORT | 1
ON THE COVER Colorado s Power Pathway, the largest transmission investment in Colorado history, is a major Xcel Energy project designed to strengthen the state s electric grid and expand access to renewable energy. Spanning more than 550 miles across 12 counties, the new high-voltage transmission line creates the backbone for delivering 5,500 megawatts of wind, solar and other power across the state. delivering 100% carbon-free electricity to customers by 2050 while improving reliability, safeguarding affordability and driving economic prosperity. Segments 2 and 3 commenced operations in 2025, and construction on Segment 1 will conclude in 2026, with Segments 4 and 5 anticipated to be in service in 2027. LEARN MORE Approved by state regulators in 2022, this $1.7 billion investment is critical to achieving our carbon reduction goals and vision of COMPANY DESCRIPTION Xcel Energy is a major U.S. electricity and natural gas company, with operations in eight Western and Midwestern states. Based in Minneapolis, Minnesota, the company provides a comprehensive portfolio of energy-related products and services to millions of electricity and natural gas customers through its regulated operating companies. EARNINGS PER SHARE Ongoing earnings per share 3.50 3.80 Dividends per share annualized 2.19 2.28 Stock price (close) 67.52 73.86 Assets (millions) 70,035 81,371 2023 3.80 3.42 2024 3.42 3.44 3.50 GAAP earnings per share Dollars per share (diluted) 3.44 2025 3.35 2024 3.21 FINANCIAL HIGHLIGHTS 2025 GAAP (generally accepted accounting principles) earnings per share Ongoing earnings per share 2
Bob Frenzel Chairman, president and chief executive officer To our valued customers and shareholders: Beginning more than a century ago, the Hennepin Island Hydroelectric Plant lit up downtown Minneapolis powering streetcars, illuminating neighborhoods and fueling the flour mills that created the economic foundation of a growing city. It was more than an engineering feat; it was a spark of progress that reshaped a community and proved what the power of innovation can unlock. That legacy is still pushing us forward today, as our Hennepin plant continues to power Minnesota and the Upper Midwest. It s a visible reminder of how generations past made the necessary investments and courageously pushed boundaries to strengthen their communities and build for the future. Today, Xcel Energy stands at a similar and pivotal inflection point as the country races to build the technology infrastructure of the future and meet the surging energy demand from artificial intelligence (AI), data centers and the myriad ways customers are using electricity to power their lives and businesses. This is a turning point for our company, our industry, our communities and our very way of life. The pace of energy development is accelerating, and countries around the world are moving with speed and commitment. In the United States, electric companies spent approximately 2025 ANNUAL REPORT | 3
$1.3 trillion over the past decade on modern infrastructure, making it one of the largest growing industries in the U.S. economy. And yet, the industry will double that investment pace in the next five years, spending more than an estimated $1.4 trillion on new generation, advanced transmission and resilient distribution infrastructure. Rest assured, we are seizing this moment to make energy work better for our customers. We are embarking on our most ambitious infrastructure investment plan in our company s history. Over the next five years, we will invest more than $60 billion by constructing thousands of miles of new long-distance, high-voltage transmission lines and new state-of-the-art substations. We will also expand gas and other forms of power generation and build stronger, more resilient distribution systems that are prepared to endure the changing climate and related weather threats throughout the communities we serve. In 2025, the people of Xcel Energy along with our partners and contractors demonstrated our capability to work as one to meet this historic moment. And we kept our eyes focused on our three strategic priorities: our customers, our people and our performance. Making energy work better for our customers We provide reliable, safe and sustainable energy while keeping our customers bills as low as possible. In 2025, we delivered 99.98% electric reliability across our service area while advancing both regulatory and operational initiatives to ensure our customers have reliable power well into the future. We are proud and privileged to serve 3.9 million electric and 2.2 natural gas customers across eight states. And our sales growth in 2025 was higher than any year in the past decade. Data centers remain a key driver of our growth. By year-end 2025, we had contracted for more than 2 gigawatts of new data centers, and we have identified another 4 gigawatts we expect to have contracted by the end of 2027. And our backlog of interest exceeds 20 gigawatts. In 2025, we invested nearly $12 billion in infrastructure to serve our customers, our highest one-year investment in our company s 4 history. And the needs continue to grow: we were awarded more than 760 miles of new 765-kilovolt transmission lines in our MISO and SPP territories reinforcing our 15-year leadership position as the largest builder of transmission lines in the country. We ve also identified nearly 13 gigawatts of needed generation new wind, solar, storage and gas-fired generation to serve our customers for decades into the future. We also made tremendous strides to protect communities from severe weather. Throughout last year, Xcel Energy invested in advanced technologies, including tripling our deployment of Pano AI cameras to detect fires more quickly, introducing drone inspections and piloting LiDAR-equipped helicopter patrols to inspect our systems and help assess risk. And we upgraded our infrastructure with advanced reclosers and leveraged sophisticated modeling tools by Technosylva to guide targeted mitigation efforts in high-risk areas. We increased our inspection of distribution poles sevenfold to 150,000 per year and developed wildfire prevention plans for every part of our service territory. Altogether, these actions not only reduce wildfire risk they strengthen reliability and resilience against storms, high winds and aging infrastructure, delivering real benefits for our customers. Most importantly, we have been able to make these investments while keeping our customers bills as low as possible. Our customers benefit from some of the country s lowest energy bills. In Colorado, our residential electric customers spend the lowest percentage of their household income or share of wallet out of all 50 states and average bills in our other states occupy five of the top 11 spots. And while we ve been able to lower our carbon emissions by 58% from 2005 baseline, we ve kept our average electric bill growth well below inflation and well below national and regional averages. Raising the bar on our performance Our vision is to be the trusted and preferred provider of the energy our customers need. As a committed, connected team, we strive to deliver excellent performance operationally and financially. In 2025, we continued to push our performance to new heights.
We delivered industry-leading affordability to our customers with high reliability and sustainability. And, in parallel, we delivered solid, ongoing earnings for our shareholders of $3.80 per share and successfully met our earnings guidance for the 21st year in a row one of the strongest track records in the industry. going above and beyond to build strong, resilient communities. In 2025, our employees, contractors and retirees volunteered nearly 100,000 hours at more than 1,200 nonprofit organizations across our eight-state service area. They raised more than $5.5 million during our annual Power Your Purpose giving campaign. We are highly focused on operating as efficiently as possible. Through our One Xcel Energy Way continuous improvement program, we have realized more than $1.5 billion in cumulative savings across our business since 2020, and when looking at our five-year average of operations and maintenance expenses per megawatt hour, Xcel Energy was ranked fourth lowest among our peer utilities. Beyond this, Xcel Energy and the Xcel Energy Foundation contributed $13.5 million across our territories, including nearly $5 million from the Foundation to support community vitality, environmental sustainability and STEM career pathways. Our Customer Care group worked with 200,000 customers to provide approximately $180 million of public energy assistance. And, finally, Xcel Energy is not only powering AI we re harnessing it to fuel operational excellence and transformative results. By integrating AI across our operations, we re empowering our people, unlocking efficiencies and guiding our system to a smarter, more resilient energy future. Better begins with our people None of this would be possible without our greatest asset: our people. Their energy, commitment and ingenuity make energy work better for our customers, and we are dedicated to providing a rewarding employee experience with opportunities for growth, engagement and recognition. In 2025, we enhanced professional development, reinforced our safety culture and celebrated outstanding achievements. Thanks to our team, Xcel Energy has been recognized as one of Ethisphere s World s Most Ethical Companies every year since 2020, and we were, once again, selected as one of Fortune s Most Admired Companies. We also strengthened our leadership team to guide our future growth, promoting Michael Lamb to executive vice president, chief delivery officer; Ryan Long to executive vice president, chief legal and compliance officer; Scott Sharp to executive vice president, chief generation officer; and Bria Shea to president of Xcel Energy Minnesota, North Dakota and South Dakota. These are the kinds of numbers that change lives, and each contribution played a role in building a lasting impact for our customers and our communities. Transforming for a brighter today and tomorrow The same spirit and commitment to innovation that brought our first hydroelectric plant online in Minneapolis more than 140 years ago still drives us today. Xcel Energy is ready to build on our momentum and drive a year of meaningful transformation while building stronger communities. As we continue making energy work better for our customers, our communities and our people, our collective skill, grit and determination will turn our vision into reality. Thank you for your continued confidence and investment in Xcel Energy! Bob Frenzel Chairman, president and chief executive officer Our teams also continued to demonstrate that our commitment is about more than energy: It s about compassion, neighbors helping neighbors and 2025 ANNUAL REPORT | 5
 • shareholder letter icon 4/7/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/11/2023 XEL Stockholder Letter
 • stockholder letter icon 4/9/2024 XEL Stockholder Letter
 • stockholder letter icon 4/8/2025 XEL Stockholder Letter
 • stockholder letter icon More "Electric Utilities" Category Stockholder Letters
 • Benford's Law Stocks icon XEL Benford's Law Stock Score = 97


XEL Shareholder/Stockholder Letter Transcript:

2025
ANNUAL REPORT
MAKING
ENERGY
WORK
BETTER
2025 ANNUAL REPORT |
1

ON THE COVER
Colorado   s Power Pathway, the
largest transmission investment
in Colorado history, is a major
Xcel Energy project designed to
strengthen the state   s electric grid
and expand access to renewable
energy. Spanning more than 550
miles across 12 counties, the new
high-voltage transmission line
creates the backbone for delivering
5,500 megawatts of wind, solar and
other power across the state.
delivering 100% carbon-free
electricity to customers by 2050
while improving reliability,
safeguarding affordability and
driving economic prosperity.
Segments 2 and 3 commenced
operations in 2025, and construction
on Segment 1 will conclude in 2026,
with Segments 4 and 5 anticipated
to be in service in 2027.
LEARN MORE
Approved by state regulators in
2022, this $1.7 billion investment
is critical to achieving our carbon
reduction goals and vision of
COMPANY DESCRIPTION
Xcel Energy is a major U.S. electricity and natural gas company, with operations in eight
Western and Midwestern states. Based in Minneapolis, Minnesota, the company provides a
comprehensive portfolio of energy-related products and services to millions of electricity
and natural gas customers through its regulated operating companies.
EARNINGS PER SHARE
Ongoing earnings per share
3.50
3.80
Dividends per share annualized
2.19
2.28
Stock price (close)
67.52
73.86
Assets (millions)
70,035
81,371
2023
3.80
3.42
2024
3.42
3.44
3.50
GAAP earnings per share
Dollars per share (diluted)
3.44
2025
3.35
2024
3.21
FINANCIAL HIGHLIGHTS
2025
GAAP (generally accepted accounting
principles) earnings per share
Ongoing earnings per share
2

Bob Frenzel
Chairman, president and
chief executive officer
To our valued
customers and
shareholders:
Beginning more than a century ago, the Hennepin
Island Hydroelectric Plant lit up downtown
Minneapolis     powering streetcars, illuminating
neighborhoods and fueling the flour mills that
created the economic foundation of a growing
city. It was more than an engineering feat; it was a
spark of progress that reshaped a community and
proved what the power of innovation can unlock.
That legacy is still pushing us forward today, as our
Hennepin plant continues to power Minnesota and
the Upper Midwest. It   s a visible reminder of how
generations past made the necessary investments
and courageously pushed boundaries to strengthen
their communities and build for the future.
Today, Xcel Energy stands at a similar and pivotal
inflection point     as the country races to build
the technology infrastructure of the future and
meet the surging energy demand from artificial
intelligence (AI), data centers and the myriad ways
customers are using electricity to power their lives
and businesses. This is a turning point for our
company, our industry, our communities and our
very way of life.
The pace of energy development is accelerating,
and countries around the world are moving
with speed and commitment. In the United
States, electric companies spent approximately
2025 ANNUAL REPORT |
3

$1.3 trillion over the past decade on modern
infrastructure, making it one of the largest
growing industries in the U.S. economy. And
yet, the industry will double that investment
pace in the next five years, spending more than
an estimated $1.4 trillion on new generation,
advanced transmission and resilient distribution
infrastructure.
Rest assured, we are seizing this moment to make
energy work better for our customers. We are
embarking on our most ambitious infrastructure
investment plan in our company   s history. Over
the next five years, we will invest more than $60
billion by constructing thousands of miles of new
long-distance, high-voltage transmission lines
and new state-of-the-art substations. We will also
expand gas and other forms of power generation
and build stronger, more resilient distribution
systems that are prepared to endure the changing
climate and related weather threats throughout
the communities we serve.
In 2025, the people of Xcel Energy     along with
our partners and contractors     demonstrated
our capability to work as one to meet this historic
moment. And we kept our eyes focused on our
three strategic priorities: our customers, our
people and our performance.
Making energy work better for our customers
We provide reliable, safe and sustainable energy
while keeping our customers    bills as low as
possible. In 2025, we delivered 99.98% electric
reliability across our service area while advancing
both regulatory and operational initiatives to
ensure our customers have reliable power well
into the future.
We are proud and privileged to serve 3.9 million
electric and 2.2 natural gas customers across
eight states. And our sales growth in 2025 was
higher than any year in the past decade. Data
centers remain a key driver of our growth. By
year-end 2025, we had contracted for more than
2 gigawatts of new data centers, and we have
identified another 4 gigawatts we expect to
have contracted by the end of 2027. And our
backlog of interest exceeds 20 gigawatts.
In 2025, we invested nearly $12 billion in
infrastructure to serve our customers, our
highest one-year investment in our company   s
4
history. And the needs continue to grow: we were
awarded more than 760 miles of new 765-kilovolt
transmission lines in our MISO and SPP territories
    reinforcing our 15-year leadership position as
the largest builder of transmission lines in the
country. We   ve also identified nearly 13 gigawatts
of needed generation     new wind, solar, storage
and gas-fired generation     to serve our customers
for decades into the future.
We also made tremendous strides to protect
communities from severe weather. Throughout
last year, Xcel Energy invested in advanced
technologies, including tripling our deployment
of Pano AI cameras to detect fires more quickly,
introducing drone inspections and piloting
LiDAR-equipped helicopter patrols to inspect our
systems and help assess risk. And we upgraded
our infrastructure with advanced reclosers
and leveraged sophisticated modeling tools by
Technosylva to guide targeted mitigation efforts in
high-risk areas.
We increased our inspection of distribution poles
sevenfold to 150,000 per year and developed
wildfire prevention plans for every part of our
service territory. Altogether, these actions not
only reduce wildfire risk     they strengthen
reliability and resilience against storms, high
winds and aging infrastructure, delivering real
benefits for our customers.
Most importantly, we have been able to make
these investments while keeping our customers   
bills as low as possible. Our customers benefit
from some of the country   s lowest energy bills. In
Colorado, our residential electric customers spend
the lowest percentage of their household income
    or    share of wallet        out of all 50 states     and
average bills in our other states occupy five of the
top 11 spots. And while we   ve been able to lower
our carbon emissions by 58% from 2005 baseline,
we   ve kept our average electric bill growth well
below inflation and well below national and
regional averages.
Raising the bar on our performance
Our vision is to be the trusted and preferred
provider of the energy our customers need. As a
committed, connected team, we strive to deliver
excellent performance     operationally and
financially. In 2025, we continued to push our
performance to new heights.

We delivered industry-leading affordability to our
customers with high reliability and sustainability.
And, in parallel, we delivered solid, ongoing
earnings for our shareholders of $3.80 per share
and successfully met our earnings guidance for
the 21st year in a row     one of the strongest track
records in the industry.
going above and beyond to build strong, resilient
communities. In 2025, our employees, contractors
and retirees volunteered nearly 100,000 hours at
more than 1,200 nonprofit organizations across
our eight-state service area. They raised more
than $5.5 million during our annual Power Your
Purpose giving campaign.
We are highly focused on operating as efficiently
as possible. Through our One Xcel Energy Way
continuous improvement program, we have
realized more than $1.5 billion in cumulative
savings across our business since 2020, and
when looking at our five-year average of
operations and maintenance expenses per
megawatt hour, Xcel Energy was ranked fourth
lowest among our peer utilities.
Beyond this, Xcel Energy and the Xcel Energy
Foundation contributed $13.5 million across
our territories, including nearly $5 million from
the Foundation to support community vitality,
environmental sustainability and STEM career
pathways. Our Customer Care group worked with
200,000 customers to provide approximately $180
million of public energy assistance.
And, finally, Xcel Energy is not only powering AI    
we   re harnessing it to fuel operational excellence
and transformative results. By integrating AI across
our operations, we   re empowering our people,
unlocking efficiencies and guiding our system to a
smarter, more resilient energy future.
Better begins with our people
None of this would be possible without our
greatest asset: our people. Their energy,
commitment and ingenuity make energy
work better for our customers, and we are
dedicated to providing a rewarding employee
experience with opportunities for growth,
engagement and recognition.
In 2025, we enhanced professional development,
reinforced our safety culture and celebrated
outstanding achievements. Thanks to our team,
Xcel Energy has been recognized as one of
Ethisphere   s World   s Most Ethical Companies   every
year since 2020, and we were, once again, selected
as one of Fortune   s Most Admired Companies.
We also strengthened our leadership team to
guide our future growth, promoting Michael Lamb
to executive vice president, chief delivery officer;
Ryan Long to executive vice president, chief legal
and compliance officer; Scott Sharp to executive
vice president, chief generation officer; and Bria
Shea to president of Xcel Energy   Minnesota, North
Dakota and South Dakota.
These are the kinds of numbers that change
lives, and each contribution played a role in
building a lasting impact for our customers and
our communities.
Transforming for a brighter today    
and tomorrow
The same spirit and commitment to innovation
that brought our first hydroelectric plant online
in Minneapolis more than 140 years ago still
drives us today. Xcel Energy is ready to build on
our momentum and drive a year of meaningful
transformation while building stronger communities.
As we continue making energy work better for our
customers, our communities and our people, our
collective skill, grit and determination will turn our
vision into reality.
Thank you for your continued confidence and
investment in Xcel Energy!
Bob Frenzel
Chairman, president and
chief executive officer
Our teams also continued to demonstrate that our
commitment is about more than energy: It   s about
compassion, neighbors helping neighbors and
2025 ANNUAL REPORT |
5


shareholder letter icon 4/7/2026 Letter Continued (Full PDF)
 

XEL Stockholder/Shareholder Letter (XCEL ENERGY INC) | www.StockholderLetter.com
Copyright © 2023 - 2026, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.