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Exelon Corporation
S&P 500 Nasdaq 100
🏹 Trader: 🎯 Near 52W High View all →
$44.3B
Market Cap
16.0
P/E
2.51
PEG
5.8%
ROCE
9.9%
ROE
1.68
D/E
21.2%
OPM
-10.8%
% from 52W High
37
α RS
🔍 EXC is showing a notable setup because Sector RRG has Utilities in the Improving quadrant with the trail still rolling over and it's within 10.8% of its 52-week high. Net: Partial signal stack, not a recommendation. ? RRG 52W High
Sources
Utilities in Improving quadrant · 10.8% from 52W high
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🌏 Global Investor Returns
Currency-adjusted total returns for EXC including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
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By Category
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About

Exelon Corporation, a utility services holding company, engages in the energy distribution and transmission businesses in the United States.

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In-line quarter Investor Presentation One-Pager? Q2 2026
Adjusted Operating EPS
$0.43
+$0.04 YoY
GAAP Net Income Per Share
$0.39
Flat YoY
FY26 Adjusted EPS Guidance
$2.81-$2.91
Reaffirmed
What Went Right
  • Adjusted operating EPS of $0.43 was $0.04 higher YoY and in line with expectations, keeping FY26 guidance at $2.81-$2.91.
  • Reliability remains best-in-class: all utilities top quartile, ComEd and PHI top decile; ComEd restored 90% of 530,000 impacted customers within 48 hours.
  • Capital and financing execution are strong: ~86% of 2026 debt raised, ~37% of 2026-2029 equity priced via forwards, and $41B capex plan unchanged.
What to Watch
  • PJM capacity shortfall widened to 6.8 GW, clearing at the price cap for a third consecutive auction; un-capped simulation shows $777/MW-day in ComEd.
  • July heat pushed spot prices from $80 to $800/MWh, underscoring system tightness and affordability risk.
  • Data-center pipeline was reduced from 43 GW to 36 GW as TSAs removed speculative projects; Q3 shaping includes PECO employee strike impact.
Management Guidance
  • Full-year 2026 adjusted operating EPS guidance reaffirmed at $2.81-$2.91, with goal to be at midpoint or better.
  • Q3 2026 adjusted EPS expected to be approximately 27% of the full-year guidance midpoint.
  • 2026 capital plan ~$10B; consolidated operating ROE expected 9%-10%.
  • 2025-2029 annualized EPS growth near top end of 5%-7%, supported by 7.9% annualized rate-base growth.
Investor Lens
Exelon's thesis remains intact: Q2 matched expectations, full-year guidance was reaffirmed, and a de-risked data-center pipeline did not force a cut to the $41B capital plan. The bigger overhang is PJM resource scarcity—another capacity auction at the cap and a 6.8 GW shortfall—which reinforces management's push for storage and utility-owned generation. Near-term catalysts are the Pepco Maryland order, ComEd grid-plan decision and ACE battery approval. Overall, the diversified jurisdictional model and disciplined financing make the reiterated outlook credible, but regulatory execution and supply-side outcomes need to remain on track.
From investor presentation · AI-generated analysis · Not investment advice
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📊 MIXED In-line Q2: EPS $0.43 vs $0.39; FY26 guide reaffirmed at $2.81-$2.91
Revenue
Revenue was not disclosed on the call; management reported adjusted operating EPS of $0.43 vs. $0.39 a year earlier. Discussions centered on earnings drivers, regulatory filings and capital deployment rather than top-line revenue.
Profitability
Adjusted operating EPS grew $0.04 YoY to $0.43, driven by $0.04 from distribution/transmission rates, $0.04 from the absence of last year's Customer Relief Fund and $0.01 favorable PECO weather, partly offset by $0.02 higher BGE credit losses and $0.02 interest. GAAP EPS was $0.39, flat YoY. ComEd adjusted operating earnings rose to $249M from $228M, while PECO fell to $130M from $136M.
Margins
Margins were not explicitly reported. Cost pressure came from higher depreciation and interest at PECO, higher BGE credit-loss expense and higher income taxes, partially offset by rate increases and favorable weather. Rate increases net of depreciation and AFUDC added $0.04 to EPS.
Balance Sheet
~86% of 2026 planned debt financing is completed, including all holding company, Pepco Holdings, ComEd and BGE issuances. ~37% of planned equity needs through 2029 is priced via forwards, covering all 2026 and half of 2027. Exelon expects average credit metrics of ~14% through 2029.
Key Risks
PJM's capacity auction cleared at the FERC price cap for a third consecutive year, with a 6.8 GW reliability shortfall; PJM's own simulation put ComEd's price at $777/MW-day absent the cap. The July heat event pushed PJM spot prices from ~$80 to ~$800/MWh during a 168 GW peak. Management also trimmed the data-center pipeline to 36 GW from 43 GW and noted Q3 includes the PECO employee strike.
Outlook
Full-year 2026 adjusted operating EPS guidance is reaffirmed at $2.81-$2.91, with Q3 expected at ~27% of the midpoint and management aiming for midpoint or better. Exelon also reaffirmed 5%-7% annualized EPS growth through 2029 and 7.9% annualized rate-base growth.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-30
Q2 2026 adjusted operating earnings rose to $0.43 per share, with full-year guidance reaffirmed at $2.81-$2.91 per share. Utilities maintained top reliability despite severe weather, and major investments in grid resilience, storage, and regulatory initiatives are underway to address supply constraints and support growth.
Q1 2026 Q1 2026 2026-05-06
Q1 2026 adjusted operating earnings were $0.91 per share, with full-year guidance reaffirmed at $2.81-$2.91 per share. Capital is being reallocated toward transmission, with $350M in O&M savings targeted and a focus on balancing affordability, reliability, and growth amid regulatory and supply challenges.
Q4 2025 Q4 2025 2026-02-12
Adjusted EPS of $2.77 for 2025 exceeded expectations, with 7.4% annual earnings growth and 8% rate base growth since 2021. A $41.3B capital plan supports 8% rate base and 5%-7% EPS growth through 2029, with strong reliability and disciplined cost management.
Q3 2025 Q3 2025 2025-11-04
Q3 2025 adjusted operating EPS rose to $0.86, driven by higher rates and favorable storm impacts. Full-year guidance of $2.64-$2.74 per share was reaffirmed, with strong operational reliability and a robust large load pipeline supporting future growth.
Q2 2025 Q2 2025 2025-07-31
Q2 2025 operating earnings were $0.39 per share, slightly ahead of guidance, with strong cost management offsetting storm and customer relief costs. The company reaffirmed its full-year guidance and long-term growth targets, supported by robust load growth and major transmission investments.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
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No Investment Recommendation:
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Information Sources:
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