How many subsidiaries does XCEL ENERGY INC file with the SEC?

18, listed in its most recent exhibit 21. They are incorporated across 5 jurisdictions, led by Minnesota, Wisconsin, Colorado. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.

Is XCEL ENERGY INC financially healthy?

XCEL ENERGY INC scores 4 out of 7 on the Piotroski F-score. Only 7 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

Who are the largest institutional holders of XCEL ENERGY INC?

Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are BlackRock, Inc. (adding), STATE STREET CORP (adding), BANK OF AMERICA CORP /DE/ (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.

XCEL ENERGY INC (XEL)

Nasdaq, Nasdaq · Common Stock · Electric & Other Services Combined

One email a week from me: what it filed, which 13F holders added or cut, where its scores stand. Free.

Corporate structure

18 entities across 5 jurisdictions. Read directly from the company’s own 10-K EX-21 filed 2026-02-25 — see the exhibit.

Which other public companies file entities in the same places:

Minnesota9 Delaware4 Colorado3 Wisconsin1 New Mexico1

Subsidiaries of XCEL ENERGY INC as disclosed in its SEC filing
Entity	Jurisdiction	Note
Northern States Power Company (a Minnesota corporation)	Minnesota
Northern States Power Company (a Wisconsin corporation)	Wisconsin
Public Service Company of Colorado	Colorado
Southwestern Public Service Company	New Mexico
WestGas InterState, Inc.	Colorado
Xcel Energy Wholesale Group Inc.	Minnesota
Xcel Energy Markets Holdings Inc.	Minnesota
Xcel Energy International Inc.	Delaware
Xcel Energy Ventures Inc.	Minnesota
Xcel Energy Retail Holdings Inc.	Minnesota
Xcel Energy Communications Group Inc.	Minnesota
Xcel Energy WYCO Inc.	Colorado
Xcel Energy Services Inc.	Delaware
Xcel Energy Transmission Holding Company, LLC	Delaware
Xcel Energy Venture Holdings, Inc.	Minnesota
Nicollet Project Holdings LLC	Minnesota
Nicollet Holdings Company LLC	Minnesota
Xcel Energy Nuclear Services Holdings, LLC	Delaware

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

4 / 7

PASSReturn on assets positiveROA 2.5%
PASSOperating cash flow positiveOCF 4.1B
FAILReturn on assets improving2.8% → 2.5%
PASSCash flow exceeds earningsOCF 4.1B vs NI 2.0B
FAILLong-term debt ratio falling39.0% → 39.1% of assets
PASSCurrent ratio improving0.67 → 0.71
FAILNo share dilution563M → 589M shares
FAILGross margin improvingno gross profit reported
FAILAsset turnover improvingno data

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2020	—	$1.5B	−$2.5B	—	528,000,000
FY2021	—	$1.6B	−$2.1B	—	540,000,000
FY2022	—	$1.7B	−$706.0M	—	547,000,000
FY2023	—	$1.8B	−$527.0M	—	552,000,000
FY2024	—	$1.9B	−$2.7B	—	563,000,000
FY2025	—	$2.0B	−$6.8B	—	589,000,000

Ownership flow

14 institutions tracked — 10 added, 3 reduced, 1 opened a new position. Index money added 9,804,839 shares while active managers cut 924,406.

Institutional holders of XCEL ENERGY INC and their share-count change
Manager	Kind	Shares	Change	Value
BlackRock, Inc.	Index	60,898,333	+6,986,926	$4.9B
JPMORGAN CHASE & CO	Active fund	22,091,661	−6,607,306	$1.8B
FMR LLC	Active fund	11,152,597	+4,433,391	$895.6M
STATE STREET CORP	Index	38,896,012	+1,770,356	$3.1B
GEODE CAPITAL MANAGEMENT, LLC	Index	18,042,089	+1,047,557	$1.4B
MORGAN STANLEY	Active fund	7,894,693	+724,974	$633.9M
PRICE T ROWE ASSOCIATES INC /MD/	Active fund	7,034,477	−529,033	$564.9M
BANK OF AMERICA CORP /DE/	Active fund	29,933,748	+491,937	$2.4B
Point72 Asset Management, L.P.	Hedge fund	1,400,937	+378,341	$112.5M
RENAISSANCE TECHNOLOGIES LLC	Hedge fund	203,074	−340,526	$16.3M
CITADEL ADVISORS LLC	Hedge fund	1,431,276	+318,316	$114.9M
AQR CAPITAL MANAGEMENT LLC	Hedge fund	894,378	+180,616	$71.8M
SOROS FUND MANAGEMENT LLC	Hedge fund	533,324	+24,884	$42.8M

Bridgewater Associates, LP holds a position with no prior filing to compare against, so its change is unknown rather than zero — and it is left out of the totals above.

From 13F filings, which cover institutions managing over $100m and are filed up to 45 days after the quarter ends — so this is a considered position, not a live one, and it is not the whole shareholder register.

Capital returned

What the company actually paid out and bought back, as reported — the record behind any yield figure.

Dividend per share

2026Q2: $0.59
2026Q1: $0.59
2025Q3: $0.57
2025Q2: $0.57
2025Q1: $0.57
2024Q3: $0.55

Identity

CIK: 0000072903
LEI: LGJNMI9GH8XIDG5RCM61
FIGI: BBG000BCTQ65
SIC: 4931 · Electric & Other Services Combined
Incorporated: MN
Headquarters: MINNEAPOLIS, MN

Ownership

Institutional: 98.2%
Institutions: 1,672
Insiders: 0.2%

Ownership percentages are a vendor aggregate, not a filing — unlike everything else on this page.

Other electric & other services combined companies

XCEL ENERGY INC files under SIC 4931 — all 8 electric & other services combined companies compared on assets and F-score.

Duke Energy CORPDUK EXELON CORPEXC WEC ENERGY GROUP, INC.WEC AMEREN CORPAEE CMS ENERGY CORPCMS NISOURCE INC.NI

Dealer positioning — end of day

Where dealer gamma sat in XEL’s option chain after the close on 2026-09-01, aggregated from the full chain. This is a once-a-day snapshot, not a live read — 157 contracts.

Net gamma (per 1% move): −$13.1M
Call wall: 90
Put wall: 65
Spot at capture: 75.69

Computed from the listed option chain by my own aggregation, once, after the close — it describes where positioning sat that evening and does not update through the next session. The version that rebuilds per strike while the market is open is the intraday gamma product. Not investment advice.

Questions about XCEL ENERGY INC

How many subsidiaries does XCEL ENERGY INC file with the SEC?: 18, listed in its most recent exhibit 21. They are incorporated across 5 jurisdictions, led by Minnesota, Wisconsin, Colorado. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.
Is XCEL ENERGY INC financially healthy?: XCEL ENERGY INC scores 4 out of 7 on the Piotroski F-score. Only 7 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.
Who are the largest institutional holders of XCEL ENERGY INC?: Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are BlackRock, Inc. (adding), STATE STREET CORP (adding), BANK OF AMERICA CORP /DE/ (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.

This page is one panel of the terminal

The structure map above is the Corporate Blueprint, and in the desktop it is interactive — click any entity to re-centre the map on it and walk the ownership chain. It sits alongside the screener, the scorecard and the filings lab on one desk, on your machine.

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Sourced from SEC EDGAR primary filings. Figures are as reported by the company and are not investment advice. Scores are standard published screens computed from those filings; every input is shown above so you can check the arithmetic.