Xcel Energy (XEL) investor relations material

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.