Xcel Energy Inc.

Xcel Energy reported second-quarter 2026 earnings of $0.93 per share, up from $0.75 per share in 2025. Management said higher electric revenues from nonfuel riders and sales growth added $0.17 per share, higher AFUDC added $0.08, lower depreciation and amortization added $0.08, and other items added $0.03, while higher interest expense reduced earnings by $0.12 and common equity financing reduced earnings by $0.06. On a weather-adjusted basis, year-to-date electric sales increased 2.1%, and the company said it remains on track for full-year weather-adjusted electric sales to rise 3%. Management reaffirmed 2026 ongoing EPS guidance of $4.04 to $4.16 and said it expects 6% to 8-plus percent long-term earnings growth, with 9-plus percent EPS growth on average through 2030.

Bob Frenzel framed the quarter as proof that Xcel is executing on a large, multi-year infrastructure build while keeping affordability and reliability front and center. He emphasized strategic advantages in transmission, renewables, and data-center load growth, and pointed to recent wins like the SPS RFP, Colorado Power Pathway progress, and Sherco solar Phase 3. His tone was confident and expansive, but he repeatedly tied growth opportunities back to customer benefits, low bills, and disciplined execution.

Brian Van Abel focused on the quarter’s earnings bridge and the company’s funding plan. He cited the $0.93 per-share result, the main drivers behind it, and said financing costs were being absorbed as Xcel funds infrastructure investment while maintaining a strong balance sheet. He also said 85% of the company’s $7 billion base-plan equity need is already covered through equity forwards, collared ATM contracts and junior sub notes, and reiterated the 2026 EPS range of $4.04 to $4.16.

Analysts pressed on whether the recent SPS and other RFP wins, plus data-center upside, could push EPS and rate-base growth above the already-stated 9-plus percent long-term view. Management said the $6 billion SPS-related addition lifts line of sight to $10-plus billion, but some of that investment lands in the early 2030s, so the long-term growth framework has not changed yet. Questions also focused on regulatory approvals, Colorado wildfire risk, and large-load tariff design; management said it feels good about settlement prospects, described extensive wildfire mitigation work in Colorado, and said its tariffs are designed to protect existing customers and ensure large-load customers pay full and fair cost to serve.