EXC US S&P 500NASDAQ-100Russell 1000 Earnings call
Exelon (EXC) · Q1 2026 results and valuation
Share price: $45.61 · 2026-11-11
Exelon is a utility company that provides electric transmission and distribution as well as natural gas delivery. It operates within regulated service territories and serves customers through its infrastructure and energy systems. Source: 10-K annual report (2026-02-12)
Results Q1 2026 vs Q4 2025 · previous quarter · published 6 May 2026 and 12 Feb 2026
Net income up 54.7% on the previous quarter. Management sounded restrained, in its script and in answers to analysts.
1 · Numbers
+54.7%
Net income vs Q4 2025
Outlook given
Net income 919.0M vs 594.0M
Revenue +33.8%
Against the same quarter last year (Q1 2025) it is +1.2% — part of the move on last quarter is seasonal.
2 · How management spoke
Restrained
Less upbeat than 75% of company calls
Answers to analysts: cautious, in line with the script.
Similar to last call.
3 · What stood out
Exelon completed $2.3 billion, or 43%, of its planned long-term debt financing to execute expected transactions and de-risk its go-forward financing plan.
Valuation
Is Exelon undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 8.3% growth a year (3-year revenue growth), the model's fair value is $8.09 a share — the stock trades 464% above it. Today's price assumes 15.2% growth a year.
Current price
$45.61
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+15.2% for 10 yrs
Fair value / share
$8.09
Buy below
$6.07
Price vs fair value
Overvalued >200%
Price vs buy-below price
Overvalued >200%
Read between the lines
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Guidance
Adjusted operating earnings reached $0.91 per share because of favorable weather and timing-related items.
Source quote
“This morning, we reported adjusted operating earnings of $0.91 per share, exceeding expectations, with outperformance driven primarily by net favorable weather and timing-related items.”
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Key theme
The company completed $2.3 billion, or 43%, of its planned long-term debt financing to execute all expected transactions and materially de-risk its go-forward financing plan.
Source quote
“We have completed approximately 43%, or $2.3 billion, of our planned long-term debt financing, successfully executing all expected debt transactions both at corporate and Pepco Holdings for the year and materially de-risking our go-forward financing plan.”
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Figure
The company is maintaining a revised annualized rate base growth of 7.9% over the next four years due to transmission growth opportunities across its service territory.
Source quote
“Despite the rebalance of capital, we are maintaining a revised annualized rate base growth of 7.9% over the next four years, reflecting the substantial and accelerating transmission growth opportunities we are experiencing across our service territory.”
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Guidance
The company aims to maintain its target of 14% by leveraging its diversified platform and ability to pivot around different projects.
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Figure
EXC submitted competitive bids for two Illinois transmission opportunities in February, representing approximately $1.9 billion of total transmission capital spend pursued jointly with Infinergy.
Source quote
“In February, we submitted competitive bids for two Illinois transmission opportunities within the MISO Tranche 2.1 window, representing approximately $1.9 billion of total transmission capital spend pursued jointly with Infinergy.”
2 more
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Guidance
The company updated its guidance to target no more than 2% adjusted O&M growth through 2029 following nearly flat expense growth from 2024 to 2026.
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Figure
Exelon has already made progress on approximately 37% of these equity needs, with all of its $850 million in equity needs for 2026 and over $400 million in 2027 priced using forward contracts under its ATM.
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q1 2026. Ring: Q4 2025.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Despite the rebalance of capital, we are maintaining a revised annualized rate base growth of 7.9% over the next four years, reflecting the substantial and accelerating transmission growth opportunities we...”
“In addition to nearly flat expense growth from 2024 to 2026, we are now targeting no more than 2% adjusted O&M growth through 2029.”
“Our scale, multistate footprint, and deep operational expertise allow us to step forward where reliability and resiliency investments are increasingly needed, especially as load growth and system complexity continue to...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-03-31)
| Metric | Q1 2026period end 2026-03-31 | Q4 2025period end 2025-12-31 | Change | Q1 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 7.24B | 5.41B | +33.8% | 6.71B | +7.9% |
| Operating income | 1.60B | 1.19B | +35.4% | 1.54B | +4.5% |
| Net income | 919.0M | 594.0M | +54.7% | 908.0M | +1.2% |
| EPS | 0.90 | — | 0.90 | ±0% | |
| P/E today 26.2 | 28.2 | — | — | 23.3 | +4.9 |
Topics
Most discussed now
- A financially sound utility needs justifiable returns commensurate with the risk taken by the regulated utility.
- Having executed within 2% of its plan since 2023, Exelon remains confident in its ability to deliver this next phase...
- Earnings are lower in the first quarter relative to the same period last year primarily driven by $0.07 of new...
- It includes constructive regulatory engagement, partnership with local communities, and advocacy for policies that promote affordability…
- Exelon takes that responsibility seriously, and it meets it every day through consistent execution, high operational standards, and a…
Faded since Q4 2025
- Fading Since 2021, Exelon has achieved a 7.4% annual earnings growth rate and 8% rate base growth in 2025, highlighting its...
- Dropped Serving approximately 11 million customers across some of the largest and most economically vital metropolitan areas in the country is...
- Fading As Exelon reflects on another successful year and celebrate the close of its twenty fifth anniversary, it is proud to...
- Fading Billion to $17 billion transmission opportunities over the next decade that strengthen and lengthen Exelon's plan, of which over 60%...
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Results of operations; Regulation FD disclosure · SEC 8-K
- Director or officer change; Regulation FD disclosure · SEC 8-K
Exelon Corporation announced that Michael Innocenzo will depart in 2027, while Robert Kleczynski will become Chief Financial Officer with a base salary of $650,000 starting October 5, 2026.
- Results of operations; Regulation FD disclosure · SEC 8-K
Exelon reported GAAP net income of $0.39 per share for the second quarter of 2026, while adjusted operating earnings reached $0.43 per share, up from $0.39 per share in the second quarter of 2025.
- Results of operations; Regulation FD disclosure · SEC 8-K
Exelon reported GAAP net income of $0.90 per share for the first quarter of 2026, while adjusted operating earnings were $0.91 per share, down from $0.92 per share in the first quarter of 2025.
- Shareholder vote results · SEC 8-K · routine
- Regulation FD disclosure; Other events · SEC 8-K
Exelon reaffirmed its 2026 adjusted operating earnings guidance of $2.81-$2.91 per share and expected annual growth of 5 to 7 percent from 2025 to 2029 following PECO's withdrawal of its rate proceedings.
- Material agreement; New financial obligation · SEC 8-K
Exelon Corporation issued and sold $775 million in aggregate principal amount of its 4.950% Notes due 2036 on February 20, 2026.
- Results of operations; Regulation FD disclosure · SEC 8-K
Exelon reported full-year 2025 GAAP net income of $2.73 per share, up from $2.45 per share in 2024, and adjusted operating earnings of $2.77 per share, up from $2.50 in 2024.
Balance sheet & ownership
From SEC filings; short interest is FINRA data via Yahoo. Collected 2026-10-18.
Cash & runway
Cash & equivalents
$713.0M
2026-03-31
Long-term investments
$317.0M
total liquidity $1.03B
Implied runway
—
operating cash flow positive over the TTM window
Dilution
weighted-average basic shares, per quarter. Change: +1.6% YoY.
| Quarter | Shares |
|---|---|
| Q2 2024 | 1.00B |
| Q3 2024 | 1.00B |
| Q1 2025 | 1.01B |
| Q2 2025 | 1.01B |
| Q3 2025 | 1.01B |
| Q1 2026 | 1.02B |
Insider transactions
Form 4 open-market trades (codes S/P), trailing 12 months. 38 filings parsed.
No open-market insider buys or sells in the window.
Catalyst calendar
management-stated targets — from the latest earnings call; plans, not promises.
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2026
operating earnings guidance
Source quote
“We are also affirming our 2026 operating earnings guidance of $2.81 to $2.91 per share.”
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2027
incremental O&M savings
Source quote
“We are pulling back on certain projects, reprioritizing capital across our portfolio, and delivering $350 million of incremental O&M savings in 2027 tied to work we will no longer pursue.”
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2026
adjusted operating earnings guidance
Source quote
“But with these actions in place, we are reaffirming our 2026 adjusted operating earnings guidance of $2.81 to $2.91 per share and our long-term operating earnings growth”
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later this month
two additional bids in transmission windows
Source quote
“You should expect Exelon Corporation to continue engaging competitively and with discipline in future transmission windows across PJM and other ISOs, including two additional bids expected later this month.”
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2026
investment of nearly $10 billion
Source quote
“Our revised four-year capital plan reflects these priorities by rebalancing investment, enabling us to invest nearly $10 billion in 2026 and a total of $41.7 billion over the next four years for the benefit of our customers.”