Key financial results

  • EPS: Exelon reported third quarter 2026 adjusted operating earnings of $0.87 per share compared to $0.86 per share in the third quarter of 2025.Exelon earned $0.87 per share in the third quarter of 2026 compared to $0.86 per share in the third quarter of 2025.
  • Guidance: Management narrowed full year 2026 operating earnings guidance to $2.85 to $2.91 per share, with the goal of delivering at the midpoint or better.we are narrowing our full year operating earnings to $2.85 to $2.91 per share with the goal of delivering at the midpoint or better.
  • Drivers: The year-over-year EPS increase of $0.01 per share was driven by approved distribution and transmission rates net of depreciation, AFUDC, weather, and lower costs, which were largely offset by storm activity and interest and tax expenses.

Business segment results

  • Reliability: Exelon's four operating companies rank first, second, fifth, and sixth for electric reliability among their U.S. utility peers.Our four operating companies now rank first, second, fifth and sixth for electric reliability among their U.S. utility peers.
  • Weather: Year-to-date teams responded to approximately 31 significant weather events, including three major storms in ComEd territory that each impacted more than 400,000 customers.Year-to-date, our teams have responded to approximately 31 significant weather events across our jurisdictions, including three major storms in ComEd territory this summer that each impacted more than 400,000 customers.
  • Segments: Management did not give distinct segment profit figures for the individual utility subsidiaries on the call.

Capital allocation

  • Capital Plan: The capital plan stands at $41.7 billion and is diversified and defensive, with no single project greater than 3% of the total.Our $41.7 billion investment plan remains diversified, durable and defensive with no single project greater than 3% of the total.
  • Rate Base: The capital plan drives 7.9% rate base growth underpinned by 16% growth in transmission.That plan drives 7.9% rate base growth underpinned by 16% growth in transmission as we invest to strengthen reliability and resiliency
  • Debt: The company completed 100% of its planned 2026 debt financing.We have now completed 100% of our planned 2026 debt financing, mitigating our exposure to interest rate volatility for the year.
  • Equity: Exelon priced approximately 30% of its $3.4 billion of planned equity needs through 2029 via ATM contracts, including all $850 million of 2026 needs.we have priced approximately 30% of our $3.4 billion of planned equity needs through 2029 via four contracts under our ATM program, including all $850 million of our 2026 needs
  • PJM: PJM faces an approximate 11.5 gigawatt shortfall by 2030, and PJM advanced a revised reliability backstop procurement proposal.PJM could face approximately an 11.5 gigawatt shortfall by 2030.
  • Proposal: PJM's revised proposal focuses on cost allocation tied to large load growth, reducing collateral requirements from 50% to 40%, and ensuring exit fees apply to large load serving entities rather than transmission owners.

Competitive landscape

  • Supply Gap: Management noted that competitive markets have not delivered the level of new supply that states are seeking, positioning the utility to help close that gap.Across several of our jurisdictions, competitive markets have not delivered the level of new supply that states are seeking. We are well positioned to help close that gap
  • Storage: Utility-owned storage is viewed as one option alongside competitive development rather than a replacement for it.We view utility-owned storage as one option alongside competitive development, not a replacement for it.

Macroeconomic environment

  • Affordability: Customer rates last year were 19% below those in the largest U.S. cities, while bills as a percentage of median income were 20% below the national average.Last year, our customer rates were 19% below those in the largest U.S. cities, while bills as in percentage of median income were 20% below the national average.
  • Interest Rates: Pre-issuance hedging limits the earnings impact of a 50 basis point increase in rates to approximately $0.01 per share.limiting the earnings impact of a 50 basis point increase in rates to approximately $0.01 a share.

Growth opportunities and strategies

  • Transmission: Management identified $12 billion to $17 billion of additional transmission opportunities over the next decade beyond the current plan.we see an additional $12 billion to $17 billion of investment opportunity over the next decade beyond our plan.
  • Storage: Potential regulated storage investment is estimated at 1.5 to 3.5 gigawatts, or approximately $3 billion to $7 billion beyond the current plan.We currently see 1.5 to 3.5 gigawatts or approximately $3 billion to $7 billion of potential storage investment beyond our plan.
  • New Jersey Project: A proposed 500-megawatt project in New Jersey with Atlantic City Electric is expected to deliver more than $700 million in net customer benefits with no bill impact during the first 5 years.

Financial guidance and outlook

  • Growth Rate: Exelon reaffirmed its annualized adjusted operating earnings growth expectation near the top end of its 5% to 7% range from 2025 through 2029.we reaffirm our expectation of annualized adjusted operating earnings growth near the top end of our 5% to 7% range from 2025 through 2029.
  • Credit Metrics: Credit metric outlook remains strong with average metrics of approximately 14% through 2029.Our credit metric outlook remains strong with average metrics of approximately 14% through 2029, roughly 200 basis points above Moody's downgrade threshold and about 100 basis points above S&P's

Q3 2026 results

MetricResultChange
Adjusted operating earnings per share$0.87 per shareCompared to $0.86 per share in Q3 2025
Pepco Maryland electric base rate revenue requirement increase$50.9 millionNot stated
ComEd annual reconciliation delivery adjustment amount$205 millionNot stated
Planned 2026 debt financing completed100%Not stated
Planned equity priced through 2029 via ATM contracts30%Not stated

How management sounded

Balanced (+30 on our -100 to +100 scale). Management highlighted strong reliability rankings, raised expectations ahead of forecasts, and outlined significant incremental opportunities while maintaining disciplined execution. Management sounded more upbeat than on 16% of the 302 calls we cover; most companies sound positive on their own calls, so the comparison says more than the label.

Read the analyst Q&A summary and guidance and outlook for this call.

What to watch before the next call

  • The final order for ComEd's grid plan expected by December 15, 2026.
  • The final order for BGE's electric distribution rate case expected in January 2027.
  • The final order for the New Jersey battery storage project expected late in the first quarter of 2027.
  • Delmarva Power interim rates implementation in December 2026 and final rate case order in Q3 2027.

Earlier calls

  • Q2 2026 (Jul 30, 2026), tone Balanced: Exelon reported Q2 2026 adjusted operating earnings of $0.43 per share and reaffirmed full year guidance of $2.81 to $2.91 per share.