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Sep 30, 2025
Xcel Energy Q3 2025 Earnings Report
Xcel Energy reported lower GAAP earnings for Q3 2025, primarily impacted by wildfire litigation charges, while ongoing earnings remained flat year-over-year.
Key Takeaways
Xcel Energy posted Q3 2025 GAAP earnings of $524 million, or $0.88 per share, significantly lower than the prior year due to a $287 million litigation charge. Ongoing EPS was stable at $1.24, supported by higher electric revenues and infrastructure recovery.
GAAP EPS declined to $0.88 from $1.21 due to Marshall Fire litigation settlement
Ongoing EPS held steady at $1.24, supported by increased infrastructure cost recovery
Operating income reached $749 million on $3.9 billion in revenue
Depreciation and amortization expenses rose to $750 million amid higher capital investment
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Xcel Energy reaffirmed its 2025 ongoing EPS guidance of $3.75 to $3.85 and introduced 2026 guidance of $4.04 to $4.16, supported by projected sales growth and infrastructure investments.
Positive Outlook
- 2025 ongoing EPS guidance reaffirmed at $3.75–$3.85
- 2026 ongoing EPS guidance introduced at $4.04–$4.16
- Electric sales growth projected at ~3% for both 2025 and 2026
- Rider revenue expected to rise $255M–$265M in 2025, $550M–$560M in 2026
- AFUDC equity projected to increase $110M–$120M in 2025, $140M–$150M in 2026
Challenges Ahead
- O&M expenses projected to rise ~5% in 2025 due to benefits and healthcare costs
- Interest expense net of AFUDC-debt expected to increase $180M–$190M in 2025
- Depreciation expense to increase ~$220M–$230M in 2025
- Property taxes projected to increase $45M–$55M in 2025
Historical Earnings Impact
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Avg. Return Before/After Earnings
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