Xcel Energy Stock Earnings Reports

Key points for investors:

- Results: Q3 2025 ongoing earnings of $1.24/sh (GAAP $0.88/sh after a $290M / $0.36/sh nonrecurring charge related to the Marshall wildfire). Management excludes the charge from ongoing results.

- Guidance: Reaffirmed 2025 ongoing EPS guidance of $3.75–$3.85 and initiated 2026 guidance of $4.04–$4.16 (≈8% growth year-over-year at the midpoint). Management expects ~9% average EPS growth through 2030 under the current 5-year plan, while updating its long-term EPS objective to 6–8%+.

- Capital plan: Introduced an updated $60 billion 5-year capital expenditure forecast (annualized rate base growth ≈11%). Plan highlights include ~7,500 MW of zero‑carbon renewables, ~3,000 MW of natural gas generation, ~2,000 MW of energy storage, ~1,500 high‑voltage transmission line miles and ~$5 billion for distribution/transmission wildfire resiliency. Management also cites an additional upside pipeline (~$10B+ potential) from incremental RFPs, data centers and transmission.

- Data centers & load: Data center pipeline is growing — base plan expanded to ~3 GW of data center capacity (and management expects to contract the remainder of the original 2 GW base by year-end). Forecasted 2025 weather‑normalized electric sales growth remains ~3% with 2026–2030 sales growth assumed ~5% annually (only ~3% of that 5% tied to data centers; SPS oil & gas electrification and residential growth also contribute).

- Regulatory & procurement: Colorado near‑term procurement to accelerate renewables/storage/tax‑credit capture (4,000 MW renewables + 500 MW firm resources). Multiple RFPs across jurisdictions (SPP, SPS, Colorado) with regulatory filings and decisions anticipated into 2026. Several rate cases planned (Minnesota gas filing imminent; Colorado and New Mexico cases forthcoming).

- Wildfire & legal: Reached a settlement in principle on the Marshall wildfire ($290M charge recorded). Progress on Small Coast Creek claims with updated low‑end liability estimate of $410M and ~$360M committed in settlements; ~$500M insurance coverage noted.

- Financing & balance sheet: Financing plan expects incremental capital funded ~40% equity / 60% debt; updated 2026–2030 plan includes ~$23B debt and ~$7B equity content. Management emphasizes preserving credit metrics (targeting long‑term ~16–17% FFO/debt) and will remain balanced in financing. Dividend growth objective maintained at 4–6% (expect to be at low end).

- Execution & supply chain: Management highlights progress securing long‑lead equipment (e.g., CT turbines on order), EPC and vendor relationships, and safe‑harboring renewable/storage projects to capture tax credits and manage supply risk.

- AI & operations: Management is investing in enterprise AI for operations, wildfire risk modeling, inspection (drone/images), and process improvement to improve reliability and reduce cost.

- Risks & considerations: Regulatory outcomes, project timing and execution, supply chain and equipment lead times, wildfire and legal liabilities, and macro/commodity factors can affect the plan and guidance.