XCEL ENERGY INC Earnings Summary — Q1 2026

• Net income for Q1 2026 rose 15.1% year-over-year to $556 million, supported by rate base expansion.
• Total revenue increased 2.9% YoY to $4.02 billion, exceeding the $3.91 billion reported in Q1 2025.
• Operating income grew 11.4% YoY, reaching $754 million as the company continues its capital deployment strategy.
• Shares outstanding increased by 8.49% YoY to 624 million basic shares, reflecting periodic equity issuance to fund projects.
• Interest expenses rose 20.4% YoY to $372 million, reflecting the higher cost of debt and increased leverage for infrastructure.
• Fuel and purchased power expenses remained relatively stable at $1.54 billion compared to the prior year period.
• The company demonstrated strong margin resilience despite a higher interest rate environment and inflationary pressures.

Xcel Energy typically targets a long-term annual EPS growth rate of 5-7%, supported by its 'Steel for Fuel' renewable transition strategy and carbon reduction goals of 80% by 2030.

Improving

Earnings growth accelerated to double digits (15.1%) in Q1 2026 compared to a slight YoY decline (-1.0%) in the same quarter last year.

The outlook remains constructive as the company continues to execute on its clean energy transition, retiring coal assets and expanding its renewable rate base, which provides long-term regulatory tailwinds.