Xcel Energy (XEL) Q3 2026 Earnings
Q3 2026 GAAP and ongoing diluted EPS were both $1.52; Marshall Wildfire litigation adjustment of $1 million in the quarter (no per-share impact). Prior-year GAAP EPS of $0.88 included a $287 million Marshall Wildfire settlement charge ($0.36 per share).
How Did XEL Stock React to Q3 2026 Earnings?
Did XEL Beat Earnings? Q3 2026 Results
Yes. Xcel Energy reported Q3 2026 earnings of $1.52 a share on Oct 28, 2026, beating the $1.37 consensus estimate by 11.2%. Revenue was $4.2B against a $4.3B estimate.
Xcel Energy posted a strong third quarter, reporting adjusted earnings of $1.52 per diluted share and beating the consensus estimate of $1.37 by 11.17%, as unseasonably warm weather, higher infrastructure investment recovery, and a notable $71 million surge in equity method earnings, largely from unrealized gains on energy technology holdings, combined to lift results well above expectations. Revenue of $4.17 billion grew 6.6% year over year, though it fell modestly short of the $4.28 billion consensus estimate. A year ago, GAAP earnings of $0.88 per share were weighed down by a $287 million Marshall Wildfire settlement charge, making the comparison especially favorable. Rising interest costs, up $100 million on higher debt levels, and a $67 million increase in O&M expenses provided meaningful headwinds. On the strength of the quarter, management narrowed its 2026 ongoing EPS guidance to $4.10-$4.16 and initiated 2027 guidance of $4.48-$4.62, underpinned by a sweeping $70 billion capital plan for 2027-2031 that makes Xcel one of the more compelling <a href="https://247wallst.com/investing/2026/09/24/4-utility-stocks-with-reliable-dividends-and-a-massive-new-growth-engine/">utility growth stories</a> in the sector.
- Increased recovery of electric infrastructure investments (non-fuel riders +$93 million in Q3)
- Higher earnings from equity method investments (+$71 million in Q3) driven by unrealized gains on investment funds' interests in energy technology companies
- Unseasonably warm weather (estimated +$0.063 EPS vs. 2025)
- Regulatory rate outcomes added $88 million to Q3 electric revenue
- Higher AFUDC equity and debt (+$68 million in Q3)
- Weather-normalized retail electric sales up 3.0% in Q3, led by SPS (5.6%) and NSP-Minnesota (3.4%)
- Higher interest charges (+$100 million in Q3) and common equity dilution partially offset gains
- O&M expenses up $67 million in Q3 on generation, wildfire mitigation and gas system costs
“As one of the nation's largest builders of clean generation and high-voltage transmission, Xcel Energy continues to make critical investments in the infrastructure our customers and communities need, while staying focused on delivering safe, clean, reliable and affordable energy.”
Xcel Energy CEO, on the earnings call
What Is Xcel Energy's Outlook?
**2026 guidance** Xcel narrowed 2026 ongoing EPS guidance to $4.10–$4.16, from the original $4.04–$4.16. Key assumptions: - Weather-normalized retail electric sales up ~3% - Flat firm gas sales - Capital rider revenue up $370–$380 million - O&M up ~5% - Depreciation up ~$100–$110 million - Interest expense up $290–$300 million - AFUDC-equity up $180–$190 million **2027 guidance** Xcel initiated 2027 ongoing EPS guidance of $4.48–$4.62. Key assumptions: - Electric sales up ~5% - Gas sales up ~1% - Capital rider revenue up $560–$570 million - O&M up ~4% - Depreciation up ~$460–$470 million - Interest expense up $320–$330 million - AFUDC-equity up $250–$260 million **Long-term objectives** - EPS growth of 6–8+% annually - Dividend growth of 4–6% - Payout ratio of 45–55% - Senior secured ratings maintained in the 'A' range **Capital plan** Base capex for 2027–2031 is $70 billion.
XEL YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $4.2B | $3.9B | +6.6% |
| Operating Income | $1.2B | $749.0M | +59.0% |
| Net Income | $960.0M | $524.0M | +83.2% |
XEL Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.