Xcel Energy (XEL) Q2 2026 earnings summary

Executive summary

• Q2 2026 diluted GAAP and ongoing EPS were $0.93, up from $0.75 in Q2 2025, driven by higher electric revenues and increased recovery of infrastructure investments, partially offset by higher financing costs.

• Net income for Q2 2026 was $586 million, up from $444 million in Q2 2025; YTD diluted GAAP EPS was $1.82, up from $1.59.

• Over $6 billion invested year-to-date in generation, transmission, and distribution infrastructure across eight states to support energy needs, resiliency, and clean energy initiatives.

• Advanced settlements or decisions in six major rate cases and approved large load tariffs in Minnesota, with similar filings in Colorado and Wisconsin.

• Published 21st annual Sustainability Report, highlighting nearly 60% carbon emissions reduction and 35% water use reduction over two decades.

Financial highlights

• Q2 2026 operating revenues were $3,119 million, down from $3,287 million in Q2 2025; operating income was $706 million, up from $577 million.

• Diluted EPS for Q2 2026 was $0.93, up from $0.75 in Q2 2025; six-month diluted EPS was $1.82, up from $1.59.

• Cash provided by operating activities for the first six months of 2026 was $2,797 million, up $688 million year-over-year, mainly due to insurance reimbursements for wildfire settlements.

• Ongoing ROE for twelve months ended June 30, 2026: PSCo 10.96%, NSPM 10.31%, SPS 9.59%, NSPW 8.51%.

• Book value per share increased to $38.36 from $35.67 year-over-year.

Outlook and guidance

• 2026 ongoing EPS guidance reaffirmed at $4.04 to $4.16, with long-term annual EPS growth targeted at 6% to 8%+ and annual dividend increases of 4% to 6%.

• Weather-normalized retail electric sales projected to increase ~3% and natural gas sales ~1% for 2026.

• Capital investment plan of $70+ billion from 2026–2030, including $10+ billion in incremental opportunities.

• Expect to secure an additional 4 GW of data center load by end of 2027, including at least 1 GW by year-end 2026.

• Upcoming RFPs and transmission investments in Colorado, Upper Midwest, and SPS regions to drive further growth.