Company Reports

Xcel Energy reported adjusted earnings per share of $0.93 during the second quarter, up from $0.75 in the same period in 2025. Earnings are on track to meet our full-year estimate and management's guidance.

Xcel Energy's gas and electric utilities serve customers across eight states and own infrastructure that ranges from nuclear plants to wind farms, making the company a barometer for the entire utilities sector.

Xcel Energy reported earnings per share of $0.91 an adjusted basis during the first quarter, up 8% from the same period in 2025. Earnings are on track to meet our full-year estimate and management's guidance.

The Midcontinent Independent System Operator, or MISO, is forecasting an acceleration of electricity demand growth from data centers and manufacturing in the Midwest based on its recently released Long-Term Load Forecasting Results update.

Xcel Energy's gas and electric utilities serve customers across eight states and own infrastructure that ranges from nuclear plants to wind farms, making the company a barometer for the entire utilities sector.

Xcel Energy reported earning $3.80 per share on an adjusted basis in 2025, excluding a $0.38 charge for Marshall Fire settlements. Adjusted earnings were up 9% from 2024, in line with our estimates and management's guidance.

Xcel Energy reported earning $1.24 per share on an adjusted basis during the third quarter of 2025, excluding a $0.36 charge for Marshall Fire settlements. Year-to-date earnings are up 6% from 2024 and on track to meet our full-year 2025 estimates.

Xcel Energy announced it reached comprehensive settlements to resolve effectively all claims related to the 2021 Marshall Fire in Colorado. Xcel's insurance plans will cover $350 million of the combined $640 million settlement payments.

Xcel Energy's gas and electric utilities serve customers across eight states and own infrastructure that ranges from nuclear plants to wind farms, making the company a barometer for the entire utilities sector.

Xcel Energy reported earning $0.75 per share on an adjusted basis during the second quarter of 2025, up from $0.54 in the second quarter of 2024. Year-to-date earnings are up 12% and on track to meet our full-year 2025 estimates.

Xcel Energy has made two regulatory filings during the last quarter seeking rate increases in Wisconsin and South Dakota. The outcome of these and other rate reviews, which we expect later this year, will determine earnings growth in 2026-27.

Xcel Energy's gas and electric utilities serve customers across eight states and own infrastructure that ranges from nuclear plants to wind farms, making the company a barometer for the entire utilities sector.

Xcel Energy reported earning $0.84 per share on an adjusted basis during the first quarter of 2025, down from $0.88 in the first quarter of 2024. Despite the lower earnings, the company is on track to meet our full-year 2025 estimates and management's guidance.

Utilities have limited direct exposure to tariffs announced by the Donald Trump administration, but falling energy demand or regulatory pushback to utilities' investment plans could slow earnings growth if economic conditions deteriorate.

Xcel Energy reported earning $3.50 per share on an adjusted basis in 2024, up 4.5% from 2023. This was at the low end of management's $3.50-$3.60 earnings per share guidance range and slightly lower than our forecast, primarily due to unfavorable weather.

Xcel Energy's gas and electric utilities serve customers across eight states and own infrastructure that ranges from nuclear plants to wind farms, making the company a barometer for the entire utilities sector. Investments to support clean energy, safety, and growing electricity demand are key focus areas for Xcel and most utilities.

Xcel Energy will work through key regulatory proceedings in 2025 to support its capital investment plan, including a base rate review in Minnesota where regulators recently approved a $192 million interim rate increase.

Xcel Energy's regulated gas and electric utilities serve customers across eight states and own infrastructure that ranges from nuclear plants to wind farms, making the company a barometer for the entire utilities sector. Investments in clean energy, natural disaster preparedness, and growing electricity demand are key focus areas.

Xcel Energy is on track to meet our full-year earnings outlook and management's $3.50-$3.60 EPS target after reporting $1.25 in ongoing earnings per share during the third quarter, up slightly year over year. Management initiated 2025 ongoing EPS guidance of $3.75-$3.85, in line with our estimate.

We reaffirm our fair value estimates and economic moat ratings for US utilities as we assess how they might be affected by renewed interest in nuclear power, particularly small modular reactors. This comes after Google and Amazon announced SMR partnerships this week.