Exelon narrows 2026 earnings range after Q3 operating EPS tops expectations
Exelon reported third-quarter adjusted operating EPS of $0.87, up from $0.86 a year earlier, and narrowed 2026 guidance to $2.85–$2.91 per share.
Exelon (Nasdaq: EXC) reported third-quarter 2026 GAAP net income of $729 million, or $0.70 per diluted share, compared with $875 million, or $0.86 per share, a year earlier. Adjusted operating earnings were $0.87 per share, above market expectations cited by the company, versus $0.86 in the prior-year quarter.
The company said the adjusted result reflected higher distribution and transmission rate base at ComEd, higher AFUDC and continued utility investment. Results varied by utility: ComEd adjusted operating earnings rose to $412 million from $373 million, while PECO declined to $167 million from $250 million and BGE increased to $119 million from $82 million.
Exelon narrowed its full-year 2026 adjusted operating EPS guidance to $2.85–$2.91 per share and affirmed a 5%–7% compounded annual growth objective for 2025–2029 near the top end of that range. The release also said planned 2026 debt financings were completed, supporting continued investment across the regulated utilities.
Adjusted EPS
$0.87
↑ vs. $0.86 Q3 2025
GAAP net income
$729M
↓ vs. $875M Q3 2025
FY 2026 adjusted EPS
$2.85–$2.91
narrowed guidance
Sources
Quarterly revenue, Exelon
Margins by quarter
Twelve quarters of figures
| Quarter | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.8B | $6.0B | $5.4B | $6.0B | $5.4B | $6.2B | $5.5B | $6.7B | $5.4B | $6.7B | $5.4B | $7.2B |
| Revenue growth | 13.7% | 23.4% | 15.0% | 8.6% | 11.3% | 2.9% | 1.9% | 11.1% | 1.2% | 9.0% | −1.1% | 7.9% |
| Operating margin | 14.6% | 18.8% | 20.4% | 18.4% | 17.0% | 19.4% | 20.1% | 22.9% | 17.1% | 22.4% | 21.9% | 22.2% |
| Net income | $343M | $700M | $617M | $658M | $448M | $707M | $647M | $908M | $391M | $875M | $594M | $919M |
| Diluted EPS | $0.34 | $0.70 | $0.62 | $0.66 | $0.45 | $0.70 | — | $0.90 | $0.39 | $0.86 | — | $0.90 |
| Cash from operations | $1.3B | $1.5B | $1.4B | $992M | $1.5B | $1.7B | $1.4B | $1.2B | $1.5B | $2.3B | $1.2B | $1.7B |
| Capital expenditure | $1.8B | $1.9B | $1.9B | $1.8B | $1.7B | $1.7B | $1.9B | $1.9B | $2.0B | $2.1B | $2.4B | $2.4B |
| Free cash flow | −$527M | −$324M | −$457M | −$775M | −$237M | −$6.0M | −$510M | −$746M | −$502M | $163M | −$1.2B | −$634M |
| Dividends and buybacks | $359M | $357M | $359M | $381M | $380M | $381M | $382M | $403M | $405M | $404M | $405M | $430M |
This story describes figures the company has published. It is for information only and is not investment advice or a recommendation to buy, sell or hold any security. Check the original filings before relying on any figure. Stoqly is not affiliated with the SEC or Exelon.
