Key Highlights

  • Adjusted operating Earnings were USD 0.87 per share, compared with USD 0.86 in the third quarter of 2025.
  • GAAP Net Income attributable to common shareholders was USD 729 million, down from USD 875 million a year earlier.
  • Full-year guidance narrowed to USD 2.85 to USD 2.91 per share, with a goal of the midpoint or better.
  • The USD 41.7 billion Capital plan supports 7.9% rate base growth, including 16% growth in transmission.

Quarterly Results

Exelon Corporation (NYSE:EXC) reported third-quarter 2026 adjusted operating earnings of USD 0.87 per share, compared with USD 0.86 a year earlier. Including rounding, the USD 0.01 increase reflected USD 0.06 from approved distribution and transmission rates net of depreciation, USD 0.01 from allowance for funds used during construction, USD 0.01 from weather and USD 0.03 from lower costs, largely offset by USD 0.07 from storm activity and USD 0.04 from interest and tax expenses.

GAAP net income attributable to common shareholders was USD 729 million versus USD 875 million. Management said results were ahead of expectations from the second quarter call because of favorable weather and the timing of operating and maintenance spending.

Guidance and Capital Plan

Based on third-quarter performance, Exelon narrowed 2026 adjusted operating earnings guidance to USD 2.85 to USD 2.91 per share. The fourth-quarter outlook assumes approved distribution and transmission rates, the absence of one-time 2025 items, fair outcomes in pending proceedings, normal weather and the Reversal of timing items. The company reaffirmed annualized earnings growth near the top end of 5% to 7% from 2025 through 2029.

The USD 41.7 billion Investment plan has no single project above 3% of the total. Management identified USD 12 billion to USD 17 billion of additional transmission opportunities and USD 3 billion to USD 7 billion of potential regulated storage investment beyond the plan.

Reliability and Regulatory Progress

Chief executive Calvin Butler said the four operating utilities rank first, second, fifth and sixth for electric reliability among U.S. peers while customer bills remain below the national average. Last year customer rates were 19% below those in the largest U.S. cities, and bills as a share of median income were 20% below the national average. Teams responded to about 31 significant weather events this year, including three ComEd storms that each affected more than 400,000 customers, and restored service to 94% of customers in under 48 hours.

In Maryland, the Public Service Commission approved a USD 50.9 million Revenue requirement increase for Pepco based on a 9.4% Return on Equity and a 50.5% equity ratio, effective August 10. BGE's electric distribution case filed rebuttal testimony on October 16. Management called regional Supply progress too slow, noting that the PJM reliability backstop auction was delayed and the IRAS proposal was rejected on jurisdictional grounds. A proposed 500-megawatt New Jersey project carries more than USD 700 million of net customer benefits.

Regulatory and Supply Checkpoints

A new chief financial officer has stepped into the role, and organizational changes made in August brought technology and customer operations together and centralized engineering, design and project management. Items to follow include the Maryland and Pennsylvania ratemaking processes, PJM supply solutions and the fourth-quarter timing reversal.