Exelon Corporation
Exelon Corporation Q1 FY2026 earnings call
May 6, 2026 · fiscal period ended 2026-03
EPS · actual vs est
Revenue · actual vs est
Summary
Generated 2026-05-06
Management highlights
Calvin Butler mentioned 2026 performance remains on track, adjusted operating earnings of $0.91 per share in Q1, affirmed 2026 operating earnings guidance of $2.81 to $2.91 per share. Reliability and operational performance were top quartile with ComEd in top decile. PECO withdrew electric and gas rate cases for customer affordability. Leadership update at PICO with Mike Inocenzo as interim president and CEO. Maryland's Utility Relief Act passed but didn't address supply-demand imbalance. Exelon is reprioritizing capital, delivering $350 million of incremental O&M savings in 2027, leaning into transmission with competitive bids, working on generation issues. Jean Jones discussed financial update, revised capital plan, transmission rate base growth, expense growth targets, regulatory activity in Maryland and Delaware, balance sheet activity.
Guidance
Reaffirmed 2026 operating earnings guidance of $2.81 to $2.91 per share. Long-term operating earnings growth outlook from 2025 to 2029 near top end of 5% to 7% range. Revised four-year capital plan with $10 billion in 2026 and $41.7 billion over next four years, targeting no more than 2% adjusted O&M growth through 2029.
Q&A highlights
Q: Char Perez with Wells Fargo asked about Pennsylvania rate case withdrawal, support for supply side solutions.
A: Calvin Butler said decision was based on stakeholder conversations, advocating for utility-owned generation and new generation in Pennsylvania.
Q: Steve Fleischman with Wolf asked about PJM issues, transmission CapEx increase.
A: Collette Honorable discussed PJM interconnection queue issues, Calvin Butler talked about transmission CapEx increase being work on horizon.
Q: Nicholas Campanella with Barclays asked about ROE, O&M rationalization, regulatory climate.
A: Calvin Butler discussed ROE, O&M savings being sustainable, working through regulatory climate.
Q: Paul Zimbardo with Jefferies asked about intensity of proactive approach, net higher earnings.
A: Calvin Butler talked about being proactive, getting back to plan with cost control and transmission efforts
Key numbers
Reported versus consensus
Earnings calendar feed
| Metric | Reported | Consensus | Delta | Prior year |
|---|---|---|---|---|
| EPS | $0.91 | $0.88 | +2.9% | $0.92 |
| Revenue | $7.24B | $6.93B | +4.6% | $6.71B |
Transcript
May 6, 2026Full transcript unavailable for redistribution
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