EarningsQ3 2026 Earnings Report
IT:1EXC Q3 2026 EPS Results
Actual EPS€0.78
Consensus EPS€0.70
Beat/MissBeat by +€0.07
One Year Ago EPS€0.77
IT:1EXC Q3 2026 Revenue Results
Actual Revenue€6.53B
Expected Revenue€6.03B
Beat/MissBeat by +€500.27M
YoY Revenue Growth+9.16%
Earnings Announcement Details
QuarterQ3 2026
Date10/30/2026
TimeBefore Open
Conference CallFriday, October 30, 2026
IT:1EXC Upcoming Earnings
Exelon's next earnings date is estimated for February 24, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
IT:1EXC Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive. Exelon reported earnings ahead of expectations, narrowed full-year guidance, reaffirmed long-term growth near the top end of its 5% to 7% range, highlighted strong reliability and affordability metrics, and described progress across its regulatory, financing and capital investment plans. The principal challenges were delays in PJM capacity and reliability solutions, high regional supply costs, storm-related earnings pressure and unresolved timing around the Pennsylvania rate case.Company Guidance
Third-Quarter Earnings Ahead of Expectations
Exelon reported third-quarter 2026 adjusted operating earnings of $0.87 per share, compared with $0.86 per share in the third quarter of 2025. The increase was primarily driven by $0.06 from approved distribution and transmission rates net of depreciation, $0.01 of AFUDC, $0.01 of weather and $0.03 from lower costs.
Narrowed Full-Year Earnings Guidance
The company narrowed its full-year adjusted operating earnings guidance to $2.85 to $2.91 per share and said it is aiming to deliver at the midpoint or better.
Top-Tier Reliability and Customer Affordability
Exelon's four operating companies ranked first, second, fifth and sixth for electric reliability among U.S. utility peers. Customer rates were 19% below those in the largest U.S. cities, while bills as a percentage of median income were 20% below the national average, despite significant increases in PJM-driven supply costs.
Effective Response to Severe Storm Activity
Year-to-date, Exelon teams responded to approximately 31 significant weather events, including three ComEd storms that each affected more than 400,000 customers, 57 confirmed tornadoes and two derechos. Grid investments helped prevent an estimated 6.6 million customer outages, and service was restored to 94% of affected customers in less than 48 hours.
Organizational Changes Focused on Execution
Exelon made organizational changes in August intended to get closer to customers, execute capital more effectively and make decisions faster. The company brought technology and customer operations together, centralized engineering, design and project management, and aligned utility CEOs directly with the CEO.
Regulatory Progress in Maryland
The Maryland Public Service Commission approved a $50.9 million revenue requirement increase in Pepco's electric base rate case, based on a 9.4% ROE and a 50.5% equity ratio, with new rates effective August 10. The commission also recognized a continued role for forward-looking ratemaking in the Lessons Learned proceeding, with greater transparency and customer protections.
Progress Across Delaware and ComEd Proceedings
Delmarva Power's Delaware electric base rate case remains on track for a final order in the third quarter of 2027, and the company expects to implement interim rates at 75% of its request in December, subject to refund. ComEd reached a settlement with all parties in its annual reconciliation proceeding involving a $205 million delivery adjustment.
ComEd Grid Plan Offers Significant Customer Benefits
The ComEd grid plan remains on track, with an administrative law judge recommending approval with modification and an order expected by December 15. As filed, the plan is expected to deliver $51.5 billion of customer benefits versus approximately $15.3 billion of cost, or more than three times the cost, while supporting reliability, load growth and Illinois energy policy objectives.
Diversified $41.7 Billion Capital Plan
Exelon's $41.7 billion investment plan remains diversified, durable and defensive, with no single project representing more than 3% of the total. The plan supports 7.9% rate base growth and includes 16% growth in transmission investment.
Large Transmission and Storage Opportunity
Beyond the current plan, Exelon identified $12 billion to $17 billion of transmission opportunities over the next decade and 1.5 to 3.5 gigawatts, or approximately $3 billion to $7 billion, of potential regulated storage investment.
New Jersey Battery Storage Project
Exelon's proposed 500-megawatt New Jersey storage project, developed with Invenergy, is expected to provide more than $700 million in net customer benefits and no customer bill impact during its first five years of operation. The project is expected to receive a final New Jersey BPU order late in the first quarter of 2027 and would be the single largest battery storage installation in PJM.
Transmission and Storage Pipeline Supports Future Growth
Exelon said transmission opportunities are driven by the need to improve reliability and resiliency, address aging infrastructure, accommodate an evolving generation mix and serve growing demand. The company also said storage can provide lower capacity prices and tax benefits that smooth rate impacts, and that utility-owned storage is being pursued as one option alongside competitive development.
Positive Long-Term Earnings Outlook
Exelon reaffirmed its expectation for annualized adjusted operating earnings growth near the top end of its 5% to 7% range from 2025 through 2029. Management said the outlook is supported by the $41.7 billion capital plan, 7.9% rate base growth, disciplined cost management and a balanced financing plan.
Completed 2026 Debt Financing and Interest-Rate Hedging
Exelon completed 100% of its planned 2026 debt financing, mitigating interest-rate exposure for the year. Its pre-issuance hedging strategy is intended to limit the earnings impact of a 50-basis-point increase in rates to approximately $0.01 per share.
Equity and Credit Metrics Remain Positioned for Investment
Exelon has priced approximately 30% of its $3.4 billion of planned equity needs through 2029 via four ATM contracts, including all $850 million of its 2026 needs, which it expects to settle by December 15. Average credit metrics are expected to be approximately 14% through 2029, roughly 200 basis points above Moody's downgrade threshold and about 100 basis points above S&P's.
Large-Load Customer Commitments and Transmission Security Agreements
Exelon said developers are willing to step up to meet large-load needs, and collateral received under transmission security agreements has increased with a number of projects. Management said the agreements are intended to reduce speculative load and protect existing customers from rate increases associated with large-load development.
High-Probability Load Pipeline and Financing Flexibility
Exelon cited 11 gigawatts of high-probability loads, with approximately 10% expected by 2028 and about three-quarters expected to come online by 2034. Only a small amount is reflected in the current plan, and Exelon has ascribed approximately $1 billion of continued upside related to high-density load growth. For incremental capital opportunities, management said approximately 40% would be funded with equity, while battery projects may use build-own-transfer arrangements that place more capital toward the back end of construction.
Transmission Remains a Core Capital Allocation Area
Management said capital allocated to transmission has increased from 8% to 10% over recent roll-forwards, with transmission growing at 16%, and expects that trend to continue. Exelon also said its platform allows it to shift capital toward areas where it is most needed and can add the greatest value.
IT:1EXC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed