Xcel Energy Stock Earnings Reports

Xcel reported 2026 Q1 ongoing EPS of $0.91 (GAAP $0.89) and reaffirmed 2026 ongoing EPS guidance of $4.04–$4.16. Management is executing an unprecedented capital program (about $14 billion in 2026 and a $60 billion multi‑year base plan) and has line of sight to more than $7 billion of incremental investment from large-load and transmission/generation needs. The company disclosed a landmark 15‑year ESA with Google that will require ~1,900 MW of new wind/solar and long‑duration storage and is expected to save customers roughly $1.0–$1.5 billion over the term. Xcel is targeting 6 GW of data center load by year‑end 2027 (with further gigawatts into the early 2030s) and has a JDA with NextEra to co‑develop projects. Operations: >$3 billion invested in Q1, ~500 MW of solar + utility battery brought online, and material tax‑credit benefits expected for customers. Regulatory: constructive progress across multiple rate cases (Minnesota ALJ rec: 9.8% ROE / 52.5% equity; ongoing settlement processes in Colorado and other states). Financing: forward equity and an $800M junior subordinated note addressed about half of the 5‑year equity need; Xcel maintains focus on a strong balance sheet and ~40% equity funding rule of thumb. Legal/other items: $37M charge for Prairie Island ALJ replacement‑power disallowance and updated Smokehouse Creek wildfire liability with low‑end estimate of $460M (insurance coverage ~$525M). Management emphasized execution partnerships with OEMs/EPCs (GE Vernova, NextEra, Tier‑1 EPCs) to de‑risk pipeline delivery. Key investor takeaways: solid quarter and reaffirmed guidance, material near‑term and long‑term growth opportunities tied to data centers and transmission, active regulatory cadence with generally constructive indicators, proactive financing and vendor partnerships to support execution, and ongoing wildfire and litigation items being addressed.