Regulated Electric was Xcel Energy’s largest segment in fiscal 2025, bringing in $12.16B of $14.67B (83%).
| Segment | FY 2009 | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Regulated Electric | $12.12B | $11.45B | $11.15B | $12.16B | |||||||||||
| The Core Operations Of The Regulated Electric Utility Segment Consists Of The Generation, Transmission, & Distribution Of Electricity. In Addition, This Segment Includes Sales For Resale And Provides Wholesale Transmission Service To Other Entities | — | — | — | — | |||||||||||
| Regulated Natural Gas | $3.08B | $2.65B | $2.23B | $2.45B | |||||||||||
| The Operations Of The Regulated Natural Gas Utility Segment Consists Of The Transporting, Storing, & Distributing Natural Gas In Certain Markets Serviced By The Entity | — | — | — | — | |||||||||||
| All Other | $107.00M | $115.00M | $64.00M | $57.00M | |||||||||||
| All Other Segments | — | — | — | — | |||||||||||
| Business Intersegment Eliminations | — | — | — | — | |||||||||||
| Intersegment Eliminations | — | — | — | — | |||||||||||
| Total | $15.31B | $14.21B | $13.44B | $14.67B |
Xcel Energy brought in $14.67B from its three segments in fiscal 2025, the year ended December 31, 2025. That was up 9.1% from $13.44B in fiscal 2024. Regulated Electric was the largest at $12.16B (82.9%), ahead of Regulated Natural Gas at $2.45B (16.7%) and All Other at $57.00M (0.4%).
Compared with fiscal 2024, Regulated Natural Gas grew 10.0% to $2.45B and Regulated Electric grew 9.1% to $12.16B. From fiscal 2022 to 2025, combined revenue from these segments fell from $15.31B to $14.67B, a compound annual decline of 1.4%. Regulated Electric's share of the total rose from 79.2% to 82.9%.
Electricity, Us Regulated was Xcel Energy’s largest product and service line in fiscal 2017, bringing in $9.68B of $11.40B (85%).
| Product and Service | FY 2016 | FY 2017 |
|---|---|---|
| Electricity, Us Regulated | $9.50B | $9.68B |
| Natural Gas, Us Regulated | $1.53B | $1.65B |
| Product & Service, Other | $76.00M | $78.00M |
| Total | $11.11B | $11.40B |
Xcel Energy brought in $11.40B from its three product and service lines in fiscal 2017, the year ended December 31, 2017. That was up 2.7% from $11.11B in fiscal 2016. Electricity, Us Regulated was the largest at $9.68B (84.8%), ahead of Natural Gas, Us Regulated at $1.65B (14.5%) and Product & Service, Other at $78.00M (0.7%).
Compared with fiscal 2016, Natural Gas, Us Regulated grew 7.8% to $1.65B and Electricity, Us Regulated grew 1.9% to $9.68B.
Regulated Electric was Xcel Energy’s largest segment in fiscal 2008, bringing in $8.68B of $11.20B (78%).
| Segment Reporting Information, by Segment | FY 2008 |
|---|---|
| Regulated Electric | $8.68B |
| Regulated Natural Gas | $2.45B |
| All Other | $77.18M |
| Reconciling Eliminations | -$7.77M |
| Total | $11.20B |
Xcel Energy brought in $11.20B from its four segments in fiscal 2008, the year ended December 31, 2008. Regulated Electric was the largest at $8.68B (77.5%), ahead of Regulated Natural Gas at $2.45B (21.9%) and All Other at $77.18M (0.7%).
The total is net of Reconciling Eliminations, which took $7.77M off revenue in fiscal 2008.
Xcel Energy (XEL) reports its revenue by segment, by product and service and by segment reporting information, by segment. In fiscal 2025, Regulated Electric was its largest segment, bringing in $12.16B (82.9% of the total), followed by Regulated Natural Gas at $2.45B (16.7%).
Regulated Electric was Xcel Energy's largest segment in fiscal 2025, bringing in $12.16B, or 82.9% of the $14.67B total across its three segments.
Electricity, Us Regulated was Xcel Energy's largest product and service line in fiscal 2017, bringing in $9.68B, or 84.8% of the $11.40B total across its three product and service lines.
Regulated Natural Gas grew faster than Regulated Electric in fiscal 2025, up 10.0% from $2.23B to $2.45B. Regulated Electric grew 9.1% to $12.16B.
Every figure comes from Xcel Energy's annual financial filings, as reported. Each line keeps the name Xcel Energy gives it, and years follow its fiscal calendar.
Xcel Energy's revenue by segment goes back to fiscal 2009, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.