Xcel Energy has reported 2026 first quarter GAAP earnings of $556 million, or $0.89 per share, compared with $483 million, or $0.84 per share in the same period in 2025, and ongoing earnings of $567 million, or $0.91 per share compared with $483 million or $0.84 per share in the same period in 2025.

Despite the impact of unseasonably warm weather in the first quarter, ongoing earnings reflect increased recovery of electric infrastructure investments and electric sales growth, partially offset by higher financing costs and increased depreciation expense.

“At Xcel Energy, we continue to make energy work better for our customers and our past quarter showcased our keen focus on execution and delivering on our plans to strengthen and modernize the grid, expand our energy sources, and deploy innovative technologies to ensure that energy remains safe, reliable, and affordable,” said Bob Frenzel, Chairman, President and CEO of Xcel Energy.

“Our data center agreement in the Upper Midwest with Google in the quarter sets a high bar for ongoing community development and investment for data centers – protecting residential bills, advancing sustainability goals, and preserving precious water resources in the local community. Our partnership with Google took a strong step forward in the quarter, and we look forward to advancing more projects in the near future.”