{"schemaVersion":1,"research":true,"symbol":"xel","name":"Xcel Energy","topic":"moat","path":"/stock/xel/moat","status":"published","version":4,"updatedAt":"2026-10-17T23:57:58.345Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Xcel Energy has a narrow moat based on its extensive installed utility networks and municipal franchises, which support efficient scale and customer dependence. Regulatory approvals demonstrate an ability to obtain rate increases, but regulators constrain prices and returns. Distributed generation, wholesale competition, franchise renewal risk, substantial financing needs and wildfire liabilities limit durability. The passages do not establish a wide moat or an independently demonstrated cost advantage.","advantages":[{"mechanism":"efficient_scale","claim":"Extensive operating transmission and distribution networks serving millions of customers, combined with municipal franchise agreements, support an incumbent infrastructure advantage. Duplicating these networks would require substantial infrastructure; this is an inference from disclosed assets and franchises, not an explicit disclosure of exclusive territories.","durability":"Existing infrastructure and continuing utility demand support persistence. Approved rate increases demonstrate that the regulatory framework can support the incumbent's economics. Minnesota's approved large-load tariff adds contractual protection for qualifying new loads, but does not establish executed customer commitments. Franchise renewals and regulatory decisions prevent guaranteed durability.","risks":"Customers can self-generate and often avoid most fixed system costs. Wholesale customers have alternative suppliers, and some new transmission ownership is competitive. Municipalization remains possible, although none is currently occurring. Financing requirements and wildfire losses can weaken shareholder economics without eliminating the physical network advantage.","invalidation":"The thesis would fail if material franchise losses or municipalization displaced Xcel's networks, sustained customer bypass left substantial infrastructure costs unrecovered, or repeated final regulatory decisions prevented adequate recovery of prudent network investment. Material realized losses in competitive transmission awards would further weaken its scope.","competitors":[],"evidenceIds":["e1","e2","e3","e10","e12","e15"],"counterEvidenceIds":["e4","e5","e6","e7","e8","e9","e14","e17","e21"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Item 1 — Business; Utility Subsidiary Overview","excerpt":"Utility Subsidiary Overview Electric customers 3.9 million Natural gas customers 2.2 million Total assets $81.4 billion Electric generating capacity (owned) 20,800 MW Natural gas storage capacity 53.3 Bcf Electric transmission lines (conductor miles) 115,000 miles Electric distribution lines (conductor miles) 225,000 miles Natural gas transmission lines 2,100 miles Natural gas distribution lines 38,000 miles Service Territory Strategy Xcel Energy’s vision is to be the preferred and trusted provider of the energy our customers need."},{"id":"e2","sourceId":"filing-1","location":"Item 1 — Business; Competition; municipal franchise agreements","excerpt":"Xcel Energy Inc.’s utility subsidiaries have franchise agreements with cities subject to periodic renewal; however, a city could seek alternative means to access electric power or gas, such as municipalization."},{"id":"e3","sourceId":"filing-1","location":"Item 1 — Business; Competition; current municipalization activity","excerpt":"No municipalization activities are occurring presently."},{"id":"e4","sourceId":"filing-1","location":"Item 1 — Business; Competition; distributed generation and fixed-cost avoidance","excerpt":"Customers have the opportunity to supply their own power with distributed generation including solar generation and can currently avoid paying for most of the fixed production, transmission and distribution costs incurred to serve them in most jurisdictions."},{"id":"e5","sourceId":"filing-1","location":"Item 1 — Business; Competition; wholesale customer alternatives","excerpt":"Xcel Energy’s wholesale customers can purchase energy from other generation resources and transmission services from other service providers to serve their native load."},{"id":"e6","sourceId":"filing-1","location":"Item 1 — Business; Competition; new transmission ownership","excerpt":"FERC Order No. 1000 established competition for ownership of certain new electric transmission facilities under Federal regulations."},{"id":"e7","sourceId":"filing-1","location":"Item 1 — Business; Competition; industrial and commercial self-generation","excerpt":"Xcel Energy’s industrial and large commercial customers have the ability to generate their own electricity."},{"id":"e8","sourceId":"filing-1","location":"Item 1 — Business; Competition; fuel substitution and relocation","excerpt":"In addition, customers may have the option of substituting other fuels or relocating their facilities to a lower cost region."},{"id":"e9","sourceId":"filing-1","location":"Item 1A — Risk Factors; recovery mechanisms and allowed returns","excerpt":"Public policy developments, including legislative actions and electoral changes at the state level, may affect recovery mechanisms or allowed returns and may limit recovery timing or cost allocation, negatively impacting our results of operations, financial condition or cash flows."},{"id":"e10","sourceId":"filing-2","location":"2022 Minnesota Electric Rate Case; approved increase and allowed ROE","excerpt":"2022 Minnesota Electric Rate Case — In July 2023, the MPUC approved a three-year rate increase of approximately $332 million for 2022-2024, based on a ROE of 9.25% and an equity ratio of 52.5%."},{"id":"e11","sourceId":"filing-2","location":"2025 South Dakota Electric Rate Case; requested increase","excerpt":"2025 South Dakota Electric Rate Case — In June 2025, NSP-Minnesota filed a request with the SDPUC for a net annual electric rate increase of $44 million (15%)."},{"id":"e12","sourceId":"filing-2","location":"2025 South Dakota Electric Rate Case; settlement amount","excerpt":"1, 2026. In April 2026, NSP-Minnesota and SDPUC Staff filed a black box settlement agreement with the SDPUC, including a net annual electric rate increase of $26 million."},{"id":"e13","sourceId":"filing-2","location":"2025 South Dakota Electric Rate Case; approval and effective date","excerpt":"In May 2026, the SDPUC approved the settlement agreement, and rates became effective July 1, 2026."},{"id":"e14","sourceId":"filing-1","location":"PSCo; regulatory authority over retail rates and operations","excerpt":"PSCo Summary of Regulatory Agencies / RTO and Areas of Jurisdiction Regulatory Body / RTO Additional Information on Regulatory Authority CPUC Retail rates, accounts, services, issuance of securities and other aspects of electric, natural gas and steam operations."},{"id":"e15","sourceId":"filing-2","location":"Large-load tariffs; approved NSP-Minnesota tariff","excerpt":"NSP-Minnesota —The tariff, which was approved by the MPUC in June 2026, is mandatory for new loads over 100 MW and includes an incremental cost test, minimum initial term of 15 years, minimum bill provisions, termination and exit fees, and credit requirements."},{"id":"e16","sourceId":"filing-1","location":"Item 1 — Business; Seasonality; sales true-up and decoupling","excerpt":"Sales true-up and decoupling mechanisms mitigate the impacts of weather in certain jurisdictions."},{"id":"e17","sourceId":"filing-1","location":"Financing for Capital Expenditures through 2030; estimated funding plan","excerpt":"Current estimated financing plans of Xcel Energy for 2026 through 2030 (includes the impact of tax credit transferability): (Millions of Dollars) Funding Capital Expenditures Cash from operations (a) $ 30,180 New debt (b) 22,820 Equity issuances (c) 7,000 Base capital expenditures 2026 - 2030 $ 60,000 Maturing debt $ 3,580 (a)Net of dividends and pension funding."},{"id":"e18","sourceId":"filing-2","location":"Consolidated Statements of Income; six months ended June 30, 2026 and 2025","excerpt":"AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (amounts in millions, except per share data) Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 Operating revenues Electric $ 2,740 $ 2,878 $ 5,716 $ 5,713 Natural gas 365 396 1,395 1,451 Other 14 13 29 29 Total operating revenues 3,119 3,287 7,140 7,193 Operating expenses Electric fuel and purchased power 678 918 1,697 1,938 Cost of natural gas sold and transported 93 134 613 647 Cost of sales — other 2 1 5 3 Operating and maintenance expenses 691 675 1,366 1,361 Conservation and demand side management expenses 107 88 228 198 Depreciation and amortization 662 722 1,430 1,450 Taxes (other than income taxes) 177 172 360 342 Marshall Wildfire litigation 3 — (19) — Total operating expenses 2,413 2,710 5,680 5,939 Operating income 706 577 1,460 1,254 Other income, net 37 68 59 75 Earnings (loss) from equity method investments 76 (8) 89 (9) Allowance for funds used during construction — equity 105 69 197 117 Interest charges and financing costs Interest charges — includes other financing costs 443 349 855 681 Allowance for funds used during construction — debt (45) (27) (85) (50) Total interest charges and financing costs 398 322 770 631 Income before income taxes 526 384 1,035 806 Income tax benefit (60) (60) (107) (121) Net income $ 586 $ 444 $ 1,142 $ 927 Weighted average common shares outstanding: Basic 625 586 625 580 Diluted 627 588 627 582 Earnings per average common share: Basic $ 0.94 $ 0.76 $ 1.83 $ 1.60 Diluted 0.93 0.75 1.82 1.59 See Notes to Consolidated Financial Statements 5 Table of Contents XCEL ENERGY INC."},{"id":"e19","sourceId":"filing-2","location":"Consolidated balance sheet; debt, assets and outstanding shares","excerpt":"31, 2025 Assets Current assets Cash and cash equivalents $ 2,010 $ 274 Accounts receivable, net 1,255 1,330 Accrued unbilled revenues 786 880 Inventories 745 761 Regulatory assets 521 529 Derivative instruments 178 165 Prepayments and other 587 1,075 Total current assets 6,082 5,014 Property, plant and equipment, net 69,497 65,639 Other assets Nuclear decommissioning fund and other investments 4,727 4,389 Regulatory assets 3,108 2,998 Derivative instruments 44 54 Operating lease right-of-use assets 865 893 Finance lease right-of-use assets 1,421 1,348 Other 1,421 1,036 Total other assets 11,586 10,718 Total assets $ 87,165 $ 81,371 Liabilities and Equity Current liabilities Current portion of long-term debt $ 999 $ 501 Short-term debt 2,510 1,550 Accounts payable 2,323 2,307 Regulatory liabilities 846 714 Taxes accrued 416 579 Accrued interest 385 337 Dividends payable 370 355 Derivative instruments 17 31 Operating lease liabilities 107 110 Other 699 605 Total current liabilities 8,672 7,089 Deferred credits and other liabilities Deferred income taxes 6,012 6,004 Regulatory liabilities 6,594 6,277 Asset retirement obligations 3,293 3,888 Derivative instruments 51 67 Customer advances 123 129 Pension and employee benefit obligations 307 365 Operating lease liabilities 759 788 Finance lease liabilities 1,288 1,262 Other 61 61 Total deferred credits and other liabilities 18,488 18,841 Commitments and contingencies Capitalization Long-term debt 35,948 31,832 Common stock — 1,000,000,000 shares authorized of $2.50 par value; 624,405,747 and 623,600,715 shares outstanding at June 30, 2026 and December 31, 2025, respectively 1,561 1,559 Additional paid in capital 12,947 12,906 Retained earnings 9,607 9,207 Accumulated other comprehensive loss (58) (63) Total common stockholders’ equity 24,057 23,609 Total liabilities and equity $ 87,165 $ 81,371 See Notes to Consolidated Financial Statements 8 Table of Contents XCEL ENERGY INC."},{"id":"e20","sourceId":"filing-2","location":"Derivative activity; fuel and purchased energy cost-recovery mechanisms","excerpt":"These derivative settlement gains and losses are shared with electric customers through fuel and purchased energy cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate."},{"id":"e21","sourceId":"filing-2","location":"Smokehouse Creek Fire Complex; remaining insurance and potential exposure","excerpt":"Resolution of remaining complaints and claims associated with the Smokehouse Creek Fire Complex could exceed our insurance coverage of $525 million for the annual policy period (of which approximately $80 million of coverage remains after consideration of settlements reached and legal costs incurred through June 30, 2026) and could have a material adverse effect on our financial condition, results of operations or cash flows."},{"id":"e22","sourceId":"filing-1","location":"Item 1 — Business; Our Performance; historical guidance and dividend record","excerpt":"We have consistently achieved our financial objectives, meeting or exceeding our initial ongoing earnings guidance range for 21 consecutive years and delivering dividend growth for 23 consecutive years."},{"id":"e23","sourceId":"filing-3","location":"Proxy Appendix A; 2025 GAAP and ongoing EPS growth","excerpt":"2025 EPS Growth (0.6)% (annual GAAP EPS growth) 8.6% (annual ongoing EPS growth) PROXY STATEMENT 2026 A-1"},{"id":"e24","sourceId":"filing-1","location":"Note 8 — Share-Based Compensation; awards actually granted","excerpt":"Xcel Energy‘s Board of Directors has granted share based awards under these plans, which include various service, performance and market conditions."},{"id":"e25","sourceId":"filing-1","location":"Note 8 — Share-Based Compensation; 2025 award performance conditions","excerpt":"For 2025, awards with conditions incremental to service contain goals based on EPS, operations and environmental performance, each with adjustments for relative TSR ranking."},{"id":"e26","sourceId":"filing-1","location":"Note 8 — Share-Based Compensation; performance and service-only grant mix","excerpt":"Equity award units granted to employees: (Units in Thousands) 2025 2024 2023 Granted units (a) 683 658 586 Weighted average grant date fair value $ 68.19 $ 63.02 $ 67.06 (a)Includes 2025, 2024 and 2023 grants of 379, 457 and 413 units (each in thousands), respectively, subject only to service conditions."},{"id":"e27","sourceId":"filing-3","location":"Compensation Discussion and Analysis; clawbacks, ownership guidelines and hedging restrictions","excerpt":"What We Do What We Don't Do •Pay for performance with a substantial percentage of each NEO's total direct compensation being variable, at risk and aligned with performance-based metrics •Use an appropriate peer group when establishing compensation •Balance short-term and long-term incentive performance goals to reflect operating and strategic objectives •Place strong emphasis on performance-based equity awards •Include sustainability metrics in our compensation programs in support of our sustainability strategy •Align executive compensation with stakeholder interests through long-term incentives goals •Set significant stock ownership guidelines for NEOs, other executives and non-employee directors •Mitigate undue risk-taking in compensation programs •Have clawback policies in place allowing for recoupment of compensation •Retain an independent compensation consultant •Don't provide employment contracts to NEOs •Don't permit directors or employees to hedge or pledge their Company stock •Don't provide unusual or excessive perquisites •Don't provide tax gross-ups on severance benefits or executive perquisites except for circumstances regarding relocation •Don't supplement service credit to newly hired officers under any of our qualified or nonqualified retirement plans Our Compensation Program Supports our Sustainability Strategy Sustainability metrics have been included in our incentive compensation plans since 2000: 2000 Employee safety metrics have been included as a KPI on our corporate scorecard and annual incentive plan since Xcel Energy was formed 2005 Environmental reductions and projects have been tied to long-term incentives for the past 21 years 2014 Our current carbon emissions reduction goal has been in place for the past 12 years 2021 Inclusion metric added as a KPI as part of our corporate scorecard and annual incentive plan 32 Compensation Discussion and Analysis Impact of Say on Pay Vote Each year, Xcel Energy provides shareholders with a non-binding say on pay vote on its executive compensation programs."},{"id":"e28","sourceId":"filing-3","location":"Compensation Discussion and Analysis; executive ownership guideline status at March 23, 2026","excerpt":"As of March 23, 2026, all the NEOs have achieved, or are on track to achieve, the stated stock ownership requirement by the date specified for achievement."},{"id":"e29","sourceId":"filing-3","location":"Proxy Summary; existing governance practices and shareholder rights","excerpt":"Sound Practices Governance Best Practices Shareholder Rights •Regular executive sessions •Board and management succession plans •Term limits and mandatory retirement age for directors •Guardrails to prevent overboarding •Regular shareholder outreach •Routine engagement with outside experts •Annual committee assignments •Annual election of directors by majority vote •Annual advisory vote on executive compensation •Proxy access adopted •No supermajority voting provisions •Right to call a special meeting •Each share is entitled to one vote Effective Board Oversight Strategy and Direction Performance Monitoring •Annual strategy session and regular strategic updates •Annual enterprise and compliance risk assessments •Annual charter reviews and updates •Clear committee oversight of and executive accountability for sustainability issues •Focus on execution and results •Scorecard governance with metrics aligned to sustainability issues •Annual Board and committee evaluations overseen by the Lead Independent Director Key Focus Areas •Safety •Operational excellence •Reliability and resiliency •Resource adequacy •Cyber and physical security •Risk management •Clean energy and climate leadership •Advanced energy technologies •Customer experience and affordability •Human capital management •Organization and culture An Experienced and Engaged Board Our directors bring extensive and relevant business, leadership and community experience."},{"id":"e30","sourceId":"filing-3","location":"Corporate Governance; combined chairman and CEO with lead independent director","excerpt":"PROXY STATEMENT 2026 9 Corporate Governance Leadership Structure and Roles Our Board leadership structure consists of a combined Chairman and CEO position, complemented by a Lead Independent Director chosen annually from our independent directors."},{"id":"e31","sourceId":"filing-3","location":"Director Stock Ownership Guidelines; compliance for directors with elapsed deadlines","excerpt":"All directors whose stock ownership target date was on or before December 31, 2025 have met the guideline."},{"id":"e32","sourceId":"filing-1","location":"Item 1 — Business; issuer claim about wind and solar resource advantages","excerpt":"Zero-Carbon Electricity by 2050 Xcel Energy’s operating footprint includes some of the best wind and solar resources in the country, providing for higher capacity factors and lower electricity costs."},{"id":"e33","sourceId":"filing-2","location":"2022 Minnesota Electric Rate Case; March 2026 executive compensation treatment decision","excerpt":"In March 2026, the MPUC declined to modify the treatment of executive compensation."},{"id":"e34","sourceId":"filing-2","location":"2022 Minnesota Electric Rate Case; July 2026 prepaid pension asset treatment decision","excerpt":"In July 2026, the MPUC declined to modify the treatment of prepaid pension asset."}],"changes":["No comparable previous version."],"limitations":["Assessment uses only the supplied passages. Source dates are filing dates: February 25, July 30 and April 7, 2026, respectively; they are not retrieval dates.","No named company is identified as a competitor in the competition passages. Suppliers, regulatory intervenors and other named counterparties are not treated as competitors.","Network duplication barriers are inferred from installed infrastructure and franchises. The passages do not establish territorial exclusivity, franchise expiration schedules or returns relative to the cost of capital.","Claims of superior renewable resources, low customer bills and historical execution are issuer disclosures. Comparative cost data do not establish a separate cost-advantage moat.","Customer retention is assessed indirectly from the operating customer base, franchises and available alternatives. No customer retention series or executed large-load contracts are supplied.","The capital funding plan is prospective. Historical cash-flow statements, project-level investment outcomes and comprehensive capital-return evidence are absent.","Proxy disclosures provide actual governance practices and granted compensation awards, but not complete executive ownership balances or proof that every executive has already met ownership requirements.","The July filing supersedes earlier expectations for the Minnesota compensation and pension reconsiderations. Proposed tariffs outside the approved Minnesota tariff and pending rate stipulations are not treated as adopted protections or realized pricing."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Operating networks serving 3.9 million electric and 2.2 million gas customers, together with municipal franchises, demonstrate a substantial incumbent infrastructure position. Efficient-scale barriers are inferred; exclusive territories are not established.","evidenceIds":["e1","e2"]},{"criterion":"durability","grade":2,"rationale":"Installed networks, franchises and approved regulated revenues support persistence, while periodic franchise renewal, customer bypass and regulatory discretion limit its demonstrated duration. No current municipalization is disclosed.","evidenceIds":["e1","e2","e3","e4","e9","e10"]},{"criterion":"customer_dependency","grade":3,"rationale":"Millions of customers currently depend on the operating utility networks. Dependence is inferred from service delivery rather than measured retention. Industrial self-generation and fuel substitution limit universality; the approved Minnesota tariff creates stronger terms only for qualifying new loads.","evidenceIds":["e1","e7","e8","e15"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Approved rate recovery and Minnesota large-load protections counter some erosion risks. Actual wildfire insurance consumption and disclosed customer bypass economics constrain resilience; wholesale and transmission competition are exposures rather than proof of realized market-share losses.","evidenceIds":["e4","e5","e6","e10","e15","e21"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Minnesota approved approximately $332 million of increases for 2022–2024. South Dakota approved a $26 million annual increase effective July 2026 against a $44 million request. These demonstrate successful but constrained regulatory pricing; the July increase is an effective tariff, not first-half realized revenue.","evidenceIds":["e10","e11","e12","e13"]},{"criterion":"retention","grade":2,"rationale":"The large operating customer base and absence of current municipalization indirectly support continuing demand. No longitudinal retention evidence is supplied, and self-generation, relocation and wholesale alternatives make retention less secure than the network footprint alone suggests.","evidenceIds":["e1","e3","e4","e5","e8"]},{"criterion":"margin_resilience","grade":2,"rationale":"First-half 2026 operating income rose to $1.460 billion from $1.254 billion despite slightly lower revenue, supported in part by lower energy costs. Disclosed cost-recovery and decoupling mechanisms provide protection, but higher financing costs and wildfire exposure limit the conclusion. These results do not independently establish pricing power.","evidenceIds":["e16","e18","e20","e21"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Retail prices and important terms require regulatory approval, and South Dakota's approved increase was below the request. Minnesota's approved minimum bills, long term and exit fees improve protection for qualifying new loads, but remain regulator-authorized terms rather than broad unilateral pricing freedom.","evidenceIds":["e11","e12","e13","e14","e15","e33","e34"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"First-half earnings and EPS increased, but long-term debt rose from $31.832 billion to $35.948 billion and weighted-average diluted shares increased year over year. The $60 billion capital plan anticipates $22.820 billion of new debt and $7 billion of equity. This is mixed evidence of financing burden and per-share outcomes; cash generation and completed project returns cannot be fully assessed.","evidenceIds":["e17","e18","e19"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actually granted awards include EPS, operating and environmental conditions with relative TSR adjustments. Clawbacks, hedging restrictions and demonstrated director ownership compliance strengthen alignment. A substantial service-only award component and executives described as either compliant or on track temper the assessment.","evidenceIds":["e24","e25","e26","e27","e28","e31"]},{"criterion":"execution","grade":2,"rationale":"The issuer reports 21 consecutive years of meeting or exceeding initial ongoing earnings guidance, and first-half 2026 GAAP EPS improved. However, 2025 GAAP EPS fell 0.6% despite 8.6% ongoing growth, and wildfire settlements have consumed most insurance coverage. Execution is mixed, with operating quality assessed indirectly from financial outcomes rather than comprehensive reliability data.","evidenceIds":["e18","e21","e22","e23"]},{"criterion":"governance","grade":3,"rationale":"Existing annual majority-vote elections, proxy access, special-meeting rights, regular evaluations and compensation safeguards support strong formal governance. Combined chairman and CEO roles are balanced by a lead independent director. These disclosed practices establish structure, not exceptional effectiveness in preventing operational losses.","evidenceIds":["e27","e29","e30"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"6abbb3f9a9d61756f9d7f33a9a96ebb6c82a6badc4dcc12809d8c79290b787e4","updatedAt":"2026-10-17T23:57:58.345Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/72903/000007290326000009/xel-20251231.htm","publishedAt":"2026-02-25","sha256":"1499ba75e9e2076239aaa2c339025df9e5169b6cdbba0b2c7bee4d297b9859ad","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/72903/000007290326000154/xel-20260630.htm","publishedAt":"2026-07-30","sha256":"f94841a058d3a699edb713593d471424ce36b9c6de9f3cffa9b9ee8623cd2da4","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/72903/000007290326000063/xel-20260406.htm","publishedAt":"2026-04-07","sha256":"5d60082f5696f26fa2ad722b779ee4ff55c2e1d49c48c4e50edac6ae6e72e320","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:ee5235fb386869769cad46d4010ad8740eb5c066278f54b668487119ce666dfe","usage":{"input_tokens":52080,"cached_input_tokens":20992,"cache_write_input_tokens":0,"output_tokens":3937,"reasoning_output_tokens":153},"basisSupplement":{"previousHash":"66989a5845b348c52cdef118a451f2b8b1cef6f86fcc639ed2fa908c7741ffba","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"pe":"A validated closing price in the reporting currency is unavailable for this period.","peg":"A validated closing price in the reporting currency is unavailable for this period.","ps":"A validated closing price in the reporting currency is unavailable for this period.","pfcf":"A validated closing price in the reporting currency is unavailable for this period.","pfcf_growth":"A validated closing price in the reporting currency is unavailable for this period.","pocf":"A validated closing price in the reporting currency is unavailable for this period.","pb":"A validated closing price in the reporting currency is unavailable for this period.","fcf_yield":"A validated closing price in the reporting currency is unavailable for this 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is unavailable for this period.","ev_sales":"A validated closing price in the reporting currency is unavailable for this period.","ev_ebitda":"A validated closing price in the reporting currency is unavailable for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","net_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ocf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"pe":"A validated closing price in the reporting currency is unavailable for this period.","peg":"A validated closing price in the reporting currency is unavailable for this period.","ps":"A validated closing price in the reporting currency is unavailable for this period.","pfcf":"A validated closing price in the reporting currency is unavailable for this period.","pfcf_growth":"A validated closing price in the reporting currency is unavailable for this period.","pocf":"A validated closing price in the reporting currency is unavailable for this period.","pb":"A validated closing price in the reporting currency is unavailable for this period.","fcf_yield":"A validated closing price in the reporting currency is unavailable for this period.","earnings_yield":"A validated closing price in the reporting currency is unavailable for this period.","ev_sales":"A validated closing price in the reporting currency is unavailable for this period.","ev_ebitda":"A validated closing price in the reporting currency is unavailable for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","net_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ocf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"pe":"A validated closing price in the reporting currency is unavailable for this period.","peg":"A validated closing price in the reporting currency is unavailable for this period.","ps":"A validated closing price in the reporting currency is unavailable for this period.","pfcf":"A validated closing price in the reporting currency is unavailable for this period.","pfcf_growth":"A validated closing price in the reporting currency is unavailable for this period.","pocf":"A validated closing price in the reporting currency is unavailable for this period.","pb":"A validated closing price in the reporting currency is unavailable for this period.","fcf_yield":"A validated closing price in the reporting currency is unavailable for this period.","earnings_yield":"A validated closing price in the reporting currency is unavailable for this period.","ev_sales":"A validated closing price in the reporting currency is unavailable for this period.","ev_ebitda":"A validated closing price in the reporting currency is unavailable for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","net_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ocf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/72903/000007290326000009/xel-20251231.htm","publishedAt":"2026-02-25","sha256":"1499ba75e9e2076239aaa2c339025df9e5169b6cdbba0b2c7bee4d297b9859ad","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/72903/000007290326000154/xel-20260630.htm","publishedAt":"2026-07-30","sha256":"f94841a058d3a699edb713593d471424ce36b9c6de9f3cffa9b9ee8623cd2da4","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/72903/000007290326000063/xel-20260406.htm","publishedAt":"2026-04-07","sha256":"5d60082f5696f26fa2ad722b779ee4ff55c2e1d49c48c4e50edac6ae6e72e320","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"narrow","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}