Exelon (EXC) Q2 2026 Earnings
Adjusted EPS excludes a cost management program charge of $42 million after tax ($0.04 per share), primarily severance; GAAP EPS was $0.39
How Did EXC Stock React to Q2 2026 Earnings?
S&P 500 over the same 30 days: +3.42%.
Did EXC Beat Earnings? Q2 2026 Results
No. Exelon reported Q2 2026 earnings of $0.43 a share on Jul 30, 2026, missing the $0.45 consensus estimate by 3.9%. Revenue was $6.0B against a $5.4B estimate.
Exelon delivered a mixed second quarter for fiscal 2026, posting adjusted EPS of $0.43 against a consensus estimate of $0.45, a miss of 3.93% that ended an eight-consecutive-quarter streak of beating EPS expectations, even as revenue climbed to $5.97 billion, a 9.9% year-over-year gain that ran nearly 10% ahead of the $5.43 billion consensus. The earnings shortfall traced most directly to PHI and PECO, where higher depreciation and interest expense weighed on results, while a $42 million after-tax charge tied to a cost management program, primarily severance spread across PECO, BGE and PHI, widened the gap between adjusted and GAAP figures, with GAAP EPS coming in at $0.39. Partly offsetting those drags, ComEd's earnings rose to $249 million from $228 million on higher distribution and transmission rate base. Investors are also watching whether Exelon's MidAtlantic utilities can keep pace with surging data center demand, with roughly 11 gigawatts of high-probability load already identified. Management reaffirmed full-year 2026 adjusted EPS guidance of $2.81 to $2.91, underpinned by a $41.70 billion four-year capital plan targeting 7.9% rate base growth.
- Higher distribution and transmission rates at ComEd and PHI and distribution rates at BGE
- Absence of customer surcharge credits at PECO and favorable weather at PECO
- Higher AFUDC at ComEd
- Absence of Customer Relief Fund contribution at the holding company and lower income taxes
- Offsets from higher depreciation at PECO and PHI, higher credit loss expense at BGE, higher interest expense and income taxes at PECO, and higher holding company interest expense
- Cost management program charge of $42M after tax excluded from adjusted earnings
“At Exelon, we are focused on delivering where it matters most for our customers and communities by providing safe, reliable and affordable energy.”
Exelon CEO, on the earnings call
What Was Exelon's Outlook in Q2 2026?
Exelon affirmed full-year 2026 adjusted operating earnings guidance of $2.81-$2.91 per share, based on about 1,031M expected average shares. It expects adjusted operating EPS compounded annual growth near the top end of 5-7% from 2025 to 2029, measured from the $2.64-$2.74 2025 guidance midpoint. Key plan elements: - Capital: a ~$41.7B four-year capital plan driving 7.9% rate base growth, with ~$10B of capex planned in 2026 and $12-17B of transmission opportunity beyond the plan. - Returns: a 2026 target of 9-10% consolidated operating ROE. - Funding: $3.4B of equity through 2029 (~$850M annually) and $3.4B of new corporate debt over 2026-2029. About 86% of 2026 debt is executed and ~37% of the equity need is priced. - Credit: credit metrics of about 14% through 2029, roughly 100-200 bps above downgrade thresholds. - Taxes: effective tax rate of 19.5% in 2026E and 20.0% in 2027E. - Dividend: growth of about 5% with a ~60% payout through 2029, targeting a 9-11% total annual return. Expected regulatory decisions: - Pepco MD rate order: August 2026. - BGE electric rate case order: January 2027. - DPL DE order: Q3 2027. - ComEd Grid Plan order: by December 15, 2026.
EXC YoY Financials
| Metric | Q2 2026 | Q2 2025 | Year over year |
|---|---|---|---|
| Revenue | $6.0B | $5.4B | +9.9% |
| Operating Income | $979.0M | $927.0M | +5.6% |
| Net Income | $396.0M | $391.0M | +1.3% |
EXC Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.