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Guidance history, every release

Xcel Energy (XEL) · 8 releases, Oct 31, 2024 to Jul 30, 2026 · rows are metrics, columns are releases

Raised · a change from the previous releaseSame · restated unchanged— · not stated in that releaseEvery value links to its sentence in the filing

Metric	Oct 31, 2024 FY24 Q3	Feb 6, 2025 FY24 Q4	Apr 24, 2025 FY25 Q1	Jul 31, 2025 FY25 Q2	Oct 30, 2025 FY25 Q3	Feb 5, 2026 FY25 Q4	Apr 30, 2026 FY26 Q1	Jul 30, 2026 FY26 Q2
For FY2031
PSCo base sales forecast (compound annual growth)	—	New“7% compound annual sales growth”	—	—	—	—	—	—
PSCo forecasted new generation capacity need	—	New“5-14 GW”	—	—	—	—	—	—
PSCo low sales forecast (compound annual growth)	—	New“3% compound annual sales growth”	—	—	—	—	—	—
For FY2030
Base capital expenditures - Electric distribution (By Function)	—	—	—	—	—	New“2,930”	—	—
Base capital expenditures - Electric generation (By Function)	—	—	—	—	—	New“590”	—	—
Base capital expenditures - Electric transmission (By Function)	—	—	—	—	—	New“$ 3,370”	—	—
Base capital expenditures - Natural gas (By Function)	—	—	—	—	—	New“680”	—	—
Base capital expenditures - NSP-Minnesota (By Regulated Utility)	—	—	—	—	—	New“$ 3,650”	—	—
Base capital expenditures - NSP-Wisconsin (By Regulated Utility)	—	—	—	—	—	New“580”	—	—
Base capital expenditures - Other (By Function)	—	—	—	—	—	New“630”	—	—
Base capital expenditures - Other (By Regulated Utility)	—	—	—	—	—	New“(50)”	—	—
Base capital expenditures - PSCo (By Regulated Utility)	—	—	—	—	—	New“2,960”	—	—
Base capital expenditures - Renewables (By Function)	—	—	—	—	—	New“1,210”	—	—
Base capital expenditures - SPS (By Regulated Utility)	—	—	—	—	—	New“2,270”	—	—
Electric distribution base capital expenditures	—	—	—	—	New“$2,930”	—	—	—
Electric transmission base capital expenditures	—	—	—	—	New“$3,370”	—	—	—
NSP-Minnesota base capital expenditures	—	—	—	—	New“$3,650”	—	—	—
NSP-Minnesota planned resource additions (wind/solar/storage)	—	New“3,200 MW of wind, 400 MW of solar and 600 MW of stand-alone storage”	—	—	—	—	—	—
SPS projected resource needs (IRP)	—	New“approximately 5,300 MW to 10,200 MW”	—	—	—	—	—	—
SPS RFP accredited generation capacity sought	—	New“approximately 3,200 MW”	—	—	—	—	—	—
Total base capital expenditures	—	—	—	—	New“$9,410”	—	—	—
Total base capital expenditures (By Regulated Utility)	—	—	—	—	—	New“$ 9,410”	—	—
For FY2029
Base capital expenditures - Electric distribution (By Function)	—	—	—	—	—	New“1,680”	—	—
Base capital expenditures - Electric generation (By Function)	—	—	—	—	—	New“1,810”	—	—
Base capital expenditures - Electric transmission (By Function)	—	—	—	—	—	New“$ 3,190”	—	—
Base capital expenditures - Natural gas (By Function)	—	—	—	—	—	New“650”	—	—
Base capital expenditures - NSP-Minnesota	—	New“$2,570”	—	—	—	—	—	—
Base capital expenditures - NSP-Minnesota (By Regulated Utility)	—	—	—	—	—	New“$ 3,660”	—	—
Base capital expenditures - NSP-Wisconsin (By Regulated Utility)	—	—	—	—	—	New“570”	—	—
Base capital expenditures - Other	—	New“$10”	—	—	—	—	—	—
Base capital expenditures - Other (By Function)	—	—	—	—	—	New“540”	—	—
Base capital expenditures - Other (By Regulated Utility)	—	—	—	—	—	New“(210)”	—	—
Base capital expenditures - PSCo	—	New“$3,550”	—	—	—	—	—	—
Base capital expenditures - PSCo (By Regulated Utility)	—	—	—	—	—	New“1,760”	—	—
Base capital expenditures - Renewables (By Function)	—	—	—	—	—	New“1,150”	—	—
Base capital expenditures - SPS (By Regulated Utility)	—	—	—	—	—	New“3,240”	—	—
Base capital expenditures by function - Electric distribution	—	New“$3,540”	—	—	—	—	—	—
Electric transmission base capital expenditures	—	—	—	—	New“$3,190”	—	—	—
NSP-Minnesota base capital expenditures	—	—	—	—	New“$3,660”	—	—	—
Total base capital expenditures	New“$7,840”	Reiterated“$7,840”	—	—	Raised“$9,020”	—	—	—
Total base capital expenditures (By Regulated Utility)	—	—	—	—	—	New“$ 9,020”	—	—
For FY2028
Base capital expenditures - Electric distribution (By Function)	—	—	—	—	—	New“2,930”	—	—
Base capital expenditures - Electric generation (By Function)	—	—	—	—	—	New“2,500”	—	—
Base capital expenditures - Electric transmission (By Function)	—	—	—	—	—	New“$ 2,890”	—	—
Base capital expenditures - Natural gas (By Function)	—	—	—	—	—	New“700”	—	—
Base capital expenditures - NSP-Minnesota (By Regulated Utility)	—	—	—	—	—	New“$ 4,210”	—	—
Base capital expenditures - NSP-Wisconsin (By Regulated Utility)	—	—	—	—	—	New“760”	—	—
Base capital expenditures - Other	—	New“$10”	—	—	—	—	—	—
Base capital expenditures - Other (By Function)	—	—	—	—	—	New“250”	—	—
Base capital expenditures - Other (By Regulated Utility)	—	—	—	—	—	New“(630)”	—	—
Base capital expenditures - PSCo	—	New“$3,780”	—	—	—	—	—	—
Base capital expenditures - PSCo (By Regulated Utility)	—	—	—	—	—	New“2,960”	—	—
Base capital expenditures - Renewables (By Function)	—	—	—	—	—	New“3,380”	—	—
Base capital expenditures - SPS (By Regulated Utility)	—	—	—	—	—	New“5,350”	—	—
Base capital expenditures by function - Electric distribution	—	New“$3,320”	—	—	—	—	—	—
Electric distribution base capital expenditures	—	—	—	—	New“$2,930”	—	—	—
Electric transmission base capital expenditures	—	—	—	—	New“$2,890”	—	—	—
NSP-Minnesota base capital expenditures	—	—	—	—	New“$4,210”	—	—	—
Total base capital expenditures	New“$7,570”	Reiterated“$7,570”	—	—	Raised“$12,650”	—	—	—
Total base capital expenditures (By Regulated Utility)	—	—	—	—	—	New“$ 12,650”	—	—
For FY2027
Base capital expenditures - Electric distribution (By Function)	—	—	—	—	—	New“3,250”	—	—
Base capital expenditures - Electric generation (By Function)	—	—	—	—	—	New“2,420”	—	—
Base capital expenditures - Electric transmission (By Function)	—	—	—	—	—	New“$ 2,930”	—	—
Base capital expenditures - Natural gas (By Function)	—	—	—	—	—	New“830”	—	—
Base capital expenditures - NSP-Minnesota (By Regulated Utility)	—	—	—	—	—	New“$ 4,870”	—	—
Base capital expenditures - NSP-Wisconsin (By Regulated Utility)	—	—	—	—	—	New“1,210”	—	—
Base capital expenditures - Other	—	New“$10”	—	—	—	—	—	—
Base capital expenditures - Other (By Function)	—	—	—	—	—	New“1,080”	—	—
Base capital expenditures - Other (By Regulated Utility)	—	—	—	—	—	New“(10)”	—	—
Base capital expenditures - PSCo	—	New“$3,940”	—	—	—	—	—	—
Base capital expenditures - PSCo (By Regulated Utility)	—	—	—	—	—	New“3,940”	—	—
Base capital expenditures - Renewables (By Function)	—	—	—	—	—	New“4,620”	—	—
Base capital expenditures - SPS (By Regulated Utility)	—	—	—	—	—	New“5,120”	—	—
Base capital expenditures by function - Electric distribution	—	New“$3,400”	—	—	—	—	—	—
Base capital expenditures by function - Renewables	—	New“$260”	—	—	—	—	—	—
Electric transmission base capital expenditures	—	—	—	—	New“$2,930”	—	—	—
NSP-Minnesota base capital expenditures	—	—	—	—	New“$4,870”	—	—	—
Total base capital expenditures	New“$8,750”	Reiterated“$8,750”	—	—	Raised“$15,130”	—	—	—
Total base capital expenditures (By Regulated Utility)	—	—	—	—	—	New“$ 15,130”	—	—
For FY2026
Capital rider revenue	—	—	—	—	New“$550 million to $560 million”	—	Lowered“$505 million to $515 million”	Lowered“$480 million to $490 million”
Capital rider revenue increase	—	—	—	—	—	New“$535 million to $545 million”	—	—
Ongoing earnings per share	—	—	—	—	New“$4.04 to $4.16”	Reiterated“$4.04 to $4.16”	Reiterated“$4.04 to $4.16”	Reiterated“$4.04 to $4.16”
AFUDC - equity	—	—	—	—	New“$140 million to $150 million”	—	Lowered“$130 million to $140 million”	Raised“$150 million to $160 million”
AFUDC - equity increase	—	—	—	—	—	New“$140 million to $150 million”	—	—
Annual dividend increases	—	—	—	—	—	—	New“4% to 6%”	Reiterated“4% to 6%”
Base capital expenditures - Electric distribution (By Function)	—	—	—	—	—	New“13,710”	—	—
Base capital expenditures - Electric generation (By Function)	—	—	—	—	—	New“2,220”	—	—
Base capital expenditures - Electric transmission (By Function)	—	—	—	—	—	New“$ 15,440”	—	—
Base capital expenditures - Natural gas (By Function)	—	—	—	—	—	New“3,720”	—	—
Base capital expenditures - NSP-Minnesota (By Regulated Utility)	—	—	—	—	—	New“$ 20,130”	—	—
Base capital expenditures - NSP-Wisconsin (By Regulated Utility)	—	—	—	—	—	New“4,030”	—	—
Base capital expenditures - Other (By Function)	—	—	—	—	—	New“1,170”	—	—
Base capital expenditures - Other (By Regulated Utility)	—	—	—	—	—	New“(790)”	—	—
Base capital expenditures - PSCo	—	New“$5,190”	—	—	—	—	—	—
Base capital expenditures - PSCo (By Regulated Utility)	—	—	—	—	—	New“17,600”	—	—
Base capital expenditures - Renewables (By Function)	—	—	—	—	—	New“13,920”	—	—
Base capital expenditures - SPS (By Regulated Utility)	—	—	—	—	—	New“19,030”	—	—
Base capital expenditures by function - Electric distribution	—	New“$3,000”	—	—	—	—	—	—
Capital investment funding mix (equity/debt)	—	—	—	—	New“approximately 40% equity and 60% debt”	—	—	—
Cash from operations (financing capital expenditures)	—	—	—	—	New“$30,180”	—	—	—
Depreciation expense	—	—	—	—	New“approximately $370 million to $380 million”	—	Lowered“approximately $330 million to $340 million”	Lowered“approximately $140 million to $150 million”
Depreciation expense increase	—	—	—	—	—	New“approximately $350 million to $360 million”	—	—
Electric transmission base capital expenditures	—	—	—	—	New“$15,440”	—	—	—
Financing plan - Cash from operations	—	—	—	—	—	New“$ 30,180”	—	—
Financing plan - Equity issuances	—	—	—	—	—	New“7,000”	—	—
Financing plan - Maturing debt	—	—	—	—	—	New“$ 3,580”	—	—
Financing plan - New debt	—	—	—	—	—	New“22,820”	—	—
Funding mix for additional capital investment	—	—	—	—	—	New“approximately 40% equity and 60% debt”	—	—
Incremental equity issuance plan	—	—	—	—	—	New“Xcel Energy plans to issue incremental equity throughout 2026 through its at-the market program or other offerings”	—	—
Interest expense (net of AFUDC - debt)	—	—	—	—	—	—	New“$270 million to $280 million, net of interest income”	Lowered“$240 million to $250 million, net of interest income”
Interest expense (net of AFUDC - debt) increase	—	—	—	—	—	New“$300 million to $310 million, net of interest income”	—	—
Interest expense (net of AFUDC - debt), net of interest income	—	—	—	—	New“$290 million to $300 million”	—	—	—
Maturing debt	—	—	—	—	New“$3,580”	—	—	—
NSP-Minnesota base capital expenditures	—	—	—	—	New“$20,130”	—	—	—
O&M expenses	—	—	—	—	New“~3%”	—	Reiterated“~3%”	Reiterated“~3%”
O&M expenses increase	—	—	—	—	—	New“~3%”	—	—
Other base capital expenditures (by regulated utility)	—	—	—	—	New“$110”	—	—	—
Planned Financing Activities - NSP-Minnesota First Mortgage Bonds	—	—	—	—	—	New“1,000”	—	—
Planned Financing Activities - NSP-Wisconsin First Mortgage Bonds	—	—	—	—	—	New“250”	—	—
Planned Financing Activities - PSCo First Mortgage Bonds	—	—	—	—	—	New“2,400”	—	—
Planned Financing Activities - Xcel Energy Inc. Senior Unsecured Notes	—	—	—	—	—	New“$ 1,000”	—	—
Property taxes	—	—	—	—	New“$30 million to $40 million”	—	Reiterated“$30 million to $40 million”	Reiterated“$30 million to $40 million”
Property taxes increase	—	—	—	—	—	New“$30 million to $40 million”	—	—
Total base capital expenditures	New“$9,840”	Reiterated“$9,840”	—	—	Raised“$13,790”	—	—	—
Total base capital expenditures (By Regulated Utility)	—	—	—	—	—	New“$ 13,790”	—	—
Weather-normalized retail electric sales	—	—	—	—	New“~3%”	—	Reiterated“~3%”	Reiterated“~3%”
Weather-normalized retail electric sales growth	—	—	—	—	—	New“~3%”	—	—
Weather-normalized retail firm natural gas sales	—	—	—	—	New“~1%”	—	Reiterated“~1%”	Reiterated“~1%”
Weather-normalized retail firm natural gas sales growth	—	—	—	—	—	New“~1%”	—	—
For FY2025
Capital rider revenue (net of PTCs)	—	New“$260 million to $270 million”	Lowered“$200 million to $210 million”	Raised“increase $255 million to $265 million”	Reiterated“$255 million to $265 million”	—	—	—
Capital rider revenue increase assumption	New“$240 million to $250 million (net of PTCs)”	—	—	—	—	—	—	—
Ongoing earnings (EPS)	—	New“$3.75 to $3.85 per share”	—	—	—	—	—	—
Ongoing earnings per share	—	—	New“$3.75 to $3.85”	Reiterated“$3.75 to $3.85”	Reiterated“$3.75 to $3.85”	—	—	—
Ongoing EPS	New“$3.75 to $3.85”	—	Reiterated“$3.75 to $3.85”	—	—	—	—	—
AFUDC - equity	—	New“$110 million to $120 million”	Reiterated“$110 million to $120 million”	Reiterated“$110 million to $120 million”	Reiterated“$110 million to $120 million”	—	—	—
AFUDC - equity increase assumption	New“$120 million to $130 million”	—	—	—	—	—	—	—
Annual dividend increases	—	—	New“4% to 6%”	Reiterated“4% to 6%”	Reiterated“4% to 6%”	Reiterated“4% to 6%”	—	—
Base capital expenditures - PSCo	—	New“$22,280”	—	—	—	—	—	—
Base capital expenditures by function - Electric distribution	—	New“$2,570”	—	—	—	—	—	—
Base capital expenditures by function - Electric distribution	—	New“15,830”	—	—	—	—	—	—
Base capital expenditures by function - Electric transmission	—	New“12,560”	—	—	—	—	—	—
Base capital expenditures by function - Natural gas	—	New“$800”	—	—	—	—	—	—
Depreciation expense	—	New“approximately $210 million to $220 million”	Reiterated“approximately $210 million to $220 million”	Reiterated“approximately $210 million to $220 million”	Raised“approximately $220 million to $230 million”	—	—	—
Depreciation expense increase assumption	New“approximately $210 million to $220 million”	—	—	—	—	—	—	—
Electric distribution base capital expenditures (Total)	New“$15,830”	—	—	—	—	—	—	—
Financing plan - Base capital expenditures	—	New“$45,000”	—	—	—	—	—	—
Financing plan - Cash from operations	New“$25,320”	Reiterated“$25,320”	—	—	—	—	—	—
Financing plan - Equity through the Dividend Reinvestment and Stock Purchase Program and benefit program	New“$500”	Reiterated“$500”	—	—	—	—	—	—
Financing plan - Maturing debt	New“$3,730”	Reiterated“$3,730”	—	—	—	—	—	—
Interest expense (net of AFUDC - debt)	—	—	—	New“$160 million to $170 million, net of interest income”	—	—	—	—
Interest expense (net of AFUDC - debt), net of interest income	—	New“$165 million to $175 million”	Reiterated“$165 million to $175 million”	—	Raised“$180 million to $190 million”	—	—	—
Interest expense increase assumption	New“$130 million to $140 million, net of interest income”	—	—	—	—	—	—	—
O&M expense growth assumption	New“~3%”	—	—	—	—	—	—	—
O&M expenses	New“~3%”	Reiterated“~3%”	Reiterated“~3%”	Raised“~4%”	Raised“~5%”	—	—	—
Potential additional capital expenditures beyond base plan	—	New“$10 billion or greater”	—	—	—	—	—	—
Potential additional capital expenditures beyond base plan (pending RFP/resource plan/data center load approvals)	New“approximately $10 billion or greater”	—	—	—	—	—	—	—
Property tax increase assumption	New“$40 million to $50 million”	—	—	—	—	—	—	—
Property taxes	—	New“$55 million to $65 million”	Lowered“$45 million to $55 million”	Reiterated“$45 million to $55 million”	Reiterated“$45 million to $55 million”	—	—	—
PSCo base capital expenditures (Total)	New“$22,280”	—	—	—	—	—	—	—
PSCo Wildfire Mitigation Plan (WMP) estimated total cost	—	New“approximately $1.9 billion”	—	—	—	—	—	—
Total base capital expenditures	New“$11,000”	Reiterated“$11,000”	—	—	—	—	—	—
Weather-normalized retail electric sales	—	New“~3%”	Reiterated“~3%”	Reiterated“~3%”	Reiterated“~3%”	—	—	—
Weather-normalized retail electric sales growth assumption	New“~3%”	—	—	—	—	—	—	—
Weather-normalized retail firm natural gas sales	—	New“~1%”	Reiterated“~1%”	Reiterated“~1%”	—	—	—	—
Weather-normalized retail firm natural gas sales growth assumption	New“~1%”	—	—	—	—	—	—	—
For FY2024
Capital rider revenue increase assumption	New“$60 million to $70 million (net of PTCs)”	—	—	—	—	—	—	—
Ongoing EPS	New“$3.50 to $3.60”	—	—	—	—	—	—	—
AFUDC - equity	New“$70 million to $80 million”	—	—	—	—	—	—	—
AFUDC - equity increase assumption	New“$70 million to $80 million”	—	—	—	—	—	—	—
Depreciation expense	New“approximately $290 million to $300 million”	—	—	—	—	—	—	—
Depreciation expense increase assumption	New“approximately $290 million to $300 million”	—	—	—	—	—	—	—
Interest expense (net of AFUDC - debt, net of interest income)	New“increase $130 million to $140 million”	—	—	—	—	—	—	—
Interest expense increase assumption	New“$130 million to $140 million, net of interest income”	—	—	—	—	—	—	—
O&M expense growth assumption	New“3% to 4%”	—	—	—	—	—	—	—
O&M expenses	New“3% to 4%”	—	—	—	—	—	—	—
Property tax change assumption	New“expected to decline $10 to $20 million”	—	—	—	—	—	—	—
Property taxes	New“$10 to $20 million”	—	—	—	—	—	—	—
Weather-normalized retail firm natural gas sales growth assumption	New“decline by ~1%”	—	—	—	—	—	—	—
No period stated
Capital rider revenue	—	—	New“$200 million to $210 million (net of PTCs)”	Raised“$255 million to $265 million (net of PTCs)”	—	—	—	—
Long-term annual EPS growth	New“6% to 8% based off of $3.55 per share (the mid-point of 2024 original ongoing earnings guidance of $3.50 to $3.60 per share)”	—	Reiterated“6% to 8% based off of $3.55 per share (the mid-point of 2024 original ongoing earnings guidance of $3.50 to $3.60 per share)”	Reiterated“6% to 8% based off of $3.55 per share (the mid-point of 2024 original ongoing earnings guidance of $3.50 to $3.60 per share)”	—	—	—	—
Long-term annual EPS growth objective	—	New“6% to 8% based off of $3.55 per share (the mid-point of 2024 original ongoing earnings guidance of $3.50 to $3.60 per share)”	—	—	—	—	—	—
Annual dividend increase objective	—	—	—	—	—	New“4% to 6%”	—	—
Annual dividend increases	—	—	New“4% to 6%”	Reiterated“4% to 6%”	—	—	Reiterated“4% to 6%”	Reiterated“4% to 6%”
Annual dividend increases objective	—	New“4% to 6%”	—	—	Reiterated“4% to 6%”	—	—	—
Capital investment funding	—	—	—	—	New“approximately 40% equity and 60% debt”	Reiterated“approximately 40% equity and 60% debt”	—	—
Cash proceeds from forward sale agreements at settlement	—	New“approximately $1.36 billion”	—	—	—	—	—	—
Dividend payout ratio	—	—	New“50% to 60%”	Reiterated“50% to 60%”	Lowered“45% to 55%”	Reiterated“45% to 55%”	Reiterated“45% to 55%”	Reiterated“45% to 55%”
Dividend payout ratio target	New“50% to 60%”	Reiterated“50% to 60%”	Reiterated“50% to 60%”	Reiterated“50% to 60%”	Lowered“45% to 55%”	Reiterated“45% to 55%”	Reiterated“45% to 55%”	Reiterated“45% to 55%”
Funding mix for additional capital investment	New“approximately 40% equity and 60% debt”	Reiterated“approximately 40% equity and 60% debt”	—	—	—	—	—	—
Funding of additional capital investment	New“approximately 40% equity and 60% debt”	Reiterated“approximately 40% equity and 60% debt”	—	—	—	—	—	—
Long-term annual growth objectives dividend growth	New“4 to 6%”	—	—	—	—	—	—	—
Senior secured debt credit rating objective	—	—	—	—	—	New“Maintain senior secured debt credit ratings in the A range”	—	—
Senior secured debt credit ratings	—	—	New“A range”	Revised“in the A range”	—	—	—	—
Senior secured debt credit ratings target	New“A range”	Revised“the A range”	—	—	Revised“A range”	—	—	—

Values in quotation marks are the company’s words. Change labels compare each statement with the same metric and target year in the previous release. HighGravityData does not judge whether guidance was met.