Jun 2026 (Q2 FY26) — Jul 30, 2026
Xcel Energy Q2 FY26 — Strong Earnings and Expanded Investment Outlook
Read the full callXcel Energy (XEL) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Xcel Energy earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | Quarterly, as filed | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 586 | +32.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
8 of 9 judged targets kept · 13 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| SPS all-source RFP (1,500-3,000 MW nameplate) portfolio decision | Independent monitor portfolio announcement for the SPS all-source RFP by June 2026 | Sep 2025 | Last week, the independent monitor for our SPS RFP filed a report on our selection of 2,600 megawatts of new company-owned generation, representing 70% of the total recommended portfolio and $6 billion of new investment needs in Texas and New Mexico. | Achieved |
| Long-term EPS growth rate objective | 6% to 8%, expectation to deliver in the upper half of the range | Sep 2024 | We remain confident in our ability to deliver 6 to 8-plus percent long-term earnings growth. With line of sight to $10-plus billion of opportunities beyond our base plan, we expect to deliver 9-plus percent EPS growth on average through 2030. | Revised Up |
| 5-year capital investment plan (2026-2030 vintage) | $60 billion | Sep 2025 | We now have line of sight to the $70-plus billion of total investments that we described in our 5-year plan from last November | On Track |
1 of XCEL ENERGY INC's 22 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 19 more targets are in the full ledger.
Claimed
- Achieved strong Q2 FY26 earnings of $0.93 per share, up from $0.75 in Q2 FY25.
- Reaffirmed 2026 ongoing EPS guidance of $4.04 to $4.16, maintaining a 22-year track record.
- Secured line of sight to over $10 billion in incremental investment opportunities, including $6 billion from the SPS RFP.
- Advanced settlements or decisions in 6 active rate cases, keeping long-term bill growth at or below inflation.
- Secured 85% of the $7 billion equity need for the base 5-year plan, totaling approximately $6 billion.
Qualified
- Higher interest expense decreased earnings by $0.12 per share in Q2 FY26.
- Impacts of common equity financing decreased earnings by $0.06 per share in Q2 FY26.
- Wildfire conditions in Colorado remain challenging due to low snowpack and drought, requiring increased mitigation efforts.
- Potential pushback from hyperscalers on large load tariffs, though Xcel believes its provisions are well-constructed.
Price
$75.14 −1.53% · −$1.17
Performance −7.4% 1Y
1Y: $81.16 on 17 Oct 2025 → $75.14. High $83.91 (24 Feb 2026), low $69.39 (28 Sept 2026).
- Previous close
- $76.31
- 52-week range
- $69.39 – $83.91
- One year
- −7.55%
Overview
- Symbol
- XEL
- Sector
- Utilities
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
8 of 9 judged targets kept · 13 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| SPS all-source RFP (1,500-3,000 MW nameplate) portfolio decision | Independent monitor portfolio announcement for the SPS all-source RFP by June 2026 | Sep 2025 | Last week, the independent monitor for our SPS RFP filed a report on our selection of 2,600 megawatts of new company-owned generation, representing 70% of the total recommended portfolio and $6 billion of new investment needs in Texas and New Mexico. | Achieved |
| Long-term EPS growth rate objective | 6% to 8%, expectation to deliver in the upper half of the range | Sep 2024 | We remain confident in our ability to deliver 6 to 8-plus percent long-term earnings growth. With line of sight to $10-plus billion of opportunities beyond our base plan, we expect to deliver 9-plus percent EPS growth on average through 2030. | Revised Up |
| 5-year capital investment plan (2026-2030 vintage) | $60 billion | Sep 2025 | We now have line of sight to the $70-plus billion of total investments that we described in our 5-year plan from last November | On Track |
Claimed
- Achieved strong Q2 FY26 earnings of $0.93 per share, up from $0.75 in Q2 FY25.
- Reaffirmed 2026 ongoing EPS guidance of $4.04 to $4.16, maintaining a 22-year track record.
- Secured line of sight to over $10 billion in incremental investment opportunities, including $6 billion from the SPS RFP.
- Advanced settlements or decisions in 6 active rate cases, keeping long-term bill growth at or below inflation.
- Secured 85% of the $7 billion equity need for the base 5-year plan, totaling approximately $6 billion.
Qualified
- Higher interest expense decreased earnings by $0.12 per share in Q2 FY26.
- Impacts of common equity financing decreased earnings by $0.06 per share in Q2 FY26.
- Wildfire conditions in Colorado remain challenging due to low snowpack and drought, requiring increased mitigation efforts.
- Potential pushback from hyperscalers on large load tariffs, though Xcel believes its provisions are well-constructed.
The full ledger
Open XCEL ENERGY INC’s full ledger
A free account opens 5 company ledgers a month. All 22 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
Xcel Energy Q1 FY26 — $0.91 ongoing EPS and Google ESA details anchor a record capital investment year
Read the full callDec 2025 (Q4 FY25) — Feb 5, 2026
Xcel Energy Q4 FY25 — Data Center Capacity Doubles to 6 GW, Strategic Partnerships Formed
Read the full callEvery analysed call
Xcel Energy earnings calls (XEL)
Financials
What the filings say
Net profit, year on year: +32% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Expenses | 2,733 | 2,773 | 3,229 | 2,710 | 3,166 | 2,981 | 3,267 | 2,413 |
| Operating profit | 911 | 347 | 677 | 577 | 749 | 580 | 754 | 706 |
| Interest | 326 | 319 | 332 | 349 | 384 | 403 | 412 | 443 |
| Profit before tax | 692 | 167 | 422 | 384 | 532 | 435 | 509 | 526 |
| Tax rate | 1.4% | −177.8% | −14.4% | −15.6% | 1.5% | −30.3% | −9.2% | −11.4% |
| Net profit | 682 | 464 | 483 | 444 | 524 | 567 | 556 | 586 |
| EPS ($ per share) | 1.21 | — | 0.84 | 0.76 | 0.88 | — | 0.89 | 0.94 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1,285 | 1,311 | 1,344 | 1,360 | 1,374 | 1,387 | 1,436 | 1,559 |
| Reserves | 4,893 | 5,413 | 5,968 | 6,572 | 7,239 | 7,858 | 8,553 | 9,207 |
| Total liabilities | 33,765 | 37,209 | 39,382 | 42,239 | 44,513 | 46,463 | 50,513 | 57,762 |
| Fixed assets | 36,944 | 39,483 | 42,950 | 45,457 | 48,253 | 51,642 | 57,198 | 65,639 |
| Total assets | 45,987 | 50,448 | 53,957 | 57,851 | 61,188 | 64,079 | 70,035 | 81,371 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 3,122 | 3,263 | 2,848 | 2,189 | 3,932 | 5,327 | 4,641 | 4,083 |
| Cash from investing | -3,986 | -4,343 | -4,740 | -4,287 | -4,653 | -5,926 | -7,428 | -10,969 |
| Cash from financing | 928 | 1,181 | 1,773 | 2,135 | 666 | 617 | 2,837 | 6,981 |
| Net cash flow | 64 | 101 | -119 | 37 | -55 | 18 | 50 | 95 |
| Capital expenditure | -3,957 | -4,225 | -5,369 | -4,244 | -4,638 | -5,854 | -7,364 | -10,908 |
| Free cash flow | -835 | -962 | -2,521 | -2,055 | -706 | -527 | -2,723 | -6,825 |
Insider filings
70 filings between Nov 21, 2025 and Sep 28, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$1.40M
2 sales by 2 insiders
Compensation
not trading decisions- 48
- Award — granted as compensation
- 8
- Option exercise — converted options into shares
- 8
- Tax withheld — shares kept back by the company to cover tax
Also filed: 3 gifts, 1 code w.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Rome Amanda J | — | $1.34M | Mar 2, 2026 |
| Long Ryan J. | — | $66.3K | Mar 4, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 28, 2026 | Carter Peter W Director | Award | 404 | $0 |
| Sep 28, 2026 | Burkhart Megan D Director | Award | 688 | $0 |
| Sep 28, 2026 | KAMPLING PATRICIA L Director | Award | 774 | $0 |
| Sep 28, 2026 | Casey Lynn Director | Award | 580 | $0 |
| Sep 28, 2026 | Pardee Charles G Director | Award | 666 | $0 |
| Sep 28, 2026 | Welsh Timothy A Director | Award | 580 | $0 |
| Jul 29, 2026 | Carter Peter W Director | Award | 1,819 | $0 |
| Jun 28, 2026 | Pardee Charles G Director | Award | 541 | $0 |
| Jun 28, 2026 | Casey Lynn Director | Award | 493 | $0 |
| Jun 28, 2026 | KAMPLING PATRICIA L Director | Award | 608 | $0 |
| Jun 28, 2026 | Welsh Timothy A Director | Award | 468 | $0 |
| Jun 28, 2026 | Burkhart Megan D Director | Award | 584 | $0 |
| May 21, 2026 | Welsh Timothy A Director | Award | 2,254 | $0 |
| May 21, 2026 | KAMPLING PATRICIA L Director | Award | 2,254 | $0 |
| May 21, 2026 | Hutchinson Maria Demaree Director | Award | 2,254 | $0 |
| May 21, 2026 | Johnson Netha N. Director | Award | 2,254 | $0 |
| May 21, 2026 | Casey Lynn Director | Award | 2,254 | $0 |
| May 21, 2026 | Kehl George J Director | Award | 2,254 | $0 |
| May 21, 2026 | Pardee Charles G Director | Award | 2,254 | $0 |
| May 21, 2026 | Burkhart Megan D Director | Award | 2,254 | $0 |
| May 21, 2026 | Stockfish Devin W Director | Award | 2,254 | $0 |
| Mar 28, 2026 | Burkhart Megan D Director | Award | 615 | $0 |
| Mar 28, 2026 | Casey Lynn Director | Award | 519 | $0 |
| Mar 28, 2026 | Welsh Timothy A Director | Award | 480 | $0 |
| Mar 28, 2026 | Pardee Charles G Director | Award | 581 | $0 |
| Mar 28, 2026 | KAMPLING PATRICIA L Director | Award | 615 | $0 |
| Mar 20, 2026 | Rome Amanda J EVP, Group President, Utilitie | Code W | 6 | $0 |
| Mar 4, 2026 | Long Ryan J. EVP, Chief Legal and | Sale | 800 | $66.3K |
| Mar 2, 2026 | Ostrom Melissa SVP, Controller | Award | 1,450 | $0 |
| Mar 2, 2026 | Sharp Scott EVP, Chief Generation Officer | Award | 4,118 | $0 |
| Mar 2, 2026 | Lamb Michael G. EVP, Chief Delivery Officer | Award | 4,655 | $0 |
| Mar 2, 2026 | Long Ryan J. EVP, Chief Legal and | Award | 5,370 | $0 |
| Mar 2, 2026 | Rome Amanda J EVP, Group President, Utilitie | Award | 7,876 | $0 |
| Mar 2, 2026 | Van Abel Brian J EVP, Chief Financial Officer | Award | 9,129 | $0 |
| Mar 2, 2026 | Rome Amanda J EVP, Group President, Utilitie | Sale | 15,969 | $1.34M |
| Mar 2, 2026 | Frenzel Robert Chairman, President and CEO | Award | 42,065 | $0 |
| Mar 2, 2026 | Correa Patricia SVP, Chief Human Resources Off | Award | 4,207 | $0 |
| Feb 24, 2026 | Correa Patricia SVP, Chief Human Resources Off | Award | 11,053 | $0 |
| Feb 24, 2026 | Sharp Scott EVP, Chief Generation Officer | Tax withheld | 1,620 | $135.0K |
| Feb 24, 2026 | Sharp Scott EVP, Chief Generation Officer | Option exercise | 1,066 | — |
| Feb 24, 2026 | Lamb Michael G. EVP, Chief Delivery Officer | Tax withheld | 1,978 | $164.8K |
| Feb 24, 2026 | Lamb Michael G. EVP, Chief Delivery Officer | Option exercise | 2,888 | — |
| Feb 24, 2026 | Lamb Michael G. EVP, Chief Delivery Officer | Award | 3,615 | $0 |
| Feb 24, 2026 | Long Ryan J. EVP, Chief Legal and | Tax withheld | 1,725 | $143.8K |
| Feb 24, 2026 | Long Ryan J. EVP, Chief Legal and | Award | 4,322 | $0 |
| Feb 24, 2026 | Sharp Scott EVP, Chief Generation Officer | Award | 4,081 | $0 |
| Feb 24, 2026 | Rome Amanda J EVP, Group President, Utilitie | Tax withheld | 10,787 | $899.1K |
| Feb 24, 2026 | Rome Amanda J EVP, Group President, Utilitie | Option exercise | 6,056 | — |
| Feb 24, 2026 | Rome Amanda J EVP, Group President, Utilitie | Award | 20,700 | $0 |
| Feb 24, 2026 | Van Abel Brian J EVP, Chief Financial Officer | Tax withheld | 15,245 | $1.27M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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