Exelon (EXC) Q3 2026 Earnings
Adjusted figure excludes after-tax items included in GAAP net income: regulatory matters (disallowance of certain capitalized costs) of $130 million ($0.13/share), project impairments of $26 million ($0.03/share), cost management program costs of $15 million ($0.01/share), and a $(3) million change in environmental costs. GAAP diluted EPS was $0.70.
How Did EXC Stock React to Q3 2026 Earnings?
Did EXC Beat Earnings? Q3 2026 Results
Yes. Exelon reported Q3 2026 earnings of $0.87 a share on Oct 30, 2026, beating the $0.79 consensus estimate by 9.8%. Revenue was $7.3B against a $6.8B estimate.
Exelon delivered a strong third-quarter beat on Thursday, extending its winning streak to eight consecutive quarters of consensus EPS beats as adjusted operating earnings of $0.87 per share cleared the $0.79 analyst estimate by 9.79%, while revenue of $7.32 billion topped forecasts by 7.36% and grew 9.2% year over year. The headline numbers masked a meaningful split between GAAP and adjusted results, with GAAP diluted EPS coming in at $0.70 after $130 million in after-tax regulatory disallowances at PHI and $26 million in project impairments at BGE weighed on reported income. On an adjusted basis, utility-level gains at ComEd, BGE, and PHI drove the upside, though PECO slipped to $167 million from $250 million a year earlier as the absence of 2025 storm cost deferrals and unfavorable tax timing created a notable drag. Exelon narrowed its full-year 2026 adjusted guidance to $2.85 to $2.91 per share and reaffirmed <a href="https://247wallst.com/investing/2026/10/26/the-hidden-catalyst-that-could-send-exelon-stock-back-to-50-on-oct-30/">long-term earnings growth</a> near the top of its 5% to 7% annual target through 2029, underpinned by a $41.70 billion capital plan and roughly 11 GW of high-probability data center load.
- Higher distribution and transmission rates at ComEd, BGE and PHI from updated recovery of investments
- Higher AFUDC at ComEd
- Lower contracting costs at BGE
- Absence of customer surcharge credits and favorable weather at PECO
- Higher storm costs at PECO, mainly from the absence of extraordinary 2025 storm cost deferrals
- Higher interest and depreciation at PECO and PHI
- Higher income taxes (timing of tax repairs deduction) and contracting costs at PECO
- Utilities rank 1st, 2nd, 5th and 6th in the nation for reliability
- ACE cooling degree-days up 23.2% vs Q3 2025
“Exelon's third-quarter results reflect disciplined investment and consistent performance across our utilities – a strategy that helped prevent outages during a summer of severe weather and kept customer rates below the national average.”
Exelon CEO, on the earnings call
What Is Exelon's Outlook?
Exelon narrowed its full-year 2026 adjusted (non-GAAP) operating earnings guidance to $2.85-$2.91 per share, based on expected average outstanding shares of 1,031 million. Longer-term targets: - Adjusted operating EPS compound annual growth near the top end of 5-7% from 2025 to 2029. - 7.9% rate base growth from a $41.7 billion investment plan. - About 40% of incremental capital funded with equity, totaling $3.4 billion through 2029 (about $850 million a year). - Average credit metrics of about 14%. - Dividend growth of 5% at roughly a 60% payout ratio, for a targeted 9-11% total annual return. 2026 priorities include deploying about $10 billion of capex and earning a consolidated operating ROE of 9-10%. The projected 2026 effective tax rate is 19.5%. Additional opportunity beyond the plan totals about $15-24 billion: $12-17 billion in transmission and $3-7 billion in storage.
EXC YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $7.3B | $6.7B | +9.2% |
| Operating Income | $1.4B | $1.5B | −8.1% |
| Net Income | $729.0M | $875.0M | −16.7% |
EXC Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.