Xcel Energy’s 2026 second quarter earnings up $142 million compared to 2025 

Xcel earned $586 million in the second quarter of 2026—$142 million more than the quarterly earnings reported for same period last year—according to the company’s 2026 second quarter earnings report.  

Xcel’s Minnesota utility, Northern States Power Company (NSP-MN) is the only of Xcel’s four utility companies that has experienced growth in earnings per share, year-over-year, in each of the past four years. Xcel owns four utility companies that operate in 8 states (Minnesota, Colorado, Wisconsin, Michigan, North Dakota, South Dakota, Texas and New Mexico). Earnings from each of those utilities contribute to Xcel’s overall earnings.

Earnings per share from Minnesota continued to increase through the first half of 2026, despite the PUC recently ordering Xcel to refund Minnesota customers around $40.6 million, plus interest, for causing a 103-day outage at the company’s Prairie Island nuclear facility.  

Through the first six months of 2026, earnings per share are up for each of Xcel’s utilities compared to the first six months of 2025. 

Report of increased earnings comes as CUB challenged Xcel’s authorized return in Minnesota 

This month, CUB, the Minnesota Attorney General, and the Minnesota Department of Commerce have formally asked the PUC to reconsider a recent decision to increase Xcel’s authorized return on equity (ROE). The ROE increase will bolster Xcel’s corporate profits at an increased cost to ratepayers.  

The ROE increase was part of a comprehensive decision by the PUC on Xcel’s request to increase electric rates. In its decision, the PUC it took several other measures to limit the rate increase and protect ratepayers, including approving CUB’s recommendation to slash excessive late fees. However, the PUC also authorized Xcel to increase its ROE from 9.25% to 9.6%, which alone will add tens of millions of dollars to ratepayer bills each year.  

Evidence in the rate case proceeding demonstrates, and Xcel’s latest earnings report underlines, that the company’s current ROE of 9.25% is more than adequate to allow it to attract investors and provide reasonable returns for its shareholders.  

You can read more about the challenge to Xcel’s ROE here.  

Get involved 

The PUC is accepting comments on whether it should reverse the decision to increase Xcel’s ROE. You can provide a comment through the PUC’s online comment form, or by emailing consumer.puc@state.mn.us and including Docket #24-320 in the subject line. Please know that any identifying information included in your comment will become part of the public record.