Segments and Related Information (Tables)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023


	2025
(Millions of Dollars)	Regulated electric utility		Regulated natural gas utility		Total segments
Operating revenues (a)	$	4,127	$	1,499	$	5,626
Intersegment revenues	1		11		12
Total segment revenues	4,128		1,510		5,638
Electric fuel and purchased power	1,368		—		1,368
Cost of natural gas sold and transported	—		548		548
O&M expenses	674		284		958


Depreciation and amortization	801		291		1,092
Other segment expenses, net (b)	547		100		647
Interest charges and financing costs	289		84		373
Income tax (benefit) expense	(48)		36		(12)
Net income	$	497	$	167	$	664

Total segment revenues					$	5,638
Eliminate intersegment revenue					(12)
Non-segment revenues					38
Consolidated operating revenues					$	5,664

Total segment net income					$	664
Non-segment net income					14
Consolidated net income					$	678

(a)Operating revenues include $5 million of other affiliate revenue. See Note 13 for further information.

(b)Other segment expenses, net, for 2025 additionally includes Marshall Wildfire litigation expense.


	2024
(Millions of Dollars)	Regulated electric utility		Regulated natural gas utility		Total segments
Operating revenues (a)	$	3,790	$	1,443	$	5,233
Intersegment revenue	1		10		11
Total segment revenues	3,791		1,453		5,244
Electric fuel and purchased power	1,266		—		1,266
Cost of natural gas sold and transported	—		600		600
O&M expenses	634		276		910


Depreciation and amortization	738		247		985
Other segment expenses, net	270		91		361
Interest charges and financing costs	265		78		343
Income tax (benefit) expense	(8)		29		21
Net income	$	626	$	132	$	758

Total segment revenues					$	5,244
Eliminate intersegment revenue					(11)
Non-segment revenues					39
Consolidated operating revenues					$	5,272

Total segment net income					$	758
Non-segment net income					24
Consolidated net income					$	782

(a)Operating revenues include $5 million of other affiliate revenue. See Note 13 for further information.


	2023
(Millions of Dollars)	Regulated electric utility		Regulated natural gas utility		Total segments
Operating revenues (a)	$	3,731	$	1,734	$	5,465
Intersegment revenue	1		—		1
Total segment revenues	3,732		1,734		5,466
Electric fuel and purchased power	1,364		—		1,364
Cost of natural gas sold and transported	—		910		910
O&M expenses	587		261		848


Depreciation and amortization	692		224		916
Other segment expenses, net (b)	338		86		424
Interest charges and financing costs	224		67		291
Income tax (benefit) expense	(2)		37		35
Net income	$	529	$	149	$	678

Total segment revenues					$	5,466
Eliminate intersegment revenue					(1)
Non-segment revenues					54
Consolidated operating revenues					$	5,519

Total segment net income					$	678
Non-segment net loss					17
Consolidated net income					$	695

(a)Operating revenues include $5 million of other affiliate revenue. See Note 13 for further information.

(b)Other segment expenses, net, for 2023 additionally includes loss on Comanche Unit 3 litigation and workforce reduction expenses.

PUBLIC SERVICE CO OF COLORADO 10-K