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Xcel Energy (XEL) investor relations material
Xcel Energy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Q3 2025 ongoing EPS was $1.24, nearly flat from $1.25 in Q3 2024, with GAAP EPS at $0.88 due to a $287–$290 million Marshall Wildfire settlement charge.
Year-to-date ongoing EPS rose to $2.84 from $2.69, while GAAP EPS was $2.47, down from $2.63.
Net income for Q3 2025 was $524 million, down from $682 million in Q3 2024.
Ongoing earnings were impacted by higher depreciation, interest, and O&M expenses, partially offset by increased recovery of infrastructure investments.
Reaffirmed 2025 ongoing EPS guidance and introduced 2026 guidance, maintaining a strong track record of meeting targets.
Financial highlights
Total operating revenues for Q3 2025 were $3,915 million, up from $3,644 million in Q3 2024; nine-month revenues were $11,108 million.
Ongoing Q3 2025 EPS was $1.24; GAAP EPS was $0.88 due to a non-recurring charge.
Regulatory outcomes and electric/natural gas sales growth increased earnings by $0.18; higher AFUDC added $0.08.
O&M expenses increased $37 million in Q3 and $131 million year-to-date, mainly due to higher benefits, healthcare, and nuclear generation costs.
Weather-normalized electric sales grew 2.5% year-to-date, with full-year 2025 forecast at 3% growth.
Outlook and guidance
Reaffirmed 2025 ongoing EPS guidance of $3.75–$3.85; initiated 2026 guidance at $4.04–$4.16.
Long-term EPS growth objective updated to 6–8%+, expecting to deliver 9% average growth through 2030.
Dividend growth objective of 4–6%, with payout ratio trending toward 45–55%.
2025 and 2026 guidance assumes constructive regulatory outcomes, 3% retail electric sales growth, and flat to 1% natural gas sales growth.
O&M expenses forecast to increase 5% for 2025 and 3% for 2026.
Smokehouse Creek: Unestimated financial risk?
Capital plan: Potential for additional capex?
EPS guidance: Sensitivity to ROE outcomes?
Detail factors for '29-'30 CapEx decline
Describe AI's impact on operations and risk
Data center transmission cost allocation strategy?
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Next Xcel Energy earnings date
Q4 20255 Feb, 2026
Next Xcel Energy earnings date
Q4 20255 Feb, 2026
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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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