Exelon (EXC) Q2 2026 earnings summary

Executive summary

• Adjusted operating earnings for Q2 2026 were $0.43 per share, up $0.04 year-over-year, while GAAP EPS remained flat at $0.39; full-year guidance of $2.81–$2.91 per share was reaffirmed, with annualized EPS growth targeted near the top end of 5–7% from 2025 to 2029.

• Utilities maintained top quartile reliability, with ComEd and PHI in the top decile, despite severe weather and record demand.

• Significant investments in grid resilience, modernization, and customer-focused initiatives continue, balancing affordability and reliability.

• Regulatory progress includes ongoing and new rate cases in Maryland, Delaware, and Illinois, and a focus on practical solutions for supply constraints.

• Major debt financings for 2026 are largely completed, supporting ongoing investments.

Financial highlights

• Q2 2026 adjusted operating earnings were $0.43 per share, compared to $0.39 in Q2 2025, driven by higher distribution and transmission rates, customer relief, and favorable weather, partially offset by higher credit loss and interest expenses.

• Year-to-date adjusted operating earnings per share reached $1.33, up from $1.31 in the prior year period.

• Q2 2026 net income was $396M (vs. $391M in Q2 2025); adjusted (non-GAAP) operating earnings for Q2 2026 were $438M (vs. $392M in Q2 2025).

• Q2 2026 operating revenues were $5,967M, up from $5,427M in Q2 2025.

• O&M growth remained below inflation, saving customers $580M in 2026.

Outlook and guidance

• Full-year 2026 adjusted operating earnings guidance of $2.81–$2.91 per share reaffirmed, with a goal to reach the midpoint or better.

• Annualized EPS growth targeted near the top end of 5–7% through 2029, supported by 7.9% annualized rate base growth.

• Approximately $10B of capital deployment planned for 2026, with $41B–$41.7B through 2029.

• Capital expenditures for 2026 projected at $9.9B across all segments.

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