Research · Sep 3, 2026
[XEL] Xcel Energy Thesis 2026: Largest Capex Plan in History Anchored by Data Centers
Xcel Energy FY25 (Dec 31, 2025) at $14.67B revenue (+9%). NI $2.02B; ongoing EPS $3.80 (21st consecutive year of meeting/exceeding initial guidance). $12B invested 2025; $60B+ over next 5 years. Weather-adjusted electric sales +2.2% FY25 / +3% FY26. FY26 EPS $4.04-$4.16. Long-term: 6-8+% earnings growth, 9% EPS CAGR average through 2030.