Xcel Energy

XEL

Market cap $44.7B

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Xcel Energy has upped its dividend for 22 straight years, which puts it on track to become a Dividend Aristocrat before the decade is over. The regulated utility anticipates $60 billion in capital spending for 2026 through 2030, which should drive strong ongoing diluted EPS growth. Xcel Energy has a viable financing plan for this capex as well.

Xcel Energy stands out as a regulated utility poised for strong, predictable dividend growth and long-term capital appreciation. XEL plans up to $60 billion in capex through 2029, targeting 11% annual rate base growth and 6%–8% ongoing diluted EPS growth. Shares trade at a forward P/E of 17.8, below the 10-year average; I estimate fair value at $82, implying an 11% discount and potential 19% total return by 2026.

Xcel Energy is pursuing aggressive capital spending, aiming to double its rate base by 2030 through a $60 billion investment plan. Rapid growth is offset by accelerating dilution and surging net debt, now over $32 billion, raising concerns about leverage and future affordability. Xcel trades at ~20x current earnings with a 3% dividend yield, but per-share growth is muted due to dilution and capital intensity.

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PPL and XEL ramp up clean energy and grid investments to meet surging power demand and drive long-term growth.

MINNEAPOLIS--(BUSINESS WIRE)--Xcel Energy employees, contractors and retirees, supported by the company's Foundation, provided over $14 million and tens of thousands of volunteer hours in 2025 to support charitable organizations and causes. Throughout the year, they embraced opportunities to donate their time and act on a shared commitment to making a difference in their communities, volunteering nearly 60,000 hours. The Foundation expanded its giving impact this year by investing nearly $5 mil.

MINNEAPOLIS, Dec. 22, 2025 (GLOBE NEWSWIRE) -- Xcel Energy Inc. (NASDAQ: XEL) (Xcel Energy) announced today (i) the results of its previously announced three separate offers (each an Offer and, together, the Offers) to purchase for cash three series of first mortgage bonds (the Bonds) issued by Northern States Power Company, a Minnesota corporation and a wholly owned subsidiary of Xcel Energy and (ii) that it has amended the Offers by waiving the Maximum Purchase Condition, allowing Xcel Energy to accept all Bonds tendered in full.

MINNEAPOLIS, Dec. 19, 2025 (GLOBE NEWSWIRE) -- Xcel Energy Inc. (NASDAQ: XEL) (Xcel Energy) announced today the pricing terms of its previously announced three separate offers (each an Offer and, together, the Offers) to purchase for cash up to $345,000,000 aggregate principal amount of three series of first mortgage bonds (the Bonds) issued by Northern States Power Company, a Minnesota corporation and a wholly owned subsidiary of Xcel Energy.

MINNEAPOLIS--(BUSINESS WIRE)--Xcel Energy Inc. (NASDAQ: XEL) announced today that Maria Demaree has been elected to its board of directors, effective December 17, 2025. Demaree has been with Lockheed Martin for more than three decades, most recently serving as senior vice president, Enterprise Business and Digital Transformation, and chief information officer. She leads the defense technology company's enterprise IT strategy, including its 1LMX transformation program, encompassing digital enabl.