Exelon (EXC) Q1 2026 earnings summary

Executive summary

• Adjusted operating earnings for Q1 2026 were $0.91 per share, slightly down from $0.92 in Q1 2025, with GAAP EPS steady at $0.90 per share; net income attributable to common shareholders rose $11 million year-over-year to $919 million.

• 2026 operating earnings guidance was reaffirmed at $2.81–$2.91 per share, with long-term growth targeted near the top end of the 5–7% range from 2025–2029.

• All utilities maintained top quartile reliability, with ComEd in the top decile despite severe storms.

• Strategic capital reallocation and project reprioritization are underway to balance affordability and long-term infrastructure needs.

• Regulatory progress includes Maryland's Utility RELIEF Act and ongoing rate cases in Pepco MD and DPL DE.

Financial highlights

• Q1 2026 operating revenues were $7.24 billion, up from $6.71 billion year-over-year; operating income was $1.61 billion, up from $1.54 billion.

• Adjusted (non-GAAP) operating earnings for Q1 2026 were $930 million, compared to $932 million last year.

• Cash flows from operating activities increased to $1.72 billion from $1.20 billion year-over-year.

• Capital expenditures for Q1 2026 were $2.36 billion, up from $1.95 billion.

• $1 billion in customer savings delivered over the past year through relief programs, settlements, and cost management.

Outlook and guidance

• Full-year 2026 adjusted operating earnings guidance reaffirmed at $2.81–$2.91 per share, aiming for midpoint or better.

• Projected $41.7 billion in capital expenditures over the next four years, supporting an expected rate base growth of 7.9%.

• Annualized earnings growth targeted near the top end of 5–7% through 2029.

• Transmission rate base projected to grow at 16% through 2029, with $12–$17 billion in additional opportunities.

• PECO withdrew its 2026 rate case filings and will reassess timing for future capital investments.