Exelon earnings date and guidance
Exelon’s next results are expected on October 30, 2026. Watch whether regulatory recovery turns investment into customer-paid revenue.
What has Exelon guided for 2026?
For 2026, Exelon guides to adjusted operating earnings of $2.81–$2.91 per share, based on 1,031 million average outstanding shares. That share count matters because issuing stock makes per-share growth harder to achieve.
The longer target is 5%–7% annual compound growth from 2025 through 2029, with performance expected near the upper end. Exelon measures that promise from the midpoint of its original 2025 guidance, $2.69, rather than its later reported adjusted earnings of $2.77. The fixed forecast starting point makes the promise easier to test, but it also means actual growth will look different if measured from what Exelon really earned.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Adjusted (non-GAAP) operating earnings per share | 2026 | 2.81 | 2.91 | 2026-08-25 |
| Expected average outstanding shares (millions) | 2026 | 1,031 | 1,031 | 2026-07-30 |
| Adjusted Operating Earnings CAGR | 2025–2029 | 5.0% | 7.0% | 2026-08-25 |
| Four-year capital expenditure plan | 2026–2029 | 41,700 | 41,700 | 2026-07-30 |
What this means. The adjusted operating and maintenance expense is lower because it leaves out 750 million dollars of regulatory-required costs.
Did Exelon keep its 2025 promises?
Management did keep its financial promise. For 2025, adjusted earnings finished above the forecast range announced in February 2025. Exelon also reported top-quartile outage-duration performance at every utility. But fewer outages do not make electricity affordable, and the company must show that deferred work will not later damage reliability or increase costs.
What have Exelon’s last eight quarters shown?
Revenue rose to $5,967 million from $5,427 million for the comparable quarter. Operating income rose, but net income reached only $396 million and diluted EPS remained $0.39. Higher bills therefore did not translate proportionately into shareholders’ profit.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5,967 | 7,242 | 5,412 | 6,705 | 5,427 | 6,714 | 5,471 | 6,154 |
| Operating income | 979 | 1,605 | 1,185 | 1,500 | 927 | 1,536 | 1,097 | 1,196 |
| Net income | 396 | 919 | 593 | 875 | 391 | 908 | 647 | 707 |
| EPS, diluted | 0.39 | 0.90 | 0.58 | 0.86 | 0.39 | 0.90 | 0.64 | 0.70 |
What this means. The company brought in cash from its business, but it spent even more on equipment and buildings, so its free cash flow was negative.
What should I watch in Exelon’s next results?
The most important milestones are regulatory decisions that turn completed investment into customer-paid revenue. BGE, Exelon’s Maryland utility, expects a decision on its pending electric rate case in January 2027. A rate case is the public review in which a utility requests recovery of costs and a return, while regulators and customer advocates test whether those amounts are justified.