Exelon Narrows 2026 Forecast, Eyes Top End of Long-Term Growth Range

Published October 30, 2026 at 9:20 AM EDT

Exelon narrowed its 2026 earnings forecast and said it expects long-term earnings growth near the top of its target range, after third-quarter adjusted operating earnings edged up from a year earlier, the utility holding company reported Friday.

GAAP net income was $0.70 a diluted share, down from $0.86 in the third quarter of 2025, according to the earnings release filed with an 8-K. Adjusted operating earnings, a non-GAAP measure, were $0.87 a share, compared with $0.86 a year earlier.

Guidance

Exelon narrowed its full-year 2026 adjusted operating earnings guidance to $2.85 to $2.91 a share. The company also affirmed that it expects operating EPS to grow at a compound annual rate near the top end of its 5% to 7% range from 2025 through 2029.

"Exelon's third-quarter results reflect disciplined investment and consistent performance across our utilities," President and CEO Calvin Butler said in the release, adding that the strategy helped prevent outages during a summer of severe weather and kept customer rates below the national average.

Why it matters

Exelon owns regulated utilities including ComEd in Illinois, PECO in Pennsylvania, BGE in Maryland and Pepco Holdings, serving the Mid-Atlantic and Chicago areas. Because its earnings come from regulated rates, guidance and long-term growth targets matter more to investors than any single quarter. Growing electricity demand, including from data centers, has made utilities' capital plans and rate outcomes a central focus.

The gap between GAAP and adjusted results reflects items Exelon excludes from operating earnings, which the company details in its release.

By the numbers

$0.87: third-quarter adjusted operating EPS, up from $0.86
$0.70: GAAP EPS, down from $0.86
$2.85 to $2.91: narrowed 2026 operating EPS guidance
5% to 7%: long-term annual EPS growth target, with Exelon expecting the top end

Sources

Exelon Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 30, 2026 (accession 0001109357-26-000092)

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