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Earnings Calls

Last Earnings Call

Fiscal Period
Q2 2026
Call Date
Jul 30, 2026
AI Summary
Q2 2026

EPS: Exelon reported second-quarter adjusted operating earnings of $0.43 per share, in line with expectations and up from $0.39 a year ago.

Guidance: Management reaffirmed full-year 2026 guidance of $2.81 to $2.91 per share and said it still expects to finish at the midpoint or better.

Reliability: The company said all utilities are projected to be top quartile on reliability, with ComEd and PHI projected in the top decile, even after a very stormy quarter in Illinois.

Demand pressure: Exelon argued that PJM’s record July demand, steep price spikes and another tight capacity auction show the grid is short on supply and needs more generation, storage and transmission.

Growth plans: The company highlighted a 500-megawatt New Jersey battery project, more transmission bids in MISO, and virtual power plant programs as key ways it plans to address affordability and reliability.

Balance sheet: Management said it has completed about 86% of its 2026 debt financing needs and has already priced about 37% of its planned equity needs through 2029.

Key Financials
Adjusted operating earnings per share
$0.43
Revenue requirement increase - BGE
$156.1 million
Revenue requirement increase - Delmarva Power
$45.4 million
ComEd grid plan investment
approximately $15.3 billion
Annualized earnings growth
near the top end of 5% to 7%
Annualized rate base growth
7.9%
Capital deployment in 2026
approximately $10 billion
Consolidated operating ROE
9% to 10%
PJM record peak demand
168 gigawatts
PJM price surge
roughly $80 to $800 per megawatt hour
PJM capacity shortfall
approximately 6.8 gigawatts
New generation cleared in PJM auction
about 525 megawatts
Pittsgrove battery project
500 megawatts
Pittsgrove project investment
approximately $1 billion
Pittsgrove customer benefits
over $700 million
Potential customer savings during heat wave
approximately $7.5 million
2026 debt financing needs completed
approximately 86%
Planned equity needs priced through 2029
approximately 37%
Expected average credit metrics
approximately 14% through 2029
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