Xcel Energy : 2026 First Quarter Earnings Report Presentation

Published: 2026-04-30 07:42:52 ET XEL

Published on 04/30/2026 at 07:42 am EDT

April 30, 2026

2026 Q1 GAAP and ongoing EPS of $0.89 and $0.91, compared to EPS of $0.84 in 2025 Q1

Reaffirmed 2026 ongoing EPS guidance of $4.04 to $4.16

Invested over $3 billion to build and maintain infrastructure, supporting customer energy needs

Achieved line of sight on $7+ billion of opportunities in our incremental $10+ billion investment plan

In-serviced nearly 500 MW of new solar and utility-scale battery storage investments

Announced details of our contract with Google for new data center in the Upper Midwest

Commission approval of North Dakota electric rate case settlement and settlement reached in South Dakota electric rate case

Issued ~$1.5 billion of equity and equity-like content, and have addressed ~50% of five-year base equity plan

Raised dividend by 4% (23rd consecutive annual increase)

First Quarter

Operating Company

2026

2025

PSCo

$0.42

$0.45

NSPM

0.30

0.32

SPS

0.13

0.10

NSPW

0.10

0.07

Earnings from equity method investments

0.01

Regulated utility

0.97

0.95

Holding company and other

(0.08)

(0.11)

Total GAAP diluted EPS

$0.89

$0.84

Prairie Island outage refunds

0.04

Marshall Wildfire litigation

(0.03)

Total Ongoing diluted EPS

$0.91

$0.84

Sales and Demand

0.05

Rate Cases

0.03

$0.23

($0.18)

($0.05)

($0.03)

$0.03

($0.01)

($0.04)

Non-Fuel Riders

0.11

Rate Cases

0.04

Fuel Cost Recovery

0.04

Weather* (0.03)

$0.84

$0.89

$0.91

Other 0.03

$0.10

Weather* (0.07)

2025 Q1

Electric

AFUDC

Interest

D&A

Gas

Other

2026 Q1

Prarie Island

Marshall Wildfire

2026 Q1

Ongoing EPS

Revenues

Equity & Debt

Charges & Equity

Revenues

Ongoing EPS

Outage Refunds

Litigation

GAAP EPS

* 2026 net weather impacts vs. normal total ($0.09), 2026 net weather impacts vs. 2025 actuals total ($0.10) Refer to slide 26 for reconciliation between GAAP and ongoing earnings for 2025

Cost of electric fuel and purchased power and natural gas sold and transported are generally recovered through regulatory recovery mechanisms and offset in revenue

2026 Q1 W/A Retail Electric Sales Growth

8.1%

2026 Q1 YoY Electric Customer Growth

0.8%

0.7%

0.5%

0.7%

2.1%

2.8%

0.6%

(0.5%)

NSPM NSPW PSCo SPS Xcel Energy

2026 Q1 W/A Natural Gas Sales Growth 2026 Q1 YoY Natural Gas Customer Growth

N/A

0.1%

0.9%

0.7%

0.8%

N/A

1.2%

(0.4%) (0.4%)

NSPM NSPW PSCo SPS Xcel Energy

Extreme weather variations, windchill and cloud cover may not be reflected in estimates

2025 - 2029 Capital Plan

$45 Billion

SPS and NSP Generation Portfolios MISO and SPP Transmission

$15 Billion

$60 billion total capital investment

~7,500 MW renewable generation

~3,000 MW natural gas generation

~1,900 MW energy storage

~1,500 new transmission line miles

~$5 billion for wildfire mitigation

10 - 12+ GW in RFPs

PSCo: Approval for ~800 MW company-owned generation (NTP)

NSP: ~2/3 of generation and storage contracted by Google for data center project

NSP: RFP for ~4,100 MW renewable generation and storage by 2030

SPS: RFP for ~1,500-3,000 MW nameplate capacity

PSCo: Incremental RFP (late 2026) to align with approved IRP need after NTP

Additional SPP and MISO Transmission

Crawfish Draw - Phantom 765kv line in SPP (~$2 billion)

•

Additional 765kv transmission lines from 2025 SPP ITP portfolio (competitive bid)

MISO Tranche 2.2 (2030+)

Generation to support ~3 GW of incremental data center demand added to target plan*

Generation ramp through mid-2030s

~3 GW Additional Data Center Demand

* Generation for first 3 GW of data center demand included in base capital plan and RFPs above Every $1 billion of additional capital investment increases rate base growth by ~20-25 basis points

1 GW data center, assuming balance of renewable, storage and natural gas generation, could require $6-8 billion of investment (including third-party generation)

Wind

Gas C

System

2025

2026

2027

2028

2029 - 2030

~935 MW

~2,100 MW

~2,640 MW

~3,815 MW

~2,840 MW

NSP

300 MW

140 MW

450 MW

300 MW

75 MW

PSCo

325 MW

335 MW

200 MW

400 MW

250 MW

200 MW

SPS

Solar

75 MW

40 MW

1,000 MW

325 MW

190 MW

175 MW

940 MW

800 MW

2014 - 2025 Residential Electric CAGR = ~1.9% 2014 - 2025 Natural Gas CAGR = ~0.2%

Average Xcel Energy Residential Bill to National Average*

Electric Natural Gas

-11%

$98

$99 $103

$83

$89

$80

$81

$84

$80 $84

$81

Electric

$62

$68

$58

$63

$48

$42

$45

$48

$51

$54

$44

Natural Gas

2014 2016 2018 2020 2022 2024

2025

-29%

* Based on trailing 5-year customer bill data from EIA (2021 - 2025 for electric; 2020 - 2024 for natural gas)

Residential Electric Share of Wallet*

2024

2014

1.2%

1.6%

Residential Electric Share of Wallet by State**

Colorado

1.0% (#1 of 50)

North Dakota

1.2% (#3 of 50)

Michigan

1.3% (#4 of 50)

Minnesota

1.3% (#5 of 50)

South Dakota

1.6% (#9 of 50)

Wisconsin

1.6% (#12 of 50)

Texas

1.9% (#25 of 50)

New Mexico

2.2% (#35 of 50)

* Average Xcel Energy residential bill divided by household income

** Average Xcel Energy residential customer share of wallet as compared to average share of wallet for other states based on 2024 EIA data

Increase in Household Expenditures, 2021 - 2025 CAGR

5.8%

5.0%

4.2%

8.4%

Minneapolis Denver

7.7%

5.2%

5.8%

8.5%

3.1%

Gasoline Groceries House Prices Average U.S.

Electric Bill

Xcel Energy Residential Electric Bill

1.5%

Gasoline Groceries House Prices Average U.S.

Electric Bill

Xcel Energy Residential Electric Bill

Source: Xcel Energy, EIA, S&P Cotality Case-Shiller, U.S. Bureau of Labor Statistics and U.S. Consumer Expenditure Survey

Non-Fuel O&M per MWh, 2020 - 2024 Average

Peer Group Average

$90

$80

$70

$60

$50

$40

$30

$20

$10

Peer

Xcel

Peer

Energy

Source: EIA, FERC Form 1 non-fuel electric O&M excluding other power supply expenses, pension, benefits, injuries and damages

20 GW

Additional Pipeline

~4 GW

Contracted by Year End 2027

Hyperscalers and large developers

Opportunities to upsize existing contracts

Align with large load tariff filings

15+ year terms

Total capacity ranging from 200 MW - 1+ GW

Online by 2027 - 2030+ with ramps through mid 2030s

Expect ~1 GW signed in 2026; Additional ~3 GW by end of 2027

600 MW 2026 2029

200 MW 2026 2028

250 MW Online 2035

200 MW Online 2035

Total Capacity Planned Online Full Ramp

~2 GW

Contracted / Under Construction

* Not publicly disclosed

GE Vernova

Landmark strategic alliance signed February 2026

Support wind, natural gas generation, transmission and distribution projects into 2030s

Provides supply of critical components, operational flexibility and cost certainty

Bidding several GW of wind projects into near-term RFPs with GEV wind turbines

Purchasing an additional 5 natural gas turbines on top of existing commitments

Joint technology and innovation collaboration agreement focused on system performance, asset life, integration of renewables and operational efficiencies

NextEra Energy

JDA signed April 2026

Co-developing generation solutions for 2 GW of data center capacity, with plans to expand

Fully regulated ownership structure with mix of PPAs, BOTs and self-build projects

Partner across data center lifecycle from system planning to operation

Includes exploration of emerging generation and grid-facing technologies

Accelerates speed to market and brings increased benefits to all customers

Minnesota Electric

Proceeding No. 24-320

November 2024 request

Base rate increase of ~$365 million over two years (revised)

Includes proposed adjustments of $150 million relating to depreciation expense and trackers

ROE of 10.3%; equity ratio of 52.5%

Forward test year:

2025 rate base ~$13.2 billion

2026 rate base ~$14.0 billion

Interim rates of ~$192 million effective January 2025

Decision expected 2026 Q3

South Dakota Electric

Proceeding No. EL25-024

June 2025 request

Base rate increase of ~$44 million

ROE of 10.3%; equity ratio of 52.87%

2024 historic test year with rate base of ~$1.2 billion

Interim rates of ~$43 million, net of rider roll-in, effective January 2026

Settlement agreement reached with SD PUC Staff

Net base rate increase of ~$26 million

Rate of Return of 7.01%; black box ROE and equity ratio

Decision expected in 2026 Q2

Minnesota Natural Gas

Proceeding No. 25-356

October 2025 request

Base rate increase of ~$62 million

ROE of 10.65%; equity ratio of 52.5%

2026 forward test year with rate base of ~$1.5 billion

Interim rates of ~$51 million effective January 2026

Procedural Schedule:

Evidentiary hearing May 11-12, 2026

ALJ Report September 1, 2026

MPUC Decision expected November 2026

North Dakota Natural Gas

Proceeding No. 26-052

January 2026 request

Base rate increase of ~$14 million

ROE of 10.85%; equity ratio of 52.5%

2026 forward test year with rate base of ~$235 million

Interim rates of ~$12 million approved, effective April 2026

Colorado Electric

Proceeding No. 25AL-0494E

November 2025 request

Base rate increase of ~$356 million

ROE of 9.80%; equity ratio of 55.0%

2025 test year with rate base of ~$13.2 billion

Procedural Schedule:

Rebuttal testimony May 20, 2026

Settlement deadline May 28, 2026

Evidentiary hearing June 11-18, 2026

CPUC decision expected 2026 Q3

Colorado Natural Gas

Proceeding No. 25AL-0538G

December 2025 request

Base rate increase of ~$190 million

ROE of 10.75%; equity ratio of 55.0%

2025 test year with rate base of ~$4.7 billion

Procedural Schedule:

Intervenor answer testimony June 5, 2026

Rebuttal testimony July 2, 2026

Settlement deadline July 8, 2026

Evidentiary hearing July 23-30, 2026

CPUC decision expected 2026 Q4

New Mexico Electric

Proceeding No. 25-00079-UT

November 2025 request

Base rate increase of ~$168 million (revised)

ROE of 10.50%; equity ratio of 56.0%

2027 forward test year with rate base of $3.9 billion

Procedural Schedule

Intervenor direct testimony May 1, 2026

Rebuttal testimony May 29, 2026

Hearings July 7 - 17, 2026

Decision expected in 2026 Q4

Earnings Drivers

Key Assumptions (as compared to 2025 levels unless noted)

Regulatory proceedings

Constructive outcomes in all pending proceedings

Weather

Normal weather patterns for the remainder of the year

W/A retail electric sales

Increase of ~3%

W/A retail firm natural gas sales

Increase of ~1%

Capital riders

Increase $505 - $515 million

O&M expenses

Increase of ~3%

Depreciation expense

Increase $330 - $340 million

Property taxes

Increase $30 - $40 million

Interest exp. (net of AFUDC-debt)

Increase $270 - $280 million, net of interest income

AFUDC-equity

Increase $130 - $140 million

Ongoing earnings is calculated using net income and adjusting for certain nonrecurring or infrequent items that are, in management's view, not reflective of ongoing operations. Ongoing earnings could differ from those prepared in accordance with GAAP due to unplanned and/or unknown adjustments. Xcel Energy is unable to forecast if any of these items will occur or provide a quantitative reconciliation of the guidance for ongoing EPS to corresponding GAAP EPS.

Disclaimer

Xcel Energy Inc. published this content on April 30, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2026 at 11:41 UTC.