Exelon Corporation

Exelon reported second-quarter 2026 adjusted operating earnings of $0.43 per share versus $0.39 per share in the same period of 2025, a year-over-year increase of $0.04 per share. The increase was driven mainly by $0.04 from distribution and transmission rates net of depreciation and AFUDC, $0.04 related to last year’s Customer Relief Fund, and $0.01 of favorable weather at PECO, partially offset by $0.02 of higher credit loss expense at BGE and $0.02 of interest at corporate and PECO. Management reaffirmed full-year 2026 adjusted operating earnings guidance of $2.81 to $2.91 per share and said it aims to land at the midpoint or better. For the third quarter, Exelon expects earnings to be approximately 27% of the midpoint of full-year guidance, and it reiterated annualized earnings growth near the top end of 5% to 7% from 2025 through 2029, supported by 7.9% annualized rate base growth.

Calvin Butler framed the quarter as evidence that Exelon is “performing today and preparing for tomorrow,” emphasizing safe, reliable service, affordability, and infrastructure investment. He stressed that storm resilience, reliability, and customer affordability need to be addressed together, and argued that new supply, transmission, storage, and utility-owned generation all need to be part of the solution. His tone was assertive and policy-oriented, repeatedly saying Exelon is not waiting for the market to fix supply shortages and is instead advancing practical solutions with states and regulators.

Jeanne Jones said second-quarter adjusted operating earnings were $0.43 per share versus $0.39 a year ago, with the quarter up $0.04 primarily from rates and last year’s Customer Relief Fund, partly offset by higher credit loss expense and interest. She said third-quarter earnings should be about 27% of the midpoint of full-year guidance, and that the fourth quarter should benefit from the absence of one-time 2025 rates, timing unwind, and disciplined bad debt and storm recovery execution. On balance sheet and financing, she said Exelon has completed about 86% of its 2026 debt financing needs, has priced about 37% of planned equity needs through 2029, and expects average credit metrics of about 14% through 2029.

Analysts pressed on PJM’s recent resource adequacy developments and whether Exelon would intervene further at FERC; Butler said PJM’s actions are a step in the right direction but are unlikely to solve long-term affordability without more generation, and Jones said the 500-megawatt battery project is not the only solution Exelon is pursuing. Questions also focused on the drop in the data-center growth slide from 43 gigawatts to 36 gigawatts; Jones said the update reflects removal of speculative projects under the TSA process, while reaffirming that the company’s $41 billion of capital through 2029 is unchanged. In Pennsylvania, management said it is still engaging constructively with the governor, PUC, and intervenors before refiling PECO, with a focus on customer value, transparency on ROE, and affordability levers.