Jun 2026 (Q2 FY26) — Jul 30, 2026
Exelon Q2 FY26 — Strong Operational Performance Amidst Growing Grid Strain and Data Center Demand
Read the full callExelon (EXC) earnings
- Mar 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Exelon earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 7,242 | +7.9% YoY | Quarterly, as filed | Quarter to Mar 2026 | Revenue from operations as filed. |
| Operating margin | 22.2 | −0.7 pts YoY | Operating profit / revenue | Quarter to Mar 2026 | For the quarter; a change is in percentage points. |
| Net profit | Quarterly, as filed | Quarter to Mar 2026 | Not in the filed figures for the quarter to mar 2026. No older figure is substituted. |
Guidance
What management said, and what became of it
12 of 12 judged targets kept · 32 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| File a BGE base rate case in Maryland | file the next BGE rate case in 2026, probably in the first half | Dec 2025 | Earlier this month, we also filed a rate case at BGE with the decision expected in January 2027 | Achieved |
| Full-year adjusted operating earnings per share | $2.81 to $2.91 per share | Dec 2025 | We remain on track to deliver full year operating earnings of $2.81 to $2.91 per share, with the goal to be at the midpoint or better | On Track |
| Adjusted O&M expense growth through 2029 | no more than 2.5% adjusted O&M growth through 2029 | Dec 2025 | we are now targeting no more than 2% adjusted O&M growth through 2029 | Revised Up |
32 of EXELON CORP's 44 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 41 more targets are in the full ledger.
Claimed
- Reported adjusted operating earnings of $0.43 per share, consistent with expectations.
- Reaffirmed full-year guidance of $2.81 to $2.91 per share, with a goal to be at the midpoint or better.
- All utilities projecting top quartile reliability, with ComEd and PHI projected in the top decile.
- Completed approximately 86% of 2026 debt financing needs, significantly reducing interest rate exposure.
- Priced approximately 37% of planned equity needs through 2029 via forward contracts under the ATM program.
Qualified
- PJM's most recent capacity auction cleared at the FERC approved price cap but fell short on reliability by approximately 6.8 gigawatts.
- Only about 525 megawatts of new generation or uprates cleared in the PJM capacity auction, indicating insufficient new supply.
- July heatwave pushed PJM to its limits, with demand hitting a record peak of 168 gigawatts and power prices surging tenfold from $80 to $800 per megawatt hour.
- BGE delayed its rate case filing and deferred select projects to manage customer impacts, stating critical work cannot be delayed further without consequences.
Price
$42.41 −2.51% · −$1.09
Performance −11.2% 1Y
1Y: $47.78 on 17 Oct 2025 → $42.41. High $50.29 (16 Mar 2026), low $40.2 (24 Sept 2026).
- Previous close
- $43.5
- 52-week range
- $40.2 – $50.29
- One year
- −12.09%
Overview
- Symbol
- EXC
- Sector
- Utilities
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
12 of 12 judged targets kept · 32 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| File a BGE base rate case in Maryland | file the next BGE rate case in 2026, probably in the first half | Dec 2025 | Earlier this month, we also filed a rate case at BGE with the decision expected in January 2027 | Achieved |
| Full-year adjusted operating earnings per share | $2.81 to $2.91 per share | Dec 2025 | We remain on track to deliver full year operating earnings of $2.81 to $2.91 per share, with the goal to be at the midpoint or better | On Track |
| Adjusted O&M expense growth through 2029 | no more than 2.5% adjusted O&M growth through 2029 | Dec 2025 | we are now targeting no more than 2% adjusted O&M growth through 2029 | Revised Up |
Claimed
- Reported adjusted operating earnings of $0.43 per share, consistent with expectations.
- Reaffirmed full-year guidance of $2.81 to $2.91 per share, with a goal to be at the midpoint or better.
- All utilities projecting top quartile reliability, with ComEd and PHI projected in the top decile.
- Completed approximately 86% of 2026 debt financing needs, significantly reducing interest rate exposure.
- Priced approximately 37% of planned equity needs through 2029 via forward contracts under the ATM program.
Qualified
- PJM's most recent capacity auction cleared at the FERC approved price cap but fell short on reliability by approximately 6.8 gigawatts.
- Only about 525 megawatts of new generation or uprates cleared in the PJM capacity auction, indicating insufficient new supply.
- July heatwave pushed PJM to its limits, with demand hitting a record peak of 168 gigawatts and power prices surging tenfold from $80 to $800 per megawatt hour.
- BGE delayed its rate case filing and deferred select projects to manage customer impacts, stating critical work cannot be delayed further without consequences.
The full ledger
Open EXELON CORP’s full ledger
A free account opens 5 company ledgers a month. All 44 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 6, 2026
Exelon Q1 FY26 — On track; rebalances capital toward transmission amid affordability pressure
Read the full callDec 2025 (Q4 FY25) — Feb 12, 2026
Exelon Q4 FY25 — Strong Execution and Increased Capital Plan Drive Growth
Read the full callEvery analysed call
Exelon earnings calls (EXC)
Financials
What the filings say
| Line item | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 5,361 | 6,154 | 5,470 | 6,714 | 5,427 | 6,705 | 5,412 | 7,242 |
| Expenses | 4,455 | 4,961 | 4,374 | 5,177 | 4,502 | 5,205 | 4,229 | 5,637 |
| Operating profit | 913 | 1,196 | 1,096 | 1,536 | 927 | 1,500 | 1,185 | 1,605 |
| Operating margin | 17.0% | 19.4% | 20.0% | 22.9% | 17.1% | 22.4% | 21.9% | 22.2% |
| Other income | -419 | -439 | -401 | -458 | -466 | -470 | -463 | -486 |
| Profit before tax | 494 | 757 | 695 | 1,078 | 461 | 1,030 | 722 | 1,119 |
| Tax rate | 9.3% | 6.6% | 6.9% | 15.8% | 15.2% | 15.1% | 17.7% | 17.9% |
| EPS ($ per share) | 0.45 | 0.70 | — | 0.90 | 0.39 | 0.87 | — | 0.90 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 19,116 | 19,274 | 19,373 | 20,324 | 20,908 | 21,114 | 21,338 | 22,106 |
| Reserves | 14,743 | 16,267 | 16,735 | 16,942 | 4,597 | 5,490 | 6,426 | 7,577 |
| Total liabilities | 86,587 | 90,404 | 94,449 | 98,218 | 70,605 | 76,101 | 80,863 | 87,772 |
| Fixed assets | 76,707 | 80,233 | 82,584 | 64,558 | 69,076 | 73,593 | 78,182 | 84,318 |
| Total assets | 119,634 | 124,977 | 129,317 | 133,013 | 95,349 | 101,856 | 107,784 | 116,570 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 8,644 | 6,659 | 4,235 | 3,012 | 4,870 | 4,703 | 5,569 | 6,254 |
| Cash from investing | -7,834 | -7,260 | -4,336 | -3,317 | -6,990 | -7,375 | -7,042 | -8,525 |
| Cash from financing | -219 | -58 | 145 | 758 | 1,591 | 2,683 | 1,311 | 2,533 |
| Capital expenditure | -7,594 | -7,248 | -8,048 | -7,981 | -7,147 | -7,408 | -7,097 | -8,529 |
| Free cash flow | 1,050 | -589 | -3,813 | -4,969 | -2,277 | -2,705 | -1,528 | -2,275 |
EXC revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Commonwealth Edison Co | 36% | 33% | 31% | 34% | 34% | 20% | 26% | 33% | +8.1% |
| Pepco Holdings LLC | 30% | 28% | 26% | 29% | 31% | 32% | 28% | 29% | +8.4% |
| Baltimore Gas and Electric Company | 17% | 21% | 23% | 19% | 18% | 26% | 25% | 20% | +18.4% |
| PECO Energy Co | — | — | — | — | — | — | 21% | 18% | — |
| Potomac Electric Power Company | 14% | 13% | 13% | 14% | 15% | 15% | 14% | 14% | +10.7% |
| Delmarva Power and Light Company | 8% | 8% | 8% | 8% | 7% | 9% | 9% | 8% | +7.8% |
| Atlantic City Electric Company | 9% | 6% | 6% | 7% | 9% | 7% | 6% | 7% | +4.4% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
EXC operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Dec 2025 Q4 FY25 | Change vs prior quarter |
|---|---|---|---|---|
| Customers | 10.7M+And it was when Exelon was formed 25 years ago, creating the foundation for the network of wires and pipes that now delivers energy to more than 10.7 million customers today.Source: earnings call transcript | 10.7MWe are also constantly working to find the right rate-making mechanisms that allow us to fulfill our responsibility and privilege to serve the 10.7 million customers that count on us for their energy needs.Source: earnings call transcript | ~11MServing approximately 11 million customers across some of the largest and most economically vital metropolitan areas in the country is a responsibility we do not take lightly.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
43 filings between Dec 31, 2025 and Mar 31, 2026.
Open market
decisions to buy or sellNobody bought or sold EXC on the open market in this window. The filings below are 16 awards, 18 option exercises, 5 tax withholdings and 4 dispositions to the issuer.
Compensation
not trading decisions- 16
- Award — granted as compensation
- 18
- Option exercise — converted options into shares
- 5
- Tax withheld — shares kept back by the company to cover tax
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Mar 31, 2026 | BOWERS WILLIAM P Director | Award | 878 | $43.7K |
| Mar 31, 2026 | Cheshire Marjorie Rodgers Director | Award | 878 | $43.7K |
| Mar 31, 2026 | Segedi Bryan K Director | Award | 878 | $43.7K |
| Mar 31, 2026 | Rogers Matthew C Director | Award | 878 | $43.7K |
| Mar 31, 2026 | Jojo Linda P Director | Award | 878 | $43.7K |
| Mar 31, 2026 | Lillie Charisse R Director | Award | 878 | $43.7K |
| Mar 31, 2026 | RICHO ANNA Director | Award | 878 | $43.7K |
| Mar 31, 2026 | DEWALT DAVID G Director | Award | 878 | $43.7K |
| Feb 2, 2026 | BUTLER CALVIN JR President & CEO | Disposition to issuer | 31,793 | $1.40M |
| Feb 2, 2026 | BUTLER CALVIN JR President & CEO | Tax withheld | 82,268 | $3.61M |
| Feb 2, 2026 | Honorable Colette D EVP CLO Compliance & Corp Sec | Tax withheld | 3,184 | $139.8K |
| Feb 2, 2026 | Jones Jeanne M EVP, CFO, Audit & Risk | Option exercise | 7,031 | — |
| Feb 2, 2026 | Jones Jeanne M EVP, CFO, Audit & Risk | Tax withheld | 16,051 | $704.8K |
| Feb 2, 2026 | Innocenzo Michael EVP & Chief Operating Officer | Option exercise | 2,432 | — |
| Feb 2, 2026 | Honorable Colette D EVP CLO Compliance & Corp Sec | Option exercise | 4,781 | — |
| Feb 2, 2026 | Jones Jeanne M EVP, CFO, Audit & Risk | Option exercise | 6,485 | — |
| Feb 2, 2026 | BUTLER CALVIN JR President & CEO | Option exercise | 30,651 | — |
| Feb 2, 2026 | Honorable Colette D EVP CLO Compliance & Corp Sec | Option exercise | 3,872 | — |
| Feb 2, 2026 | BUTLER CALVIN JR President & CEO | Option exercise | 31,986 | — |
| Feb 2, 2026 | Jones Jeanne M EVP, CFO, Audit & Risk | Option exercise | 5,197 | — |
| Feb 2, 2026 | BUTLER CALVIN JR President & CEO | Option exercise | 23,558 | — |
| Feb 2, 2026 | Innocenzo Michael EVP & Chief Operating Officer | Disposition to issuer | 7,199 | $316.1K |
| Feb 2, 2026 | Innocenzo Michael EVP & Chief Operating Officer | Option exercise | 11,555 | — |
| Feb 2, 2026 | BUTLER CALVIN JR President & CEO | Option exercise | 111,956 | — |
| Feb 2, 2026 | Innocenzo Michael EVP & Chief Operating Officer | Option exercise | 5,748 | — |
| Feb 2, 2026 | Jones Jeanne M EVP, CFO, Audit & Risk | Option exercise | 24,701 | — |
| Feb 2, 2026 | Kleczynski Robert A SVP, Controller & Tax | Tax withheld | 3,768 | $165.5K |
| Feb 2, 2026 | Jones Jeanne M EVP, CFO, Audit & Risk | Disposition to issuer | 7,154 | $314.1K |
| Feb 2, 2026 | Kleczynski Robert A SVP, Controller & Tax | Option exercise | 1,474 | — |
| Feb 2, 2026 | Kleczynski Robert A SVP, Controller & Tax | Option exercise | 1,684 | — |
| Feb 2, 2026 | Kleczynski Robert A SVP, Controller & Tax | Option exercise | 7,019 | — |
| Feb 2, 2026 | Kleczynski Robert A SVP, Controller & Tax | Option exercise | 2,110 | — |
| Feb 2, 2026 | Innocenzo Michael EVP & Chief Operating Officer | Option exercise | 7,734 | — |
| Feb 2, 2026 | Kleczynski Robert A SVP, Controller & Tax | Disposition to issuer | 4,963 | $217.9K |
| Feb 2, 2026 | Innocenzo Michael EVP & Chief Operating Officer | Tax withheld | 9,547 | $419.2K |
| Dec 31, 2025 | Lillie Charisse R Director | Award | 940 | $41.2K |
| Dec 31, 2025 | Segedi Bryan K Director | Award | 940 | $41.2K |
| Dec 31, 2025 | BOWERS WILLIAM P Director | Award | 940 | $41.2K |
| Dec 31, 2025 | Cheshire Marjorie Rodgers Director | Award | 940 | $41.2K |
| Dec 31, 2025 | Jojo Linda P Director | Award | 940 | $41.2K |
| Dec 31, 2025 | DEWALT DAVID G Director | Award | 940 | $41.2K |
| Dec 31, 2025 | RICHO ANNA Director | Award | 940 | $41.2K |
| Dec 31, 2025 | Rogers Matthew C Director | Award | 940 | $41.2K |
| Sep 30, 2025 | Lillie Charisse R Director | Award | 950 | $41.3K |
| Sep 30, 2025 | Segedi Bryan K Director | Award | 950 | $41.3K |
| Sep 30, 2025 | BOWERS WILLIAM P Director | Award | 950 | $41.3K |
| Sep 30, 2025 | Cheshire Marjorie Rodgers Director | Award | 950 | $41.3K |
| Sep 30, 2025 | Jojo Linda P Director | Award | 950 | $41.3K |
| Sep 30, 2025 | DEWALT DAVID G Director | Award | 950 | $41.3K |
| Sep 30, 2025 | RICHO ANNA Director | Award | 950 | $41.3K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
Your own record
Start an Inve Case for EXELON CORP
Free account. Everything above stays public.
Write why you follow EXELON CORP and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading
Other companies in Utilities
Nearest to Exelon by market cap among the sector's top 20 companies at Q2 2026.