Xcel Energy Inc. (XEL) Revenue by Segment

Xcel Energy revenue by segment at a glance

In Q2 fiscal 2026 (the quarter ended June 30, 2026), Xcel Energy's largest business segment was Regulated Electric, with $2.74 billion or 88% of revenue, down 4.8% from a year earlier. Next: Regulated Natural Gas (12%) and All other segments (under 1%).

By product or service, Retail Distribution brought in 87%, Wholesale Distribution brought in 6% and Transmission Services brought in 5% of revenue in Q2 fiscal 2019.

The fastest-growing business segment from a year earlier was Regulated Electric (-4.8%).

From company filings, in USD; latest quarter ended June 30, 2026; quarterly data from Q3 fiscal 2017.

Xcel Energy Inc.

XELUtilities

United States

Utilities

Revenue breakdown

Fiscal quarters, from company filings

Segments by quarter (USD)

Click a bar to see that period below. Striped bars are calculated fourth quarters; an empty slot means it could not be calculated on the same basis i

Regulated ElectricRegulated Natural GasAll other segmentsOther Operating

Q2 FY26 breakdown

Fiscal quarter ended Jun 30, 2026

Item	Revenue	Share	vs year before
Regulated Electric	USD 2.74B	87.8%	-4.8%
Regulated Natural Gas	USD 365.00M	11.7%	-7.8%
All other segments	USD 14.00M	0.4%	+7.7%

Sum of items USD 3.12B. Shares are of the items shown. Click an item with › to see its parts.

Also reported by:

All periods

Every item and period in one grid. Purple = calculated; "–" = not available.

Item	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24	Q1 FY24	Q4 FY23	Q3 FY23	Q2 FY23	Q1 FY23	Q4 FY22	Q3 FY22	Q2 FY22	Q1 FY22	Q4 FY21	Q3 FY21	Q2 FY21	Q1 FY21	Q4 FY20	Q3 FY20	Q2 FY20	Q1 FY20	Q4 FY19	Q3 FY19	Q2 FY19	Q1 FY19	Q4 FY18	Q3 FY18	Q2 FY18	Q1 FY18	Q4 FY17	Q3 FY17
Regulated Electric	2.7B	3.0B	2.8B	3.6B	2.9B	2.8B	2.4B	3.4B	2.7B	2.7B	2.7B	3.4B	2.6B	2.8B	2.9B	3.7B	2.9B	2.6B	2.6B	3.2B	2.6B	2.9B	2.4B	2.9B	2.3B	2.2B	2.2B	2.8B	2.2B	2.3B	2.3B	2.8B	2.3B	2.3B	–	2.8B
Regulated Natural Gas	365.0M	1.0B	737.0M	264.0M	396.0M	1.1B	695.0M	239.0M	355.0M	941.0M	719.0M	245.0M	393.0M	1.3B	1.2B	357.0M	476.0M	1.1B	768.0M	268.0M	449.0M	647.0M	554.0M	219.0M	280.0M	583.0M	544.0M	222.0M	308.0M	794.0M	558.0M	227.0M	292.0M	662.0M	–	214.0M
All other segments	14.0M	15.0M	15.0M	13.0M	13.0M	16.0M	15.0M	12.0M	14.0M	23.0M	28.0M	30.0M	28.0M	29.0M	28.0M	26.0M	25.0M	28.0M	25.0M	23.0M	22.0M	24.0M	21.0M	22.0M	20.0M	25.0M	24.0M	20.0M	20.0M	22.0M	23.0M	–	–	–	–	–
Other Operating	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	19.0M	18.0M	19.0M	–	19.0M

Xcel Energy revenue by business segment, last 4 quarters

Business segment	Q2 FY26	Q1 FY26	Q3 FY25	Q2 FY25	Share
Regulated Electric	$2.7B	$3.0B	$3.6B	$2.9B	88%
Regulated Natural Gas	$365.0M	$1.0B	$264.0M	$396.0M	12%
All other segments	$14.0M	$15.0M	$13.0M	$13.0M	under 1%

In USD, fiscal quarters as reported; share = part of Q2 FY26 revenue.

Xcel Energy revenue by product or service, last 4 quarters

Product or service	Q2 FY26	Q1 FY26	Q3 FY25	Q2 FY25	Share
Retail Distribution	–	–	–	–	87%
Wholesale Distribution	–	–	–	–	6%
Transmission Services	–	–	–	–	5%
Other Services	–	–	–	–	2%

In USD, fiscal quarters as reported; share = part of Q2 FY19 revenue.

Questions and answers

What are Xcel Energy's business segments?

Regulated Electric, Regulated Natural Gas and All other segments (as reported for Q2 fiscal 2026).

Which business segment makes the most money for Xcel Energy?

Regulated Electric: $2.74 billion, or 88% of revenue, in Q2 fiscal 2026.

What are Xcel Energy's main products and services?

By revenue in Q2 fiscal 2019: Retail Distribution (87%), Wholesale Distribution (6%), Transmission Services (5%) and Other Services (2%).

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Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.