Xcel Energy(XEL) - 2025 Q1 - Quarterly Report

Financial Performance - Total operating revenues for Q1 2025 were $3,906 million, an increase of 7.0$3,649 million in Q1 2024[18] - Net income for Q1 2025 was $483 million, a decrease of 1.0$488 million in Q1 2024[21] - Earnings per share (EPS) for Q1 2025 were $0.84, down from$0.88 in Q1 2024, reflecting a decrease of 4.5%[18] - Total operating expenses increased to $3,229 million in Q1 2025, up 8.7$2,970 million in Q1 2024[18] - The company reported a total comprehensive income of $479 million for Q1 2025, down from$511 million in Q1 2024[21] - The total segment net income for Xcel Energy was $537 million for the three months ended March 31, 2025, compared to$516 million for the same period in 2024[161] - Xcel Energy's total segment revenues for the three months ended March 31, 2025, were $3,895 million, an increase from$3,628 million in the same period of 2024[161] Cash Flow and Liquidity - Cash provided by operating activities was $1,028 million in Q1 2025, slightly down from$1,050 million in Q1 2024[23] - Cash, cash equivalents, and restricted cash at the end of Q1 2025 totaled $1,123 million, up from$501 million at the end of Q1 2024[23] - Cash and cash equivalents significantly increased to $1,123 million from$179 million, showing a growth of over 526%[25] - The average amount of short-term borrowings outstanding was $1,238 million for the three months ended March 31, 2025, compared to$508 million for the same period in 2024[36] - The weighted average interest rate on short-term borrowings decreased to 4.61% from 5.47% year-over-year[36] Capital Expenditures and Investments - Capital expenditures for Q1 2025 were $1,988 million, an increase of 29.4$1,537 million in Q1 2024[23] - The company anticipates long-term EPS growth and plans to continue investing in capital projects to support future growth[15] - The construction work in progress increased to $5,956 million as of March 31, 2025, compared to$4,720 million at December 31, 2024, indicating ongoing investment in infrastructure[35] Assets and Liabilities - Total assets increased to $72,749 million as of March 31, 2025, up from$70,035 million at December 31, 2024, representing a growth of approximately 3.9%[25] - Current assets rose to $5,368 million, compared to$4,325 million at the end of 2024, marking an increase of about 24.1%[25] - Total liabilities increased to $52,945 million as of March 31, 2025, from$50,513 million at December 31, 2024, reflecting a rise of approximately 4.8%[25] - Long-term debt rose to $29,396 million, up from$27,316 million at the end of 2024, indicating an increase of about 7.6%[25] - Total current liabilities increased to $6,741 million from$6,459 million, marking an increase of approximately 4.4%[25] - Total common stockholders' equity increased to $19,804 million as of March 31, 2025, up from$19,522 million at the end of 2024, reflecting a growth of approximately 1.4%[25] Dividends and Share Issuance - The company declared dividends of $0.57 per share, totaling$328 million for the period[28] - Xcel Energy Inc. issued $1.1 billion in net proceeds from the issuance of 18.3 million shares of common stock in 2024 under its ATM program[42][50] - As of March 31, 2025, Xcel Energy had approximately$1.08 billion remaining available for sale under the ATM program[50] Regulatory and Environmental Costs - The company incurred an estimated cost of at least $45 million for groundwater investigations related to coal ash impacts, with an additional$15 million expected through 2028 for required reporting[143] - Xcel Energy anticipates approximately $100 million in costs for the removal of coal ash from closed coal-generating facilities, with costs expected to be recoverable through regulatory mechanisms[144] - Estimated capital expenditures of approximately$50 million may be required to comply with the CCR Rule, which are also expected to be recoverable[145] Legal and Insurance Matters - The Marshall Fire in December 2021 caused over $2 billion in property losses, with PSCo facing 307 complaints from at least 4,087 plaintiffs alleging negligence and other claims[106][110] - The Boulder County District Court has consolidated lawsuits related to the Marshall Fire, with a trial date set for September 2025[111] - Xcel Energy's insurance coverage for potential damages related to the Marshall Fire is approximately$500 million, which may be exceeded if found liable[116] - Xcel Energy has recorded total estimated losses of $290 million related to the Smokehouse Creek Fire Complex, an increase from a previous estimate of$215 million[123] - Settlements related to the Smokehouse Creek Fire Complex have reached $113 million, with remaining estimated liabilities of$211 million as of March 31, 2025[124]