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Xcel Energy (XEL) investor relations material

Xcel Energy Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary31 Jul, 2025

Executive summary

  • Q2 2025 diluted EPS rose to $0.75 from $0.54 in 2024, with YTD EPS at $1.59, driven by higher electric and natural gas revenues and infrastructure investment recovery, partially offset by increased O&M, depreciation, and interest expenses.

  • Net income for Q2 2025 was $444 million, up from $302 million in Q2 2024.

  • Reaffirmed 2025 EPS guidance of $3.75 to $3.85 and long-term annual EPS growth in the upper half of the 6% to 8% target range.

  • Announced visibility to over $15 billion in incremental capital investment needs, in addition to the $45 billion five-year base plan.

  • Major progress on clean energy transition, wildfire mitigation, and data center contracting, with regulatory approvals for resiliency plans.

Financial highlights

  • Q2 2025 operating revenues were $3.29 billion, up from $3.01 billion in Q2 2024; six-month revenues reached $7.19 billion, up from $6.64 billion.

  • Operating income for Q2 2025 was $577 million, up from $449 million year-over-year.

  • Weather-normalized electric sales grew 3.5% in Q2; full-year forecast remains at 3% growth.

  • O&M, depreciation, and interest expenses all increased year-over-year, reflecting higher insurance, benefit, and system investment costs.

  • Book value per share increased to $35.67 at June 30, 2025, from $32.24 a year earlier.

Outlook and guidance

  • 2025 ongoing EPS guidance reaffirmed at $3.75 to $3.85, assuming constructive regulatory outcomes and normal weather.

  • Long-term annual EPS growth targeted at 6% to 8%, with annual dividend increases of 4% to 6%.

  • Weather-normalized retail electric sales projected to increase ~3% and retail firm natural gas sales ~1% for 2025.

  • O&M expenses expected to rise ~4%, depreciation by $210–$220 million, and interest expense by $160–$170 million.

  • Full update to five-year capital plan and guidance expected in Q3 2025.

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Frequently asked questions

Xcel Energy Inc is a regulated electric and natural gas utility serving residential, commercial, and industrial customers. The company operates across multiple states in the western and midwestern United States, providing generation, transmission, and distribution services. It is involved in renewable energy development and infrastructure modernization. Xcel Energy Inc is headquartered in Minneapolis, Minnesota, and its shares are listed on the NASDAQ.

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