Q4 25 EPS
$0.96
BEAT +0.00%
Est. $0.96
Q4 25 Revenue
$3.56B
MISS 4.41%
Est. $3.73B
vs S&P Since Q4 25
+0.8%
BEATING MARKET
XEL +7.2% vs S&P +6.4%
Full Year 2025 Results
FY 25 EPS
$3.80
MISS 0.16%
Est. $3.81
FY 25 Revenue
$14.67B
MISS 1.11%
Est. $14.83B
Market Reaction
Did XEL Beat Earnings? Q4 2025 Results
Xcel Energy delivered a steady but mixed fourth quarter, matching Wall Street's EPS target precisely while falling short on revenue. The utility posted Q4 2025 ongoing diluted EPS of $0.96, in line with the $0.96 consensus estimate, as infrastructure… Read more Xcel Energy delivered a steady but mixed fourth quarter, matching Wall Street's EPS target precisely while falling short on revenue. The utility posted Q4 2025 ongoing diluted EPS of $0.96, in line with the $0.96 consensus estimate, as infrastructure investment recovery and electric sales growth offset mounting cost pressures from higher interest charges, depreciation, and O&M expenses. Revenue of $3.56 billion grew 14.1% year over year but trailed the $3.73 billion estimate by 4.41%, a gap partly reflecting the complexity of a year shaped by the Marshall Wildfire litigation settlement, which drove $296 million in charges across 2025. The results extended Xcel's streak to 21 consecutive years of meeting earnings guidance, with full-year ongoing EPS rising to $3.80 from $3.50. Institutional investors appear to be taking note, with recent filings showing at least one asset manager more than doubling its position in the stock. Looking ahead, Xcel reaffirmed 2026 ongoing EPS guidance of $4.04 to $4.16, anchored by roughly 3% projected electric sales growth and a $60 billion five-year capital plan targeting 6% to 8%+ annual earnings growth.
Key Takeaways
- • Increased recovery of infrastructure investments
- • Electric sales growth of 2.0% weather-normalized
- • Higher AFUDC ($165 million increase) due to system investment
- • Gains on debt repurchases contributing to other income
- • Strong SPS C&I sales growth of 6.1% driven by the energy sector
XEL YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
XEL Revenue by Segment
With YoY comparisons, source: SEC Filings
“In 2025, Xcel Energy delivered on our earnings guidance for the 21st 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.”
— Bob Frenzel, Q4 2025 Earnings Press Release
XEL Earnings Trends
XEL vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
XEL EPS Trend
Earnings per share: estimate vs actual
XEL Revenue Trend
Quarterly revenue: estimate vs actual
XEL Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $0.91 | — | $4.02B | — |
| Q4 25 BEAT FY | $0.96 | $0.96 | +0.00% | $3.56B | -4.41% |
| FY Full Year | $3.81 | $3.80 | -0.16% | $14.67B | -1.11% |
| Q3 25 MISS | $1.32 | $1.24 | -5.94% | $3.92B | -0.83% |
| Q2 25 BEAT | $0.65 | $0.75 | +16.28% | $3.29B | +2.39% |
| Q1 25 MISS | $0.92 | $0.84 | -8.64% | $3.91B | -0.67% |