Exelon (NASDAQ:EXC) Releases Earnings Results, Beats Expectations By $0.08 EPS

Key Points

• Exelon beat third-quarter expectations, reporting adjusted EPS of $0.87 versus the $0.79 consensus and revenue of $7.32 billion, up 9.2% year over year. However, GAAP EPS declined to $0.70 from $0.86 a year earlier.
• The company narrowed its 2026 adjusted EPS guidance to $2.85–$2.91 and reaffirmed long-term earnings growth of roughly 5%–7%. Its $41.7 billion capital plan is expected to support 7.9% rate-base growth, with additional transmission and storage opportunities under consideration.
• Exelon reported strong grid reliability during severe storms and declared a quarterly dividend of $0.42 per share, but warned that delays in PJM capacity solutions could create an approximately 11.5-gigawatt shortfall by 2030. Analysts remain cautious, with the stock carrying a consensus “Hold” rating.

Exelon (NASDAQ:EXC - Get Free Report) posted its earnings results on Friday. The company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.08, FiscalAI reports. The business had revenue of $7.32 billion for the quarter, compared to analysts' expectations of $6.76 billion. Exelon had a net margin of 10.99% and a return on equity of 9.81%. The business's revenue for the quarter was up 9.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.86 EPS.

Here are the key takeaways from Exelon's conference call:

• Exelon reported third-quarter adjusted operating earnings of $0.87 per share, ahead of expectations, and narrowed full-year 2026 guidance to $2.85–$2.91 per share. Management reaffirmed adjusted earnings growth near the upper end of its 5%–7% target range through 2029.
• The company continues to advance its $41.7 billion capital plan, which is expected to support 7.9% rate-base growth. Exelon also identified an incremental $12 billion–$17 billion transmission opportunity and $3 billion–$7 billion of potential regulated storage investments, although these depend on approvals and cost recovery.
• Exelon highlighted strong operational performance during an unusually severe storm season, estimating that grid investments prevented 6.6 million customer outages and enabled 94% of affected customers to be restored within 48 hours. Its utilities continue to rank among the sector leaders for electric reliability while maintaining below-average customer bills.
• Management said regional PJM solutions remain too slow, with the reliability backstop auction delayed and another proposal rejected by FERC. PJM could face an approximately 11.5-gigawatt capacity shortfall by 2030, creating ongoing affordability and reliability risks for customers.
• Exelon completed all planned 2026 debt financing and has hedged roughly 37% of its $3.4 billion planned equity needs through 2029, including all 2026 requirements. Management expects credit metrics to remain above downgrade thresholds, while incremental capital opportunities would be financed with a balanced mix that includes approximately 40% equity.

Exelon Trading Up 1.2%

EXC stock traded up $0.57 during midday trading on Friday, hitting $46.48. The company had a trading volume of 9,282,185 shares, compared to its average volume of 8,307,014. The stock has a market cap of $47.98 billion, a price-to-earnings ratio of 17.04, a PEG ratio of 2.45 and a beta of 0.30. Exelon has a 52 week low of $39.73 and a 52 week high of $50.65. The company has a current ratio of 1.09, a quick ratio of 0.99 and a debt-to-equity ratio of 1.71. The stock's 50 day moving average price is $42.83 and its 200 day moving average price is $45.56.

Exelon News Roundup

Here are the key news stories impacting Exelon this week:

• Positive Sentiment: Exelon reported third-quarter adjusted operating earnings of $0.87 per share, above the $0.79 consensus estimate, while revenue rose 9.2% year over year to $7.32 billion, exceeding expectations of $6.76 billion. Higher utility rates, infrastructure investment and increased sales supported the results. EXC Q3 Earnings Beat Estimates on Higher Utility Rates, Sales Up Year Over Year
• Positive Sentiment: The company declared a quarterly dividend of $0.42 per share, payable December 15 to shareholders of record December 4. The announcement reinforces EXC’s appeal to income-focused investors. Exelon Declares $0.42 Dividend
• Positive Sentiment: Exelon tightened its 2026 adjusted operating earnings guidance to $2.85-$2.91 per share. Although the range was narrowed, it remains consistent with the company’s full-year expectations and signals greater visibility into results. Exelon Reports Strong Q3 Earnings and Tightens Guidance
• Neutral Sentiment: Exelon’s regulated utility model continues to provide relatively predictable cash flows through rate structures and long-term customer demand, though investors are comparing its potential upside with peers such as PPL. PPL Versus EXC: Which Utility Power Supply Stock Has More Upside?
• Negative Sentiment: GAAP diluted earnings fell to $0.70 per share from $0.86 a year earlier, and GAAP net income declined to $729 million from $875 million. The adjusted-earnings beat therefore presents a stronger picture than the bottom-line GAAP comparison. Exelon Reports Third-Quarter Revenue and GAAP EPS

Analyst Ratings Changes

Several analysts have weighed in on the company. HSBC began coverage on Exelon in a report on Thursday, October 22nd. They issued a "hold" rating and a $44.00 price target on the stock. KeyCorp raised shares of Exelon from an "underweight" rating to a "sector weight" rating and set a $41.00 price target for the company in a research note on Monday, October 12th. Morgan Stanley lowered their price objective on shares of Exelon from $50.00 to $49.00 and set an "equal weight" rating on the stock in a research report on Wednesday, October 21st. BMO Capital Markets reduced their target price on Exelon from $47.00 to $45.00 and set a "market perform" rating on the stock in a research note on Thursday, October 22nd. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Exelon in a research note on Tuesday, October 6th. Six investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Exelon presently has a consensus rating of "Hold" and a consensus target price of $48.58.

About Exelon

Exelon Corporation NASDAQ: EXC is a regulated utility holding company that delivers electricity and natural gas to residential, commercial and industrial customers. The company operates through six utility subsidiaries: Atlantic City Electric, Baltimore Gas and Electric, Commonwealth Edison, Delmarva Power, PECO and Pepco. Its businesses focus primarily on the transmission, distribution and delivery of energy rather than owning competitive power-generation operations.

Exelon's utilities serve customers across Illinois, Pennsylvania, Maryland, Delaware, New Jersey and the District of Columbia.

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