Xcel Energy(XEL) - 2025 Q2 - Quarterly Results

Executive Summary & Highlights Second Quarter 2025 Financial Performance Xcel Energy reported strong second-quarter 2025 GAAP earnings, significantly increasing from the prior year, primarily driven by enhanced recovery of infrastructure investments, despite higher interest, depreciation, and O&M expenses GAAP Earnings Performance (Millions of Dollars) | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :------------------- | :------ | :------ | :----------- | | GAAP Earnings | $444 million | $302 million | +$142 million | | GAAP EPS | $0.75 | $0.54 | +$0.21 | - Increased recovery of infrastructure investments was the primary driver for the improved earnings, partially offset by higher interest charges, depreciation, and O&M expenses[2] CEO Statement CEO Bob Frenzel highlighted the company's commitment to customers, communities, and investors, emphasizing significant progress in infrastructure investments to meet growing electric demand and improve system resiliency, particularly in Texas, New Mexico, and Colorado - Made considerable progress on investments to serve unprecedented growth in electric demand and improve system resiliency and reliability[3] - Filed recommended portfolio for nearly 5,200 MW of new generation in Texas and New Mexico, with 4,500 MW to be company-owned[3] - Colorado and Texas commissions approved settlements for Wildfire Mitigation and System Resiliency Plans, reducing risk from wildfires and extreme weather[3] Conference Call Information Xcel Energy hosted a conference call on July 31, 2025, at 9:00 a.m. CDT to discuss financial results, with dial-in and webcast details provided for participation and replay Conference Call Details | Detail | Information | | :----------------- | :---------------- | | US Dial-In | 1 (866) 580-3963 | | International Dial-In | (400) 120-0558 | | Conference ID | 5768023 | | Replay US Dial-In | 1 (866) 583-1035 | | Replay Access Code | 5768023 | - The conference call was broadcast and archived on Xcel Energy's website at www.xcelenergy.com[4](index=4&type=chunk) Key Financial Highlights The company reported significant increases in diluted GAAP and ongoing earnings per share for both the second quarter and year-to-date periods in 2025 compared to 2024, and reaffirmed its 2025 ongoing EPS guidance Diluted GAAP & Ongoing EPS | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :-------------------------------- | :------ | :------ | :------- | :------- | | Diluted GAAP & Ongoing EPS | $0.75 | $0.54 | $1.59 | $1.42 | - Xcel Energy reaffirms its 2025 ongoing earnings per share guidance of $3.75 to $3.85[5] Forward-Looking Statements & Contact Information Forward-Looking Statements This section outlines the forward-looking nature of certain statements in the report, subject to various risks and uncertainties that could cause actual results to differ materially from expectations. It also disclaims any obligation to update such information - Forward-looking statements are subject to risks, uncertainties, and assumptions, including those related to 2025 EPS guidance, long-term growth objectives, future sales, expenses, and regulatory proceedings[6] - Key factors that could cause actual results to vary materially include operational safety, commodity risks, regulatory changes, economic conditions, availability of capital, cybersecurity threats, and climate change[6] - The company expressly disclaims any obligation to update any forward-looking information[6] Investor Relations Contact Contact information for Xcel Energy's Vice President of Investor Relations is provided for inquiries Investor Relations Contact Information | Contact | Phone Number | | :---------------------------------- | :----------- | | Roopesh Aggarwal, VP - Investor Relations | (612) 215-4535 | | Xcel Energy General Inquiries | (612) 215-5300 | Consolidated Financial Statements Consolidated Statements of Income (Unaudited) The consolidated statements of income show Xcel Energy's financial performance for the three and six months ended June 30, 2025, highlighting significant increases in total operating revenues and net income compared to the same periods in 2024 Consolidated Statements of Income (Millions of Dollars) | Metric (Millions) | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :---------------------------------- | :------ | :------ | :------- | :------- | | Total Operating Revenues | $3,287 | $3,028 | $7,193 | $6,677 | | Total Operating Expenses | $2,710 | $2,579 | $5,939 | $5,549 | | Operating Income | $577 | $449 | $1,254 | $1,128 | | Net Income | $444 | $302 | $927 | $790 | | Diluted EPS | $0.75 | $0.54 | $1.59 | $1.42 | - Electric revenues increased by $219 million for Q2 2025 and $369 million year-to-date, driven by recovery of higher fuel costs, non-fuel riders, and sales/demand[10][30] - Natural gas revenues increased by $41 million for Q2 2025 and $155 million year-to-date, primarily due to regulatory rate outcomes and recovery of higher natural gas costs[10][31] Notes to Investor Relations Earnings Release Non-GAAP Financial Measures This section defines Xcel Energy's non-GAAP financial measures, including Ongoing ROE, Ongoing Earnings, and Ongoing Diluted EPS, which are used for internal analysis and investor communication, noting that for the reported periods, GAAP earnings equal ongoing earnings - Non-GAAP measures are used for financial planning, reporting to the Board, performance-based compensation, and communicating earnings outlook[12] - Ongoing ROE is calculated by adjusting net income for certain nonrecurring items and dividing by average stockholder's equity[13] - Ongoing earnings and diluted EPS adjust GAAP figures for non-recurring items to reflect core earnings and underlying performance[14][15] - For the three and six months ended June 30, 2025 and 2024, there were no adjustments, so GAAP earnings equal ongoing earnings[15] Note 1. Earnings Per Share Summary Xcel Energy's diluted EPS significantly increased in Q2 and year-to-date 2025, primarily due to increased recovery of infrastructure investments, with detailed contributions from each regulated utility and the holding company - Second quarter GAAP and ongoing diluted earnings were $0.75 per share in 2025, up from $0.54 in 2024, driven by increased recovery of infrastructure investments[16] - Year-to-date GAAP and ongoing diluted EPS increased to $1.59 in 2025 from $1.42 in 2024[17] Overall EPS Performance GAAP and Ongoing Diluted EPS | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :------------------------ | :------ | :------ | :------- | :------- | | GAAP and ongoing diluted EPS | $0.75 | $0.54 | $1.59 | $1.42 | - The change in EPS was primarily driven by increased recovery of infrastructure investments, partially offset by higher O&M expenses, depreciation, and interest charges[16] EPS by Subsidiary EPS Contribution by Subsidiary | Subsidiary | Q2 2025 EPS | Q2 2024 EPS | YTD 2025 EPS | YTD 2024 EPS | | :-------------------------- | :---------- | :---------- | :----------- | :----------- | | PSCo | $0.26 | $0.21 | $0.71 | $0.61 | | NSP-Minnesota | $0.32 | $0.24 | $0.64 | $0.61 | | SPS | $0.17 | $0.16 | $0.27 | $0.26 | | NSP-Wisconsin | $0.05 | $0.04 | $0.12 | $0.12 | | Regulated utility total | $0.81 | $0.66 | $1.76 | $1.62 | | Xcel Energy Inc. and Other | $(0.06) | $(0.12) | $(0.17) | $(0.20) | - PSCo's year-to-date EPS increase was driven by higher recovery of electric and natural gas infrastructure investments, partially offset by increased depreciation and interest charges[17] - NSP-Minnesota's year-to-date EPS increase was due to higher recovery of electric infrastructure investments, partially offset by increased O&M expenses, depreciation, and interest charges[18] - Xcel Energy Inc. and Other saw an increase in earnings largely due to a gain on debt repurchases, partially offset by the performance of equity method investments and higher debt levels[21] Components of EPS Change Components of EPS Change (2025 vs. 2024) | Component of Change (2025 vs. 2024) | Q2 Impact on EPS | YTD Impact on EPS | | :---------------------------------- | :--------------- | :---------------- | | Higher electric revenues | $0.29 | $0.49 | | Higher natural gas revenues | $0.05 | $0.21 | | Higher AFUDC equity & debt | $0.07 | $0.10 | | Higher electric fuel and purchased power | $(0.08) | $(0.18) | | Higher O&M expenses | $(0.02) | $(0.13) | | Higher depreciation | $(0.03) | $(0.12) | | Higher interest charges | $(0.04) | $(0.09) | - Cost of electric fuel and purchased power and natural gas sold and transported are generally recovered through regulatory mechanisms and offset in revenue, resulting in minimal earnings impact[23] Note 2. Regulated Utility Results This section details the impact of weather on regulated earnings, analyzes sales growth across different jurisdictions, and breaks down the drivers of changes in electric and natural gas revenues, operating expenses, and income taxes - Unusually hot summers or cold winters increase electric and natural gas sales, while mild weather reduces sales, affecting financial performance[24] - Gas decoupling mechanisms and electric sales true-up in Minnesota largely mitigate weather impacts in that jurisdiction[24] Estimated Impact of Temperature Changes on Regulated Earnings Estimated EPS Impact of Temperature Changes | Metric (EPS Impact) | Q2 2025 vs. Normal | Q2 2024 vs. Normal | YTD 2025 vs. Normal | YTD 2024 vs. Normal | | :-------------------- | :----------------- | :----------------- | :------------------ | :------------------ | | Retail electric | $(0.013) | $0.006 | $(0.007) | $(0.023) | | Electric total | $(0.013) | $0.031 | $(0.007) | $0.018 | | Firm natural gas | $(0.005) | $(0.011) | $0.001 | $(0.038) | | Natural gas total | $(0.004) | $(0.009) | $0.003 | $(0.019) | | Total | $(0.017) | $0.022 | $(0.004) | $(0.001) | - The sales true-up mechanism in NSP-Minnesota expired in 2024 and is proposed to be reestablished in 2026[26] Sales Growth (Decline) Q2 Actual Sales Growth (Decline) by Category and Subsidiary | Sales Category (Q2 Actual) | PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | | :-------------------------- | :------ | :------------ | :------ | :------------ | :---------- | | Electric residential | (4.3)% | 6.1% | (3.7)% | 5.3% | 0.6% | | Electric C&I | 1.8% | — | 9.6% | 0.4% | 3.6% | | Total retail electric sales | (0.3)% | 1.8% | 7.5% | 1.6% | 2.7% | | Firm natural gas sales | (2.3)% | 12.4% | N/A | 8.3% | 2.7% | Q2 Weather-Normalized Sales Growth (Decline) by Category and Subsidiary | Sales Category (Q2 Weather-Normalized) | PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | | :------------------------------------- | :------ | :------------ | :------ | :------------ | :---------- | | Electric residential | 1.6% | 1.5% | 7.3% | 1.0% | 2.3% | | Electric C&I | 3.5% | (0.8)% | 10.5% | (0.3)% | 4.0% | | Total retail electric sales | 2.8% | (0.1)% | 9.8% | — | 3.5% | | Firm natural gas sales | (4.8)% | 0.1% | N/A | (1.8)% | (3.1)% | - Weather-normalized and leap-year adjusted year-to-date total retail electric sales growth for Xcel Energy was 2.7%, and firm natural gas sales declined by 0.4%[27] - PSCo residential sales increased due to customer growth (1.3%), while C&I sales increased due to higher use per customer and customer growth in information and energy sectors[28] Revenue Drivers Electric Revenues Increase (Millions of Dollars) | Driver | Q2 2025 vs. 2024 | YTD 2025 vs. 2024 | | :------------------------------------------ | :--------------- | :---------------- | | Recovery of higher cost of electric fuel and purchased power | $71 million | $132 million | | Non-fuel riders | $58 million | $116 million | | Sales and demand | $62 million | $54 million | | Regulatory rate outcomes (MN and ND) | $23 million | $52 million | | Estimated impact of weather | $(32) million | $(18) million | | Total increase | $219 million | $369 million | Natural Gas Revenues Increase (Millions of Dollars) | Driver | Q2 2025 vs. 2024 | YTD 2025 vs. 2024 | | :------------------------------------------ | :--------------- | :---------------- | | Regulatory rate outcomes (CO) | $15 million | $72 million | | Recovery of higher cost of natural gas | $18 million | $48 million | | Estimated impact of weather (net of decoupling) | $3 million | $16 million | | Retail sales decline (net of decoupling) | $(6) million | $(10) million | | Total increase | $41 million | $155 million | Expense Drivers - Electric fuel and purchased power expenses increased by $63 million in Q2 2025 and $135 million year-to-date, primarily due to higher commodity prices, generally offset by regulatory recovery mechanisms[32] - Cost of natural gas sold and transported increased by $16 million in Q2 2025 and $46 million year-to-date, mainly due to higher commodity prices and volumes, also largely offset by regulatory recovery[33] - O&M expenses increased by $13 million in Q2 2025 and $94 million year-to-date, driven by increased insurance and benefit costs, higher nuclear generation costs, and the impact of a 2024 land sale gain[34] - Depreciation and amortization increased by $19 million in Q2 2025 and $89 million year-to-date, largely due to system investment[34] - Interest charges increased by $30 million in Q2 2025 and $71 million year-to-date, primarily due to higher debt levels and interest rates[35] - AFUDC (Allowance for Funds Used During Construction) increased by $42 million in Q2 2025 and $62 million year-to-date, largely a result of system investment[36] Income Taxes Effective Income Tax Rates | Effective Income Tax Rate | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :------------------------ | :------ | :------ | :------- | :------- | | Federal statutory rate | 21.0% | 21.0% | 21.0% | 21.0% | | State income tax (net) | 4.8% | 5.1% | 4.7% | 4.9% | | PTCs | (33.8)% | (60.3)% | (33.5)% | (36.8)% | | Plant regulatory differences | (6.5)% | (7.0)% | (6.6)% | (6.0)% | | Effective income tax rate | (15.6)% | (41.1)% | (15.0)% | (17.0)% | - Wind and solar PTCs are generally credited to customers (reduction to revenue) and do not materially impact earnings[37] - Plant regulatory differences primarily relate to the credit of excess deferred taxes to customers, with associated income tax benefits offset by revenue reductions[37] Note 3. Capital Structure, Liquidity, Financing and Credit Ratings This section provides an overview of Xcel Energy's capital structure, liquidity position, recent financing activities, and current credit ratings, indicating a stable financial foundation with ongoing capital market access - Access to capital markets at reasonable terms is partially dependent on credit ratings[38] - Financing plans are subject to change based on capital expenditures, regulatory outcomes, internal cash generation, market conditions, and tax policies[41] Capital Structure Capital Structure (Millions of Dollars) | (Millions of Dollars) | June 30, 2025 | % of Total Capitalization | Dec. 31, 2024 | % of Total Capitalization | | :-------------------------- | :------------ | :------------------------ | :------------ | :------------------------ | | Current portion of long-term debt | $251 | —% | $1,103 | 2% | | Short-term debt | $820 | 2% | $695 | 2% | | Long-term debt | $31,099 | 59% | $27,316 | 56% | | Total debt | $32,170 | 61% | $29,114 | 60% | | Common equity | $20,961 | 39% | $19,522 | 40% | | Total capitalization | $53,131 | 100% | $48,636 | 100% | Liquidity Liquidity Position (Millions of Dollars) | (Millions of Dollars) | Credit Facility | Drawn | Available | Cash | Liquidity | | :-------------------- | :-------------- | :---- | :-------- | :--- | :-------- | | Xcel Energy Inc. | $2,000 | $980 | $1,020 | $17 | $1,037 | | PSCo | $1,200 | $95 | $1,105 | $17 | $1,122 | | NSP-Minnesota | $800 | $12 | $788 | $114 | $902 | | SPS | $600 | — | $600 | $287 | $887 | | NSP-Wisconsin | $150 | — | $150 | $152 | $302 | | Total | $4,750 | $1,087 | $3,663 | $587 | $4,250 | - As of July 28, 2025, Xcel Energy Inc. and its utility subsidiaries had $4,250 million in total liquidity, including $3,663 million available from committed credit facilities expiring December 2029[38] Credit Ratings Credit Ratings by Company and Type | Company | Credit Type | Moody's Rating (Outlook) | S&P Global Ratings (Outlook) | Fitch Rating (Outlook) | | :---------------- | :---------- | :----------------------- | :--------------------------- | :--------------------- | | Xcel Energy Inc. | Unsecured | Baa1 (Stable) | BBB (Negative) | BBB+ (Negative) | | NSP-Minnesota | Secured | Aa3 (Stable) | A (Negative) | A+ (Stable) | | NSP-Wisconsin | Secured | A1 (Stable) | A (Negative) | A+ (Stable) | | PSCo | Secured | A1 (Stable) | A (Negative) | A+ (Stable) | | SPS | Secured | A3 (Stable) | A- (Negative) | A- (Stable) | - Xcel Energy Inc. has a P-2 commercial paper rating from Moody's, A-2 from S&P, and F2 from Fitch[39] 2025 Financing Activity 2025 Financing Activity (Millions of Dollars) | Issuer | Security | Amount (Millions) | Status | Tenor | Coupon | | :---------------- | :-------------------- | :---------------- | :-------- | :-------------- | :----- | | Xcel Energy Inc. | Senior Unsecured Notes | $1,100 | Completed | 3 Year & 10 Year | 4.75% & 5.60% | | PSCo | First Mortgage Bonds | $1,000 | Completed | 9 Year & 30 Year | 5.35% & 5.85% | | SPS | First Mortgage Bonds | $500 | Completed | 10 Year | 5.30% | | NSP-Minnesota | First Mortgage Bonds | $1,100 | Completed | 10 Year & 30 Year | 5.05% & 5.65% | | NSP-Wisconsin | First Mortgage Bonds | $250 | Completed | 29 Year | 5.65% | | PSCo | First Mortgage Bonds | $1,000 | Third Quarter | 10 Year & 30 Year | N/A | - Xcel Energy issued approximately $1.15 billion of equity through its at-the-market program in the first six months of 2025[40] - In May 2025, the aggregate borrowing limit for committed credit facilities was increased to $4.75 billion[40] Note 4. Rates, Regulation and Other This section details various regulatory proceedings and rate cases across Xcel Energy's subsidiaries, including electric and natural gas rate increase requests, resource plan approvals, and wildfire mitigation plan settlements, outlining key proposals, schedules, and expected outcomes - NSP-Minnesota filed an electric rate case in Minnesota seeking a total revenue increase of $473 million over two years, with interim rates of $192 million approved effective January 1, 2025[42][43] - NSP-Wisconsin filed a multi-year electric and natural gas rate increase request in Wisconsin, seeking a total electric revenue increase of $151 million and natural gas revenue increase of $24 million over 2026-2027[55][56] - PSCo's Wildfire Mitigation Plan, with an estimated cost of $1.9 billion, received verbal CPUC approval for a comprehensive settlement, including cost recovery through riders and a plan to securitize $1.2 billion of investments[59][60][62] - SPS's Resource Plan (IRP) was accepted by NMPRC, and a portfolio selection report was filed with 3,121 MW of accredited capacity resources, including company-owned wind, solar, storage, and natural gas[63][64] NSP-Minnesota Regulatory Updates - NSP-Minnesota's 2024 Electric Rate Case in Minnesota seeks a total revenue increase of $473 million (updated from $491 million) over two years, with interim rates of $192 million approved[42][43] - In South Dakota, NSP-Minnesota requested a net annual electric rate increase of $44 million (15%), based on a 10.3% ROE and 52.87% equity ratio, with rates requested to begin Jan. 1, 2026[43] - For the 2024 North Dakota Electric Rate Case, NSP-Minnesota requested a $45 million (19.3%) annual electric rate increase, with interim rates of $27 million approved[45] - Regarding the Prairie Island Outage Prudency Review, NSP-Minnesota estimates no more than $6 million in customer refunds are warranted, while intervenors suggest approximately $34 million[49][50] - The MPUC approved the 2024 Minnesota Resource Plan Settlement, including the selection of a 420 MW Lyon County combustion turbine and a 300 MW Sherco battery energy storage system, along with life extensions for nuclear plants[52][54] NSP-Wisconsin Regulatory Updates - NSP-Wisconsin filed a request for a multi-year electric and natural gas rate increase with the PSCW, seeking $151 million total electric revenue increase and $24 million total natural gas revenue increase over 2026-2027[55][56] - The rate requests are based on forward-looking test years, with a 10.0% ROE and an equity ratio of 53.5%[56] PSCo Regulatory Updates - PSCo's 2024 Colorado Electric Resource Plan forecasts a need for 5-14 GW of new generation capacity through 2031, including renewables and firm dispatchable resources, based on base and low sales growth scenarios[57][58][61] - The CPUC verbally approved a comprehensive settlement for PSCo's Updated Wildfire Mitigation Plan, including cost recovery through riders and a plan to pursue securitization of an estimated $1.2 billion of investments[60][62] SPS Regulatory Updates - SPS's Integrated Resource Plan (IRP) was accepted by NMPRC, projecting resource needs of 5,300 MW to 10,200 MW by 2030[63] SPS Portfolio Selection Report (Generation Resource Nameplate Capacity in Megawatts) | Resource Type | Company Owned | Power Purchase Agreements | Total | | :------------ | :------------ | :------------------------ | :---- | | Wind Resources | 1,273 | — | 1,273 | | Solar | 695 | — | 695 | | Storage | 472 | 640 | 1,112 | | Natural Gas | 2,088 | — | 2,088 | | Total | 4,528 | 640 | 5,168 | - The PUCT approved SPS's System Resiliency Plan, authorizing approximately $495 million of spend over the plan period, including distribution hardening projects[68] - SPS filed requests with PUCT and NMPRC for deferred accounting treatment for approximately $30 million in incremental excess liability insurance expense[69] Note 5. Wildfire Litigation This section addresses ongoing wildfire litigation, including the 2024 Smokehouse Creek Fire Complex in Texas and the 2021 Marshall Wildfire in Colorado, detailing the alleged causes, estimated liabilities, and insurance coverage - Potential liabilities related to wildfires depend on factors like equipment failure cause, extent of damages (property, personal injury, livestock), and potential penalties[73] - Xcel Energy's insurance coverage for wildfire-related damages is approximately $500 million for the annual policy period[77][90] 2024 Smokehouse Creek Fire Complex (Texas) - The Smokehouse Creek Fire Complex, which burned over 1 million acres, was determined by the Texas A&M Forest Service to be caused by SPS power lines after wooden poles failed[70] - Xcel Energy believes it is probable to incur a loss and has recorded $290 million in total estimated losses (before available insurance), an increase from $215 million as of Dec. 31, 2024[74] - Settlements reached total $176 million of expected loss payments, with $123 million paid through June 30, 2025[75] - Insurance receivables of $221 million (net of recoveries) are presented as of June 30, 2025[79] Marshall Wildfire Litigation (Colorado) - The Marshall Fire, which caused over $2 billion in property losses, had a second ignition that the Sheriff's Report states was most probably caused by hot particles from PSCo's power lines, though PSCo disputes this[80][81][82] - 307 complaints representing at least 4,087 plaintiffs have been filed, alleging PSCo's equipment ignited the fire and seeking various damages, including exemplary damages[83] - The Boulder County District Court consolidated lawsuits for pretrial purposes, with a trial date set for September 2025, focusing on liability first[84][85] - PSCo and Xcel Energy Services Inc. are unable to estimate the amount or range of possible losses due to uncertainty regarding the fire's cause and potential damages[90] Note 6. Earnings Guidance and Long-Term EPS and Dividend Growth Rate Objectives Xcel Energy reaffirms its 2025 ongoing EPS guidance and outlines long-term objectives for EPS growth, dividend increases, and maintaining credit ratings, based on key assumptions including constructive regulatory outcomes and sales growth - Xcel Energy reaffirms its 2025 ongoing earnings guidance of $3.75 to $3.85 per share[91] - Key assumptions for 2025 guidance include constructive outcomes in regulatory proceedings, normal weather patterns, and projected weather-normalized retail electric sales growth of ~3% and natural gas sales growth of ~1%[92] - Long-term objectives include annual EPS growth of 6% to 8% (based on 2024 mid-point of $3.55 EPS), annual dividend increases of 4% to 6%, and maintaining senior secured debt credit ratings in the A range[92] Earnings Release Summary Consolidated Summary (Unaudited) This section provides a condensed, unaudited summary of Xcel Energy's key financial results for the three and six months ended June 30, 2025, including operating revenues, net income, diluted EPS, book value per share, and cash dividends Consolidated Financial Summary (Unaudited) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :-------------------------------- | :------ | :------ | :------- | :------- | | Total operating revenues | $3,287 million | $3,028 million | $7,193 million | $6,677 million | | Net income | $444 million | $302 million | $927 million | $790 million | | Weighted average diluted common shares outstanding | 588 million | 557 million | 582 million | 556 million | | GAAP and ongoing diluted EPS | $0.75 | $0.54 | $1.59 | $1.42 | | Book value per share | $35.67 | $32.24 | $36.00 | $32.27 | | Cash dividends declared per common share | $0.57 | $0.5475 | $1.14 | $1.095 |