Exelon Q3 2026: Eight straight beats and a $41.7B growth plan

Exelon reported adjusted earnings of $0.87 per share for the third quarter of 2026, beating expectations, with revenue also topping forecasts and growing year over year, making this the eighth consecutive quarter the company has beaten Wall Street on the bottom line.

The adjusted figure strips out some meaningful charges that weighed on GAAP results, including regulatory disallowances at PHI, project impairments at BGE, and a cost management program. GAAP diluted EPS landed at $0.70 as a result, a notable gap from the adjusted number investors are being asked to focus on.

Not all subsidiaries moved in the same direction. ComEd, BGE, and PHI drove the adjusted upside through higher distribution and transmission rates. PECO pulled the other way, slipping because the extraordinary storm cost deferrals that boosted year-earlier results were absent and tax timing moved unfavorably. BGE and PECO also absorbed Moody's and S&P credit downgrades during the quarter.

Management narrowed full-year 2026 adjusted earnings guidance to $2.85 to $2.91 per share and reaffirmed long-term EPS growth near the top of its annual target through 2029. The $41.7 billion capital plan underpinning that target is tied in part to high-probability data center load, much of it already backed by FERC-approved transmission security agreements. Beyond the current plan, the company has identified additional investment opportunity in transmission and storage.

The eight-quarter streak matters because it suggests the capital plan is being executed on schedule. Investors focused on regulated utility growth will want to track the ComEd Grid Plan order expected by December 15, 2026, and the BGE electric rate case order due in January 2027, both of which will shape how much of that $41.7 billion actually flows through to rate base in the near term.