Xcel Energy Inc. reported a total operating revenue of $4.021 billion for the first quarter of 2026, marking an increase of 2.9% from $3.906 billion in the same period of 2025. The company's net income rose to $556 million, or $0.89 per share, compared to $483 million, or $0.84 per share, in the prior year. This growth in profitability was attributed to higher electric sales and infrastructure investment recoveries, despite challenges posed by unseasonably warm weather and increased financing costs.
The company experienced notable changes in its operational metrics. Electric revenues increased by $141 million, driven by higher non-fuel riders and recovery of electric fuel costs, while natural gas revenues decreased by $25 million due to lower sales volumes. Xcel Energy's customer base also expanded, with a total of 624.3 million shares outstanding as of April 28, 2026, reflecting a slight increase from the previous year. The company’s capital expenditures rose significantly to $3.022 billion, up from $1.988 billion in the same quarter of 2025, indicating a strong commitment to infrastructure development.
Strategically, Xcel Energy has been active in securing new resources to meet growing demand. The company entered into a significant electric service agreement with Google for a new data center in Minnesota, which is expected to yield approximately $1.1 billion in benefits for customers. Additionally, Xcel is pursuing multiple requests for proposals (RFPs) for renewable energy resources, including wind and solar projects, to replace retiring coal facilities. These initiatives are part of Xcel's broader strategy to enhance its renewable energy portfolio and meet regulatory requirements.
Operationally, Xcel Energy's cash flow from operating activities increased to $1.697 billion, up from $1.028 billion in the previous year, largely due to insurance reimbursements related to the Marshall Wildfire settlement. The company also reported a significant increase in cash used for investing activities, reflecting its ongoing investments in renewable energy and infrastructure. The total assets of Xcel Energy grew to $84.828 billion as of March 31, 2026, compared to $81.371 billion at the end of 2025, driven by capital investments and regulatory asset recoveries.
Looking ahead, Xcel Energy has provided an earnings guidance for 2026, projecting ongoing earnings per share in the range of $4.04 to $4.16. The company anticipates a 3% increase in weather-normalized retail electric sales and a 1% increase in natural gas sales. Xcel Energy aims to maintain its focus on capital investment while managing operational costs, with expectations for continued growth in earnings and dividends in the coming years.
About XCEL ENERGY INC
Xcel Energy Inc. is a regulated utility company providing electric and natural gas services across eight U.S. states. It operates through subsidiaries delivering energy to millions of customers, focusing on reliable, affordable, and increasingly clean energy. The company invests heavily in renewable resources, grid modernization, and environmental sustainability, while maintaining a competitive business model rooted in regulated operations, infrastructure management, and energy innovation.
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