Exelon (EXC) Q3 2026 earnings summary

Executive summary

• Q3 adjusted operating EPS was $0.87 vs. $0.86 YoY; GAAP EPS fell to $0.70 from $0.86. FY2026 adjusted EPS guidance narrowed to $2.85-$2.91.

• The $41.7B investment plan and 7.9% rate-base growth support adjusted EPS growth near the top of the 5%-7% range for 2025-2029.

• Reliability, affordability and disciplined investment remain priorities; transmission and storage opportunities extend the growth runway subject to approvals and cost recovery.

Financial highlights

• Q3 adjusted operating earnings were $897M, or $0.87/share, versus $874M and $0.86/share in Q3 2025; Q3 revenue rose to $7.319B from $6.705B.

• Q3 net income attributable to common shareholders was $729M versus $875M; diluted GAAP EPS was $0.70 versus $0.86.

• Nine-month adjusted EPS was $2.20 versus $2.17; GAAP EPS was $1.98 versus $2.15.

• Q3 adjusted EPS gains from approved rates, AFUDC and weather were partly offset by storm activity, depreciation, interest and taxes; favorable weather and O&M timing helped results exceed expectations.

Outlook and guidance

• FY2026 adjusted operating EPS guidance narrowed to $2.85-$2.91, with a delivery target of midpoint or better.

• Adjusted EPS growth is expected near the top of the 5%-7% range for 2025-2029, supported by the $41.7B plan, 7.9% rate-base growth, cost management and balanced financing.

• 11 GW of high-probability load is only partly reflected in the plan; ~10% is expected online by 2028 and ~three-quarters by 2034.

• Opportunities beyond the plan include $12B-$17B of transmission and $3B-$7B of storage, subject to approvals, construction and recovery paths.