EarningsQ2 2026 Earnings Report
MX:EXC Q2 2026 EPS Results
Actual EPS$7.29
Consensus EPS$7.39
Beat/MissMissed by -$0.10
One Year Ago EPS$6.61
MX:EXC Q2 2026 Revenue Results
Actual Revenue$101.19B
Expected Revenue$92.33B
Beat/MissBeat by +$8.86B
YoY Revenue Growth+9.95%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeBefore Open
Conference CallThursday, July 30, 2026
MX:EXC Upcoming Earnings
Exelon's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:EXC Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Neutral
The call presented a mix of positive execution items (Q2 earnings growth, reaffirmed guidance, strong reliability performance, financing progress, and large-scale storage development) alongside material industry-level challenges (PJM capacity shortfalls, record demand and price spikes, and storm-related operational stress). Management emphasized pragmatic, multi-pronged solutions (transmission, utility-owned generation, storage, VPPs, and regulatory engagement) and reconfirmed capital and earnings targets while acknowledging affordability pressures and pipeline refinement. Overall, company fundamentals and execution are solid, but systemic supply adequacy and market signals are significant risks that temper the near-term outlook.Company Guidance
Quarterly Adjusted Operating Earnings Increase
Adjusted operating earnings of $0.43 per share in Q2 2026 versus $0.39 in Q2 2025, a $0.04 per share increase (≈10% year-over-year). Management reaffirmed full-year guidance of $2.81–$2.91 per share.
Guidance and Multi-Year Growth Target Intact
Reaffirmed full-year operating earnings guidance ($2.81–$2.91) and expectation to deliver annualized earnings growth near the top end of 5%–7% from 2025–2029, supported by ~7.9% annualized rate base growth.
Strong Operational Reliability and Customer Benefits
All utilities projecting top-quartile reliability; ComEd and PHI projected in top decile. Top-quartile reliability saved customers an estimated $1 billion in avoided outage costs in 2025; annual customer interruptions have declined by nearly 2 million since 2021.
Robust Capital Deployment Plan
Continuing to deploy approximately $10 billion of capital in 2026 and maintaining a $41 billion capital plan through 2029; management still expects ~$12B–$17B of upside transmission opportunity beyond the base plan.
Large-Scale Battery Storage Project Announced
Atlantic City Electric/Invenergy 500 MW four-hour battery storage project in New Jersey (~$1 billion investment). Project would be the largest battery in PJM, target ~5 peak-demand days/year, serve ~400,000 homes equivalent, and is projected to deliver >$700 million in net customer benefits after in-service with no bill impact until at least 2035.
Practical DER and VPP Progress
VPP approvals and distributed energy resource programs advancing across jurisdictions (ComEd, Maryland, New Jersey, Delaware) to reduce peaks and lower system costs; roughly 10 GW of solar/wind in PJM can be captured via storage and VPP strategies.
Financing Progress and Strong Credit Profile
Completed ~86% of 2026 debt financing needs and priced all 2026 equity needs under ATM; ~37% of planned equity needs through 2029 priced. Expected average credit metrics ~14% through 2029; pre-issuance hedging in place to limit rate volatility exposure.
Regulatory Activity and Rate Case Progress
Active rate cases: BGE filed seeking $156.1 million revenue requirement; DPL seeking $45.4 million (interim rates effective July 9); Pepco Maryland decision expected next month; ComEd grid plan proposing ~$15.3 billion investment through 2031 with order expected by December 15.
MX:EXC 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