Xcel Energy Reports $1.936 Billion Net Income for Fiscal Year 2024

Xcel Energy Inc. reported a net income of $1.936 billion for the fiscal year ending December 31, 2024, translating to a diluted earnings per share (EPS) of $3.44, an increase from $3.21 in 2023. The company's total operating revenues decreased to $13.441 billion from $14.206 billion in the previous year, primarily due to lower electric fuel and purchased power costs, which fell by $490 million. Despite the revenue decline, the company experienced a rise in ongoing earnings, which reached $1.969 billion, up from $1.851 billion in 2023, driven by improved recovery of infrastructure investments.

In terms of operational metrics, Xcel Energy served approximately 3.9 million electric customers and 2.2 million natural gas customers across eight states, including Colorado, Minnesota, and Texas. The company’s electric sales volume was 112,273 million kilowatt-hours, with electric revenues amounting to $11.147 billion. The average revenue per retail customer for electric services decreased to $2,357 from $2,464 in 2023, while natural gas revenues totaled $2.230 billion, down from $2.645 billion the previous year. The company’s total assets increased to $70 billion, reflecting ongoing investments in infrastructure and renewable energy projects.

Strategically, Xcel Energy has committed to significant capital investments, with a planned $45 billion over the next five years aimed at enhancing reliability and sustainability. This includes approximately $28 billion earmarked for transmission and distribution improvements from 2025 to 2029. The company is also advancing its clean energy transition, with a goal of achieving zero-carbon electricity by 2050. In 2024, Xcel completed Phase 1 of its Sherco Solar project, which is expected to be one of the largest solar facilities in the U.S. upon completion of all phases.

The company’s workforce stood at 11,380 employees as of December 31, 2024, with a focus on enhancing employee diversity and inclusion. Approximately 40% of new hires were from diverse backgrounds, and 42% of interns were from underrepresented groups. Xcel Energy has also engaged in community development, initiating 24 projects projected to create over $5.1 billion in capital investments and nearly 3,200 jobs.

Looking ahead, Xcel Energy anticipates ongoing earnings guidance for 2025 in the range of $3.75 to $3.85 per share, supported by expected increases in weather-normalized retail electric and natural gas sales. The company aims to maintain long-term EPS growth of 6% to 8% and annual dividend increases of 4% to 6%. However, it acknowledges potential risks, including regulatory changes, commodity price fluctuations, and the impacts of climate change, which could affect its operational and financial performance.