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Exelon (EXC) investor relations material

Exelon Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 earnings summary30 Jul, 2026

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.

High probability data center load by region
Utility RELIEF Act impact on MD rate filings
Credit metric headroom above S&P thresholds
Nature of the Q2 cost management program charge
PECO tax repairs impact on interest and taxes
Pepco Maryland multi-year plan reconciliation
Impact of TSAs on data center load probability
Implications of PJM simulated price in ComEd
PECO rate case refiling and stakeholder goals
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