Financial Data and Key Metrics Changes - Xcel Energy reported GAAP earnings of $0.88 per share for Q3 2025, while ongoing earnings, excluding a non-recurring charge of $290 million, were $1.24 per share [4][16] - Earnings for Q3 2025 decreased slightly from $1.25 per share in Q3 2024, with significant earnings drivers including regulatory outcomes and electric and natural gas sales growth [16][24] - Weather-normalized electric sales increased by 2.5% through Q3 2025, with a forecast of 3% growth for the full year [17][24] Business Line Data and Key Metrics Changes - The company invested over $3 billion in Q3 2025 and $8 billion year-to-date in energy infrastructure [5] - O&M expenses increased by $37 million compared to 2024, primarily due to a $25 million rise in health and benefit costs [17] - The company is pursuing a near-term procurement for 4,000 MW of renewable resources and 500 MW of thermal resources in Colorado [18] Market Data and Key Metrics Changes - Xcel Energy's residential electricity and natural gas bills have been 28% and 12% below the national average, respectively, over the past five years [9] - The company has connected over 200,000 customers with nearly $300 million in financial resources since 2024 [10] Company Strategy and Development Direction - Xcel Energy is reaffirming its earnings guidance for 2025 and has introduced a $60 billion five-year capital expenditure forecast aimed at meeting growing electric demand and clean energy goals [6][21] - The company plans to deliver 7,500 megawatts of zero carbon renewable generation and 3,000 megawatts of natural gas-fired generation [7][21] - Xcel Energy is leveraging AI to improve operational efficiency and customer satisfaction, including risk modeling for wildfire mitigation [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving earnings guidance for the 21st consecutive year, highlighting a strong track record in the industry [6] - The company is focused on reducing risks from wildfires and extreme weather through various mitigation plans and investments [14] - Management emphasized the importance of maintaining a strong balance sheet and credit metrics while pursuing significant capital investments [22] Other Important Information - The company has made significant progress in resolving wildfire claims, with 212 of 254 claims settled and an estimated liability of $410 million [20] - Xcel Energy's Steel for Fuel program has saved customers nearly $6 billion through 2025 [9] Q&A Session Summary Question: Clarification on 2026 guidance and 9% growth - Management confirmed that the 9% growth includes 2026 guidance, based on the midpoint of the current year's earnings [27] Question: Clarification on $7 billion equity in the plan - Management clarified that the $7 billion is additional equity needed for the new 2026 to 2030 plan [28] Question: Growth rate profile and capital expenditure - Management acknowledged that the capital expenditure plan is front-end loaded, with expectations for future opportunities to fill in the back part of the plan [34] Question: Trends in load growth across regions - Management noted strong growth in the SPS region driven by the oil and gas sector, while other regions are experiencing shifts in timing for data centers [60] Question: Equipment availability and supply chain management - Management highlighted proactive measures taken to secure necessary equipment and labor for infrastructure projects, ensuring alignment with demand growth [68][71] Question: Transmission spend and customer identification - Management stated that new transmission lines required by data centers are typically paid for by those customers, protecting residential and commercial customers from additional costs [102][105]

Financial Data and Key Metrics Changes - Xcel Energy reported GAAP earnings of $0.88 per share for Q3 2025, while ongoing earnings, excluding a non-recurring charge of $290 million, were $1.24 per share [3][15] - Earnings for Q3 2025 decreased slightly from $1.25 per share in Q3 2024, with significant earnings drivers including regulatory outcomes and electric and natural gas sales growth [15][17] - The company reaffirmed its 2025 ongoing earnings guidance range of $3.75 to $3.85 per share and initiated 2026 earnings guidance of $4.04 to $4.16 per share, reflecting an 8% growth from the midpoint of 2025 guidance [23][25] Business Line Data and Key Metrics Changes - Electric sales increased by 2.5% through Q3 2025, driven by strong residential sales growth across all operating companies [17] - O&M expenses increased by $37 million compared to 2024, primarily due to a $25 million rise in health and benefit costs [17] - The company expects O&M expenses to increase by 5% for the full year 2025 [17] Market Data and Key Metrics Changes - Xcel Energy's residential electricity and natural gas bills have been 28% and 12% below the national average, respectively, over the past five years [9] - The company has saved customers nearly $6 billion through its Steel for Fuel program and over $1 billion through its Continuous Improvement program since 2020 [9] Company Strategy and Development Direction - Xcel Energy introduced an updated five-year infrastructure investment plan totaling $60 billion, aimed at meeting increased energy demand and enhancing system reliability [21][22] - The plan includes investments in 7,500 megawatts of zero carbon renewable generation, 3,000 megawatts of natural gas generation, and nearly 2,000 megawatts of energy storage [5][21] - The company is focusing on leveraging AI to improve operational efficiency and customer satisfaction, including using AI for risk modeling and infrastructure maintenance [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving earnings guidance for the 21st consecutive year, highlighting a strong track record in the industry [4] - The company is committed to mitigating wildfire risks and has implemented public-facing wildfire mitigation plans across its states [13] - Management emphasized the importance of maintaining a strong balance sheet and credit metrics while pursuing significant capital investments [23][71] Other Important Information - Xcel Energy has made significant progress in resolving claims related to the Marshall Wildfire, with a low-end estimated liability of $410 million and $500 million in insurance coverage [20] - The company is actively engaging with regulators regarding future rate cases and the implications of its capital expenditures on customer rates [120] Q&A Session Summary Question: Clarification on 2026 guidance and 9% growth - Management confirmed that the 9% growth includes 2026 and is based on the midpoint of the current year's guidance [28] Question: Equity content in the capital plan - Management clarified that the $7 billion equity plan is from this point forward and is aligned with their capital investment strategy [29][30] Question: Growth rate profile and capital expenditures - Management acknowledged that the capital plan is front-end loaded, with expectations for future RFPs to fill in later years [36][37] Question: Load growth outlook across regions - Management noted that SPS is experiencing strong growth due to the oil and gas sector, while other regions are seeing varied growth rates [69] Question: Equipment availability and supply chain management - Management highlighted proactive measures taken to secure necessary equipment and labor for infrastructure projects, ensuring timely execution [76][80] Question: Regulatory expectations for rate trends - Management is in discussions with regulators regarding future rate trends and the impact of capital expenditures on customer bills [120]

Financial Performance - 2025 Q3 GAAP EPS 为 $0.88，持续经营 EPS 为 $1.24，而 2024 Q3 持续经营 EPS 为 $1.25[4] - 2025 年年初至今 GAAP EPS 为 $2.47，持续经营 EPS 为 $2.84，而 2024 年年初至今持续经营 EPS 为 $2.69[4] - 公司重申 2025 年持续经营 EPS 指导值为 $3.75 至 $3.85[4] - 启动 2026 年持续经营 EPS 指导值为 $4.04 至 $4.16[4] - 长期 EPS 增长目标更新为 6-8+%[4] Capital Investment and Growth - 更新了 600 亿美元的五年投资计划，提供约 11% 的年化费率基础增长[4] - 2026 年至 2030 年的总资本投资为 600 亿美元[5] - 2025 年至 2030 年的综合费率基础复合年增长率约为 11%[13] - 电力分配占 23%，电力生产占 39%，电力传输占 26%，天然气 LDC 占 6%，其他占 6%，总计 600 亿美元[8] Sales and Customer Data - 2025 年年初至今加权平均零售电力销售额增长 2.5%[39] - 2025 年第三季度同比增长电力客户增长 0.9%[41] - 预计 2025 年加权平均零售电力销售额增长约 3%[51] - 预计 2026 年加权平均零售电力销售额增长约 3%，天然气销售额增长约 1%[52] Strategic Initiatives - 计划投资约 50 亿美元用于野火缓解[6] - 签订了约 3 吉瓦的数据中心负载基础计划，到 2026 年[4] - 为 SPS 和 PSCo 中超过 6,000 兆瓦的增量资源发布了 RFP[4] - 正在进行的 EPS 增长为 6-8+%，股息收益率约为 3%，总股东回报率为 10+%[57, 59]

分组1 - Xcel Energy reported quarterly earnings of $1.24 per share, missing the Zacks Consensus Estimate of $1.31 per share, and showing a slight decrease from $1.25 per share a year ago, resulting in an earnings surprise of -5.34% [1] - The company posted revenues of $3.92 billion for the quarter ended September 2025, which was 0.33% below the Zacks Consensus Estimate, and an increase from $3.64 billion year-over-year [2] - Over the last four quarters, Xcel has surpassed consensus EPS estimates only once and has not beaten consensus revenue estimates during the same period [2] 分组2 - The stock has gained approximately 18% since the beginning of the year, outperforming the S&P 500's gain of 17.2% [3] - The current consensus EPS estimate for the upcoming quarter is $0.89 on revenues of $3.69 billion, and for the current fiscal year, it is $3.81 on revenues of $14.81 billion [7] - The Zacks Industry Rank for Utility - Electric Power is in the top 24% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

Core Insights - Xcel Energy missed third-quarter profit estimates due to increased interest charges and higher operating and maintenance expenses [1] Financial Performance - The company reported a decline in profits compared to expectations, primarily impacted by rising costs associated with interest and operational activities [1]

Core Insights - Xcel Energy Inc. reported third quarter GAAP earnings of $524 million, or $0.88 per share, a decrease from $682 million, or $1.21 per share in the same period of 2024 [1] - Ongoing earnings for the third quarter were $737 million, or $1.24 per share, compared to $707 million, or $1.25 per share in the same period of 2024, indicating a slight increase in ongoing earnings despite the drop in GAAP earnings [1] - The decline in GAAP earnings is attributed to higher depreciation, interest charges, and operating expenses [1]

Financial Performance - Xcel Energy reported Q3 2025 GAAP earnings of $524 million, or $0.88 per share, down from $682 million, or $1.21 per share in Q3 2024[2]. - Ongoing earnings for Q3 2025 were $737 million, or $1.24 per share, compared to $707 million, or $1.25 per share in the same period last year[2]. - Year-to-date GAAP diluted earnings per share were $2.47 in 2025, compared to $2.63 in 2024, while ongoing diluted earnings per share increased to $2.84 from $2.69[7]. - Xcel Energy reaffirmed its 2025 ongoing earnings per share guidance of $3.75 to $3.85 and initiated 2026 guidance of $4.04 to $4.16[7]. - For Q3 2025, GAAP EPS was $0.88, down from $1.21 in 2024, with higher electric revenues contributing $0.28 to the change[24]. - Ongoing earnings for Q3 2025 were $737 million, compared to $707 million in Q3 2024[98]. - Xcel Energy's 2025 ongoing earnings guidance is a range of $3.75 to $3.85 per share[101]. Revenue and Sales - Total operating revenues for Q3 2025 were $3.915 billion, up from $3.644 billion in Q3 2024, with electric revenues at $3.638 billion compared to $3.393 billion[12]. - Total retail electric sales growth for Xcel Energy was 1.1% in Q3 2025, with residential sales increasing by 1.6%[28]. - Electric revenues increased by $245 million in Q3 2025 compared to 2024, driven by recovery of higher costs and regulatory outcomes[31]. - Capital rider revenue is projected to increase by $255 million to $265 million[102]. Expenses and Charges - Operating expenses increased to $3.166 billion in Q3 2025 from $2.733 billion in Q3 2024, driven by higher depreciation, interest charges, and O&M expenses[12]. - The company reported a significant charge of $287 million related to Marshall Wildfire litigation in Q3 2025[12]. - O&M expenses rose by $37 million in Q3 2025, primarily due to increased benefits and healthcare costs[35]. - Interest charges increased by $58 million in Q3 2025, largely due to higher debt levels and interest rates[37]. Debt and Capitalization - Total debt as of September 30, 2025, was $33.365 billion, representing 61% of total capitalization, up from $29.114 billion (60%) at the end of 2024[40]. - Xcel Energy's total capitalization increased to $54.546 billion in Q3 2025 from $48.636 billion in Q4 2024[40]. - Xcel Energy plans to fund capital expenditures with approximately 40% equity and 60% debt[41]. - As of October 27, 2025, Xcel Energy Inc. holds a Baa1 credit rating from Moody's and a BBB rating from S&P Global Ratings, both with a stable outlook[41]. Infrastructure and Investment - The company’s updated five-year infrastructure investment plan aims to meet increased energy demand and support carbon reduction goals[4]. - Base capital expenditures forecast for 2026-2030 totals $60 billion, with $13.79 billion planned for 2026[41]. - PSCo's resource plan includes a forecasted need of 5-14 GW of new generation capacity through 2031, with a focus on renewables and firm dispatchable resources[72]. Rate Requests and Regulatory Matters - NSP-Minnesota's filed base revenue request for 2025 is $344 million, with proposed adjustments totaling $295 million[49]. - NSP-Minnesota filed a request for a net annual electric rate increase of $44 million (15%) in South Dakota, based on a rate base of approximately $1.2 billion and a requested ROE of 10.3%[52]. - NSP-Minnesota also requested an annual electric rate increase of approximately $45 million (19.3%) in North Dakota, with a rate base of approximately $817 million and a requested ROE of 10.3%[54]. - NSP-Wisconsin is seeking a total electric revenue increase of $94 million (11.8%) in 2026 and an incremental $57 million (7.1%) in 2027, based on an electric rate base of $2.9 billion in 2026[64]. Legal and Litigation Matters - The Marshall Fire is estimated to have caused more than $2 billion in property losses, with ongoing litigation involving PSCo[78]. - PSCo expects to pay approximately $640 million related to settlements, with $353 million expected to be reimbursed by insurance coverage[83]. - As of September 30, 2025, a remaining estimated liability of $640 million is presented in other current liabilities, with no estimated liability recognized as of December 31, 2024[84]. - Xcel Energy recorded $410 million of total estimated losses related to the Smokehouse Creek Fire Complex, representing a $120 million increase from June 30, 2025[90]. - Settlements reached as of the filing date total $361 million of expected loss payments, with $219 million paid through September 30, 2025[89]. Tax and Book Value - Effective income tax rate for Q3 2025 was 1.5%, compared to 1.4% in Q3 2024, reflecting a 0.1% increase[39]. - Book value per share increased to $36.11 as of September 30, 2025, from $34.61 in 2024[104].

Core Insights - Xcel Energy (XEL) is set to announce its third-quarter 2025 results on October 30, with a previous earnings surprise of 19.05% [1] Factors Impacting Q3 Earnings - Cost management initiatives and efficiency programs have resulted in lower residential electric and natural gas bills compared to the national average, attracting new customers [2] - The increase in demand from new customers is expected to positively influence revenue performance for the quarter [2] - Growing demand from data centers, rising electric vehicle adoption, and economic expansion in service regions are likely to boost quarterly earnings [3] - However, higher operating and maintenance expenses may offset some gains, and severe storms in July that damaged infrastructure in Minnesota and South Dakota are expected to negatively impact earnings [3] Q3 Expectations - The Zacks Consensus Estimate for earnings is $1.31 per share, reflecting a year-over-year increase of 4.8% [4] - Revenue is estimated at $3.94 billion, indicating an 8.1% increase from the previous year [4] Earnings Prediction - The company's Earnings ESP is +0.38%, suggesting a potential earnings beat [5] - Xcel Energy currently holds a Zacks Rank of 3 (Hold) [6] Other Industry Players - NiSource Inc. (NI) is expected to report on October 29, with an earnings estimate of 19 cents per share and a long-term growth rate of 7.22% [7][8] - Eversource Energy (ES) will report on November 4, with an earnings estimate of $1.12 per share and a long-term growth rate of 5.86% [8] - Duke Energy (DUK) is scheduled for November 7, with an earnings estimate of $1.73 per share and a long-term growth rate of 6.43% [9]

Core Viewpoint - Xcel Energy is positioned as a strong utility company with potential for earnings surprises, supported by recent analyst upgrades and market interest [2][3][6] Company Overview - Xcel Energy (NASDAQ:XEL) provides electricity and natural gas services across multiple states in the U.S., competing with major players like Duke Energy and Southern Company [1] Stock Performance - Morgan Stanley raised its price target for Xcel Energy to $86 from $80, indicating a potential increase of 6.32% from the current stock price of $80.97, which has seen a slight increase of 0.41% [2][6] - The stock has traded between $80.59 and $81.35 on the current day, with a market capitalization of approximately $47.89 billion [4] Earnings Outlook - Zacks Investment Research highlights Xcel Energy for its potential to exceed earnings expectations, suggesting that it could surprise investors in upcoming earnings reports [3][6] - Analysts adjusting earnings estimates may signal potential surprises, making Xcel Energy a stock to watch closely in the utility sector [5]

Core Points - Xcel Energy has appointed Bria Shea as president of Xcel Energy – Minnesota, North Dakota, and South Dakota, effective immediately [1] - Shea will be responsible for overseeing the company's strategic planning, financial results, and operational outcomes [1] - The focus areas for Shea include operational excellence, customer service, energy innovation, speed to power, and personal and public safety [1]