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Xcel Energy — Feb 5, 2026 release

Fiscal 2025 fourth-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0000072903-26-000006
Open on SEC.gov ↗
Showing in the filing
Planned Financing Activities - Xcel Energy Inc. Senior Unsecured Notes
“$ 1,000”
Period
FY2026
Measure
Company-defined measure
Source
Guidance table
All guidance in this release · 85
Ongoing earnings per share for FY2026
“$4.04 to $4.16”
Base capital expenditures - NSP-Minnesota (B… for FY2027
“$ 4,870”
Base capital expenditures - NSP-Minnesota (B… for FY2028
“$ 4,210”
Base capital expenditures - NSP-Minnesota (B… for FY2029
“$ 3,660”
Base capital expenditures - NSP-Minnesota (B… for FY2030
“$ 3,650”
Base capital expenditures - NSP-Minnesota (B… for FY2026
“$ 20,130”
Base capital expenditures - SPS (By Regulate… for FY2027
“5,120”
Base capital expenditures - SPS (By Regulate… for FY2028
“5,350”
Base capital expenditures - SPS (By Regulate… for FY2029
“3,240”
Base capital expenditures - SPS (By Regulate… for FY2030
“2,270”
Base capital expenditures - SPS (By Regulate… for FY2026
“19,030”
Base capital expenditures - PSCo (By Regulat… for FY2027
“3,940”
Base capital expenditures - PSCo (By Regulat… for FY2030
“2,960”
Base capital expenditures - PSCo (By Regulat… for FY2028
“2,960”
Base capital expenditures - PSCo (By Regulat… for FY2029
“1,760”
Base capital expenditures - PSCo (By Regulat… for FY2026
“17,600”
Base capital expenditures - NSP-Wisconsin (B… for FY2027
“1,210”
Base capital expenditures - NSP-Wisconsin (B… for FY2028
“760”
Base capital expenditures - NSP-Wisconsin (B… for FY2029
“570”
Base capital expenditures - NSP-Wisconsin (B… for FY2030
“580”
Base capital expenditures - NSP-Wisconsin (B… for FY2026
“4,030”
Base capital expenditures - Other (By Regula… for FY2027
“(10)”
Base capital expenditures - Other (By Regula… for FY2028
“(630)”
Base capital expenditures - Other (By Regula… for FY2029
“(210)”
Base capital expenditures - Other (By Regula… for FY2030
“(50)”
Base capital expenditures - Other (By Regula… for FY2026
“(790)”
Total base capital expenditures (By Regulate… for FY2026
“$ 13,790”
Total base capital expenditures (By Regulate… for FY2027
“$ 15,130”
Total base capital expenditures (By Regulate… for FY2028
“$ 12,650”
Total base capital expenditures (By Regulate… for FY2029
“$ 9,020”
Total base capital expenditures (By Regulate… for FY2030
“$ 9,410”
Base capital expenditures - Electric transmi… for FY2027
“$ 2,930”
Base capital expenditures - Electric transmi… for FY2028
“$ 2,890”
Base capital expenditures - Electric transmi… for FY2029
“$ 3,190”
Base capital expenditures - Electric transmi… for FY2030
“$ 3,370”
Base capital expenditures - Electric transmi… for FY2026
“$ 15,440”
Base capital expenditures - Renewables (By F… for FY2027
“4,620”
Base capital expenditures - Renewables (By F… for FY2028
“3,380”
Base capital expenditures - Renewables (By F… for FY2029
“1,150”
Base capital expenditures - Renewables (By F… for FY2030
“1,210”
Base capital expenditures - Renewables (By F… for FY2026
“13,920”
Base capital expenditures - Electric distrib… for FY2027
“3,250”
Base capital expenditures - Electric distrib… for FY2029
“1,680”
Base capital expenditures - Electric distrib… for FY2030
“2,930”
Base capital expenditures - Electric distrib… for FY2028
“2,930”
Base capital expenditures - Electric distrib… for FY2026
“13,710”
Base capital expenditures - Electric generat… for FY2026
“2,220”
Base capital expenditures - Electric generat… for FY2027
“2,420”
Base capital expenditures - Electric generat… for FY2028
“2,500”
Base capital expenditures - Electric generat… for FY2029
“1,810”
Base capital expenditures - Electric generat… for FY2030
“590”
Base capital expenditures - Natural gas (By … for FY2027
“830”
Base capital expenditures - Natural gas (By … for FY2028
“700”
Base capital expenditures - Natural gas (By … for FY2029
“650”
Base capital expenditures - Natural gas (By … for FY2030
“680”
Base capital expenditures - Natural gas (By … for FY2026
“3,720”
Base capital expenditures - Other (By Functi… for FY2026
“1,170”
Base capital expenditures - Other (By Functi… for FY2027
“1,080”
Base capital expenditures - Other (By Functi… for FY2028
“250”
Base capital expenditures - Other (By Functi… for FY2029
“540”
Base capital expenditures - Other (By Functi… for FY2030
“630”
Funding mix for additional capital investment for FY2026
“approximately 40% equity and 60% debt”
Capital investment funding
“approximately 40% equity and 60% debt”
Financing plan - Cash from operations for FY2026
“$ 30,180”
Financing plan - New debt for FY2026
“22,820”
Financing plan - Equity issuances for FY2026
“7,000”
Financing plan - Maturing debt for FY2026
“$ 3,580”
Planned Financing Activities - NSP-Minnesota… for FY2026
“1,000”
Planned Financing Activities - NSP-Wisconsin… for FY2026
“250”
Planned Financing Activities - Xcel Energy I… for FY2026
“$ 1,000”
Planned Financing Activities - PSCo First Mo… for FY2026
“2,400”
Incremental equity issuance plan for FY2026
“Xcel Energy plans to issue incremental equity throughout 2026 through its at-the market program or other offerings”
Weather-normalized retail electric sales gro… for FY2026
“~3%”
Weather-normalized retail firm natural gas s… for FY2026
“~1%”
Capital rider revenue increase for FY2026
“$535 million to $545 million”
O&M expenses increase for FY2026
“~3%”
Depreciation expense increase for FY2026
“approximately $350 million to $360 million”
Property taxes increase for FY2026
“$30 million to $40 million”
Interest expense (net of AFUDC - debt) incre… for FY2026
“$300 million to $310 million, net of interest income”
AFUDC - equity increase for FY2026
“$140 million to $150 million”
Annual dividend increases for FY2025
“4% to 6%”
Annual dividend increase objective for the long term
“4% to 6%”
Dividend payout ratio
“45% to 55%”
Dividend payout ratio target for the long term
“45% to 55%”
Senior secured debt credit rating objective for the long term
“Maintain senior secured debt credit ratings in the A range”
Exhibit 99.1 · the passage around this item
… earlier in the release
2026 Planned Financing Activities — During 2026, Xcel Energy Inc. and its utility subsidiaries anticipate the following long-term debt issuances: Issuer Security Amount (Millions of Dollars) Xcel Energy Inc. Senior Unsecured Notes $ 1,000  PSCo First Mortgage Bonds 2,400  NSP-Minnesota First Mortgage Bonds 1,000  SPS First Mortgage Bonds 1,000  NSP-Wisconsin First Mortgage Bonds 250  In addition, Xcel Energy plans to issue incremental equity throughout 2026 through its at-the market program or other offerings. Financing plans are subject to change, depending on capital expenditures, regulatory outcomes, internal cash generation, market conditions, changes in tax policies and other factors. 11 Note 4. Rates, Regulation and Other NSP-Minnesota — 2024 Minnesota Electric Rate Case — In November 2024, NSP-Minnesota filed an electric rate case in Minnesota based on an ROE of 10.3%, a 52.5% equity ratio and rate base of $13.2 billion in 2025 and $14 billion in 2026. In December 2024, the MPUC approved interim rates of $192 million, effective Jan. 1, 2025. In March 2025, NSP-Minnesota filed supplemental direct testimony, updating its total revenue request to $473 million. In August 2025, eight parties filed testimony. The Minnesota Department of Commerce (DOC), Office of Attorney General (OAG), Xcel Large Industrial Customers (XLI), the Citizens Utility Board of Minnesota (CUB), Walmart and Joint Intervenors were the only
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other guidance in this release
Text is the filed exhibit, verbatim.