Xcel Energy (XEL) Q1 2025 earnings summary

Executive summary

• Q1 2025 EPS was $0.84, down from $0.88 in Q1 2024, with net income of $483 million and strong investment in energy infrastructure.

• $2.3 billion invested in energy infrastructure in Q1 2025, with a $10+ billion investment pipeline and major regulatory approvals for 5,000 MW of new generation in Minnesota.

• Dividend raised by 4.1%, marking the 22nd consecutive annual increase.

• Reaffirmed 2025 EPS guidance of $3.75–$3.85, with long-term objectives of 6–8% EPS growth and 4–6% dividend growth.

• Advanced wildfire risk reduction and resiliency investments, with constructive regulatory settlements in Colorado and Texas.

Financial highlights

• Q1 2025 GAAP and ongoing diluted EPS: $0.84 vs $0.88 in Q1 2024; net income was $483 million.

• Operating revenues rose to $3.91 billion, up from $3.65 billion in Q1 2024.

• O&M expenses increased by $81 million year-over-year, with full-year O&M expected to rise 3%.

• Operating income was $677 million, nearly flat year-over-year.

• Weather-normalized electric sales grew ~3% and natural gas sales ~1% year-over-year.

Outlook and guidance

• 2025 ongoing EPS guidance is $3.75–$3.85, assuming constructive regulatory outcomes and normal weather.

• Long-term objectives: 6–8% annual EPS growth, 4–6% annual dividend increases, and a 50–60% payout ratio.

• Expects to deliver 15,000–29,000 MW of new generation by 2031, with a $10+ billion investment pipeline.

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

• Ongoing monitoring of tariff, economic, and regulatory impacts, but current outlook and sales guidance remain unchanged.