XCEL ENERGY INC

Xcel Energy Inc. reported strong financial results for the third quarter and first nine months of 2026. Net income for Q3 2026 surged to $960 million ($1.52 diluted EPS), a substantial increase from $524 million ($0.88 diluted EPS) in Q3 2025. Total operating revenues also grew to $4.172 billion in Q3 2026. For the nine-month period, net income reached $2.102 billion. The company significantly increased its capital expenditures and saw an increase in both short-term and long-term debt.

Xcel Energy reported a significant increase in net income and diluted EPS for the second quarter and first half of 2026, despite a decrease in total operating revenues. The company engaged in substantial financing activities, issuing $4.65 billion in long-term debt and entering a $1.5 billion term loan, alongside significant capital expenditures of $5.97 billion. The quarter also saw a $3 million expense related to Marshall Wildfire litigation.

Xcel Energy reported strong second-quarter 2026 results with diluted GAAP and ongoing earnings per share of $0.93, a 24% increase from $0.75 in Q2 2025. Net income rose to $586 million from $444 million year-over-year. The company reaffirmed its 2026 ongoing EPS guidance of $4.04 to $4.16, driven by increased recovery of electric infrastructure investments. Xcel Energy also provided updates on several ongoing regulatory rate cases and resource acquisition plans across its subsidiaries, alongside details on wildfire litigation.

Xcel Energy Inc. announced the election of Peter Carter, 63, to its Board of Directors, effective immediately. Mr. Carter, who currently serves as President of Delta Air Lines, Inc., will also join the Board's Audit Committee and Governance, Compensation and Nominating Committee. His appointment increases the total number of directors on the Board from 10 to 11.

Public Service Company of Colorado (PSCo), a subsidiary of Xcel Energy, has filed a comprehensive non-unanimous settlement agreement regarding its natural gas rate case. The settlement proposes a $123 million revenue increase, which is lower than the initial request of $190 million. Key terms include a 9.2% return on equity and a 54.5% equity ratio. A CPUC decision and implementation of final rates are expected in the fourth quarter of 2026.

Southwestern Public Service Company (SPS), a subsidiary of Xcel Energy, filed an electric rate case in New Mexico, initially requesting a $168 million revenue increase. A non-unanimous stipulation has been filed, proposing a $90 million base rate revenue increase, a 9.5% return on equity, and a 54.70% equity ratio. A hearing is scheduled for July 2026, with a decision anticipated in Q4 2026 and rates implemented in December 2026. Xcel Energy reaffirmed its 2026 ongoing earnings per share guidance of $4.04 to $4.16.

Xcel Energy's subsidiary, Northern States Power Company (NSP-Minnesota), received a verbal decision from the Minnesota Public Utilities Commission (MPUC) on its electric rate case. The decision includes an estimated rate increase of approximately $211 million over two years, an average of 2.9% annually. The MPUC approved a Return on Equity (ROE) of 9.60%, an increase from the current 9.25%, while maintaining an equity ratio of 52.5%. Xcel Energy reaffirmed its 2026 ongoing earnings per share guidance of $4.04 to $4.16, with a final written order expected by July 31, 2026.

Xcel Energy's subsidiary, Public Service Company of Colorado (PSCo), filed a natural gas rate case seeking a $190 million (11.6%) revenue increase based on a 10.75% return on equity. However, intervenors have proposed significant modifications. CPUC Staff recommended a $(15) million revenue change with an 8.50% ROE, while the Colorado Office of the Utility Consumer Advocate (UCA) proposed an $86 million increase with a 9.20% ROE. A final decision from the Colorado Public Utilities Commission is expected in the fourth quarter of 2026.

Public Service Company of Colorado (PSCo), an Xcel Energy subsidiary, filed a non-unanimous settlement agreement for its electric rate case. The settlement proposes a $225 million (6.3%) revenue increase, lower than the initial $356 million request, and sets a 9.3% return on equity and 54.5% equity ratio. While some parties oppose it, Xcel Energy reaffirmed its 2026 ongoing earnings per share guidance of $4.04 to $4.16.

Xcel Energy's wholly owned subsidiary, Northern States Power Company (NSP-Minnesota), reached a non-unanimous settlement in its 2025 Minnesota natural gas rate case. The settlement proposes a total revenue increase of $38 million, which is less than the initial request of $62 million (8.2%). The agreement also includes a weighted average cost of capital of 7.21%, an increase from the previously authorized 7.16%. A final decision from the Minnesota Public Utilities Commission (MPUC) is anticipated in November 2026.