Q1 26 EPS
$0.91
BEAT +2.93%
Est. $0.88
Q1 26 Revenue
$7.24B
BEAT +2.95%
Est. $7.03B
vs S&P Since Q1 26
+0.7%
BEATING MARKET
EXC +1.7% vs S&P +1.1%
Market Reaction
Did EXC Beat Earnings? Q1 2026 Results
Exelon delivered a modest but clean earnings beat in the first quarter of 2026, posting adjusted operating EPS of $0.91 against a consensus estimate of $0.89, a 2.25% positive surprise that marks the company's fourth consecutive quarter of beating an… Read more Exelon delivered a modest but clean earnings beat in the first quarter of 2026, posting adjusted operating EPS of $0.91 against a consensus estimate of $0.89, a 2.25% positive surprise that marks the company's fourth consecutive quarter of beating analyst expectations. Revenue climbed to $7.24 billion, up 7.9% year over year, as higher distribution and transmission rates across multiple utilities and the absence of customer surcharge credits at PECO provided the clearest lift to the top line. GAAP net income rose to $919 million from $908 million a year earlier, while operating cash flow strengthened materially to $1.72 billion. The results reinforce Exelon's regulated growth story at a moment when grid demand is accelerating across its service territories. Management affirmed full-year 2026 adjusted EPS guidance of $2.81 to $2.91 and reiterated annualized EPS growth near the top of the 5% to 7% range through 2029, underpinned by a revised $41.70 billion capital plan weighted heavily toward transmission investment.
Key Takeaways
- • Approved distribution and transmission rates at ComEd, BGE, and PHI
- • Absence of customer surcharge credits at PECO
- • Favorable weather at PECO
- • Higher AFUDC at ComEd
- • Lower income taxes at PECO due to tax repairs
- • Timing of distribution earnings at ComEd was an unfavorable offset
- • Higher depreciation expense at PECO and PHI
- • Higher interest expense at holding company and PECO
- • Unfavorable Pepco Maryland multi-year plan reconciliation at PHI
- • Higher credit loss expense at BGE
EXC Forward Guidance & Outlook
Exelon affirmed full-year 2026 adjusted operating EPS guidance of $2.81-$2.91 per share based on expected average outstanding shares of 1,031 million. The company reiterated annualized adjusted operating EPS growth near the top end of 5-7% from 2025 through 2029, based off the midpoint of 2025 guidance of $2.64-$2.74. Exelon projects $41.7 billion of capital expenditures over 2026-2029, resulting in expected rate base growth of 7.9% from $64.6B in 2025 to $87.4B in 2029. Transmission rate base is expected to grow approximately 16%, with 100% of incremental capital driven by transmission. The company identified $12-17 billion of transmission opportunity beyond the current plan. Equity needs total $3.4 billion through 2029 (~$850M annually), with approximately 37% already priced via ATM forward contracts. Target average credit metrics of approximately 14% through 2029 with 100-200 bps of financial flexibility above downgrade thresholds. The company targets a consolidated operating ROE of 9-10% and approximately 60% dividend payout ratio, producing a total shareholder return of 9-11%.
EXC YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
EXC Revenue by Segment
With YoY comparisons, source: SEC Filings
“Exelon is on track for another year of consistent operational and financial performance. Our scale, platform, and disciplined execution allow us to adapt as conditions evolve to continue delivering on our commitments over the long term.”
— Calvin Butler, Q1 2026 Earnings Press Release
EXC Earnings Trends
EXC vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
EXC EPS Trend
Earnings per share: estimate vs actual
EXC Revenue Trend
Quarterly revenue: estimate vs actual
EXC Quarterly Results
9 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.88 | $0.91 | +2.93% | $7.24B | +2.95% |
| Q4 25 BEAT FY | $0.55 | $0.59 | +7.88% | $5.41B | -1.38% |
| FY Full Year | $2.71 | $2.77 | +2.36% | $24.26B | +0.02% |
| Q3 25 BEAT | $0.78 | $0.86 | +10.47% | $6.71B | +3.44% |
| Q2 25 BEAT | $0.37 | $0.39 | +6.09% | $5.43B | -1.01% |
| Q1 25 BEAT | $0.85 | $0.92 | +8.58% | $6.71B | +4.15% |
| Q4 24 BEAT FY | $0.59 | $0.64 | +7.94% | $5.47B | +0.53% |
| FY Full Year | $2.45 | $2.50 | +2.00% | $23.03B | +1.26% |
| Q3 24 BEAT | $0.67 | $0.71 | +5.97% | $6.15B | +5.12% |
| Q2 24 BEAT | $0.40 | $0.47 | +17.50% | $5.36B | +9.47% |
| Q2 22 MISS | $0.46 | $0.44 | -4.35% | $4.24B | +6.12% |