Xcel Energy

Xcel Energy Inc. (Xcel Energy) owns four regulated utilities that sell electricity and natural gas: Northern States Power Company in Minnesota (NSP-Minnesota) and in Wisconsin (NSP-Wisconsin), Public Service Company of Colorado (PSCo), and Southwestern Public Service Company (SPS) in Texas and New Mexico. They generate, transmit and distribute electricity, and they distribute natural gas. Revenue was $11,312 million in the first nine months of 2026, of which $9,604 million came from electricity. Xcel Energy says that it is one of the largest builders of clean generation and high-voltage transmission in the United States.

The shares trade on the Nasdaq. The head office is in Minneapolis, Minnesota. Bob Frenzel is Chairman, President and Chief Executive Officer.

Xcel Energy's price already includes fast earnings growth from a large investment plan, more than a steady utility usually gets. Xcel Energy plans base capital expenditures of $70 billion from 2027 to 2031, mainly for renewables, transmission, distribution and generation for new large customers such as data centers. It expects ongoing EPS of $4.48 to $4.62 in 2027 and long-term EPS growth of 6% to 8% or more.

But it must issue many new shares to fund the plan, and wildfires in Colorado and Texas brought large claims. For the price to hold, three things must be true. Regulators must approve rate cases and riders with fair returns, such as the Minnesota Rate Stability Plan.

Sales must grow by about 5% in 2027, with large loads such as the Google data center in Minnesota. And new wildfires must not bring large new losses. The Minnesota decision, expected in January 2027, and the Q4 2026 report are the next tests.

1. Oct 29, 2026Passed

   Q3 2026 results and the 2027 guidance2026 guidance kept or narrowed and 2027 guidance for EPS growth of 6% or more pass; lower guidance fails.Outcome: Xcel Energy narrowed its 2026 ongoing EPS guidance to $4.10 to $4.16 and gave 2027 guidance of $4.48 to $4.62.
2. Jan 2027 · est.Pending

   Minnesota decision on the Rate Stability PlanApproval of the base rate freeze with the tax credit offset passes; a rejection that leads to a contested rate case fails.
3. Feb 2027 · est.Pending

   Q4 2026 results2026 ongoing EPS of $4.10 or more and confirmed 2027 guidance pass; a cut fails.

Every passed and failed checkpoint across all picks

• November 5, 2026Xcel Energy issued $2.5 billion of 2.625% convertible senior notes due December 15, 2027, with an initial conversion price of about $87.26 per share. It uses the money to repay short-term borrowings.
• October 30, 2026Xcel Energy started a new at-the-market equity program for the sale of up to $6.0 billion of common stock, including forward sales.
• October 29, 2026Xcel Energy reported Q3 2026 results. GAAP and ongoing EPS were $1.52, against ongoing EPS of $1.24 in Q3 2025. It narrowed its 2026 ongoing EPS guidance to $4.10 to $4.16, gave 2027 guidance of $4.48 to $4.62 and gave a base capital plan of $70 billion for 2027 to 2031.

Last earnings

October 29, 2026 (8-K on sec.gov)

Next earnings

Expected about January 29, 2027. The company has not confirmed the date.

• 8-KNew debt or financial obligationFiled November 5, 2026 · Read it on sec.gov
• 8-KOther company newsFiled November 3, 2026 · Read it on sec.gov
• 8-KOther company newsFiled November 2, 2026 · Read it on sec.gov
• 8-KOther company newsFiled October 30, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 29, 2026 · xel-20260930
• 8-KEarnings releaseFiled October 29, 2026 · Press release and exhibits
• 8-KOther company newsFiled October 9, 2026 · xel-20261009
• 8-KOther company newsFiled August 20, 2026 · xel-20260819
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 30, 2026 · xel-20260630
• 8-KEarnings releaseFiled July 30, 2026 · Press release and exhibits

Every filing on SEC EDGAR (CIK 72903)

• The Texas A&M Forest Service found that SPS power lines caused the Smokehouse Creek Fire Complex in 2024. Xcel Energy estimates total losses of $475 million, but the lawsuit of the Texas Attorney General and other claims can bring more. New wildfires in Colorado or Texas can bring large claims.
• Xcel Energy plans to fund $70 billion of base capital expenditures from 2027 to 2031 with $26,190 million of new debt and $8,000 million of new equity. New shares reduce EPS growth.
• Regulators set the allowed returns. Recent rate decisions and settlements gave returns on equity of 9.2% to 9.6%. Lower returns or a rejection of the Minnesota Rate Stability Plan can lower earnings.
• Higher interest rates increase financing costs. Xcel Energy expects interest expense, net of AFUDC, to rise by $320 million to $330 million in 2027.
• Large loads such as data centers can arrive later than planned, which can lower sales growth.
• Moody's has a negative outlook on Xcel Energy Inc. and PSCo. A downgrade can increase borrowing costs.

Xcel Energy funds its utilities with first mortgage bonds, holding company debt, new shares and cash flow. At September 30, 2026, total debt was $40,598 million: $3,060 million of short-term debt, $999 million of current long-term debt and $36,539 million of long-term debt. Read more

Dividend yield

2.9% (last 12 months, at today’s price of $80.12)

Paid per share

$2.349 in the last 12 months (4 payments)

Current annual rate

$2.372 ($0.593 × 4 a year)

Payout ratio

83% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 15, 2026, $0.593 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 10.5% a year. From 2015 to 2025, the dividend grew by about 8.2% a year.

Source: company filings and market data, read on November 10, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.