The spike in **Cash and Cash Equivalents** in Q2 2024 was primarily driven by **strong operating performance** combined with impactful **financing activities**. Specifically, the company generated **$2,240 million** in net cash from operating activities, and raised **$2,632 million** through financing efforts—including **$3,644 million** from debt issuances and **$101 million** from common stock—despite using **$3,403 million** in cash for investing activities (mostly for capital expenditures linked to system expansion and renewable energy projects).  **[0000072903-24-000172_xel-20240630.htm:56]** **[0000072903-24-000172_xel-20240630.htm:8]** 

Why did Cash and Cash Equivalents spike in Q2 2024?

The significant increase in the **Current Portion of Long-Term Debt** in Q3 2024 was driven by the **reclassification** of a portion of long-term debt that became due within the next 12 months, with scheduled maturities causing the debt to move from long-term to current. This reclassification resulted in an increase from **$552 million** as of Q4 2023 to **$1,104 million** as of Q3 2024.  **[0000072903-24-000199_xel-20240930.htm:9]** 

What drove the significant increase in the Current Portion of Long-Term Debt in Q3 2024?

Xcel Energy’s **remarkably low short-term debt** in Q3 2024 is primarily due to **lower net short-term repayments** during the nine months ended September 30, 2024. This reduction is part of the company's strategic financing activities, which involved **increased long-term debt issuances** and **proceeds from common stock issuance** to fund capital investments and repay maturing debt issuances.  **[0000072903-24-000199_xel-20240930.htm:9]** **[0000072903-24-000199_xel-20240930.htm:58]** **[0000072903-24-000199_xel-20240930.htm:8]** 

Why is Short-Term Debt remarkably low in Q3 2024?

87ccda9a4f087c8dc3da6790eaca312bcb468709627e7f4358fa13342f61d3d6

In Q4 2023, **Electric Operating Revenues** experienced a **$173 million decline** compared to Q4 2022. This drop was driven by a combination of factors: while there were positive contributions—such as an **$83 million boost** from regulatory rate outcomes, **$17 million** from non-fuel riders, **$19 million** from increased sales and demand (excluding weather effects), and **$13 million** from wholesale transmission—these were partially offset by negative elements, including a **$11 million decrease** due to the weather impact (net of decoupling and sales true-up) and an additional **$22 million reduction** from conservation, demand-side management, and other net adjustments.  **[0000072903-24-000028_xcelearningsreleaseq42023.htm:9]** **[0000072903-24-000028_xcelearningsreleaseq42023.htm:4]** 

What drove the drop in Electric Operating Revenues in Q4 2023?

The fall in Operating Income to **575 million** in Q4 2023 (down from **915 million** in Q3) can be attributed to a mix of positive and negative factors. Even though favorable regulatory rate outcomes, non‐fuel riders, increased sales and demand, and improved transmission revenues contributed positively, these were partly more than offset by adverse impacts. In particular, **unfavorable weather** reduced the electric margin by **11 million** and other net adjustments further decreased it by **22 million**, which together contributed to the lower Operating Income in Q4 2023.  **[0000072903-24-000034_xel-20231231.htm:93]** **[0000072903-24-000028_xcelearningsreleaseq42023.htm:9]** 

Why did Operating Income fall to 575 million in Q4 2023?

The available documents state that **Basic EPS was 0.74 in Q4 2023**  **[0000072903-24-000034_xel-20231231.htm:93]**  and provide explanations for a **year-over-year increase** in Q4 2023 (from **0.76 in Q4 2022** to **0.88 in Q4 2023**).  **[0000072903-24-000028_xcelearningsreleaseq42023.htm:6]**  However, none of the documents detail the reasons behind the **drop from 1.19 in Q3 2023 to 0.74 in Q4 2023**. Therefore, we do not have sufficient information from the documents to explain the drop to **0.74** in Q4 2023.

What caused Basic EPS to drop to 0.74 in Q4 2023?

The increase in Net Income in Q1 2024 was attributed to several factors. **Increased recovery of infrastructure investments** played a role, as regulatory rate outcomes in various states helped recover costs associated with capital investments. In addition, **lower operating and maintenance expenses**—stemming from reduced labor and benefit costs, gains from a land sale, and lower bad debt expenses—contributed to the rise in net income. The period also saw **higher depreciation and amortization expenses** due to system expansion and capital investments, as well as **increased interest charges** linked to higher long-term debt levels and rising interest rates. Finally, **changes in deferred income taxes** that increased cash flows further boosted the net income figures.  **[XEL_3380725_4]** **[0000072903-24-000092_xcelearningsreleaseq12024.htm:9]** **[0000072903-24-000096_xel-20240331.htm:48]** 

What factors contributed to the increase in Net Income in Q1 2024?

The documents explain the drivers behind the Q2 2024 performance relative to Q2 2023 rather than a decline from Q1 2024. In Q2 2024, Operating Income **increased** to **449 million USD** compared to **418 million USD** in Q2 2023. This improvement was primarily due to **lower electric fuel and purchased power costs** and reduced natural gas expenses, which were partially offset by **increases in depreciation, amortization, and interest charges**.  **[0000072903-24-000172_xel-20240630.htm:7]** **[XEL_3395660_4]**  However, the documents do not detail why Operating Income declined from Q1 2024’s **679 million USD** to Q2 2024’s **449 million USD**.

Why did Operating Income decline to 449 million in Q2 2024?

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The **operating cash flow** for Xcel Energy declined from **1,898 million USD** in Q3 2023  **[0000072903-23-000161_xel-20230930.htm:8]**  to **974 million USD** in Q4 2023.  **[0000072903-24-000034_xel-20231231.htm:95]**  The documents provide reasons for a significant increase in operating cash flow in 2023 compared to 2022—highlighting factors such as **higher net income**, **improvements in working capital**, and **changes in net regulatory and other assets and liabilities**  **[0000072903-24-000034_xel-20231231.htm:81]** —but they do not offer a specific explanation for the notable quarter‐to‐quarter drop in Q4 2023.

Why did operating cash flow drop so significantly in Q4 2023?

The documents do not list a definitive reason for the steep decline in nuclear fuel amortization in Q4 2023. However, they note that nuclear fuel amortization tends to vary due to factors such as **changes in nuclear fuel usage**, **operational adjustments**, or the **timing of refueling outages**.  **[0000072903-24-000096_xel-20240331.htm:8]** 

What caused the steep decline in nuclear fuel amortization in Q4 2023?

The surge was driven primarily by factors in Xcel Energy's financing and investing activities. **Financing activities** boosted cash with **$2,632 million** generated from actions such as **higher long-term debt issuances, net of repayments (contributing $2,003 million)**, **lower net short-term repayments ($286 million)**, and **increased proceeds from the issuance of common stock ($24 million)**. At the same time, **investing activities** used more cash—**$3,403 million**—due to increased capital expenditures for system expansion and renewable and transmission projects. Additionally, while **operating activities** provided **$2,240 million**, this was **$215 million lower** than the prior year because of interim rate refunds and the timing of recovery of deferred fuel costs.  **[0000072903-24-000172_xel-20240630.htm:8]** **[0000072903-24-000172_xel-20240630.htm:56]** 

What factors drove the surge in cash balances at the end of Q2 2024?

The dramatic change in **Deferred income taxes** in Q1 2024 was primarily driven by the impact of **proceeds from tax credit transfers**, which contributed to an increase of **$227 million** compared to Q1 2023.  **[0000072903-24-000096_xel-20240331.htm:48]** 

What contributed to the dramatic swing in deferred income taxes in Q1 2024?

The large jump in proceeds from common stock issuance in Q3 2024 was driven primarily by **Xcel Energy's use of its At-The-Market (ATM) equity issuance program**, which enabled the company to raise approximately **$1.1 billion** during the quarter compared to **$83 million** in Q3 2023. This strategy was implemented to fulfill the company's equity needs for the year and support capital investments while maintaining strong credit quality, even though the issuance was not part of its 2025–2029 financing plan.  **[0000072903-24-000199_xel-20240930.htm:8]** **[XEL_3405097_6]** **[XEL_3405097_4]** 

How do we explain the large jump in proceeds from common stock issuance in Q3 2024?

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Current Portion of Long-Term Debt (USD, millions)

Short-Term Debt (USD, millions)

Long-Term Debt (USD, millions)

Total Debt (USD, millions)

Common Stock (USD, millions)

Total Liabilities and Equity (USD, millions)

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bf148a560d68eb10bf14b690a2b082e793b9c75acabc6653ec15e0e0cd91ab4e

Total Operating Revenues (USD, millions)

Electric Operating Revenues (USD, millions)

Natural Gas Operating Revenues (USD, millions)

Other Operating Revenues (USD, millions)

Electric Fuel and Purchased Power (USD, millions)

Cost of Natural Gas Sold and Transported (USD, millions)

Cost of Sales - Other (USD, millions)

Operating and Maintenance Expenses (USD, millions)

Conservation and Demand Side Management Expenses (USD, millions)

Depreciation and Amortization (USD, millions)

Taxes Other Than Income Taxes (USD, millions)

Total Operating Expenses (USD, millions)

Operating Income (USD, millions)

Other Income, Net (USD, millions)

Earnings from Equity Method Investments (USD, millions)

Allowance for Funds Used During Construction - Equity (USD, millions)

Interest Charges - Includes Other Financing Costs (USD, millions)

Allowance for Funds Used During Construction - Debt (USD, millions)

Total Interest Charges and Financing Costs (USD, millions)

Income Before Income Taxes (USD, millions)

Income Tax Expense (Benefit) (USD, millions)

Net Income (USD, millions)

Basic Earnings per Average Common Share (USD)

Diluted Earnings per Average Common Share (USD)

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Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD, Per Share]

EPS - Diluted [USD, Per Share]

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Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

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Regulated Electric

- Operating Revenues

- Intersegment Revenue

Regulated Natural Gas

All Other

Total Revenue

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XCEL ENERGY (XEL)

Financials