10-Q · May 6, 2026
Exelon Corporation reported Q1 2026 revenues of $7.24 billion, reflecting a 7.8% increase from Q1 2025, but missed analysts' estimates of $7.01 billion; EPS of $0.90 beat expectations of $0.88. Segment performance…
Earnings analysis · 10-Q
EXC earnings analysis
Filed October 30, 2026 · Our reading of the company's report
The latest report
Exelon delivered strong third-quarter revenue of $7.319 billion and adjusted operating EPS of $0.87, but GAAP EPS declined to $0.70 from $0.86 as PECO storm costs and Pepco regulatory write-offs weighed on results.…
Read full summary
Exelon delivered strong third-quarter revenue of $7.319 billion and adjusted operating EPS of $0.87, but GAAP EPS declined to $0.70 from $0.86 as PECO storm costs and Pepco regulatory write-offs weighed on results. Revenue increased across all six operating segments, although PECO and Pepco posted net-income declines of $85 million and $116 million, respectively. The company maintains substantial liquidity and a $9.9 billion 2026 capital program, but elevated capital needs, subsidiary rating downgrades, and unresolved regulatory exposures temper the outlook.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.7
What stood out
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Revenue growth, adjusted EPS stable
Third-quarter revenue was $7.319 billion, up approximately 9.1% from $6.71 billion in Q3 2025 and approximately 22.6% from $5.97 billion in Q2 2026. GAAP diluted EPS was $0.70 versus $0.86 year over year, while adjusted operating EPS was $0.87 versus $0.86.
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ComEd and BGE earnings improved
ComEd net income increased $33 million to $406 million, driven by higher distribution and transmission rate base from incremental customer investments and higher AFUDC. BGE net income rose $8 million to $90 million, supported by approved distribution and transmission rates.
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Broad-based segment revenue growth
All six operating segments reported year-over-year revenue growth: ComEd increased $195 million, BGE $154 million, Pepco $135 million, DPL $65 million, PECO $60 million, and ACE $9 million.
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Cost savings program targets $350 million
Exelon expects approximately $350 million of operating and maintenance cost savings in 2027, reflecting its announced cost-saving strategy.
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Large grid investment program
Management estimates 2026 capital expenditures of $9.9 billion, including $3.5 billion at ComEd, $2.175 billion at PECO, $2.175 billion at BGE, and $2.05 billion at PHI.
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Liquidity remains available
The registrants had $4.0 billion of aggregate credit commitments, with $3.5 billion available to support additional commercial paper at September 30, 2026; management stated that liquidity is sufficient for estimated future requirements.
What to watch
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PECO storm costs pressure earnings
PECO net income declined $85 million to $165 million in the quarter. Management cited higher storm costs, including the absence of a $53 million deferral recognized in Q3 2025, as well as higher contracting, depreciation, and interest expense.
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Pepco regulatory write-offs
Pepco net income fell $116 million to $40 million, principally because of $180 million of quarterly write-offs associated with its Maryland Base Rate Case, alongside higher depreciation and interest expense.
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Unquantified PJM cost exposure
FERC/PJM proceedings require historical recalculation of certain transmission cost allocations beginning June 18, 2015, over a 15-year refund and surcharge period; Exelon states the final impact could be material but cannot yet be estimated.
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Subsidiary credit ratings downgraded
The company disclosed credit-rating pressure at two subsidiaries: S&P lowered BGE's long-term issuer rating from 'A' to 'A-' on April 30, 2026, while Moody's lowered PECO's long-term issuer rating from 'A2' to 'A3' on July 15, 2026.
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High capital and regulatory recovery risk
Capital intensity remains substantial, with estimated 2026 capital expenditures of $9.9 billion; the filing states that investment recovery may be delayed or limited in rate-regulated jurisdictions.
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Maryland rate-case timing constraint
The Maryland Utility Relief Act imposes a moratorium on rate cases using forecasted test years until April 1, 2027, potentially affecting the timing of rate recovery for BGE, Pepco, and DPL.
Management's outlook
The 10-Q does not provide numeric EPS or revenue guidance. It does disclose estimated 2026 capital expenditures of $9.9 billion and a plan to identify approximately $350 million of operating and maintenance cost savings in 2027. The separate 8-K provided full-year 2026 adjusted EPS guidance of $2.85-$2.91.
Earlier filings 4
10-K · February 12, 2026
Exelon presents itself as a regulated transmission and distribution-focused utility holding company operating through six major utility subsidiaries (ComEd, PECO, BGE, Pepco, DPL, ACE) with scale across large service…
10-Q · November 4, 2025
Exelon reported Q3 2025 revenue of $6,705 million (vs. $6,154 million in Q3 2024) and diluted EPS of $0.86 (vs. $0.70 in Q3 2024), beating consensus on both top and bottom lines. Operating income and operating margin…
10-Q · July 31, 2025
Exelon reported Q2 2025 consolidated operating revenues of $5,427,000,000 and operating income of $927,000,000, with diluted EPS of $0.39. Operating cash flow for the six months was $2,711,000,000 while capital…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.