Xcel Energy's stock surged 5.02% during intraday trading on Thursday, following the release of its first-quarter 2026 financial results.

The utility company reported adjusted earnings of $0.91 per share, narrowly beating analyst estimates of $0.90. The earnings growth was driven by stronger electricity sales and increased recovery of electric infrastructure investments, which helped offset the impact of unseasonably warm weather and higher financing costs.

Investors responded positively to Xcel Energy's expanding data center business. The company is already developing solutions for two gigawatts of new data center capacity and expects to secure six gigawatts of data center load by 2027 without raising costs for existing customers. This growth opportunity comes as demand for electricity surges from Big Tech firms building data centers to support AI and cloud-computing services.

The company also reaffirmed its 2026 ongoing EPS guidance of $4.04 to $4.16, providing confidence in its financial outlook despite reporting revenue that slightly missed analyst expectations.