Xcel Energy(US:XEL)2025-10-29 21:35Financial 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].