Xcel Energy (XEL) is moving higher today after releasing first-quarter 2026 results that showed stronger year-over-year profitability and maintained its full-year outlook. The company reported Q1 2026 GAAP EPS of $0.89 and ongoing EPS of $0.91, up from $0.84 in the prior-year quarter, and reaffirmed 2026 ongoing EPS guidance of $4.04 to $4.16.

Net income increased to $556 million from $483 million a year earlier, alongside the EPS lift. Management attributed the underlying improvement primarily to increased recovery of electric infrastructure investments and electric sales growth, offset in part by higher financing costs and higher depreciation; the company also noted unseasonably warm weather as a headwind during the quarter.

Beyond quarterly execution, investors will keep focus on regulatory outcomes and cost recovery dynamics across Xcel’s jurisdictions, since rate decisions can materially influence cash flow visibility and earnings cadence. The earnings materials also highlighted wildfire-related accounting items, including a first-quarter reduction to operating expenses tied to higher estimated insurance recoveries for certain non-recurring Marshall Wildfire costs, an area that can create quarter-to-quarter noise even when full-year guidance is unchanged.