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Xcel Energy — Feb 5, 2026 release

Fiscal 2025 fourth-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0000072903-26-000006
Open on SEC.gov ↗
Showing in the filing
Ongoing earnings per share
“$4.04 to $4.16”
Period
FY2026
Measure
GAAP-tied
Source
Guidance table
All guidance in this release · 85
Ongoing earnings per share for FY2026
“$4.04 to $4.16”
Base capital expenditures - NSP-Minnesota (B… for FY2027
“$ 4,870”
Base capital expenditures - NSP-Minnesota (B… for FY2028
“$ 4,210”
Base capital expenditures - NSP-Minnesota (B… for FY2029
“$ 3,660”
Base capital expenditures - NSP-Minnesota (B… for FY2030
“$ 3,650”
Base capital expenditures - NSP-Minnesota (B… for FY2026
“$ 20,130”
Base capital expenditures - SPS (By Regulate… for FY2027
“5,120”
Base capital expenditures - SPS (By Regulate… for FY2028
“5,350”
Base capital expenditures - SPS (By Regulate… for FY2029
“3,240”
Base capital expenditures - SPS (By Regulate… for FY2030
“2,270”
Base capital expenditures - SPS (By Regulate… for FY2026
“19,030”
Base capital expenditures - PSCo (By Regulat… for FY2027
“3,940”
Base capital expenditures - PSCo (By Regulat… for FY2030
“2,960”
Base capital expenditures - PSCo (By Regulat… for FY2028
“2,960”
Base capital expenditures - PSCo (By Regulat… for FY2029
“1,760”
Base capital expenditures - PSCo (By Regulat… for FY2026
“17,600”
Base capital expenditures - NSP-Wisconsin (B… for FY2027
“1,210”
Base capital expenditures - NSP-Wisconsin (B… for FY2028
“760”
Base capital expenditures - NSP-Wisconsin (B… for FY2029
“570”
Base capital expenditures - NSP-Wisconsin (B… for FY2030
“580”
Base capital expenditures - NSP-Wisconsin (B… for FY2026
“4,030”
Base capital expenditures - Other (By Regula… for FY2027
“(10)”
Base capital expenditures - Other (By Regula… for FY2028
“(630)”
Base capital expenditures - Other (By Regula… for FY2029
“(210)”
Base capital expenditures - Other (By Regula… for FY2030
“(50)”
Base capital expenditures - Other (By Regula… for FY2026
“(790)”
Total base capital expenditures (By Regulate… for FY2026
“$ 13,790”
Total base capital expenditures (By Regulate… for FY2027
“$ 15,130”
Total base capital expenditures (By Regulate… for FY2028
“$ 12,650”
Total base capital expenditures (By Regulate… for FY2029
“$ 9,020”
Total base capital expenditures (By Regulate… for FY2030
“$ 9,410”
Base capital expenditures - Electric transmi… for FY2027
“$ 2,930”
Base capital expenditures - Electric transmi… for FY2028
“$ 2,890”
Base capital expenditures - Electric transmi… for FY2029
“$ 3,190”
Base capital expenditures - Electric transmi… for FY2030
“$ 3,370”
Base capital expenditures - Electric transmi… for FY2026
“$ 15,440”
Base capital expenditures - Renewables (By F… for FY2027
“4,620”
Base capital expenditures - Renewables (By F… for FY2028
“3,380”
Base capital expenditures - Renewables (By F… for FY2029
“1,150”
Base capital expenditures - Renewables (By F… for FY2030
“1,210”
Base capital expenditures - Renewables (By F… for FY2026
“13,920”
Base capital expenditures - Electric distrib… for FY2027
“3,250”
Base capital expenditures - Electric distrib… for FY2029
“1,680”
Base capital expenditures - Electric distrib… for FY2030
“2,930”
Base capital expenditures - Electric distrib… for FY2028
“2,930”
Base capital expenditures - Electric distrib… for FY2026
“13,710”
Base capital expenditures - Electric generat… for FY2026
“2,220”
Base capital expenditures - Electric generat… for FY2027
“2,420”
Base capital expenditures - Electric generat… for FY2028
“2,500”
Base capital expenditures - Electric generat… for FY2029
“1,810”
Base capital expenditures - Electric generat… for FY2030
“590”
Base capital expenditures - Natural gas (By … for FY2027
“830”
Base capital expenditures - Natural gas (By … for FY2028
“700”
Base capital expenditures - Natural gas (By … for FY2029
“650”
Base capital expenditures - Natural gas (By … for FY2030
“680”
Base capital expenditures - Natural gas (By … for FY2026
“3,720”
Base capital expenditures - Other (By Functi… for FY2026
“1,170”
Base capital expenditures - Other (By Functi… for FY2027
“1,080”
Base capital expenditures - Other (By Functi… for FY2028
“250”
Base capital expenditures - Other (By Functi… for FY2029
“540”
Base capital expenditures - Other (By Functi… for FY2030
“630”
Funding mix for additional capital investment for FY2026
“approximately 40% equity and 60% debt”
Capital investment funding
“approximately 40% equity and 60% debt”
Financing plan - Cash from operations for FY2026
“$ 30,180”
Financing plan - New debt for FY2026
“22,820”
Financing plan - Equity issuances for FY2026
“7,000”
Financing plan - Maturing debt for FY2026
“$ 3,580”
Planned Financing Activities - NSP-Minnesota… for FY2026
“1,000”
Planned Financing Activities - NSP-Wisconsin… for FY2026
“250”
Planned Financing Activities - Xcel Energy I… for FY2026
“$ 1,000”
Planned Financing Activities - PSCo First Mo… for FY2026
“2,400”
Incremental equity issuance plan for FY2026
“Xcel Energy plans to issue incremental equity throughout 2026 through its at-the market program or other offerings”
Weather-normalized retail electric sales gro… for FY2026
“~3%”
Weather-normalized retail firm natural gas s… for FY2026
“~1%”
Capital rider revenue increase for FY2026
“$535 million to $545 million”
O&M expenses increase for FY2026
“~3%”
Depreciation expense increase for FY2026
“approximately $350 million to $360 million”
Property taxes increase for FY2026
“$30 million to $40 million”
Interest expense (net of AFUDC - debt) incre… for FY2026
“$300 million to $310 million, net of interest income”
AFUDC - equity increase for FY2026
“$140 million to $150 million”
Annual dividend increases for FY2025
“4% to 6%”
Annual dividend increase objective for the long term
“4% to 6%”
Dividend payout ratio
“45% to 55%”
Dividend payout ratio target for the long term
“45% to 55%”
Senior secured debt credit rating objective for the long term
“Maintain senior secured debt credit ratings in the A range”
Exhibit 99.1 · the passage around this item
… earlier in the release
5, 2026 Minneapolis, MN 55401 XCEL ENERGY 2025 YEAR END EARNINGS REPORT • 2025 GAAP diluted earnings per share were $3.42 compared with $3.44 per share in 2024. • 2025 diluted ongoing earnings per share were $3.80 compared with $3.50 per share in 2024. • Xcel Energy reaffirms 2026 EPS guidance of $4.04 to $4.16 per share. MINNEAPOLIS — Xcel Energy Inc. (NASDAQ: XEL) today reported 2025 GAAP diluted earnings of $2.02 billion, or $3.42 per share, compared with $1.94 billion, or $3.44 per share in the same period in 2024 and ongoing earnings of $2.24 billion, or $3.80 per share, compared with $1.97 billion, or $3.50 per share in the same period in 2024. See Note 6 for reconciliation from GAAP to ongoing earnings. The change in ongoing earnings reflect increased recovery of infrastructure investments and electric sales growth, partially offset by higher interest, depreciation and operating & maintenance expenses. “In 2025, Xcel Energy delivered on our earnings guidance for the 21 st year in a row - one of the best track records in the industry. We placed in service critical infrastructure to serve our customers, including Phase 2 of our Sherco Solar facility, the conversion of our Harrington coal plant to natural gas, and the first two segments of our Colorado Power Pathway. All the while, our customers continue to have some of the lowest energy bills in the country,” said Bob Frenzel, chairman, president and CEO of Xcel Energy. “As we look forward into 2026, we recently announced another la
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.