Xcel Energy Inc. reported its first‑quarter 2026 financial results, posting revenue of $4.021 billion and net income of $556 million. Basic earnings per share were $0.89, while ongoing earnings per share rose to $0.91.
The company’s ongoing EPS of $0.91 matched the consensus estimate of $0.91 but fell short of the higher $0.93 estimate cited by some analysts, indicating a modest miss. Revenue of $4.021 billion fell short of the consensus estimate of roughly $4.17 billion, marking a miss of about $150 million.
Revenue growth was driven by stronger sales in the company’s core electric‑service segments, but was offset by a $0.09‑per‑share drag from unseasonably warm weather in Colorado. Higher interest and equity‑financing costs reduced ongoing EPS by $0.18 per share, while increased depreciation expense also weighed on earnings.
The results were compared with the prior quarter and year: Q1 2025 GAAP and ongoing EPS were $0.84, and revenue was $3.91 billion, showing a year‑over‑year EPS increase of 8.3 % and a revenue rise of 3.0 %.
Xcel reaffirmed its full‑year 2026 earnings guidance at $4.04 to $4.16 per share, the same range it set in the previous quarter. The midpoint of $4.10 is slightly below the consensus estimate of $4.11, but the guidance signals management confidence in its $60 billion capital plan and continued demand from data‑center customers.
Management highlighted a new 15‑year contract with Google that will deliver 1,900 MW of wind and solar power, plus storage, to a large data‑center project in the Upper Midwest. The agreement is described as a significant growth opportunity that supports renewable‑energy goals and protects residential rates.
The company also emphasized ongoing investments in grid modernization and wildfire mitigation, noting that the Smokehouse Creek Fire Complex and Marshall Wildfire litigation remain key risk factors. Despite these headwinds, Xcel’s operating cash flow was supported by continued investment in infrastructure.
Investors reacted positively to the reaffirmed guidance and the data‑center partnership, but were cautious because of the revenue miss and the slight EPS miss relative to the higher analyst estimate. The market viewed the company’s long‑term growth strategy and capital‑expenditure discipline as strengths.
"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
"Our data center agreement in the Upper Midwest with Google in the quarter sets a high bar for ongoing community development and investment for data centers – protecting residential bills, advancing sustainability goals, and preserving precious water resources in the local community. Our partnership with Google took a strong step forward in the quarter, and we look forward to advancing more projects in the near future." – Bob Frenzel
"Xcel Energy posted strong ongoing first quarter 2026 earnings of $0.91 per share." – Management commentary
"We are reaffirming our 2026 ongoing EPS guidance range of $4.04 to $4.16 per share. We remain confident in our ability to deliver 6% to 8%+ long‑term earnings growth and expect to deliver 9% EPS growth on average through 2030." – Management commentary
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