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Jun 30
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.
Xcel Energy
Xcel Energy
Xcel Energy Revenue by Segment
Xcel Energy Revenue by Geographic Location
Revenue by Segment
Regulated Electric Revenue
CapyFin.comRegulated Natural Gas Revenue
CapyFin.comOther Revenue
CapyFin.comRevenue by Geographic Location
Consolidated Revenue
CapyFin.com 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.
- Interest expense (net of AFUDC - debt) is projected to increase $160 million to $170 million.
- Potential for unplanned and/or unknown adjustments that could cause ongoing earnings to differ from GAAP earnings.