EarningsQ2 2026 Earnings Report
MX:XEL Q2 2026 EPS Results
Actual EPS$16.91
Consensus EPS$14.36
Beat/MissBeat by +$2.54
One Year Ago EPS$13.63
MX:XEL Q2 2026 Revenue Results
Actual Revenue$56.70B
Expected Revenue$64.41B
Beat/MissMissed by -$7.71B
YoY Revenue Growth-4.94%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeBefore Open
Conference CallThursday, July 30, 2026
MX:XEL Upcoming Earnings
Xcel Energy's next earnings date is estimated for October 22, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:XEL Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong operational execution, meaningful year-over-year earnings growth (+24% Q2 EPS), substantial capital deployment and a large incremental project pipeline (line of sight to $10+ billion and a broader $70+ billion 5-year program). Management reaffirmed guidance, demonstrated progress on regulatory settlements and advanced customer programs, and showed substantial financing coverage (≈85% of near-term equity need). Key negatives were higher interest and financing costs that trimmed EPS, wildfire-related operational risk and some timing uncertainty for when incremental projects will hit rate base. On balance, the company presented multiple material wins and sustained momentum that outweigh manageable headwinds.Company Guidance
Quarterly Earnings Improvement
Q2 2026 GAAP EPS of $0.93 vs. $0.75 in Q2 2025, an increase of +24% year-over-year; drivers included higher electric revenues (+$0.17/share), higher AFUDC (+$0.08/share), and lower depreciation & amortization (+$0.08/share).
Strong Capital Deployment
Invested $3.0 billion in Q2 and over $6.0 billion year-to-date in generation, transmission and distribution projects across eight states, demonstrating continued execution on the company’s multi-year build program.
Large Incremental Investment Pipeline
Line of sight to $10+ billion of incremental investment from recent RFP outcomes and an existing 5-year plan calling for $70+ billion of total investments; pipeline includes nearly 13 GW of new renewable generation and storage, ~3 GW of new natural gas, and ~2,000 high-voltage transmission miles.
SPS RFP and Generation Wins
Independent monitor report on SPS selection: 2,600 MW of new company-owned generation (2,400 MW renewables + 200 MW gas), representing ~70% of the recommended portfolio and ~ $6 billion of investment in Texas and New Mexico; increases incremental investment visibility and economic growth support in the region.
Data Center Pipeline and Large-Load Progress
High-probability data center pipeline exceeds 20 GW: 1 GW in operation/under construction, 1 GW under signed ESAs, and expectation to secure an additional ~4 GW by year-end 2027 (including at least 1 GW in 2026); Large Load Tariff approved in Minnesota and filings submitted in Colorado and Wisconsin to facilitate growth while protecting existing customers.
Regulatory Execution and Customer Programs
Reached settlements and/or decisions in 6 active rate cases; maintained long-term customer bill growth at or below inflation and expanded customer assistance programs (e.g., nearly doubling energy assistance in Colorado, expanded accessibility and funding in Minnesota).
Financial Position and Guidance Reaffirmed
Reaffirmed 2026 ongoing EPS guidance of $4.04–$4.16; maintaining target long-term EPS growth of 6%–8+% and expecting 9+% avg EPS growth through 2030. Financing progress: ~85% of the $7 billion 5-year equity need (≈$6 billion) already covered via equity forward/collars and junior notes.
Sustainability Progress
Over two decades: carbon emissions down nearly 60%, water consumption reduced >35%, and enabled ~14,000 MW of wind and solar on system while maintaining resilient grid and among the lowest customer bills in the country.
MX:XEL Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed