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 adjusted operating earnings guidance was reaffirmed at $2.81–$2.91 per share, with long-term growth outlook near the top end of the 5%–7% range for 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, reliability, and long-term infrastructure needs.

• Regulatory progress includes Maryland's Utility RELIEF Act, ongoing rate cases, and leadership transition at PECO.

Financial highlights

• Q1 2026 adjusted operating earnings were $930 million, compared to $932 million last year; GAAP net income was $919 million, up from $908 million, and operating revenues increased to $7.24 billion from $6.71 billion.

• Operating income was $1.61 billion, up from $1.54 billion, and cash flows from operating activities increased to $1.72 billion from $1.20 billion.

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

• Q2 earnings expected to be about 15% of full-year guidance midpoint, with 47% of annual earnings recognized in H1.

• Dividend per share was $0.42 for Q1 2026.

Outlook and guidance

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

• Long-term operating earnings growth outlook remains near the top end of the 5%–7% range through 2029.

• Transmission rate base expected to grow at 16% through 2029, with $12–$17 billion upside not including recent bids.

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

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