$EXC · EXELON CORP
Exelon reported Q3 2026 GAAP EPS of $0.70 on revenue of $2.47B, down from $0.86 a year ago, while adjusted (non-GAAP) operating EPS rose to $0.87 from $0.86. The company narrowed its full-year 2026 adjusted EPS guidance to $2.85-$2.91 and affirmed operating EPS compounded annual growth near the top end of 5-7% from 2025 to 2029.
- Adjusted (non-GAAP) operating EPS of $0.87 vs. $0.86 in Q3 2025, above expectations
- GAAP net income fell to $0.70/share from $0.86/share, dragged by $130M in regulatory matters and $26M in project impairments
- Full-year 2026 adjusted EPS guidance narrowed to $2.85-$2.91; affirmed 5-7% annualized growth near top end through 2029
- PHI adjusted operating earnings surged to $320M from $290M YoY on approved distribution rates; PECO dropped to $167M from $250M on higher storm costs
- Quarterly dividend of $0.42/share declared, payable December 15, 2026
Extended-hours trading shows EXC at $46.90, up +2.16% vs the regular-session close of $45.91, indicating a positive initial reaction to the beat and narrowed guidance.
A regulated utility beating on adjusted earnings while narrowing guidance upward and affirming top-end growth through 2029 signals durable rate-base execution despite GAAP headwinds from one-time regulatory charges.
Exelon's utilities now rank 1st, 2nd, 5th, and 6th nationally for reliability — a competitive moat in the regulated utility space where rate-case outcomes increasingly hinge on service quality metrics.
Regulatory matters drove a $130M after-tax charge ($0.13/share), concentrated at PHI; PECO's earnings halved YoY due to storm costs and higher income taxes, highlighting weather and rate-case timing risks.