Revenue: As of FY2026 Q2, the actual value is USD 3.119 B.

EPS: As of FY2026 Q2, the actual value is USD 0.93, beating the estimate of USD 0.7711.

EBIT: As of FY2026 Q2, the actual value is USD 924 M.

Financial Performance Summary

Net Income

• Three Months Ended June 30, 2026: GAAP net income was $586 million, up from $444 million in 2025. Ongoing earnings were $589 million, compared to $444 million in 2025.
• Six Months Ended June 30, 2026: GAAP net income was $1,142 million, up from $927 million in 2025. Ongoing earnings were $1,156 million, compared to $927 million in 2025.

Operating Revenues

• Three Months Ended June 30, 2026: Total operating revenues were $3,119 million, a decrease from $3,287 million in 2025. Electric revenues were $2,740 million (down from $2,878 million in 2025), natural gas revenues were $365 million (down from $396 million in 2025), and other revenues were $14 million (up from $13 million in 2025).
• Six Months Ended June 30, 2026: Total operating revenues were $7,140 million, a decrease from $7,193 million in 2025. Electric revenues were $5,716 million (up from $5,713 million in 2025), natural gas revenues were $1,395 million (down from $1,451 million in 2025), and other revenues remained flat at $29 million.

Operating Expenses

• Three Months Ended June 30, 2026: Total operating expenses were $2,413 million, a decrease from $2,710 million in 2025. Electric fuel and purchased power decreased to $678 million from $918 million in 2025. Cost of natural gas sold and transported decreased to $93 million from $134 million in 2025. Operating and maintenance expenses increased to $691 million from $675 million in 2025. Depreciation and amortization decreased to $662 million from $722 million in 2025. Marshall Wildfire litigation expense was $3 million in 2026, compared to $0 in 2025.
• Six Months Ended June 30, 2026: Total operating expenses were $5,680 million, a decrease from $5,939 million in 2025. Electric fuel and purchased power decreased to $1,697 million from $1,938 million in 2025. Cost of natural gas sold and transported decreased to $613 million from $647 million in 2025. Operating and maintenance expenses increased to $1,366 million from $1,361 million in 2025. Depreciation and amortization decreased to $1,430 million from $1,450 million in 2025. Marshall Wildfire litigation resulted in a credit of - $19 million in 2026, compared to $0 in 2025.

Operating Income

• Three Months Ended June 30, 2026: Operating income was $706 million, up from $577 million in 2025.
• Six Months Ended June 30, 2026: Operating income was $1,460 million, up from $1,254 million in 2025.

Other Income and Expenses

• Interest Charges and Financing Costs: Total interest charges and financing costs increased to $398 million in Q2 2026 from $322 million in Q2 2025. For the six months ended June 30, these costs increased to $770 million in 2026 from $631 million in 2025.
• Earnings from Equity Method Investments: Earnings increased to $76 million in Q2 2026 from - $8 million in Q2 2025. For the six months ended June 30, earnings increased to $89 million in 2026 from - $9 million in 2025, primarily due to unrealized gains on investment funds’ interests in energy technology companies.
• Allowance for Funds Used During Construction (AFUDC) - Equity: AFUDC - equity increased to $105 million in Q2 2026 from $69 million in Q2 2025. For the six months ended June 30, it increased to $197 million in 2026 from $117 million in 2025, primarily due to system investment.

Capital Structure and Liquidity

• Capitalization (June 30, 2026): Total debt was $39,457 million (62% of total capitalization), and common equity was $24,057 million (38%). Total capitalization was $63,514 million.
• Capitalization (December 31, 2025): Total debt was $33,883 million (59% of total capitalization), and common equity was $23,609 million (41%). Total capitalization was $57,492 million.
• Liquidity (July 28, 2026): Xcel Energy Inc. and its utility subsidiaries had $4,750 million in total credit facilities, with $1,147 million drawn and $3,603 million available. Total liquidity, including cash, was $4,694 million.

Operational Metrics

• Weather-Normalized Retail Electric Sales Growth (Year-to-Date): Weather-normalized electric C&I sales increased due to higher use per customer in SPS (6.0%) and NSP-Minnesota (2.0%), and customer growth in NSP-Wisconsin (1.0%). Increased activity in the energy sector in SPS and manufacturing in all jurisdictions contributed to sales growth.
• Weather-Normalized Natural Gas Sales Growth (Year-to-Date): A decrease in natural gas sales was driven primarily by reduced use per customer across most jurisdictions and customer classes.

Marshall Wildfire Litigation

• Xcel Energy Inc. has recorded $56 million of remaining estimated probable losses for the Marshall Wildfire matter (before available insurance), for a total estimated loss of $460 million. Additionally, $43 million in legal costs have been incurred as of June 30, 2026, resulting in total estimated losses and incurred costs of $503 million.
• The estimated liability for estimated losses is $62 million in other current liabilities as of June 30, 2026. Insurance receivables for estimated losses were $81 million as of June 30, 2026.

Outlook and Guidance

Xcel Energy Inc. reaffirms its 2026 ongoing earnings per share guidance of $4.04 to $4.16, based on constructive regulatory outcomes, normal weather, and projected increases in retail electric sales and capital rider revenue. The company anticipates long-term annual EPS growth of 6% to 8+% and annual dividend increases of 4% to 6%. Xcel Energy Inc. is targeting a dividend payout ratio of 45% to 55%.