XCEL ENERGY (XEL) Company Report

SPS filed an electric rate case with the NMPRC seeking a $175 million (16.7%) increase in base rate revenue, based on a test year ending Nov. 30, 2027, with an ROE of 10.5%, an equity ratio of 56% and a $3.9 billion retail rate base.
The request is driven by capital investments ($133 M), asset allocation and wholesale load roll-off ($148 M), O&M ($36 M), depreciation & amortization ($34 M) and increased ROE ($28 M), partially offset by retail revenue growth (–$204 M).
A NMPRC decision and implementation of final rates is anticipated in Q4 2026.

Nov 20, 2025, 11:45 PM

8-K

Xcel Energy’s Wisconsin Utility Receives PSCW Verbal Approval for Rate Increases

XEL

In March 2025, NSP-Wisconsin, a subsidiary of Xcel Energy Inc., filed a multi-year electric and natural gas rate request using forward-looking 2026–2027 test years with a 10.0% ROE and 53.5% equity ratio.
On November 6, 2025, the Public Service Commission of Wisconsin verbally approved a $126 million electric rate increase (split $68 million in 2026, $58 million in 2027) and a $22 million natural gas increase ($18 million in 2026, $4 million in 2027), based on a 9.8% ROE and 52.5% equity ratio.
A final written order is expected in December 2025, with new rates effective January 2026.

Nov 7, 2025, 9:32 PM

8-K

Xcel Energy reports Q3 2025 results

XEL

Earnings

Guidance Update

New Projects/Investments

In Q3 2025, Xcel Energy recorded GAAP earnings of $0.88 per share and ongoing earnings of $1.24 per share, excluding a $290 million wildfire settlement charge; the company reaffirmed its 2025 EPS guidance of $3.75–$3.85 and initiated 2026 EPS guidance of $4.04–$4.16.
Xcel updated its 2025–2030 capital expenditure forecast to $60 billion, representing approximately 11% annualized rate base growth; the company plans to fund incremental investments with 40% equity and 60% debt, including $23 billion of debt and $7 billion of equity content in 2026–2030.
Xcel recorded a $290 million (or $0.36/share) non-recurring charge for the Marshall Wildfire settlement, updated its low-end liability estimate to $410 million with $360 million committed in settlement agreements and $500 million of insurance coverage.
The company introduced an updated five-year infrastructure plan to deliver 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 in distribution/transmission resiliency investments.

Oct 30, 2025, 2:00 PM

Transcript

Xcel Energy reports Q3 2025 results

XEL

Earnings

Guidance Update

New Projects/Investments

GAAP EPS of $0.88 and ongoing EPS of $1.24 in Q3 2025, compared to ongoing EPS of $1.25 in Q3 2024
Reaffirmed 2025 ongoing EPS guidance of $3.75–$3.85 and initiated 2026 guidance of $4.04–$4.16
Comprehensive settlement reached to resolve the Marshall Fire litigation
Updated five-year capital plan to $60 billion, targeting ~11% annual rate base growth from 2026–2030
Energized Meta datacenter in Minnesota and updated base plan to ~3 GW of data center load contracted by 2026

Oct 30, 2025, 2:00 PM

Presentation

Xcel Energy reports Q3 2025 results

XEL

Earnings

Guidance Update

New Projects/Investments

Xcel Energy delivered Q3 EPS of $1.24 per share versus $1.25 in Q3 2024; results were driven by regulatory outcomes and higher AFUDC, offset by increased financing costs, depreciation/amortization, and O&M expenses. Weather-normalized electric sales rose 2.5% YTD, with 3% full-year growth forecast.
Invested over $3 billion in Q3 and $8 billion year-to-date in resilient energy infrastructure for customers.
Unveiled an updated five-year infrastructure plan to add 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 miles, and $5 billion in distribution/transmission resiliency investments.
Reaffirmed 2025 EPS guidance of $3.75–$3.85, initiated 2026 EPS guidance of $4.04–$4.16 (≈8% YoY growth), updated long-term EPS growth target to 6–8%+, and maintained a 4–6% dividend growth objective (payout ratio 45–55%).

Oct 30, 2025, 2:00 PM

Transcript

Xcel Energy reports Q3 2025 earnings and updates capital plan

XEL

Earnings

Guidance Update

New Projects/Investments

Delivered $1.24 ongoing EPS in Q3 2025, flat year-over-year, driven by + $0.18 from regulatory outcomes and sales growth and + $0.08 from AFUDC, partly offset by higher financing (– $0.15), depreciation (– $0.09) and O&M costs (– $0.05).
Reaffirmed 2025 EPS guidance of $3.75–$3.85 and initiated 2026 guidance of $4.04–$4.16, implying ~8% growth from the 2025 midpoint.
Announced a $60 billion five-year (2026–2030) capital plan targeting ~11% annual rate base growth, including 7,500 MW renewables, 3,000 MW gas generation, 2,000 MW energy storage and ~$5 billion in T&D, financed ~40% equity/60% debt.
Reached settlement in principle on the Marshall Wildfire with a $290 million charge (excluded from ongoing EPS) and updated Small Coast Creek Wildfire liability to $410 million (with $360 million committed), supported by ~$500 million of insurance.

Oct 30, 2025, 2:00 PM

Transcript

Xcel Energy reports Q3 2025 results and updates guidance

XEL

Earnings

Guidance Update

New Projects/Investments

Xcel Energy delivered Q3 2025 GAAP diluted EPS of $0.88 (vs. $1.21) and ongoing diluted EPS of $1.24 (vs. $1.25), with net income of $524 million and ongoing earnings of $737 million.
Year-to-date ongoing EPS rose to $2.84 from $2.69, and the company reaffirmed its 2025 ongoing EPS guidance of $3.75–$3.85 while initiating 2026 guidance of $4.04–$4.16.
Third quarter ongoing earnings were driven by higher depreciation, interest charges and O&M expenses, partially offset by increased recovery of infrastructure investments.
Xcel unveiled a $60 billion base capital expenditure plan for 2026–2030 to modernize and expand its energy infrastructure and support carbon reduction goals.

Oct 29, 2025, 9:35 PM

8-K

Xcel Energy issues $900 M 6.25% Junior Subordinated Notes due 2085

XEL

Debt Issuance

On October 7, 2025, Xcel Energy Inc. issued $900 million aggregate principal amount of 6.25% Junior Subordinated Notes, Series due 2085, under its registration statement on Form S-3 (File No. 333-278797).
The offering was conducted pursuant to an Underwriting Agreement dated September 29, 2025, with BofA Securities, J.P. Morgan Securities, Morgan Stanley, RBC Capital Markets and Wells Fargo Securities as representatives of the underwriters.
The notes are governed by Xcel Energy’s Junior Subordinated Indenture dated October 1, 2025, and Supplemental Indenture No. 1 dated October 7, 2025, with U.S. Bank Trust Company, National Association, as trustee.
The notes bear interest at 6.25% per annum, payable quarterly on January 15, April 15, July 15 and October 15 beginning January 15, 2026, and include optional deferral and redemption provisions.

Oct 7, 2025, 2:57 PM

8-K

Xcel Energy resolves Marshall Fire litigation, affirms 2025 EPS guidance

XEL

Legal Proceedings

Guidance Update

Xcel Energy and telecom defendants reached agreements in principle to settle all claims from the 2021 Marshall Fire, with PSCo to pay $640 million, of which $350 million is covered by insurance, resulting in a $290 million charge to Q3 2025 earnings.
The company reaffirmed its 2025 ongoing EPS guidance of $3.75–$3.85 per share, excluding the non-recurring settlement charge.
Xcel Energy did not admit any fault or negligence in connection with the settlement agreements.

Sep 24, 2025, 6:10 PM

8-K

Xcel Energy updates Minnesota rate case proceedings

XEL

In November 2024, Xcel’s subsidiary NSP-Minnesota filed for a $491 million (13.2%) base rate increase over two years, based on a 10.3% ROE and 52.5% equity ratio.
The Minnesota Public Utilities Commission approved $192 million of interim 2025 rates (down from the $224 million requested), effective January 1, 2025.
In March 2025, NSP-Minnesota updated its total revenue request to $473 million.
Rebuttal testimony is due October 10, 2025; an ALJ Report is expected April 30, 2026, and a final MPUC decision is anticipated in Q3 2026.

Aug 25, 2025, 12:00 AM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for XCEL ENERGY.

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