Short answer
Xcel Energy (XEL) filed its fiscal 2024 10-K annual report with the SEC on Feb 27, 2025. It reported revenue of $13.4B (−5.4% year over year) and net income of $1.9B.
- Top risk flagged: NERC critical infrastructure protection standards compliance under ongoing cybersecurity regulatory risk
FY2024 key financial metrics · XBRL
- Revenue
- $13.4B
- −5.4% YoY
- Net income
- $1.9B
- +9.3% YoY
- Operating margin
- 17.8%
- +0.3 pp YoY
- EPS (diluted)
- $3.44
- +7.2% YoY
- ROE
- 9.9%
- −0.1 pp YoY
- Operating cash flow
- $4.6B
- −12.9% YoY
Source: XBRL data from the Xcel Energy (XEL) FY2024 10-K on SEC EDGAR. USD.
Xcel Energy FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Regulated electric and natural gas utility operations serving multiple U.S. regions
- New debt issuance: $800M 5.50% Senior Notes due March 15, 2034, and $700M 5.40% First Mortgage Bonds due March 15, 2054 in early 2024
- Strategic emphasis on refinancing and capital structure optimization via multiple senior and first mortgage bonds issued across subsidiaries
- Extensive debt portfolio expansion with new bond series totaling over $1.5 billion in 2024
- Use of a detailed exhibit and amendment framework for equity incentive plans and executive compensation reflecting governance updates
Management Discussion & Analysis
- Revenue impacts: Electric revenues down $299M; natural gas revenues down $415M YoY due to lower commodity prices and fuel cost recoveries
- Profitability: GAAP diluted EPS $3.44 vs $3.21; ongoing diluted EPS $3.50 vs $3.35; NSP-MN EPS 1.41 vs 1.28; PSCo EPS 1.39 vs 1.26; operating ROE 8.55% utilities, 10.42% Xcel Energy overall
- Best/worst segments: Best - NSP-Minnesota EPS up $0.13 to $1.41; Worst - NSP-Wisconsin EPS declined $0.01 to $0.24; SPS stable at 0.70
- Cash flow/capital: Interest charges up $200M from higher debt; increased other income $121M due to gains and interest; no specific buybacks/dividends/capex amounts disclosed here
- Forward outlook: Approved MN natural gas rate increase $46M; filed electric rate increase $491M over two years; management cites ongoing infrastructure investment recovery, regulatory rate cases, higher interest costs as key factors; weather variability remains risk factor impacting sales and earnings
Risk Factors
- NERC critical infrastructure protection standards compliance under ongoing cybersecurity regulatory risk
- Exposure to cybersecurity incidents across generation, transmission, distribution, and fuel storage facilities
- Vendor security risk assessments required at contract renewal and integration for third-party providers
- Board oversight of cybersecurity risks via ONES and Audit Committees with annual risk updates
- No material cybersecurity incidents reported as of Feb 27, 2025, despite continuous threat monitoring
Generated from the filing text; verify against the original. How to read a 10-K
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