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EXELON CORP 8-K Report, Financial Results (Jul 30, 2026)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed July 30, 2026
Period End
July 30, 2026
Security
EXC
In the record · 2016–202610-K1110-Q328-K189

EXC filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 189 current reports (8-K) between 2016 and 2026.

  1. Restructuring8-K · May ’17May ’17
  2. Leadership change8-K · Jan ’19Jan ’19
  3. Impairment8-K · Apr ’21Apr ’21
  4. Material agreement8-K · May ’25May ’25

01—Abstract

Summary

Summary of the 8-K filed July 30, 2026. Cited figures are marked; the original filing is the authoritative source.

Exelon (EXC) reported second-quarter 2026 results on July 30, 2026, with GAAP EPS of $0.39a and Adjusted (non-GAAP) operating EPS of $0.43, up from $0.39 in Q2 2025 and in line with management's expectations.

GAAP net income was $396 millionb versus $391 million a year earlier. Growth was driven mainly by distribution and transmission rate increases at ComEd and PHI, higher AFUDC at ComEd, the absence of PECO customer surcharge credits, and the lapping of the prior-year Customer Relief Fund contribution. These gains were partly offset by higher depreciation at PECO and PHI, higher interest expense, higher credit loss expense at BGE, and a PECO tax-repair-related increase in income taxes.

Operating EPS for the first half was $1.33c versus $1.31 a year earlier. Management affirmed full-year 2026 adjusted operating EPS guidance of $2.81 to $2.91 and expects operating EPS compound annual growth from 2025 to 2029 near the top end of the 5-7% range. The company cites a planned ~$41.7B four-year capital program, a 7.9% rate base growth outlook, and ~86% of 2026 debt financings already executed.

Credit metric targets remain around 14% (S&P FFO/Debt and Moody's CFO pre-WC/Debt). Notable regulatory items include BGE's $156.1Md electric distribution rate case (10.40% ROE requested, decision expected around January 2027), Pepco MD's order expected in August 2026, and ComEd's grid plan and reconciliation orders expected by year-end. The quarterly dividend was declared at $0.42 per share.

The filing also flags credit-rating developments that bear watching: S&P downgraded BGE's senior unsecured rating from A to A- on April 30, 2026, and Moody's downgraded PECO's senior secured rating from Aa3 to A1 on July 15, 2026. Balance sheet data show long-term debt rising to $50.3B from $47.4B at year-end 2025, short-term borrowings increasing to $1.2B, and capital expenditures of $4.6B in the first half, up from $4.0B.

Operating cash flow of $3.7B exceeded the prior-year $2.7B. Investors should weigh the strong growth visibility and reliability record against rising leverage, ongoing equity issuance needs (~$3.4B through 2029), and regulatory outcomes that remain pending.

02—Key points

Key Highlights

  1. Q2 2026 Adjusted operating EPS of $0.43 vs. $0.39 in Q2 2025 (+$0.04); GAAP EPS of $0.39 flat year over year, including a $0.04 cost management program charge.
  2. Full-year 2026 adjusted operating EPS guidance of $2.81-$2.91 affirmed; 2025-2029 operating EPS CAGR expected near top end of 5-7%.
  3. Capital plan of ~$41.7B over four years with 7.9% rate base growth; Q2 2026 year-to-date capex of $4.6B vs. $4.0B a year earlier.
  4. Financing progress: ~86% of 2026 debt financing executed; ~37% of ~$3.4B equity need through 2029 priced via forward contracts; $850M of forward equity to settle by December 15, 2026.
  5. BGE filed a $156.1M electric distribution rate case (10.40% ROE, 52.00% equity ratio) on July 2, 2026, with an order expected around January 2027.
  6. Credit rating pressure: S&P cut BGE to A- (April 30, 2026) and Moody's cut PECO senior secured to A1 (July 15, 2026); Exelon targets average credit metrics near 14% with 100-200 bps of cushion above downgrade thresholds.
  7. Quarterly dividend of $0.42 per share declared July 28, 2026, payable September 15, 2026; management targets ~60% payout ratio and dividend growth of ~5% through 2029.

03—Questions

Frequently Asked Questions

  1. Did Exelon meet expectations in Q2 2026?

    Yes. Adjusted operating EPS of $0.43 was in line with the expectations management discussed on its first-quarter call and was up $0.04 from $0.39 in Q2 2025. GAAP EPS of $0.39 was flat year over year.

  2. Is full-year 2026 guidance changing?

    No. Exelon affirmed 2026 adjusted operating EPS guidance of $2.81-$2.91 per share, based on expected average shares outstanding of about 1,031 million, and continues to expect 2025-2029 operating EPS growth near the top end of its 5-7% range.

  3. What are the main regulatory events to watch?

    BGE's electric distribution rate case ($156.1M requested, 10.40% ROE) has a decision expected around January 2027. Pepco MD's rate case order is expected in August 2026, DPL Delaware's case in Q3 2027, and ComEd's grid plan and reconciliation orders by December 2026. The FERC complaint seeking removal of the 50-basis-point RTO adder is pending but not expected to be material.

  4. Are there credit or balance sheet concerns?

    Rating agencies have taken some actions: S&P downgraded BGE to A- and Moody's downgraded PECO's senior secured rating to A1. Long-term debt rose to $50.3B from $47.4B at year-end 2025, and short-term borrowings rose to $1.2B. Management says it has about 200 bps of cushion above Moody's downgrade threshold and about 100 bps above S&P's, and it targets credit metrics near 14%.

  5. What drove the earnings changes by business unit?

    ComEd's adjusted earnings rose to $249M from $228M on higher rate base and AFUDC. BGE rose to $70M from $55M on approved distribution rates. PECO fell to $130M from $136M on higher depreciation, interest, and taxes, partly offset by the absence of surcharge credits and favorable weather. PHI fell to $126M from $144M, mainly on higher depreciation, partly offset by approved rates.

04—Continue

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