Xcel Energy reported GAAP earnings of $524 million, or $0.88 per share, for the quarter ended September 30, 2025, down from $682 million and $1.21 per share in the same period a year earlier. Total operating revenue reached $3.915 billion, driven by $3.638 billion from electric sales and $264 million from natural gas. Operating income fell to $749 million from $911 million in Q3 2024. Ongoing earnings were $737 million, or $1.24 per share, slightly below the $1.25 per share reported in Q3 2024. Interest charges increased to $384 million, and operating expenses totaled $3.166 billion, including a $287 million expense related to the Marshall Wildfire litigation settlement. Depreciation and amortization rose to $750 million.
Xcel Energy reaffirmed its 2025 EPS guidance of $3.75 to $3.85. The company also released 2026 guidance, projecting an average EPS growth of 9% through 2030 and maintaining a 6‑8% annual EPS growth target for 2026, with a 4‑6% dividend growth target. The guidance reflects the company’s confidence in continued demand and its ability to manage costs.
Xcel Energy outlined a $60 billion five‑year infrastructure investment plan covering 2026‑2030, aimed at achieving an 11% annual rate‑base growth. The plan prioritizes renewable energy projects—wind, solar, and storage—and expands capacity for data‑center customers, with 3 GW of new data‑center contracts expected by 2026. The company also disclosed that the Marshall Wildfire settlement, recognized in Q3 2025, is estimated at $640 million, largely covered by insurance, and that Xcel does not admit fault.
The earnings decline is attributed to higher interest costs and increased operating expenses, including inflationary pressure on health and benefits and a one‑time litigation charge. Despite the decline, operating margin contracted modestly from 19% to 18%, and revenue surpassed analyst estimates. Xcel continues to emphasize its commitment to keeping customer bills among the lowest in the country while modernizing its grid.
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