PUBLIC SERVICE CO OF COLORADO
Public Service Company of Colorado (PSCo), a wholly owned Xcel Energy subsidiary, filed its Q3 2026 10-Q. Net income was $363M compared to $48M in Q3 2025, with the swing driven primarily by the prior-year period's $287M Marshall Wildfire litigation charge. Electric revenue grew to $1.282B from $1.209B. Total operating revenues were $1.470B. Nine-month capex reached $4.206B, and long-term debt rose to $12.46B.
- Q3 2026 net income: $363M vs $48M in Q3 2025, driven by absence of $287M Marshall wildfire litigation charge
- Q3 2026 operating income: $413M vs $53M in Q3 2025; total operating expenses fell to $1.057B from $1.347B
- Electric revenue rose 6% YoY to $1.282B; total operating revenues $1.470B vs $1.400B
- Nine-month capex surged to $4.206B from $3.349B; long-term debt increased to $12.46B from $10.376B at year-end 2025
- Parent Xcel Energy contributed $1.746B in capital during the nine months ended Sept. 30, 2026
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The $315M YoY net income swing reveals how a single litigation charge distorted prior-year results, and the $4.2B capex run rate signals aggressive infrastructure investment that will drive future rate-base growth.
PSCo's results reflect the broader regulated utility playbook: rate base growth funded by heavy capex ($4.2B YTD) and parent equity infusions, with AFUDC equity allowances ($79M in Q3) providing a non-cash earnings tailwind during the construction cycle.
Marshall Wildfire litigation remains an ongoing risk — the Q3 2025 charge was $287M, and while Q3 2026 recorded only $1M, future wildfire-related liabilities and insurance coverage gaps could materially impact results. Rising interest costs (interest charges up to $147M from $113M YoY) pressure earnings as debt loads grow.