Exelon tops Q3 profit estimates, narrows 2026 earnings forecast

Exelon (EXC) said on Oct. 30 that third-quarter adjusted operating earnings rose to $0.87 per share from $0.86 a year earlier, topping the $0.80 consensus estimate compiled by Finnhub. The company also narrowed its 2026 forecast.

Shares rose 1.9% in regular-session trading as of 9:38 a.m. ET, from a close of $45.91.

Revenue was $7.32 billion, up from $6.71 billion a year earlier and topping the $6.79 billion estimate compiled by Finnhub.

Exelon is one of the nation's largest utility companies, serving almost 11 million customers through six fully regulated transmission and distribution utilities.

Here's how the company did:

• Adjusted EPS: $0.87 vs. $0.86 a year earlier and $0.80 expected, according to Finnhub
• GAAP EPS: $0.70 vs. $0.86 a year earlier
• Revenue: $7.32 billion vs. $6.71 billion a year earlier and $6.79 billion expected, according to Finnhub
• GAAP net income: $729 million vs. $875 million a year earlier

GAAP net income fell to $729 million, or $0.70 per share. The gap with adjusted earnings came from a $130 million after-tax item for regulatory matters, which the company said reflects the disallowance of certain capitalized costs, and $26 million of project impairments.

Segment results

ComEd's adjusted operating earnings rose to $412 million from $373 million, driven by a higher distribution and transmission rate base from investments to serve customers.

PECO's fell to $167 million from $250 million, mainly on higher storm costs from the absence of extraordinary February and June storm cost deferrals recognized in 2025.

BGE's adjusted operating earnings rose to $119 million from $82 million, on approved distribution rates and lower contracting costs. PHI's rose to $320 million from $290 million, on approved distribution rates, partly offset by higher storm costs, depreciation and interest expense.

The company said its utilities now rank 1st, 2nd, 5th and 6th in the nation for reliability.

2026 guidance

Exelon now expects 2026 adjusted operating earnings of $2.85 to $2.91 per share, narrowed from the $2.81 to $2.91 range it gave on July 30. The company also affirmed operating EPS growth near the top end of 5% to 7% a year from 2025 through 2029.

Exelon President and Chief Executive Officer Calvin Butler said third-quarter results “reflect disciplined investment and consistent performance across our utilities,” a strategy that helped prevent outages during a summer of severe weather.

“Our investments in the grid continue to deliver for customers,” said Exelon Chief Financial Officer Rob Kleczynski.

The board declared a regular quarterly dividend of $0.42 per share, payable Dec. 15 to shareholders of record at the close of business Dec. 4.

Regulatory and financing

The Maryland Public Service Commission approved on Aug. 28 a $50.9 million increase in Pepco's annual electric distribution base rates, reflecting a 9.40% return on equity, effective Aug. 10.

PECO issued $750 million of First Mortgage Bonds with a 5.00% coupon due Sept. 1, 2031, on Aug. 10. The company said PECO used the proceeds to repay existing indebtedness and for general corporate purposes.

Delmarva Power & Light (DPL) issued $75 million of First Mortgage Bonds with a 5.00% coupon due Sept. 16, 2036, on Sept. 16, using the proceeds for the same purposes.