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Sep 30
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
Xcel Energy
Xcel Energy
Xcel Energy Revenue by Segment
Xcel Energy Revenue by Geographic Location
Revenue by Segment
Electric Revenue
CapyFin.comNatural Gas Revenue
CapyFin.comOther Revenue
CapyFin.comRevenue by Geographic Location
Consolidated Revenue
CapyFin.com 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
- Higher litigation and wildfire-related insurance costs impacting profitability