Xcel Energy (XEL) Q4 2025 earnings summary

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%.