EXC earnings analysis
What we found in EXC's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth Year-over-Year
- Q1 2026 revenue increased to $7.24 billion, up 7.8% from $6.71 billion in Q1 2025.
- EPS Exceeds Estimates
- Diluted EPS for Q1 2026 was $0.90, higher than the estimated $0.88.
- Segment Revenue Growth in Key Areas
- BGE's revenue rose by $274 million year-over-year, while PECO saw an increase of $159 million.
- Management Reaffirms EPS Guidance
- 2026 Adjusted EPS guidance is confirmed at $2.81-$2.91.
- Operating Cash Flow Improvement
- Operating cash flow increased by $524 million compared to Q1 2025.
- Investment in Capital Expenditures
- Exelon plans $9.9 billion in capital expenditures for 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Operational Costs
- Rising operational costs have been a consistent challenge, impacting margins.
- Higher Interest Expenses
- Interest expenses in Q1 2026 increased due to debt levels and notional rates.
- Regulatory Risks
- Pending regulatory changes, like the Maryland Utility Relief Act, may materially affect operations.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.9
- Segment
- BGE
- Segment
- PECO
- Segment
- ComEd
- Segment
- PHI
- Segment
- DPL
- Segment
- Pepco
- Segment
- ACE
What they said about what is next.
Management anticipates achieving the reaffirmed Adjusted EPS guidance for 2026.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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