Xcel Energy Inc. reported a solid financial performance for the fiscal year ending December 31, 2025, with total operating revenues reaching $14.67 billion, a 9.2% increase from $13.44 billion in 2024. The company's net income also rose to $2.02 billion, compared to $1.94 billion in the previous year. This translates to a diluted earnings per share (EPS) of $3.42, slightly down from $3.44 in 2024, while ongoing diluted EPS increased to $3.80 from $3.50, driven by higher electric and natural gas revenues and improved recovery of infrastructure investments.
The company experienced significant operational changes, including a $640 million settlement related to the Marshall Wildfire litigation, which impacted its financial results. Additionally, Xcel Energy's ongoing earnings were bolstered by increased recovery of electric infrastructure investments, although this was partially offset by rising operating and maintenance expenses, depreciation, and interest charges. The company also noted a decrease in its electric fuel and purchased power expenses, which rose to $3.96 billion from $3.79 billion, primarily due to increased commodity prices.
Xcel Energy's customer base expanded to approximately 3.9 million electric customers and 2.2 million natural gas customers, reflecting a steady growth in demand. The company has been actively investing in renewable energy, with plans to allocate $60 billion in capital expenditures over the next five years to enhance reliability and sustainability. This includes a focus on expanding its renewable energy portfolio, which now includes approximately 11,000 MW of wind capacity and significant solar projects, such as the Sherco Solar project in Minnesota.
Looking ahead, Xcel Energy has provided guidance for ongoing earnings in 2026, projecting a range of $4.04 to $4.16 per share. The company anticipates a 3% increase in weather-normalized retail electric sales and a 1% increase in natural gas sales. Xcel Energy aims to maintain a competitive total return for shareholders, with long-term EPS growth expectations of 6% to 8% and annual dividend increases of 4% to 6%. The company remains committed to its clean energy transition goals, including achieving net-zero carbon emissions by 2050.
About XCEL ENERGY INC
Xcel Energy Inc. is a regulated utility company providing electric and natural gas services across eight U.S. states. It operates through subsidiaries delivering energy to millions of customers, focusing on reliable, affordable, and increasingly clean energy. The company invests heavily in renewable resources, grid modernization, and environmental sustainability, while maintaining a competitive business model rooted in regulated operations, infrastructure management, and energy innovation.
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