Xcel Energy (XEL) Q3 2026 earnings summary

Executive summary

• Q3 diluted GAAP and ongoing EPS were both $1.52, versus $0.88 and $1.24, respectively, in Q3 2025; infrastructure recovery, equity-method earnings and warm weather were partly offset by financing costs.

• Nine-month diluted GAAP EPS was $3.34 versus $2.47; ongoing EPS was $3.37 versus $2.84, and net income was $2.102B versus $1.451B.

• The 2027–2031 base capital plan totals $70B, targeting ~11% annual rate-base growth through 2031; more than $10B of potential investment opportunities are outside the base plan.

Financial highlights

• Q3 operating revenue was $4.172B versus $3.915B; operating income was $1.191B versus $749M, and net income was $960M versus $524M.

• Nine-month operating revenue was $11.312B versus $11.108B; operating income was $2.651B versus $2.003B, and net income was $2.102B versus $1.451B.

• Q3 ongoing earnings were $961M versus $737M; nine-month ongoing earnings were $2.117B versus $1.664B.

• Nine-month operating cash flow increased $994M to $4.868B; investing cash use rose $1.735B to $9.227B, primarily from higher capital expenditures.

• Q3 O&M expense rose $67M YoY and interest charges increased $100M, partly offset by a $71M increase in equity-method earnings.

Outlook and guidance

• 2026 ongoing EPS guidance narrowed to $4.10–$4.16 from $4.04–$4.16; assumptions include normal weather, constructive regulatory outcomes, ~3% electric sales growth and flat firm natural gas sales.

• 2027 ongoing EPS guidance is $4.48–$4.62, assuming ~5% electric sales growth, ~1% firm natural gas sales growth and constructive regulatory outcomes.

• Long-term objectives include average EPS growth of 10%+ in 2027–2030 and 9%+ through 2031 from the midpoint of 2026 guidance; broader stated annual EPS growth objectives are 6%–8%+.

• Dividend growth objective is 4%–6%, with a 45%–55% payout ratio; dividend growth is expected at the low end of the range.