XCEL ENERGY INC FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	— not reported
Gross margin	— not reported
Operating income	$2.6B
Net income	$2.0B
Diluted EPS	$3.42
Cash & equivalents	— not reported
Total assets	$81.4B
Long-term debt	$31.8B

Key takeaway

Xcel Energy reported $2.018 billion net income and $3.42 diluted EPS for fiscal 2025, supported by regulated utility operations across multiple states.

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Beneath the surface

The effective tax rate was -13.8%, meaning Xcel recorded a net tax benefit of $245 million despite $1.773 billion in pretax income, largely due to tax credits reducing the rate by 32.3 points—a factor that flatters headline net income relative to underlying operating performance.

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