Revenues

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenues

Revenue is classified by the type of goods/services rendered and market/customer type. SPS’ operating revenues consisted of the following:

	Year Ended Dec. 31
(Millions of Dollars)	2025		2024		2023
Major revenue types
Revenue from contracts with customers:
Residential	$	453	$	413	$	442
C&I	1,209		1,000		1,094		(a)
Other	50		48		58
Total retail	1,712		1,461		1,594
Wholesale	111		116		223
Transmission	316		288		296
Other	4		5		—
Total revenue from contracts with customers	2,143		1,870		2,113
Alternative revenue and other	37		69		39
Total revenues	$	2,180	$	1,939	$	2,152

(a)In 2023, revenues from one C&I customer represented approximately 10.6% of total revenues.