XEL — what changed in the latest 10-Q
A section-by-section comparison of XEL's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-29 vs the prior 10-Q · 2026-07-30
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +49 | −35 | ~48 | 100 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 1 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 4 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-29
Prairie Island Outage Refunds — In a September 2024 decision, the MPUC ruled that NSP-Minnesota was imprudent in the operation of the Prairie Island nuclear plant based on an incident that resulted in an extended 2023-2024 outage. In May 2026, the MPUC ordered a disallowance of $41 million for estim…
Marshall Wildfire Litigation — In September 2025, Xcel Energy and other defendants reached settlement agreements in principle that resolved all claims relating to the 2021 Marshall Wildfire. PSCo did not admit any fault, wrongdoing or negligence in connection with these settlements. During the three…
During the nine months ended Sept. 30, 2026, PSCo recognized $18 million of net reductions to operating expenses due primarily to an increase in the estimated amount recoverable from insurance for non-recurring Marshall Wildfire costs.
•Residential sales — Increase is due to both customer growth and higher use per customer across jurisdictions.
•C&I sales — Increase is due to higher use per customer in SPS (5.6%) and NSP-Minnesota (2.8%) and customer growth in NSP-Wisconsin (0.9%). Increased activity in the energy sector in SPS and the manufacturing sector in all jurisdictions contributed to the sales growth.
Text removed vs the prior filing · source: 10-Q · 2026-07-30
Prairie Island Outage Refunds — In March 2026, the ALJ recommended a disallowance of $41 million for estimated replacement power costs incurred during a 2023-2024 outage at NSP-Minnesota’s Prairie Island nuclear facility. The MPUC ordered the ALJ-recommended disallowance in May 2026. Total non-recur…
Marshall Wildfire Litigation — In the six months ended June 30, 2026, PSCo recognized $19 million of net reductions to operating expenses due primarily to an increase in the estimated amount recoverable from insurance for non-recurring Marshall Wildfire costs.
•C&I sales — Increase is due to higher use per customer in SPS (6.0%) and NSP-Minnesota (2.0%) and customer growth in NSP-Wisconsin (1.0%). Increased activity in the energy sector in SPS and the manufacturing sector in all jurisdictions contributed to the sales growth.
(a)Decrease primarily due to recognition of interim rate refunds in the Minnesota Electric Rate Case. Reduced electric revenue was more than offset by corresponding reductions in depreciation expense due to nuclear life extensions approved in the case.
•ROE of 9.60%, an increase from the current 9.25% ROE, while maintaining the equity ratio of 52.5%.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice