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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.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.
- Q1 2026 adjusted EPS was $0.91; $41.7B capital plan and strong reliability reaffirmed.EXC
Q1 2026 - Shareholders approved all proposals as leadership outlined growth, affordability, and innovation plans.EXC
AGM 2026 - Proxy covers director elections, auditor ratification, say-on-pay, and major ESG progress.EXC
Proxy Filing - Votes will be cast on board nominees, auditor ratification, and executive pay at the 2026 meeting.EXC
Proxy Filing - Targeting 5-7% annual earnings growth and $41.3B in capital investment through 2029.EXC
Investor presentation - 2025 adjusted EPS rose to $2.77; 2026 guidance targets 6%+ growth and $41.3B capital plan.EXC
Q4 2025 - Q3 2024 adjusted EPS rose to $0.71, with robust cash flow and $34.5B in investments planned.EXC
Q3 2024 - Q2 2024 adjusted EPS up 15% year-over-year; guidance and long-term growth reaffirmed.EXC
Q2 2024 - Q1 2025 Adjusted EPS up 35% year-over-year; full-year guidance and growth outlook reaffirmed.EXC
Q1 2025
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