Xcel Energy Inc. (XEL) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello and welcome to Xcel Energy 2025 year-end earnings conference call. My name is Jordan and I'll be your coordinator for today's event. Please note this conference is being recorded and for the duration of the call, your lines will be in listen-only mode. A question and answer session will follow and follow the prepared remarks and questions will only be taken from institutional investors and analysts. Reporters can contact media relations with inquiries and individual investors, and others can reach out to investor relations. I'd now like to turn the call over to your host today, Mr. Rupesh Argawal, Vice President, Investor Relations, to begin the conference. Please go ahead, sir. Thank you, Jordan. Good morning, and welcome to Xcel Energy's 2025 year-end earnings call. Joining me today are Bob Frenzel, Chairman, President and Chief Executive Officer, and Brian Van Abel, Executive Vice President and Chief Financial Officer. In addition, we have other members of the management team in the room to answer your questions if needed. This morning, we will review our 2025 full year results and highlights, provide updated 2026 assumptions, and share recent business and regulatory updates. Slides that accompany today's call are available on our website. Some comments during today's call may contain forward-looking information. Significant factors that could cause results to differ from those anticipated are described in our earnings release and SEC filings. Today, we will discuss certain metrics that are non-GAAP measures. Information on the comparable GAAP measures and reconciliations are included in our earnings release. As a reminder, we recorded a charge of $300 million, or 38 cents per share, in 2025, Rob Leibowitz, reflecting the settlement in principle reach with p...