Xcel Energy earnings date and guidance
Xcel Energy's next results are expected on October 29, 2026. Xcel Energy should show how the Colorado decision affects the forecast and collection timing.
What has Xcel Energy guided for 2026?
Its July 30 guidance calls for 2026 ongoing earnings of $4.04–$4.16 per share. Ongoing earnings adjust reported profit for selected unusual items. Xcel expects weather-normalized electricity sales to rise 3.0% and firm natural-gas sales to rise 1.0%, but much of the expected gain comes from infrastructure recovery. Capital riders should add $480–490 million of revenue.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Ongoing earnings per share | Year to Dec 2026 | 4.04 | 4.16 | Jul 30, 2026 |
| Weather-normalized retail electric sales increase | Year to Dec 2026 | 3.0% | 3.0% | Jul 30, 2026 |
| Weather-normalized retail firm natural gas sales increase | Year to Dec 2026 | 1.0% | 1.0% | Jul 30, 2026 |
| Capital rider revenue increase | Year to Dec 2026 | 480 | 490 | Jul 30, 2026 |
What this means. The capital forecast rows group the same planned spending by utility and by type of work, so adding every row together would count some spending twice.
Did Xcel Energy keep its past earnings promise?
Xcel also met its 2025 ongoing-earnings guidance, reporting US$3.80 per share against a US$3.75–US$3.85 range. GAAP earnings, which include selected unusual items, were US$3.42 because the Marshall settlement produced a US$0.38-per-share adjustment. The normal performance measure met its promise, but the settlement still reduced shareholder wealth.
What do Xcel Energy's last eight quarters show?
Revenue fell to $3,119 million in the June 2026 quarter, while operating income rose to $706 million. Fuel and purchased-power costs generally pass through to customers, so cheaper fuel can reduce revenue and expense together. That makes falling revenue compatible with stable or improving shareholder profit.
Cash remained the harder test. Quarterly capital spending rose to $2,948 million, and free cash flow was negative $1,848 million. Every quarter in the eight-quarter record had negative free cash flow. June shows improving recovery, but not yet a clean basis for extending the EPS increase.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,119 | 4,021 | 3,561 | 3,915 | 3,287 | 3,906 | 3,120 | 3,644 |
| Operating income | 706 | 754 | 580 | 749 | 577 | 677 | 347 | 911 |
| Net income | 586 | 556 | 567 | 524 | 444 | 483 | 464 | 682 |
| EPS, diluted | 0.93 | 0.89 | 0.95 | 0.88 | 0.75 | 0.84 | 0.81 | 1.21 |
| = Free cash flow | -1,848 | -1,325 | -3,229 | -1,290 | -1,346 | -960 | -1,553 | -42 |
What should I watch in Xcel Energy's next results?
Colorado regulators approved approximately $157 million of additional annual electric revenue, below Xcel’s proposed $225 million. The difference matters because the earnings forecast assumes constructive rate-case outcomes. The next earnings update should show how the decision affects the forecast and the timing of collections.