01—Abstract
Summary
Summary of the 10-Q filed May 6, 2026. Cited figures are marked; the original filing is the authoritative source.
Exelon Corporation reported solid financial results for the first quarter of 2026, with net income attributable to common shareholders increasing to $919 milliona, or $0.90 per diluted share, compared to $908 million, or $0.90 per diluted share, in the first quarter of 2025.
This growth was driven by favorable rate increases across several subsidiaries, including ComEd and BGE, and the absence of certain customer surcharges at PECO. The company also benefited from higher AFUDC at ComEd and favorable weather conditions. Despite these positive trends, the company experienced some headwinds.
These included unfavorable impacts from the Pepco Maryland multi-year plan reconciliation, higher depreciation expenses at PECO and PHI, increased interest expenses, and higher credit loss expenses at BGE. Exelon's capital expenditures remain significant, reflecting ongoing investments in infrastructure upgrades across its service territories. The company's liquidity position remains strong, supported by operating cash flows and access to credit facilities, positioning it to continue funding its strategic initiatives.
02—Key points
Key Highlights
- Exelon reported a net income attributable to common shareholders of $919 million for Q1 2026, a slight increase from $908 million in Q1 2025.
- Diluted earnings per share remained stable at $0.90 for both Q1 2026 and Q1 2025.
- Total operating revenues increased to $7,242 million in Q1 2026 from $6,714 million in Q1 2025, driven by rate increases and improved weather conditions in some service territories.
- Capital expenditures were substantial at $2,358 million for Q1 2026, up from $1,946 million in Q1 2025, reflecting ongoing investments in utility infrastructure.
- Operating cash flow saw a significant increase to $1,724 million in Q1 2026, compared to $1,200 million in Q1 2025, demonstrating strong operational cash generation.
- The company successfully managed its debt, issuing $1,120 million in long-term debt while repaying $447 million in short-term borrowings during the quarter.
- Several subsidiaries experienced regulatory rate case approvals and updates, which are key drivers for revenue growth and cost recovery.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2026filed May 6, 2026Financial Statements
Q1 FY2026 against Q1 FY2025
| Line item | Q1 FY2026Q1 FY2025 | Change |
|---|---|---|
| Revenue | $7.24B$6.71B | +7.9% |
| Operating Expenses | $5.64B$5.18B | +8.9% |
| Operating Income | $1.60B$1.54B | +4.5% |
| Net Income | $919.00M$908.00M | +1.2% |
| EPS (Basic) | $0.90$0.90 | 0.0% |
| EPS (Diluted) | $0.90$0.90 | 0.0% |
| Shares Outstanding (Basic) | 1.02B1.01B | +1.6% |
| Shares Outstanding (Diluted) | 1.03B1.01B | +1.7% |
05—Questions
Frequently Asked Questions
What was Exelon's overall financial performance in the first quarter of 2026 compared to the previous year?
Exelon's net income attributable to common shareholders increased slightly to $919 million in the first quarter of 2026 from $908 million in the first quarter of 2025. Diluted earnings per share remained stable at $0.90. This performance was driven by rate increases and operational efficiencies across its utility subsidiaries, partially offset by some unfavorable regulatory adjustments and increased operating expenses.
How did capital expenditures trend in the first quarter of 2026?
Exelon continued to invest heavily in its infrastructure, with capital expenditures totaling $2,358 million in the first quarter of 2026, an increase from $1,946 million in the same period of 2025. These investments are crucial for grid modernization, reliability, and compliance with regulatory requirements.
What are the key factors impacting Exelon's operating revenues?
Operating revenues are primarily influenced by approved rate increases from regulatory commissions, customer usage patterns (though mitigated by decoupling mechanisms in some areas), weather conditions, and investments in the rate base. For example, ComEd saw increased transmission revenue due to higher costs and capital investments, while PECO benefited from favorable weather and the absence of surcharge credits.
How is Exelon managing its debt and liquidity?
Exelon's liquidity remains strong, supported by robust operating cash flows and access to credit facilities. During the quarter, the company issued $1,120 million in long-term debt and repaid $447 million in short-term borrowings. Capital expenditure plans are expected to be funded through a combination of operating cash flows and external financing.
06—Continue