Xcel Energy (XEL) Q3 2025 earnings summary

Executive summary

• Q3 2025 ongoing EPS was $1.24, nearly flat from $1.25 in 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 2024; nine-month net income was $1,451 million, slightly down from $1,472 million.

• Reaffirmed 2025 ongoing EPS guidance of $3.75–$3.85 and initiated 2026 guidance of $4.04–$4.16, targeting 6–8%+ long-term EPS growth.

• Announced a $60 billion five-year capital plan focused on grid resiliency, clean energy, and supporting strong load growth, especially from data centers.

Financial highlights

• Total operating revenues for Q3 2025 were $3,915 million, up from $3,644 million in 2024; nine-month revenues were $11,108 million, up from $10,321 million.

• Ongoing Q3 2025 EPS was $1.24, with GAAP EPS at $0.88 due to non-recurring wildfire charges.

• O&M expenses increased $37 million in Q3, mainly from higher health, benefit, and nuclear generation costs.

• Depreciation and amortization rose $69 million in Q3, driven by system investment.

• Cash provided by operating activities for the nine months ended Sept. 30, 2025, was $3,874 million, down from $3,977 million.

Outlook and guidance

• 2025 ongoing EPS guidance reaffirmed at $3.75–$3.85; 2026 guidance initiated at $4.04–$4.16.

• Long-term EPS growth objective set at 6–8%+, with a 9% average growth target through 2030.

• Dividend growth objective maintained at 4–6%, with payout ratio expected at the low end of 45–55%.

• Guidance assumes constructive regulatory outcomes, 3% retail electric sales growth, and flat to 1% natural gas sales growth.

• O&M expense increases projected at ~5% for 2025 and ~3% for 2026.