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Exelon Corporation

Q2 FY26Electric Utilities

Exelon Corporation Q2 FY26 Results — Earnings Call Analysis

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Price₹46

Market cap₹46.6K Cr

P/E16.9

Updated29 May 2026

Read4 min read

What the Q2 FY26 call signalled

3 of 5 strong

RevenueModerate growth

MarginMargins steady

CapexCapex planned

FundraiseFundraise planned

Order bookOrder book rising

The short version

- Exelon expects adjusted operating earnings growth near the top end of the 5% to 7% range starting in 2026. - Exelon expects adjusted operating earnings growth near the top end of the 5% to 7% range beginning in 2026.

From Exelon Corporation's Q2 FY26 earnings-call transcript · updated 29 May 2026.

Revenue & Sales Performance

Moderate growth

Exelon expects adjusted operating earnings growth near the top end of the 5% to 7% range starting in 2026.
The revised 4-year capital plan totals $41.7 billion through 2029, with an emphasis on disciplined execution and advancing economic and energy priorities.
Rate base growth is projected at 7.9% annually over the next 4 years, driven largely by accelerating transmission investments.
Transmission rate base is anticipated to grow 16% through 2029, responding to reliability needs and large load interconnections.
Earnings guidance for 2026 is $2.81 to $2.91 per share, aiming for midpoint or better.

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Profitability & Margins

Exelon expects adjusted operating earnings growth near the top end of the 5% to 7% range beginning in 2026.
For 2026, Exelon projects operating earnings of $2.81 to $2.91 per share, with a goal of achieving midpoint or better.
First quarter 2026 adjusted operating earnings were $0.91 per share, slightly exceeding expectations.
Second quarter earnings are expected to be approximately 15% of the full-year earnings guidance midpoint.
Exelon targets a consolidated 9% to 10% ROE in 2026.
The company aims to maintain stable financial flexibility and strong credit metrics, targeting approximately 14% equity ratio over the planning period through 2029.

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Capital Expenditure Plans

Capex planned

Revised 4-year capital plan targets $41.7 billion total investments through 2029.
Approximately $10 billion planned for deployment in 2026.
$1.1 billion project deferrals and reductions in PECO and BGE distribution.
$1.5 billion incremental transmission investments to support project realignment and data center interconnections.
Transmission rate base expected to grow at 16% through 2029.
Transmission organization led by Carim Khouzami pursuing competitive transmission bids and partnerships to build contracted generation.
Committed to disciplined capital execution focused on cost control and efficiency with $350 million of cost savings targeted in 2026-2027.

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Fundraising & Capital Structure

Through 2029, Exelon plans to fund a revised $41.7 billion capital plan.
Funding breakdown: approximately $21.8 billion from internally generated cash flow, $13.1 billion of utility-level debt, $3.4 billion of holding company debt.
Equity funding is expected to be about $3.4 billion, representing approximately 40% of the incremental capital plan from last year and less than 2% of Exelon's annual market cap.
As of early 2026, about 43% ($2.3 billion) of planned long-term debt financing has been completed, with successful execution of all expected debt issuances.

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Order Book & Pipeline

Order book rising

Exelon's revised 4-year capital plan includes $41.7 billion of investment, reflecting a rebalance with $1.1 billion of project deferrals and reductions in PECO and BGE distribution, and $1.5 billion of incremental transmission investment.
Annualized rate base growth is maintained at 7.9% over the next 4 years.
Transmission rate base is expected to grow at 16% through 2029, driven by reliability requirements and large load interconnections.
The company continues pursuing competitive transmission bids, including in MISO.
There are $12 billion to $17 billion of growth opportunities outside the planning period, primarily in transmission and generation.

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Frequently Asked Questions

What were Exelon Corporation Q2 FY26 results?

- Exelon expects adjusted operating earnings growth near the top end of the 5% to 7% range starting in 2026. - Exelon expects adjusted operating earnings growth near the top end of the 5% to 7% range beginning in 2026.

What is Exelon Corporation share price analysis?

Exelon Corporation currently shows a below-average growth signal. The stock trades at a P/E of 16.9 with a market cap of $46,638. Investors should review the full earnings analysis for detailed insights.

Is Exelon Corporation planning capital expenditure?

- Revised 4-year capital plan targets $41.7 billion total investments through 2029.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.