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Xcel Energy
Xcel Energy (XEL) investor relations material
Xcel Energy Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Ongoing 2025 EPS was $3.80, up from $3.50 in 2024, marking 21 consecutive years of meeting or exceeding guidance.
2025 GAAP EPS was $3.42, slightly down from $3.44 in 2024, reflecting wildfire settlement charges.
Nearly $12B invested in 2025, with a five-year capital plan updated to $60B+.
Strategic alliances with NextEra and GE Vernova to accelerate data center and renewable growth.
Contracted over 2 GW of new data centers, with a plan to reach 6 GW by end of 2027.
Financial highlights
2025 ongoing EPS increased to $3.80 from $3.50 in 2024; GAAP EPS was $3.42.
Total 2025 operating revenues were $14.67B, up from $13.44B in 2024.
O&M expenses increased by $190M–$192M, mainly due to wildfire mitigation, insurance, and benefit costs.
Ongoing ROE for 2025 was 10.38%.
$1.5B in cumulative savings since 2020 from the One Xcel Energy Way program.
Outlook and guidance
2026 ongoing EPS guidance set at $4.04–$4.16, assuming constructive regulatory outcomes and normal weather.
Long-term EPS growth targeted at 6–8%+, with 9% average through 2030.
Weather-normalized retail electric sales projected to increase ~3% and natural gas sales ~1% in 2026.
$10B+ pipeline of additional investment opportunities, including new transmission and generation.
Dividend payout ratio targeted at 45–55%.
Wildfire mitigation plan and unquantified risks
Data center growth impact on future capex
Impact of lower ROE on 2026 EPS guidance
Data center growth: impact on $10B+ CapEx?
Large load tariffs vs. ESA packages for approval?
Smokehouse Creek liability & mitigation costs?
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Next Xcel Energy earnings date
Q1 202623 Apr, 2026
Xcel Energy
Next Xcel Energy earnings date
Q1 202623 Apr, 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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