When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard. Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences. At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ 001-3034 (Commission File Number) Xcel Energy Inc. (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of Incorporat ...

This information is not given in connection with any sale or offer for sale or offer to buy any securities. MINNEAPOLIS--(BUSINESS WIRE)--The Board of Directors of Xcel Energy Inc. (NASDAQ: XEL) today raised the quarterly dividend on the company's common stock from 57 cents per share to 59.25 cents per share, which is equivalent to an annual rate of $2.37 per share. The dividends are payable April 20, 2026, to shareholders of record on March 13, 2026. Statements in this press release regarding Xcel Energy's ...

MINNEAPOLIS--(BUSINESS WIRE)--Xcel Energy (NASDAQ: XEL) announced today it will power a new Google data center in Pine Island, Minnesota. The data center and associated Electric Service Agreement will provide a significant contribution to the state's economy, including a large buildout of new clean energy projects that will contribute to Minnesota's clean energy goals while ensuring that Xcel Energy's current customers benefit as a result of this growth. Data centers serve as the core infrastructure that po ...

Core Insights - Xcel Energy Inc. reported its Q4 numbers, highlighting a significant increase in demand driven by data centers and AI, which is expected to positively impact the company's future performance [1] Company Performance - The surge in demand for data centers and AI is a key factor contributing to the company's growth outlook [1] Investment Perspective - The company is positioned well for long-term investors, particularly those with a 5-10 year investment horizon, focusing on a balanced portfolio of growth, value, and dividend-paying stocks [1]

Core Insights - GE Vernova Inc.'s shares have increased by 9.7% over the past month, outperforming the Zacks Alternate Energy – Other industry's growth of 5.4% [1][8] - The demand for electricity from AI data centers is a significant growth driver for GE Vernova, as the company can supply this demand with its turbines and grid equipment [1][5] Performance Comparison - Other alternative energy stocks, such as Crescent Energy Company and Bloom Energy, have also shown strong performance, with shares rising by 23.9% and 26.5%, respectively, over the same period [3] Factors Supporting Growth - GE Vernova is enhancing profitability in its wind business through cost discipline, while its gas and power services remain robust [5] - The company received orders to repower 1.1 gigawatts (GW) of onshore wind turbines in the U.S., expected to reach commercial operation between 2026 and 2027, which will increase the output and longevity of existing turbines [6] - A strategic alliance with Xcel Energy is expected to secure significant equipment reservations and long-term collaboration opportunities, boosting sales [7] - The launch of GridOS for Distribution aims to enhance the operation of distribution grids, increasing long-term recurring revenue potential from software services [9] - The full acquisition of Prolec GE expands GE Vernova's Electrification segment footprint and enhances its product portfolio [10] Earnings Estimates - The Zacks Consensus Estimate for GE Vernova's 2026 earnings per share (EPS) indicates an increase of 8.64% over the past 60 days, with a long-term earnings growth rate of 18% [11] Challenges - The company faces challenges due to reliance on complex global supply networks for components, with nearly $20 billion in materials sourced from over 100 countries, which may impact production timelines and costs [13] - Global tariffs imposed in 2025 resulted in additional costs of nearly $250 million, affecting profitability [14] Financial Performance - GE Vernova has beaten earnings estimates in three of the last four quarters, with an average surprise of 112.41% [15] - The company's trailing 12-month return on equity is 46.91%, significantly higher than the industry average of 6.39% [17] Valuation - GE Vernova is currently trading at a forward P/E ratio of 52.15, which is a premium compared to the industry's 22.39 [18] Investment Outlook - The company is positioned for growth through improved wind profitability and strategic alliances, while the premium valuation suggests current shareholders may stay invested, and new investors might wait for a better entry point [21][22]

Core Insights - Xcel Energy Inc. (XEL) reported fourth-quarter 2025 operating earnings of 96 cents per share, slightly missing the Zacks Consensus Estimate of 97 cents, but showing an 18.5% increase from the previous year [1] - Total revenues for XEL were $3.56 billion, falling short of the Zacks Consensus Estimate of $3.72 billion by 4.4%, yet representing a 14.1% increase from $3.12 billion in the year-ago quarter [2] Financial Performance - The electric segment generated revenues of $2.8 billion, up 16.6% from $2.41 billion in the prior year [3] - Natural gas segment revenues increased by 6% to $737 million from $695 million year-over-year [3] - Total operating expenses rose by 7.5% year-over-year to $2.98 billion, driven by higher costs of natural gas sold, operating and maintenance expenses, and taxes [4] - Operating income surged by 67.1% year-over-year to $580 million [4] - Interest charges and financing costs increased by 26.3% from $319 million to $403 million [4] Customer Metrics - In 2025, Xcel Energy experienced a 0.7% growth in electric customer volume and a 0.8% increase in natural gas customer volume [5] - Natural gas sales volume decreased by 1.2%, while electric sales volume increased by 2.2% [5] - Xcel Energy's residential bills for electric and natural gas are 28% and 12% lower than the national average, respectively [5] Future Guidance - Xcel Energy reaffirmed its 2026 earnings per share guidance in the range of $4.04-$4.16, with the Zacks Consensus Estimate at $4.12 [6] - The company anticipates a 3% increase in retail electric sales and a 1% increase in natural gas sales volumes for 2026 [6] Long-term Strategy - Xcel Energy aims for long-term annual earnings per share growth of 6-8% and dividend growth of 4-6% [8] - The company plans to invest $60 billion from 2026 to 2030 to enhance its infrastructure, including adding 7,500 megawatts of renewable generation, 3,000 megawatts of natural gas generation, and 1,900 megawatts of energy storage [8]

Financial Data and Key Metrics Changes - Xcel Energy reported ongoing earnings of $3.80 per share for 2025, an increase from $3.50 per share in 2024, marking the 21st consecutive year of meeting or exceeding ongoing earnings guidance [6][22] - GAAP earnings for 2025 were $3.42 per share, impacted by a $300 million charge related to the Marshall Wildfire settlement [4] - Full-year weather-adjusted electric sales increased by 2.2%, with expectations for a 3% increase in 2026 [23] Business Line Data and Key Metrics Changes - The company invested nearly $12 billion in 2025, the largest one-year total, focusing on modernizing and expanding the grid [9] - O&M expenses increased by $190 million in 2025, primarily due to wildfire mitigation costs and higher maintenance costs [23] - The conversion of the Harrington coal plant to natural gas and the completion of wind repowering projects contributed to operational milestones [10] Market Data and Key Metrics Changes - Xcel Energy's residential electric bills in Colorado are the lowest in the country, with bills growing significantly less than inflation and other common expenses since 2020 [8] - The company has been recognized for customer satisfaction, ranking in the top quartile for the Midwest region according to J.D. Power [9] Company Strategy and Development Direction - Xcel Energy plans to invest over $60 billion over the next five years to modernize the grid and expand renewable energy generation [5] - The company aims to contract 6 GW of total data center capacity by the end of 2027, doubling its previous target [17][28] - Strategic alliances with NextEra Energy and GE Vernova are expected to enhance the company's capabilities in developing renewable energy and data center projects [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering 6%-8% long-term earnings growth and reaffirmed 2026 EPS guidance of $4.04-$4.16 [27][28] - The company is focused on addressing affordability issues for customers while pursuing growth opportunities in renewable energy and data centers [56][59] Other Important Information - Xcel Energy has made significant progress in settling wildfire claims, with 222 of 287 claims resolved and a low-end estimated liability of $430 million [26] - The company initiated 15 economic development projects in 2025, projected to create over $7 billion in capital investment and nearly 1,400 jobs [20] Q&A Session Summary Question: Upcoming filings in Colorado and large tariff filing - Management indicated plans to file a large load tariff in Colorado early in Q2, aiming to bring forward large loads within that framework [32] Question: $10 billion CapEx pipeline and data center growth - The $10 billion CapEx pipeline does not fully account for significant data center growth, indicating potential upside [34][36] Question: Sales growth from data centers - Management expects significant sales growth opportunities from the increased data center capacity, particularly in the later part of the decade [41][42] Question: Smokehouse Creek claims and settlements - Progress has been made in settling claims, with over 320 claims settled and a focus on resolving remaining claims [44] Question: Partnership with NextEra and time-to-market advantages - The partnership aims to enhance speed and execution certainty in developing data center projects [50][53] Question: Impact of elections on rate cases - Management noted that affordability will be a critical issue in upcoming elections, particularly in Colorado and Minnesota [54][56]

Financial Data and Key Metrics Changes - Xcel Energy reported ongoing earnings of $3.80 per share for 2025, an increase from $3.50 per share in 2024, marking the 21st consecutive year of meeting or exceeding ongoing earnings guidance [22][27] - GAAP earnings for 2025 were $3.42 per share, impacted by a $300 million charge related to the Marshall Wildfire settlement [4] - Full-year weather-adjusted electric sales increased by 2.2%, with expectations for a 3% increase in 2026 [23] Business Line Data and Key Metrics Changes - The company invested nearly $12 billion in 2025, the largest one-year total, focusing on modernizing and expanding the grid [9] - Significant projects included the conversion of the Harrington coal plant to natural gas and the completion of the Rocky Mountain solar project [10] - O&M expenses increased by $190 million in 2025, primarily due to wildfire mitigation costs and higher maintenance costs [23] Market Data and Key Metrics Changes - Xcel Energy's residential electric customers in Colorado have the lowest share of wallet among all 50 states, with average electric bills growing significantly less than inflation since 2020 [7][8] - The company ranked fourth lowest in O&M expenses per megawatt hour among peer utility companies [8] Company Strategy and Development Direction - Xcel Energy plans to invest over $60 billion over the next five years to modernize and expand its infrastructure, focusing on sustainability and reliability [5] - The company aims to contract 6 GW of total data center capacity by the end of 2027, with a goal of 3 GW by the end of 2026 [17][28] - Strategic alliances with NextEra Energy and GE Vernova are expected to enhance the company's capabilities in developing renewable energy and data center projects [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering 6%-8% long-term earnings growth and reaffirmed the 2026 EPS guidance of $4.04-$4.16 [26][28] - The company highlighted its commitment to affordability and customer service, with significant investments in community support and economic development projects [20][21] Other Important Information - Xcel Energy's energy assistance programs reached nearly 200,000 customers in 2025, providing $200 million in funding [9] - The company has made significant progress in settling wildfire claims, with 222 of 287 claims resolved [26] Q&A Session Summary Question: Upcoming filings in Colorado for the JTS and large tariff filing - Management indicated that the large load tariff in Colorado is expected to be filed early in Q2, with plans to bring forward large loads within that framework [32] Question: Impact of the $10 billion CapEx pipeline - The $10 billion CapEx pipeline does not fully account for significant data center growth, indicating potential upside [34][36] Question: Sales growth expectations with new data centers - Management expects significant sales growth opportunities from the increased data center capacity, particularly in the later part of the five-year forecast [41][42] Question: Update on Smokehouse Creek claims - Progress has been made with over 320 claims settled, and management is optimistic about resolving the remaining claims [44][46] Question: Partnership with NextEra Energy - The partnership aims to enhance speed and execution in developing data center projects, leveraging both companies' strengths [50][52] Question: Impact of elections on rate cases - Management noted that affordability will be a critical issue in upcoming elections, particularly in Colorado and Minnesota [54][56]

Financial Data and Key Metrics Changes - Xcel Energy reported ongoing earnings of $3.80 per share for 2025, an increase from $3.50 per share in 2024, marking the 21st consecutive year of meeting or exceeding ongoing earnings guidance [5][20] - The company recorded a charge of $300 million or $0.38 per share in 2025 due to a settlement related to the Marshall Wildfire, resulting in GAAP earnings of $3.42 per share [3] - Full-year weather-adjusted electric sales increased by 2.2%, with expectations for a 3% increase in 2026 [22] Business Line Data and Key Metrics Changes - In 2025, Xcel Energy invested nearly $12 billion, the largest one-year total, to modernize and expand its infrastructure [7] - The company completed significant projects, including the conversion of the Harrington coal plant to natural gas and the commissioning of the Rocky Mountain solar project [8] - O&M expenses increased by $190 million in 2025, primarily due to wildfire mitigation costs and higher maintenance costs [22] Market Data and Key Metrics Changes - Xcel Energy's residential electric customers in Colorado have the lowest share of wallet among all 50 states, with average electric bills in other states ranking in the top 11 for affordability [5][6] - The company has been recognized for its customer satisfaction, ranking in the top quartile for the Midwest region according to J.D. Power [7] Company Strategy and Development Direction - Xcel Energy plans to invest over $60 billion over the next five years to modernize and expand the grid, focusing on renewable generation and advanced infrastructure [4] - The company aims to contract 6 GW of total data center capacity by the end of 2027, doubling its previous target [15][27] - A strategic alliance with GE Vernova has been established to enhance the company's portfolio in wind and natural gas generation [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering 6%-8% long-term earnings growth and reaffirmed the 2026 EPS guidance range of $4.04-$4.16 [25][27] - The company highlighted its commitment to affordability and sustainability, noting that residential electric bills have grown less than inflation since 2020 [6][20] - Management acknowledged the challenges posed by extreme weather and emphasized the importance of infrastructure investments for reliability [10][11] Other Important Information - Xcel Energy's energy assistance programs reached nearly 200,000 customers in 2025, providing $200 million in funding, the highest one-year total [7] - The company has made significant progress in settling wildfire claims, with 222 of 287 claims resolved [25] Q&A Session Summary Question: Clarification on upcoming filings in Colorado and large tariff filing - Management indicated that the large load tariff in Colorado is expected to be filed early in Q2, and it will be tied to a package of generation to serve large loads [31] Question: Impact of the $10 billion CapEx pipeline on data center-driven needs - Management confirmed that the $10 billion CapEx pipeline does not fully account for significant data center growth opportunities in Colorado [34] Question: Sales growth expectations with new data centers - Management expects significant sales growth opportunities from data centers, particularly in the later part of the five-year forecast and into the 2030s [40] Question: Update on Smokehouse Creek claims - Management reported progress in settling claims, with over 320 claims settled and only about 100 outstanding [42] Question: Details on the partnership with NextEra - Management highlighted the partnership's focus on speed and execution, aiming to enhance data center project delivery [50] Question: Regulatory process for ESAs in the Upper Midwest - Management explained that regulatory filings will align with large load tariff filings to facilitate data center contracting [96]