Exelon Corporation Q3 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Exelon Q3 2026 Earnings Summary

  • Financial Performance: Adjusted operating earnings of $0.87 per share in Q3 2026, up from $0.86 per share in Q3 2025 (primarily driven by $0.06 from approved rates net of depreciation, $0.01 AFUDC, $0.01 weather, and $0.03 lower costs, offset by $0.07 storm activity and $0.04 interest/tax expenses).
  • Full-Year Guidance: Narrowed to $2.85–$2.91 per share (targeting midpoint or better), with Q4 assumptions including approved rates, normal weather/storms, and reversal of timing items. Reaffirmed 5–7% annualized adjusted operating earnings growth (near top end) from 2025–2029.
  • Capital Plan & Growth: $41.7 billion diversified investment plan (no single project >3% of total) supporting 7.9% rate base growth (16% transmission growth). Incremental upside: $12–17 billion transmission opportunities and $3–7 billion (1.5–3.5 GW) regulated storage beyond current plan.
  • Reliability & Operations: Utilities ranked #1, #2, #5, and #6 for electric reliability among U.S. peers. Responded to 31 significant weather events YTD (including 3 major storms impacting >400k customers each in ComEd); prevented ~6.6 million outages, restored 94% of customers in <48 hours. Customer rates 19% below largest U.S. cities; bills as % of median income 20% below national average.
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Operator: Hello, and welcome to Exelon's Third Quarter Earnings Call. My name is Michelle, and I will be your event specialist today. [Operator Instructions] Please note that today's webcast is being recorded. [Operator Instructions] It is now my pleasure to turn today's program over to Ryan Brown, Vice President of Investor Relations. The floor is yours. Ryan Brown: Great. Thank you, Michelle. Good morning, everyone. Thank you for joining us for the 2026 third quarter earnings call. Leading the call today are Calvin Butler, Exelon's President and Chief Executive Officer; and Rob Kleczynski, Exelon's Chief Financial Officer. Other members of Exelon's senior management team are also with us today and will be available to answer your questions following our prepared remarks. Today's presentation, along with our earnings release and other financial information can be found in the Investor Relations section of Exelon's website. We would also like to remind you that today's presentation and the associated earnings release materials contain forward-looking statements, which are subject to risks and uncertainties. You can find the cautionary statements on these risks on Slide 2 of today's presentation or in our SEC filings. In addition, today's presentation includes references to adjusted operating earnings and other non-GAAP measures. Reconciliations between these measures and the nearest equivalent GAAP measures can be found in the appendix of the presentation and in our earnings
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