Xcel Energy (NASDAQ:XEL) reported a resilient start to 2026, posting first-quarter GAAP earnings of $556 million, or $0.89 per share.
The results represent a steady climb from the $483 million, or $0.84 per share, recorded during the same period in 2025.
On an ongoing basis, the company earned $0.91 per share, meeting analyst expectations despite significant weather-related headwinds across its eight-state service territory.
The quarter was defined by a tug-of-war between operational growth and environmental factors.
Unseasonably warm winter weather dampened demand for natural gas and heating, creating an estimated negative impact of nearly $0.09 per share.
However, Xcel successfully mitigated these losses through the increased recovery of electric infrastructure investments and a 2.8% increase in weather-normalized retail electric sales, driven in part by the accelerating power demands of regional data centers.
Profitability was further tempered by the higher cost of capital and increased depreciation expenses as the utility continues its massive multi-year capital expenditure program.
Revenue for the quarter reached $4.02 billion, a 2.9% increase year-over-year, supported by new regulatory rates implemented in January across its Minnesota and Northern States Power territories.
Meanwhile, Xcel Energy reaffirmed its full-year 2026 ongoing earnings guidance of $4.04 to $4.16 per share.