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Jun 30, 2025
Xcel Energy Q2 2025 Earnings Report
Xcel Energy's second quarter 2025 earnings increased due to recovery of infrastructure investments, partially offset by higher interest charges, depreciation, and O&M expenses.
Key Takeaways
Xcel Energy reported strong second quarter 2025 results with diluted GAAP and ongoing earnings per share of $0.75, up from $0.54 in the same period last year. Net income increased to $444 million from $302 million, driven by increased recovery of infrastructure investments. The company reaffirmed its 2025 ongoing EPS guidance of $3.75 to $3.85.
Second quarter 2025 diluted GAAP and ongoing EPS increased to $0.75 from $0.54 in 2024.
Net income for Q2 2025 rose to $444 million, compared to $302 million in Q2 2024.
Increased recovery of infrastructure investments was a primary driver of earnings growth.
The company reaffirmed its 2025 ongoing earnings per share guidance of $3.75 to $3.85.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Xcel Energy reaffirms its 2025 ongoing earnings per share guidance of $3.75 to $3.85, based on constructive regulatory outcomes, normal weather, and projected sales growth.
Positive Outlook
- Expected constructive outcomes in all pending rate case and regulatory proceedings.
- Projected weather-normalized retail electric sales increase of approximately 3%.
- Projected weather-normalized retail firm natural gas sales increase of approximately 1%.
- Capital rider revenue projected to increase $255 million to $265 million (net of PTCs).
- AFUDC - equity is projected to increase $110 million to $120 million.
Challenges Ahead
- O&M expenses are projected to increase approximately 4%.
- Depreciation expense is projected to increase approximately $210 million to $220 million.
- Property taxes are projected to increase $45 million to $55 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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