EPS Guidance

FY 2025

$3.75 to $3.85 per share " "

$3.75 to $3.85 per share " " "

no change

Electric Sales Growth

FY 2025

Full-year weather-adjusted electric sales to increase by 3% "

Forecasted at 3% for the full year "

no change

O&M Expenses

FY 2025

3% increase in O&M expenses relative to 2024 "

no current guidance

no current guidance

Long-Term Earnings Growth

FY 2025

no prior guidance

Expected in the upper half of the 6% to 8% target range " "

no prior guidance

Capital Investment Plan

FY 2025

no prior guidance

Incremental $15 billion of capital investment needs identified " " "

no prior guidance

Rate Case Activity

FY 2025

no prior guidance

Filed an electric rate case in South Dakota requesting a $44 million increase based on a 10.3% ROE and a 52.9% equity ratio "

no prior guidance

Capital Expenditure Pipeline

Q1 2025 described a base plan of $45B and a $10B-plus incremental pipeline. " " " Q4 2024 and Q3 2024 reinforced the $45B plan along with discussions of additional investments and transmission projects. " " " "

Q2 2025 reaffirmed the $45B five‐year capital plan while now anticipating an additional $15B incremental investment driven by factors such as regional growth and reliability needs. " "

Consistent emphasis on a strong base plan, with an upward shift in incremental investment from earlier references to a higher $15B in Q2 2025, reflecting increasing ambition and expanded investment needs. " " " "

Data Center Expansion

Q1 2025 highlighted geographic expansion across multiple states and a robust pipeline in the multi-state environment. " " Q4 2024 noted contracts executed and a stable pipeline (8,900 MW). " " Q3 2024 focused on a nearly 9,000 MW opportunity, citing strategic agreements with major companies. " "

Q2 2025 reported 1.1 GW under construction with plans to add another gigawatt by year’s end and a robust pipeline of 7 GW tier-two opportunities across several regions. "

Steady and robust pipeline maintained over periods with continued geographic diversification and growing construction volumes, underlining data centers as a key long‑term growth driver. " " "

Renewable Energy Integration

Q1 2025 described ambitious new generation goals (15,000–29,000 MW) including wind, solar, battery storage, and even nuclear integration. " Q4 2024 covered projects like the Sherco Solar Project and conversions (e.g. Harrington coal to gas). " " Q3 2024 reiterated clean energy transition efforts and large-scale renewables investments. " "

Q2 2025 reiterated the commitment with the $45B plan including nearly 5,200 MW planned in Texas/New Mexico and additional firm and wind projects in the Upper Midwest. " "

A consistently high commitment to clean energy is observed – the focus remains on diversified renewable investments with updated regional project filings, indicating a continued robust and diversified renewable strategy. " " " "

Regulatory Uncertainties, Tariff Exposure & Rate Case Challenges

Q1 2025 discussed wildfire mitigation settlements and regulatory deferrals, plus future rate case filings in multiple states. " " Q4 2024 described rate case progress and tariff exposures including China tariffs, with regulatory filings for data centers. " " " Q3 2024 detailed various rate case updates and settlements in Colorado and Minnesota. "

Q2 2025 noted ongoing adjustments to federal policies, tariff impacts (2%–3% on the capital plan) and active steps around rate case updates, including legislative and regulatory initiatives. " "

Consistent proactive management – regulatory and tariff challenges remain a central focus across periods, with similar strategies employed to mitigate impacts and secure constructive outcomes. " " "

Wildfire‐Related Risks, Litigation & Mitigation Efforts

Q1 2025 outlined constructive wildfire mitigation settlements ($1.9B and $500M plans) and preparations for the Marshall trial. " " Q4 2024 detailed advanced mitigation measures, technology enhancements, and trial structures set for September 2025. " " " Q3 2024 discussed accelerated technology enhancements and detailed litigation resolution progress. " " " "

Q2 2025 emphasized enhanced mitigation investments (advanced tech, weather stations, equipment hardening) and trial preparation for the Marshall case, along with active legislative support. " " "

Sustained focus on wildfire risk management with continuous investment in new technologies and legislative solutions; litigation remains a key attention point and appears to be advancing towards resolution. " " "

Financial Guidance & Earnings Growth Outlook

Q1 2025 reaffirmed full‑year earnings guidance ($3.75–$3.85) and outlined 3% sales growth with a clear investment pipeline. " " Q4 2024 and Q3 2024 maintained earnings guidance and long‑term EPS growth targets (6%–8%), emphasizing rate base and capital plan benefits. " " " "

Q2 2025 reaffirmed the $3.75–$3.85 earnings guidance range and reported improved quarterly earnings ($0.75 vs. $0.54), underscoring a positive impact from increasing revenue and robust capital investments. " "

Steady and confident outlook – financial guidance remains consistent with maintained or improved quarterly performance and long‑term growth targets, reflecting resilience and a balanced growth strategy. " " "

Debt, Financing & Shareholder Dilution Concerns

Q1 2025 and Q3 2024 detailed a balanced financing strategy with a mix of debt and equity (e.g., 40% equity for accretive growth) and stable credit metrics. " " " Q4 2024 discussed a $1.4B forward equity issuance to support the $45B plan, emphasizing balance sheet strength. " "

Q2 2025 reiterated balanced financing with a recent ATM equity issuance as part of a $4.5B equity base plan and highlighted effective management to minimize dilution while funding growth. " "

Consistent emphasis on a balanced debt-equity approach – ongoing strategies in financing and share issuance underscore the company’s commitment to maintaining a strong balance sheet with minimal shareholder dilution. " " "

Emerging Labor Availability Constraints

Q4 2024 featured an in-depth discussion led by Robert Frenzel, noting significant challenges in labor availability and outlining initiatives with trade organizations and educational institutions to build the workforce. " Q1 2025 and Q3 2024 provided no mention of this topic.

Q2 2025 did not mention emerging labor constraints, with no reference to labor challenges in project execution in the available documents.

Topic no longer mentioned in the current period – previously raised in Q4 2024 it appears to have been deprioritized or resolved, suggesting either progress in mitigation or a shift in focus. "

Declining Emphasis on Tax Credit Transferability

Q1 2025 discussed robust plans to maintain transferability, with contingency measures and industry support noted. " " " Q4 2024 reiterated that transferability remains intact under the IRA, with well‐defined contractual mechanisms and a forecast of $700M per year. " " Q3 2024 further supported strong execution and high demand, with a similar annual monetization target. "

Q2 2025 emphasized aspects of the budget reconciliation bill supportive of transferability, noting that benefits like lower corporate tax rates and accelerated depreciation continue to support it. "

Steady emphasis on transferability remains – rather than a decline, transferability continues to be viewed as a valuable and stable component of Xcel Energy’s financial strategy, with consistent monetization expectations across periods. " " "