Overview

• U.S. regulated utility's Q1 revenue missed analyst expectations

• Ongoing earnings growth driven by higher electric infrastructure recovery, offset by higher financing costs

Outlook

• Xcel Energy reaffirms 2026 ongoing EPS guidance of $4.04 to $4.16

Result Drivers

• ELECTRIC INFRASTRUCTURE RECOVERY - Ongoing earnings growth was primarily driven by increased recovery of electric infrastructure investments

• ELECTRIC SALES GROWTH - Weather-normalized electric sales rose, led by higher use per customer in certain regions and customer growth

• HIGHER FINANCING AND DEPRECIATION COSTS - Results were partially offset by higher financing costs and increased depreciation expense due to system investment

Company press release: ID:nBw2pnL3Da

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Miss	$4.02 bln	$4.10 bln (8 Analysts)
Q1 EPS		$0.89

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 19 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the electric utilities peer group is "buy"

• Wall Street's median 12-month price target for Xcel Energy Inc is $92.00, about 16.7% above its April 29 closing price of $78.82

• The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 18 three months ago

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