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…
Earnings analysis · 10-Q
EXC earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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 showed growth in ComEd, PECO, and BGE, while PHI, Pepco, and ACE faced declines. Management anticipates ongoing cost pressures but reaffirms 2026 Adjusted EPS guidance of $2.81-$2.91.
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.
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
- $0.9
- Segment
- BGE
- Segment
- PECO
- Segment
- ComEd
- Segment
- PHI
- Segment
- DPL
- Segment
- Pepco
- Segment
- ACE
What stood out
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Revenue Growth Year-over-Year
Q1 2026 revenue increased to $7.24 billion, up 7.8% from $6.71 billion in Q1 2025.
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EPS Exceeds Estimates
Diluted EPS for Q1 2026 was $0.90, higher than the estimated $0.88.
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Segment Revenue Growth in Key Areas
BGE's revenue rose by $274 million year-over-year, while PECO saw an increase of $159 million.
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Management Reaffirms EPS Guidance
2026 Adjusted EPS guidance is confirmed at $2.81-$2.91.
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Operating Cash Flow Improvement
Operating cash flow increased by $524 million compared to Q1 2025.
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Investment in Capital Expenditures
Exelon plans $9.9 billion in capital expenditures for 2026.
What to watch
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Increased Operational Costs
Rising operational costs have been a consistent challenge, impacting margins.
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Higher Interest Expenses
Interest expenses in Q1 2026 increased due to debt levels and notional rates.
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Regulatory Risks
Pending regulatory changes, like the Maryland Utility Relief Act, may materially affect operations.
Management's outlook
Management anticipates achieving the reaffirmed Adjusted EPS guidance for 2026.
Earlier filings 4
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…
10-Q · August 1, 2024
Exelon reported Q2 2024 consolidated revenue of $5,361 million (up $543 million vs. Q2 2023) and diluted EPS of $0.45 (vs. $0.34 in Q2 2023), driven by higher electric operating revenues. Operating income rose to $913…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.