Financial Data and Key Metrics Changes - Xcel Energy reported ongoing earnings of $3.80 per share for 2025, an increase from $3.50 per share in 2024, marking the 21st consecutive year of meeting or exceeding ongoing earnings guidance [22][27] - GAAP earnings for 2025 were $3.42 per share, impacted by a $300 million charge related to the Marshall Wildfire settlement [4] - Full-year weather-adjusted electric sales increased by 2.2%, with expectations for a 3% increase in 2026 [23] Business Line Data and Key Metrics Changes - The company invested nearly $12 billion in 2025, the largest one-year total, focusing on modernizing and expanding the grid [9] - Significant projects included the conversion of the Harrington coal plant to natural gas and the completion of the Rocky Mountain solar project [10] - O&M expenses increased by $190 million in 2025, primarily due to wildfire mitigation costs and higher maintenance costs [23] Market Data and Key Metrics Changes - Xcel Energy's residential electric customers in Colorado have the lowest share of wallet among all 50 states, with average electric bills growing significantly less than inflation since 2020 [7][8] - The company ranked fourth lowest in O&M expenses per megawatt hour among peer utility companies [8] Company Strategy and Development Direction - Xcel Energy plans to invest over $60 billion over the next five years to modernize and expand its infrastructure, focusing on sustainability and reliability [5] - The company aims to contract 6 GW of total data center capacity by the end of 2027, with a goal of 3 GW by the end of 2026 [17][28] - Strategic alliances with NextEra Energy and GE Vernova are expected to enhance the company's capabilities in developing renewable energy and data center projects [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering 6%-8% long-term earnings growth and reaffirmed the 2026 EPS guidance of $4.04-$4.16 [26][28] - The company highlighted its commitment to affordability and customer service, with significant investments in community support and economic development projects [20][21] Other Important Information - Xcel Energy's energy assistance programs reached nearly 200,000 customers in 2025, providing $200 million in funding [9] - The company has made significant progress in settling wildfire claims, with 222 of 287 claims resolved [26] Q&A Session Summary Question: Upcoming filings in Colorado for the JTS and large tariff filing - Management indicated that the large load tariff in Colorado is expected to be filed early in Q2, with plans to bring forward large loads within that framework [32] Question: Impact of the $10 billion CapEx pipeline - The $10 billion CapEx pipeline does not fully account for significant data center growth, indicating potential upside [34][36] Question: Sales growth expectations with new data centers - Management expects significant sales growth opportunities from the increased data center capacity, particularly in the later part of the five-year forecast [41][42] Question: Update on Smokehouse Creek claims - Progress has been made with over 320 claims settled, and management is optimistic about resolving the remaining claims [44][46] Question: Partnership with NextEra Energy - The partnership aims to enhance speed and execution in developing data center projects, leveraging both companies' strengths [50][52] Question: Impact of elections on rate cases - Management noted that affordability will be a critical issue in upcoming elections, particularly in Colorado and Minnesota [54][56]

Financial Data and Key Metrics Changes - Xcel Energy reported ongoing earnings of $3.80 per share for 2025, an increase from $3.50 per share in 2024, marking the 21st consecutive year of meeting or exceeding ongoing earnings guidance [5][20] - The company recorded a charge of $300 million or $0.38 per share in 2025 due to a settlement related to the Marshall Wildfire, resulting in GAAP earnings of $3.42 per share [3] - Full-year weather-adjusted electric sales increased by 2.2%, with expectations for a 3% increase in 2026 [22] Business Line Data and Key Metrics Changes - In 2025, Xcel Energy invested nearly $12 billion, the largest one-year total, to modernize and expand its infrastructure [7] - The company completed significant projects, including the conversion of the Harrington coal plant to natural gas and the commissioning of the Rocky Mountain solar project [8] - O&M expenses increased by $190 million in 2025, primarily due to wildfire mitigation costs and higher maintenance costs [22] Market Data and Key Metrics Changes - Xcel Energy's residential electric customers in Colorado have the lowest share of wallet among all 50 states, with average electric bills in other states ranking in the top 11 for affordability [5][6] - The company has been recognized for its customer satisfaction, ranking in the top quartile for the Midwest region according to J.D. Power [7] Company Strategy and Development Direction - Xcel Energy plans to invest over $60 billion over the next five years to modernize and expand the grid, focusing on renewable generation and advanced infrastructure [4] - The company aims to contract 6 GW of total data center capacity by the end of 2027, doubling its previous target [15][27] - A strategic alliance with GE Vernova has been established to enhance the company's portfolio in wind and natural gas generation [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering 6%-8% long-term earnings growth and reaffirmed the 2026 EPS guidance range of $4.04-$4.16 [25][27] - The company highlighted its commitment to affordability and sustainability, noting that residential electric bills have grown less than inflation since 2020 [6][20] - Management acknowledged the challenges posed by extreme weather and emphasized the importance of infrastructure investments for reliability [10][11] Other Important Information - Xcel Energy's energy assistance programs reached nearly 200,000 customers in 2025, providing $200 million in funding, the highest one-year total [7] - The company has made significant progress in settling wildfire claims, with 222 of 287 claims resolved [25] Q&A Session Summary Question: Clarification on upcoming filings in Colorado and large tariff filing - Management indicated that the large load tariff in Colorado is expected to be filed early in Q2, and it will be tied to a package of generation to serve large loads [31] Question: Impact of the $10 billion CapEx pipeline on data center-driven needs - Management confirmed that the $10 billion CapEx pipeline does not fully account for significant data center growth opportunities in Colorado [34] Question: Sales growth expectations with new data centers - Management expects significant sales growth opportunities from data centers, particularly in the later part of the five-year forecast and into the 2030s [40] Question: Update on Smokehouse Creek claims - Management reported progress in settling claims, with over 320 claims settled and only about 100 outstanding [42] Question: Details on the partnership with NextEra - Management highlighted the partnership's focus on speed and execution, aiming to enhance data center project delivery [50] Question: Regulatory process for ESAs in the Upper Midwest - Management explained that regulatory filings will align with large load tariff filings to facilitate data center contracting [96]

EARNINGS REPORT PRESENTATION 2025 YEAR END February 5, 2026 © 2026 Xcel Energy Inc. 1 SAFE HARBOR Except for the historical statements contained in this presentation, the matters discussed herein are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements, including those relating to 2026 EPS guidance, long-term EPS and dividend growth rate objectives, future sales, future expenses, future tax rates, future operating performance, estimated ...

分组1 - Xcel Energy reported quarterly earnings of $0.96 per share, missing the Zacks Consensus Estimate of $0.97 per share, but showing an increase from $0.81 per share a year ago, representing an earnings surprise of -1.37% [1] - The company posted revenues of $3.56 billion for the quarter ended December 2025, missing the Zacks Consensus Estimate by 4.44%, compared to $3.12 billion in the same quarter last year [2] - Over the last four quarters, Xcel has surpassed consensus EPS estimates only once and has not beaten consensus revenue estimates during this period [2] 分组2 - The stock's immediate price movement will depend on management's commentary during the earnings call and the sustainability of earnings expectations [3][4] - Xcel shares have increased by approximately 3.2% since the beginning of the year, outperforming the S&P 500's gain of 0.5% [3] - The current consensus EPS estimate for the upcoming quarter is $0.92 on revenues of $4.17 billion, and for the current fiscal year, it is $4.12 on revenues of $15.88 billion [7] 分组3 - The Zacks Industry Rank for Utility - Electric Power is currently in the top 35% of over 250 Zacks industries, indicating a favorable outlook for the industry [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5] - The current estimate revisions trend for Xcel is mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [6]

Core Insights - U.S. utility Xcel Energy reported a 22% increase in fourth-quarter profit, driven by higher electricity demand from data centers, which helped to offset rising expenses [1] Company Summary - Xcel Energy's fourth-quarter profit rose by 22%, indicating strong financial performance [1] - The increase in profit was primarily attributed to heightened demand for electricity from data centers [1] - Rising expenses were noted, but the demand from data centers effectively mitigated their impact on profitability [1]

Core Insights - Xcel Energy Inc. reported 2025 GAAP diluted earnings of $2.02 billion, or $3.42 per share, a decrease from $1.94 billion, or $3.44 per share in the same period in 2024 [1] - Ongoing earnings for 2025 were $2.24 billion, or $3.80 per share, compared to $1.97 billion, or $3.50 per share in the same period in 2024, indicating an increase [1] - The change in ongoing earnings reflects increased recovery of infrastructure investments [1] Financial Performance - GAAP diluted earnings for 2025: $2.02 billion, $3.42 per share [1] - GAAP diluted earnings for the same period in 2024: $1.94 billion, $3.44 per share [1] - Ongoing earnings for 2025: $2.24 billion, $3.80 per share [1] - Ongoing earnings for the same period in 2024: $1.97 billion, $3.50 per share [1] Investment Insights - The increase in ongoing earnings is attributed to improved recovery of infrastructure investments [1]

Financial Performance - Xcel Energy reported 2025 GAAP diluted earnings of $2.02 billion, or $3.42 per share, compared to $1.94 billion, or $3.44 per share in 2024[2]. - Ongoing earnings for 2025 were $2.24 billion, or $3.80 per share, up from $1.97 billion, or $3.50 per share in 2024[2]. - The company experienced a net income of $2.018 billion for 2025, compared to $1.936 billion in 2024[10]. - Xcel Energy's GAAP diluted EPS for 2025 was $0.95, compared to $0.81 in 2024, with ongoing diluted EPS at $0.96, up from $0.82[21]. - Ongoing diluted EPS for 2025 was $3.80, an increase from $3.50 in 2024, reflecting a growth of 8.6%[96]. - Xcel Energy reported a net income of $567 million for Q4 2025, up from $464 million in Q4 2024, representing a 22.3% increase[91]. Revenue and Expenses - Operating revenues for 2025 totaled $14.669 billion, an increase from $13.441 billion in 2024, with electric revenues rising to $12.160 billion from $11.147 billion[10]. - Total operating expenses for 2025 were $12.086 billion, compared to $11.055 billion in 2024, reflecting increased costs in various areas[10]. - Electric fuel and purchased power expenses increased by $173 million in 2025, primarily due to increased commodity prices and transmission expenses[28]. - Natural gas sold and transported expenses increased by $90 million in 2025, driven by higher commodity prices and volumes[31]. - O&M expenses rose by $192 million in 2025, mainly due to increased benefits and healthcare costs, wildfire mitigation, and nuclear generation costs[31]. - Depreciation and amortization increased by $209 million for the year, primarily due to system investment[32]. - Other income rose by $92 million for the year, mainly from gains on debt repurchases[33]. - Interest charges increased by $213 million in 2025, attributed to higher long-term and short-term debt levels and rising interest rates[33]. Guidance and Future Projections - Xcel Energy reaffirmed its 2026 EPS guidance of $4.04 to $4.16 per share[6]. - The company expects ongoing earnings guidance for 2026 to be in the range of $4.04 to $4.16 per share[93]. - Weather-normalized retail electric sales are projected to increase approximately 3% in 2026[94]. - Base capital expenditures forecast for 2026-2030 totals $60 billion, with $30.18 billion expected from cash operations and $22.82 billion from new debt[42]. Infrastructure and Strategic Initiatives - The company placed critical infrastructure into service, including Phase 2 of the Sherco Solar facility and the conversion of the Harrington coal plant to natural gas[4]. - Xcel Energy announced strategic alliances with industry-leading partners to enhance resource delivery and accelerate data center development[4]. - NSP-Minnesota and NSP-Wisconsin jointly issued an RFP for up to 3,500 MW of renewable energy resources to achieve commercial operation by December 31, 2030[58]. - PSCo's Phase I electric resource plan reflects a 3% compound annual sales growth through 2031, with a generation capacity need of approximately 5,400 MW[63]. - SPS issued a RFP seeking approximately 3,200 MW of accredited capacity by 2030 to support projected load growth and reliability requirements[68]. Rate Cases and Capital Investments - NSP-Minnesota filed 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%[49]. - NSP-Minnesota requested an annual electric rate increase of $45 million (19.3%) in North Dakota, with a rate base of approximately $817 million and an equity ratio of 52.5%[51]. - NSP-Minnesota filed for a natural gas rate increase of $63 million (8.2%) in Minnesota, based on a rate base of $1.5 billion and a requested ROE of 10.65%[54]. - PSCo filed an electric rate case in Colorado seeking a revenue increase of $356 million (9.9%), based on a projected rate base of $13 billion and a requested ROE of 9.8%[59]. - PSCo filed a natural gas rate case in Colorado seeking a revenue increase of $190 million (11.6%), based on a projected rate base of $4.7 billion and a requested ROE of 10.75%[61]. - SPS filed an electric rate case in New Mexico seeking a revenue increase of $175 million (16.7%), based on a retail rate base of $3.9 billion and a requested ROE of 10.5%[66]. Shareholder Returns and Financial Health - Cash dividends declared per common share for 2025 were $2.28, up from $2.19 in 2024, indicating a growth of 4.1%[96]. - Xcel Energy's book value per share increased to $40.07 in 2025 from $34.65 in 2024, reflecting a growth of 15.5%[96]. - Total debt as of December 31, 2025, was $33.883 billion, representing 59% of total capitalization[36]. - Xcel Energy's total capitalization increased to $57.492 billion in 2025 from $48.636 billion in 2024[36]. - The effective income tax rate for 2025 was (30.3)%, a 147.5% increase compared to (177.8)% in 2024[35].

Core Viewpoint - GE Vernova Inc. has announced a strategic alliance with Xcel Energy to enhance long-term grid and generation investments, aiming to improve reliability, affordability, and sustainability for customers [1]. Group 1: Strategic Alliance Details - The Strategic Alliance Agreement will support energy projects through the 2030s, strengthening the existing relationship between GE Vernova and Xcel Energy [1]. - GE Vernova will supply a wide range of equipment and services, providing greater supply certainty and cost visibility [2]. Group 2: Initial Commitments - Xcel Energy has executed a reservation agreement for five F-class gas turbines to support future generation needs, with manufacturing to occur at U.S.-based facilities [3]. - Xcel Energy has also reserved capacity for multiple gigawatts of wind projects utilizing GE Vernova's onshore wind turbine platforms [3]. Group 3: Infrastructure and Technology Collaboration - The agreement includes upgrades to existing infrastructure and collaboration on grid equipment initiatives, such as synchronous condenser technology deployments [4]. - Both companies will explore artificial intelligence applications and pursue joint research and development programs for grid modernization [5]. Group 4: Leadership Statements - Bob Frenzel, CEO of Xcel Energy, emphasized the importance of collaborating with organizations that bring innovation and expertise to meet sustainability and grid modernization goals [6]. - Scott Strazik, CEO of GE Vernova, stated that the alliance aligns technology roadmaps with Xcel Energy's long-term vision, allowing for improved energy solutions [7]. Group 5: Market Reaction - Following the announcement, GE Vernova shares increased by 2.06% to $770.53, reaching a new 52-week high [8].

Core Viewpoint - Xcel Energy (XEL) is expected to report its fourth-quarter 2025 results on February 5, with a consensus earnings per share (EPS) estimate of 97 cents, reflecting a year-over-year increase of 19.75% and revenues projected at $3.73 billion, indicating a 19.44% increase from the previous year [1][5][8]. Factors Impacting Earnings - The anticipated earnings growth for Xcel Energy is attributed to an increase in demand from its expanding electric and natural gas customer base, supported by investments in new service centers across Minnesota [2][8]. - Positive outcomes from regulatory proceedings, including authorization to defer incremental insurance costs related to wildfire risks and recovery of operations and maintenance costs associated with wildfire mitigation, are expected to contribute positively to earnings [3][8]. Cost Considerations - Despite the positive factors, rising operation and maintenance expenses, along with increased property taxes and interest expenses, are likely to offset some of the earnings gains in the fourth quarter [4][8]. Earnings Expectations - The Zacks Consensus Estimate for Xcel Energy's EPS is set at 97 cents, which represents a year-over-year increase of 19.75%, while the revenue estimate stands at $3.73 billion, reflecting a 19.44% increase from the previous year [5][8]. Earnings Prediction Model - The current earnings prediction model indicates that Xcel Energy does not have a strong likelihood of beating earnings expectations, as it has an Earnings ESP of -1.37% and a Zacks Rank of 3 (Hold) [6][7].

The market expects Xcel Energy (XEL) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended December 2025. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be release ...