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Exelon Q1 Earnings Beat Estimates, Sales Increase Y/Y, Capex Plan Up
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Key Takeaways
EXC beat Q1 earnings estimates as revenues climbed 7.86% year over year to $7.24 billion.
Exelon plans $41.7B in capital investments during 2026-2029 to support rate base growth.
EXC expects 2026 earnings of $2.81-$2.91 per share and sees 5-7% EPS growth through 2029.
Exelon Corporation’s (EXC - Free Report) first-quarter 2026 earnings of 91 cents per share surpassed the Zacks Consensus Estimate of 89 cents by 2.25%. The bottom line decreased 1.09% from the year-ago level of 92 cents.
On a GAAP basis, earnings were 90 cents per share, remaining unchanged from the year-ago quarter.
Total Revenues of Exelon
Exelon reported revenues of $7.24 billion, which surpassed the Zacks Consensus Estimate of $6.91 billion by 4.76%. The top line was 7.86% up from the year-ago quarter’s figure of $6.71 billion.
Exelon Corporation Price, Consensus and EPS Surprise
In the quarter reported, the number of customers served by the company increased 1.09% from the year-ago quarter. Total electric deliveries touched 21,084 gigawatt hours in the reported quarter and were down 1.08%, primarily due to lower volumes sold across all customer groups.
Due to revenue decoupling, Exelon’s distribution earnings were unaffected by actual weather conditions or customer-usage patterns.
Exelon's total operating expenses increased nearly 8.89% year over year to $5.63 billion. The rise was primarily driven by higher purchased-power and fuel costs, increased operation and maintenance expenses, and higher taxes other than income taxes.
Operating income amounted to $1.61 billion, up 4.49% year over year.
Interest expenses totaled $555 million, up nearly 8.82% from the year-ago quarter’s level.
In the reported quarter, adjusted net income was $919 million, up 1.21% from $908 million in the year-ago quarter.
Segmental Details of EXC
Commonwealth Edison Company (ComEd): Adjusted earnings in the first quarter were $310 million, down 4.62% from the year-ago quarter. The year-over-year decrease was primarily due to distribution timing, partly offset by a rise in AFUDC and rate-base investments that improved reliability.
PECO Energy Company (PECO): Adjusted operating earnings for the reported quarter increased 4.91% year over year to $278 million, primarily driven by the absence of customer surcharge credits, favorable weather and a decline in income taxes from tax repairs, partly offset by higher depreciation and interest expenses.
Baltimore Gas and Electric Company (BGE): Adjusted earnings for the quarter increased 14.62% year over year to $298 million, driven by improved distribution rates, partially offset by higher credit loss expense.
Pepco Holdings LLC (PHI): Adjusted operating earnings for the quarter decreased 7.22% year over year to $180 million due to adverse impacts from the Pepco Maryland multi-year plan reconciliation and higher depreciation expense. These negatives were partially offset by the implementation of new distribution and transmission rates.
EXC’s Financial Highlights
As of March 31, 2026, cash and cash equivalents totaled $713 million compared with $626 million as of Dec. 31, 2025.
As of March 31, 2026, long-term debt was $47.86 billion compared with $47.41 billion as of Dec. 31, 2025.
Cash provided by operating activities in the first quarter of 2026 totaled $1.72 billion compared with $1.2 billion in the year-ago period.
Guidance of Exelon
Exelon expects earnings in the range of $2.81-$2.91 per share for 2026. The Zacks Consensus Estimate for the same is pinned at $2.85, which is near the midpoint of the company’s guided range.
The company expects its adjusted (non-GAAP) operating EPS compounded annual growth near the top end of 5-7% through 2029.
Exelon now plans to invest $41.7 billion in its energy infrastructure during 2026-2029, up from its previous guidance of $41.3 billion. The planned capital expenditure is expected to support 7.9% rate-base growth.
Algonquin Power & Utilities Corp. (AQN - Free Report) is scheduled to report first-quarter results on May 8. The Zacks Consensus Estimate for first-quarter EPS is pinned at 11 cents, which implies a year-over-year decrease of 21.43%.
The Zacks Consensus Estimate for first-quarter sales is pinned at $697.9 million, which suggests year-over-year growth of 0.79%.
PPL Corporation (PPL - Free Report) is scheduled to report first-quarter results on May 8. The Zacks Consensus Estimate for first-quarter EPS is pinned at 61 cents, which implies a year-over-year increase of 1.67%.
The Zacks Consensus Estimate for first-quarter sales is pinned at $2.62 billion, which suggests year-over-year growth of 4.65%.
Global Water Resources, Inc. (GWRS - Free Report) is scheduled to report first-quarter results on May 14. The Zacks Consensus Estimate for first-quarter EPS is pinned at loss of 2 cents, which implies a year-over-year decrease of 200%.
The Zacks Consensus Estimate for first-quarter sales is pinned at $13.0 million, which suggests year-over-year growth of 4.33%.
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Exelon Q1 Earnings Beat Estimates, Sales Increase Y/Y, Capex Plan Up
Key Takeaways
Exelon Corporation’s (EXC - Free Report) first-quarter 2026 earnings of 91 cents per share surpassed the Zacks Consensus Estimate of 89 cents by 2.25%. The bottom line decreased 1.09% from the year-ago level of 92 cents.
On a GAAP basis, earnings were 90 cents per share, remaining unchanged from the year-ago quarter.
Total Revenues of Exelon
Exelon reported revenues of $7.24 billion, which surpassed the Zacks Consensus Estimate of $6.91 billion by 4.76%. The top line was 7.86% up from the year-ago quarter’s figure of $6.71 billion.
Exelon Corporation Price, Consensus and EPS Surprise
Exelon Corporation price-consensus-eps-surprise-chart | Exelon Corporation Quote
Highlights of Exelon’s Q1 Release
In the quarter reported, the number of customers served by the company increased 1.09% from the year-ago quarter. Total electric deliveries touched 21,084 gigawatt hours in the reported quarter and were down 1.08%, primarily due to lower volumes sold across all customer groups.
Due to revenue decoupling, Exelon’s distribution earnings were unaffected by actual weather conditions or customer-usage patterns.
Exelon's total operating expenses increased nearly 8.89% year over year to $5.63 billion. The rise was primarily driven by higher purchased-power and fuel costs, increased operation and maintenance expenses, and higher taxes other than income taxes.
Operating income amounted to $1.61 billion, up 4.49% year over year.
Interest expenses totaled $555 million, up nearly 8.82% from the year-ago quarter’s level.
In the reported quarter, adjusted net income was $919 million, up 1.21% from $908 million in the year-ago quarter.
Segmental Details of EXC
Commonwealth Edison Company (ComEd): Adjusted earnings in the first quarter were $310 million, down 4.62% from the year-ago quarter. The year-over-year decrease was primarily due to distribution timing, partly offset by a rise in AFUDC and rate-base investments that improved reliability.
PECO Energy Company (PECO): Adjusted operating earnings for the reported quarter increased 4.91% year over year to $278 million, primarily driven by the absence of customer surcharge credits, favorable weather and a decline in income taxes from tax repairs, partly offset by higher depreciation and interest expenses.
Baltimore Gas and Electric Company (BGE): Adjusted earnings for the quarter increased 14.62% year over year to $298 million, driven by improved distribution rates, partially offset by higher credit loss expense.
Pepco Holdings LLC (PHI): Adjusted operating earnings for the quarter decreased 7.22% year over year to $180 million due to adverse impacts from the Pepco Maryland multi-year plan reconciliation and higher depreciation expense. These negatives were partially offset by the implementation of new distribution and transmission rates.
EXC’s Financial Highlights
As of March 31, 2026, cash and cash equivalents totaled $713 million compared with $626 million as of Dec. 31, 2025.
As of March 31, 2026, long-term debt was $47.86 billion compared with $47.41 billion as of Dec. 31, 2025.
Cash provided by operating activities in the first quarter of 2026 totaled $1.72 billion compared with $1.2 billion in the year-ago period.
Guidance of Exelon
Exelon expects earnings in the range of $2.81-$2.91 per share for 2026. The Zacks Consensus Estimate for the same is pinned at $2.85, which is near the midpoint of the company’s guided range.
The company expects its adjusted (non-GAAP) operating EPS compounded annual growth near the top end of 5-7% through 2029.
Exelon now plans to invest $41.7 billion in its energy infrastructure during 2026-2029, up from its previous guidance of $41.3 billion. The planned capital expenditure is expected to support 7.9% rate-base growth.
Zacks Rank of Exelon
Exelon carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Utility Releases
Algonquin Power & Utilities Corp. (AQN - Free Report) is scheduled to report first-quarter results on May 8. The Zacks Consensus Estimate for first-quarter EPS is pinned at 11 cents, which implies a year-over-year decrease of 21.43%.
The Zacks Consensus Estimate for first-quarter sales is pinned at $697.9 million, which suggests year-over-year growth of 0.79%.
PPL Corporation (PPL - Free Report) is scheduled to report first-quarter results on May 8. The Zacks Consensus Estimate for first-quarter EPS is pinned at 61 cents, which implies a year-over-year increase of 1.67%.
The Zacks Consensus Estimate for first-quarter sales is pinned at $2.62 billion, which suggests year-over-year growth of 4.65%.
Global Water Resources, Inc. (GWRS - Free Report) is scheduled to report first-quarter results on May 14. The Zacks Consensus Estimate for first-quarter EPS is pinned at loss of 2 cents, which implies a year-over-year decrease of 200%.
The Zacks Consensus Estimate for first-quarter sales is pinned at $13.0 million, which suggests year-over-year growth of 4.33%.