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XEL · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Revenue fell 5.1% y/y to $3.12B, operating margin 22.6% vs 17.6%, net income $586M (+32.0% y/y).
Net income
$586M
up 32.0% y/y
Total operating revenues
$3,119M
down 5.1% y/y
Operating income
$706M
up 22.4% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Total operating revenues | $3,119 · −5.1% |
| Cost of natural gas sold and transported | $93 · −30.6% |
| Cost of sales — other | $2 · +100% |
| Electric fuel and purchased power | $678 · −26.1% |
| Operating and maintenance expenses | $691 · +2.4% |
| Conservation and demand side management expenses | $107 · +21.6% |
| Depreciation and amortization | $662 · −8.3% |
| Taxes (other than income taxes) | $177 · +2.9% |
| Marshall Wildfire litigation | $3 · vs $0 |
| Operating income | $706 · +22.4% · 22.6% margin |
| Other income, net | $37 · −45.6% |
| Earnings (loss) from equity method investments | $76 · vs −$8 |
| Allowance for funds used during construction — equity | $105 · +52.2% |
| Interest charges — includes other financing costs | $443 · +26.9% |
| Allowance for funds used during construction — debt | $45 · +66.7% |
| Income before income taxes | $526 · +37.0% |
| Income Tax Benefit | $60 |
| Net income | $586 · +32.0% · $0.93/sh · 18.8% margin |
Verdict: revenue fell 5.1% y/y to $3.12B, operating margin 22.6% vs 17.6%, net income $586M (+32.0% y/y).
Xcel Energy reaffirmed its 2026 ongoing earnings per share guidance of $4.04 to $4.16.
Source and notation
Source: Xcel Energy press release, 8-K EX-99.1 of 07/30/2026 (SEC EDGAR). Every figure was matched against the income statement in the release and checked against SEC XBRL.
Open as an image: XEL, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
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Chart: “XEL Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/xel/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/xel/q2-2026"><img src="https://whoreportstoday.com/t/xel/q2-2026/sankey.png" alt="XEL Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/xel/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
https://whoreportstoday.com/t/xel/q2-2026/sankey.png
<a href="https://whoreportstoday.com/t/xel/q2-2026">XEL Q2 2026 earnings chart (Who Reports Today)</a>
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- Year-to-date diluted GAAP earnings per share were $1.82 in 2026 compared with $1.59 in 2025.
- Operating income was $706M, a 22.6% margin vs 17.6% a year earlier.
- Diluted EPS was $0.93 vs $0.75 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
XEL — a utility holding company whose subsidiaries generate, transmit, distribute and sell electricity in eight states, including Colorado, Minnesota and Texas, and deliver natural gas to customers in several of them.
It earns regulated rates in two segments: Regulated Electric Utility, the bulk of revenue, and Regulated Natural Gas Utility. · Source: annual report (Form 10-K, SEC)
Heads-up
- revenue fell 5% y/y in Q2 2026
Revenue for Q2 2026: $3,119M, −5% y/y. Based on the Q2 2026 report.
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