This information is not given in connection with any sale, offer for sale or offer to buy any security.
XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(amounts in millions, except per share data)
Three Months Ended Sept. 30
Nine Months Ended Sept. 30
2026
2025
2026
2025
Operating revenues
Electric
$
3,888
$
3,638
$
9,604
$
9,351
Natural gas
272
264
1,667
1,715
Other
12
13
41
42
Total operating revenues
4,172
3,915
11,312
11,108
Operating expenses
Electric fuel and purchased power
1,067
1,098
2,764
3,036
Cost of natural gas sold and transported
58
61
671
708
Cost of sales — other
2
5
7
8
Operating and maintenance expenses
759
692
2,125
2,053
Conservation and demand side management expenses
125
101
353
299
Depreciation and amortization
791
750
2,221
2,200
Taxes (other than income taxes)
178
172
538
514
Marshall Wildfire litigation
1
287
(18
)
287
Total operating expenses
2,981
3,166
8,661
9,105
Operating income
1,191
749
2,651
2,003
Other income, net
62
46
121
121
Earnings (loss) from equity method investments
77
6
166
(3
)
Allowance for funds used during construction — equity
131
79
328
196
Interest charges and financing costs
Interest charges — includes other financing costs
484
384
1,339
1,065
Allowance for funds used during construction — debt
(52
)
(36
)
(137
)
(86
)
Total interest charges and financing costs
432
348
1,202
979
Income before income taxes
1,029
532
2,064
1,338
Income tax expense (benefit)
69
8
(38
)
(113
)
Net income
$
960
$
524
$
2,102
$
1,451
Weighted average common shares outstanding:
Basic
629
592
626
584
Diluted
632
595
629
587
Earnings per average common share:
Basic
$
1.53
$
0.88
$
3.36
$
2.48
Diluted
1.52
0.88
3.34
2.47
XCEL ENERGY INC. AND SUBSIDIARIES
Notes to Investor Relations Earnings Release (Unaudited)
Due to the seasonality of Xcel Energy’s operating results, quarterly financial results are not an appropriate base from which to project annual results.
Non-GAAP Financial Measures
The following discussion includes financial information prepared in accordance with generally accepted accounting principles (GAAP), as well as certain non-GAAP financial measures such as ongoing return on equity (ROE), ongoing earnings and ongoing diluted EPS. Generally, a non-GAAP financial measure is a measure of a company’s financial performance, financial position or cash flows that adjusts measures calculated and presented in accordance with GAAP. Xcel Energy’s management uses non-GAAP measures for financial planning and analysis, for reporting results to the Board of Directors, in determining performance-based compensation and communicating its earnings outlook to analysts and investors. Non-GAAP financial measures are intended to supplement investors’ understanding of our performance and should not be considered alternatives for financial measures presented in accordance with GAAP. These measures are discussed in more detail below and may not be comparable to other companies’ similarly titled non-GAAP financial measures.
Ongoing ROE
Ongoing ROE is calculated by dividing the net income or loss of Xcel Energy or each subsidiary, adjusted for certain nonrecurring items, by each entity’s average stockholder’s equity. We use these non-GAAP financial measures to evaluate and provide details of earnings results.
Earnings Adjusted for Certain Items (Ongoing Earnings and Ongoing Diluted EPS)
GAAP diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock (i.e., common stock equivalents) were settled. The weighted average number of potentially dilutive shares outstanding used to calculate Xcel Energy Inc.’s diluted EPS is calculated using the treasury stock method. Ongoing earnings reflect adjustments to GAAP earnings (net income) for certain items. Ongoing diluted EPS for Xcel Energy is calculated by dividing net income or loss, adjusted for certain items, by the weighted average fully diluted Xcel Energy Inc. common shares outstanding for the period. Ongoing diluted EPS for each subsidiary is calculated by dividing the net income or loss for such subsidiary, adjusted for certain items, by the weighted average fully diluted Xcel Energy Inc. common shares outstanding for the period.
We use these non-GAAP financial measures to evaluate and provide details of Xcel Energy’s core earnings and underlying performance. For instance, to present ongoing earnings and ongoing diluted earnings per share, we may adjust the related GAAP amounts for certain items that are non-recurring in nature. We believe these measurements are useful to investors to evaluate the actual and projected financial performance and contribution of our subsidiaries. These non-GAAP financial measures should not be considered as an alternative to measures calculated and reported in accordance with GAAP.
Note 1. Earnings Per Share Summary
Xcel Energy’s third quarter diluted GAAP and ongoing earnings were $1.52 per share in 2026, compared with GAAP earnings of $0.88 per share and ongoing earnings of $1.24 in the same period in 2025. The change in ongoing earnings per share was primarily driven by increased recovery of electric infrastructure investments, earnings on equity method investments and unseasonably warm weather, partially offset by higher financing costs. Fluctuations in electric and natural gas revenues associated with changes in fuel and purchased power and/or natural gas sold and transported generally do not significantly impact earnings (changes in costs are offset by the related variation in revenues).
Summarized diluted EPS for Xcel Energy:
Three Months Ended Sept. 30
Nine Months Ended Sept. 30
Diluted Earnings (Loss) Per Share
2026
2025
2026
2025
PSCo
$
0.57
$
0.08
$
1.31
$
0.79
NSP-Minnesota
0.51
0.53
1.18
1.17
SPS
0.34
0.27
0.67
0.55
NSP-Wisconsin
0.08
Source: finance.yahoo.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.
