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Xcel Energy Executive Compensation (FY25)

XEL · Minneapolis, MN · Executive and director compensation, fiscal 2022 to 2025
Data as of September 7, 2026Latest filing (8-K): May 22, 2026
322 figures on this page: 313 cited to the filing that reported them, 9 calculated from figures it prints. See the citations
The disclosed peer group includes AEP Company Inc., Ameren Corporation, CenterPoint Energy Inc., Consolidated Edison Inc. and Dominion Energy Inc., among others. Bob Frenzel, Chairman, President and CEO, received $15,998,859 in total compensation for fiscal 2025, and Frenzel's total was 23.7% higher than the $12,932,063 reported for fiscal 2024, while the company reported a chief executive pay ratio of 108:1 for fiscal 2025, against median employee compensation of $147,664. For fiscal 2025, shareholders backed the say-on-pay proposal with 90.5% of votes cast for or against in favor at the meeting held May 20, 2026.
Chief executive, fiscal 2025
◇
Bob Frenzel
Median of the other named officers
$3,165,265
5 officers, excluding the chief executive
Latest say-on-pay support
=
May 20, 2026
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Bob Frenzel: $12,932,063 → $15,998,859 (23.7% higher)
Say-on-pay support: 91.9% → 90.5% (1.4 points lower)
CEO pay ratio: 99:1 → 108:1 (9.1% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Xcel Energy's chief executive and what were they paid?
Bob Frenzel, Chairman, President and CEO, received $15,998,859 in total compensation for fiscal 2025. Frenzel's total was 23.7% higher than the $12,932,063 reported for fiscal 2024.
What was Xcel Energy's say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 90.5% of votes cast for or against in favor at the meeting held May 20, 2026.
Which companies are in Xcel Energy's peer group?
The disclosed peer group includes AEP Company Inc., Ameren Corporation, CenterPoint Energy Inc., Consolidated Edison Inc. and Dominion Energy Inc., among others.
What is Xcel Energy's chief executive pay ratio?
The company reported a chief executive pay ratio of 108:1 for fiscal 2025, against median employee compensation of $147,664.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Bob Frenzel
Chairman, President and CEO
◇—◇—◇◇◇◇
Timothy O'Connor
Executive Vice President, Chief Operations Officer
◇—◇—◇◇◇◇
Brian Van Abel
Executive Vice President, Chief Financial Officer
◇—◇—◇—◇◇
Brett Carter
Executive Vice President, Group President, Utilities and Chief Customer Officer
◇—◇—◇◇◇◇
Amanda Rome
Executive Vice President, Chief Legal and Compliance Officer
◇—◇—◇◇◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Bob Frenzel
Chairman, President and CEO
◇—◇—◇◇◇◇
Brian Van Abel
EVP, Chief Financial Officer
◇—◇—◇◇◇◇
Amanda Rome
EVP, Group President, Utilities and Chief Customer Officer
◇—◇—◇◇◇◇
Tim O'Connor
EVP, Chief Operations Officer
◇—◇—◇◇◇◇
Rob Berntsen
EVP, Chief Legal and Compliance Officer
◇◇◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Bob Frenzel
Chairman, President and CEO
◇—◇—◇◇◇◇
Brian Van Abel
EVP, Chief Financial Officer
◇—◇—◇◇◇◇
Amanda Rome
EVP, Group President, Utilities and Chief Customer Officer
◇—◇—◇◇◇◇
Tim O'Connor
Former EVP, Chief Operations Officer
Departed during or after this year
◇—◇—◇◇◇◇
Michael Lamb
EVP, Chief Delivery Officer
◇—◇—◇◇◇◇
Ryan Long
EVP, Chief Legal and Compliance Officer
◇—◇—◇◇◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Amanda RomePSU◇◇◇—◇—◇
Amanda RomeRSU◇——◇——◇
Bob FrenzelPSU◇◇◇—◇—◇
Bob FrenzelRSU◇——◇——◇
Brian Van AbelPSU◇◇◇—◇—◇
Brian Van AbelRSU◇——◇——◇
Michael LambPSU◇◇◇—◇—◇
Michael LambRSU◇——◇——◇
Michael LambPSU◇◇◇—◇—◇
Michael LambRSU◇——◇——◇
Ryan LongRSU◇——◇——◇
Ryan LongPSU◇◇◇—◇—◇
Ryan LongRSU◇——◇——◇
Ryan LongPSU◇◇◇—◇—◇
Tim O'ConnorRSU◇——◇——◇
Tim O'ConnorPSU◇◇◇—◇—◇
Fiscal 2022, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Brian AbelRSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
Bob FrenzelRSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
Michael LambRSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
Ryan LongPSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Amanda RomeRSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Tim O'Connor
Chief Operating Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Severance cash amount◇
Change-in-control multiple◇
Equity acceleration on change in control◇
Benefits continuation on change in control◇
Benefits continuation◇
Non-compete period◇
Non-solicit period◇
Michael Lamb
EVP, Chief Delivery Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Severance cash amount◇
Change-in-control multiple◇
Equity acceleration on change in control◇
Benefits continuation on change in control◇
Benefits continuation◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Charles Pardee
◇◇————◇
Megan Burkhart
◇◇————◇
Devin Stockfish
◇◇————◇
Patricia Kampling
Lead independent director
◇◇————◇
George Kehl
◇◇————◇
Lynn Casey
◇◇————◇
Tim Welsh
◇◇————◇
Richard O'Brien
◇◇————◇
James Prokopanko
◇◇————◇
Netha Johnson
◇◇————◇
Maria Demaree
◇◇————◇
Christopher Policinski
◇◇————◇
Kim Williams
◇—————◇
Daniel Yohannes
◇—————◇
Bob Frenzel served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Lead independent director premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Equity is delivered as Stock.
Stock ownership guideline: 7x annual cash retainer

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • AEP Company Inc. AEP
  • Ameren Corporation AEE
  • CenterPoint Energy Inc. CNP
  • Consolidated Edison Inc. ED
  • Dominion Energy Inc. D
  • DTE Energy Company DTE
  • Duke Energy Corporation DUK
  • Edison International EIX
  • Entergy Corporation ETR
  • Eversource Energy ES
  • Exelon Corporation EXC
  • FirstEnergy Corp. FE
  • NextEra Energy, Inc. NEE
  • PPL Corporation PPL
  • Public Service Enterprise Group Incorporated PEG
  • Sempra SRE
  • The Southern Company SO
  • WEC Energy Group, Inc. WEC

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 20, 2026=◇◇◇
2024May 21, 2025=◇◇◇
2023May 22, 2024=◇◇◇
2022May 24, 2023=◇◇◇
2021May 18, 2022=◇◇◇
2020May 19, 2021=◇◇◇
2019May 22, 2020=◇◇◇
2018May 15, 2019=◇◇◇
2017May 16, 2018=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact Xcel Energy disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Xcel Energy sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
322 figures on this page: 313 cited to the filing that reported them, 9 calculated from figures it prints.
313 cited to the filing
9 calculated from the filing

Documents cited

  1. 0000072903-26-000097
  2. 0000072903-26-000063
    CEO Pay Ratio · Compensation Discussion and Analysis · Director Compensation Table · Grants of Plan-Based Awards · and 2 more sections
  3. 0000072903-25-000108
  4. 0000072903-25-000078
    Summary Compensation Table
  5. 0000072903-24-000111
  6. 0000072903-23-000071
  7. 0000072903-23-000017
    Summary Compensation Table
  8. 0000072903-22-000031
  9. 0000072903-21-000033
  10. 0000072903-20-000029
  11. 0000072903-19-000021
  12. 0000072903-18-000023
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Velarion, “Xcel Energy executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/XEL (accessed 2026).
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Utilities rankings

Chief executive pay — UtilitiesCEO pay ratio — UtilitiesSay-on-pay support — Utilities

Peers Xcel Energy discloses

The companies named in XEL's own disclosed peer group.

AEP Company Inc.Ameren CorporationCenterPoint Energy Inc.Consolidated Edison Inc.Dominion Energy Inc.DTE Energy CompanyDuke Energy CorporationEdison InternationalEntergy CorporationEversource EnergyExelon CorporationFirstEnergy Corp.NextEra Energy, Inc.PPL CorporationPublic Service Enterprise Group IncorporatedSempraThe Southern CompanyWEC Energy Group, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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