Q1 26 EPS
$0.91
Q1 26 Revenue
$4.02B
vs S&P Since Q1 26
+237.8%
BEATING MARKET
XEL +238.0% vs S&P +0.3%
Market Reaction
Did XEL Beat Earnings? Q1 2026 Results
Xcel Energy posted a solid first quarter for 2026, with ongoing earnings per share rising to $0.91 from $0.84 a year ago and total operating revenues climbing to $4.02 billion from $3.91 billion, as higher infrastructure investment recovery and elect… Read more Xcel Energy posted a solid first quarter for 2026, with ongoing earnings per share rising to $0.91 from $0.84 a year ago and total operating revenues climbing to $4.02 billion from $3.91 billion, as higher infrastructure investment recovery and electric sales growth more than offset a meaningful weather headwind estimated at roughly $0.10 per share. The Minneapolis-based utility's results were further shaped by a landmark electric service agreement with Google to power a new Minnesota data center, a deal that includes a proposed Clean Energy Accelerator Charge covering 1,900 MW of clean energy resources and is projected to deliver approximately $1.10 billion in customer benefits over time. On a GAAP basis, EPS reached $0.89, reflecting a net drag from a $37.00 million Prairie Island nuclear outage refund charge that was partially offset by $22.00 million in additional Marshall Wildfire insurance recoveries. Looking ahead, Xcel reaffirmed its 2026 ongoing EPS guidance of $4.04 to $4.16 and maintained its long-term annual EPS growth target of 6% to 8% or better off a $3.80 base.
Key Takeaways
- • Increased recovery of electric infrastructure investments
- • Electric sales growth, particularly C&I weather-normalized growth of 4.3%
- • Weather-normalized retail electric sales growth of 2.8%
- • Unfavorable weather impact of $(0.102) per share year-over-year
- • Higher financing costs with interest charges up $80 million
- • Increased depreciation expense up $40 million from system investment
- • Higher AFUDC equity and debt of $0.10 per share from system investment
- • Lower O&M expenses down $11 million due to lower benefits and bad debt expenses
XEL Forward Guidance & Outlook
Xcel Energy reaffirmed its 2026 ongoing EPS guidance range of $4.04 to $4.16 per share. Key assumptions include constructive outcomes in all pending rate cases, normal weather for the remainder of the year, weather-normalized retail electric sales growth of approximately 3%, weather-normalized retail firm natural gas sales growth of approximately 1%, capital rider revenue increase of $505-$515 million, O&M expense increase of approximately 3%, depreciation expense increase of $330-$340 million, interest expense (net of AFUDC-debt) increase of $270-$280 million, and AFUDC-equity increase of $130-$140 million. Long-term, the company targets annual EPS growth of 6% to 8%+ based off $3.80 per share, annual dividend increases of 4% to 6%, and a dividend payout ratio of 45% to 55%.
XEL YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
XEL Revenue by Segment
With YoY comparisons, source: SEC Filings
“At Xcel Energy, we continue to make energy work better for our customers and our past quarter showcased our keen focus on execution and delivering on our plans to strengthen and modernize the grid, expand our energy sources, and deploy innovative technologies to ensure that energy remains safe, reliable, and affordable.”
— Bob Frenzel, Q1 2026 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% |