Utility operator plans $41.7 billion in infrastructure spending while reporting steady first-quarter earnings and reliability gains.

May 7, 2026

Exelon reported stable first-quarter 2026 earnings while reaffirming its full-year guidance and expanding its long-term infrastructure investment plans, underscoring the company’s focus on grid modernization and reliability across its regulated utility operations.

The Chicago-based utility company posted first-quarter GAAP net income of $919 million, or $0.90 per diluted share, compared with $908 million, or $0.90 per share, in the same period a year earlier. Adjusted operating earnings slipped slightly to $0.91 per share from $0.92 per share in the prior-year quarter.

Exelon said it remains on track to deliver annual earnings growth near the upper end of its previously projected 5% to 7% range through 2029. The company also reaffirmed its 2026 adjusted earnings guidance of $2.81 to $2.91 per share.

Infrastructure Spending Expands

A key focus for investors was Exelon’s updated four-year capital expenditure plan, which now totals $41.7 billion. The company expects those investments to drive rate base growth of nearly 8% as utilities across its service territories continue upgrading transmission and distribution systems.

Management highlighted reliability performance as a major operational achievement during the quarter, with all utilities ranking in the top quartile and Commonwealth Edison placing in the top decile nationally.

Utility Results Vary by Region

Results across Exelon’s operating utilities were mixed but generally reflected higher approved distribution and transmission rates tied to infrastructure investments.

Commonwealth Edison reported GAAP net income of $310 million, up from $302 million a year earlier, though adjusted operating earnings declined because of timing-related distribution earnings impacts.

PECO increased net income to $278 million from $266 million, helped by favorable weather conditions, the absence of customer surcharge credits, and lower income taxes.

Baltimore Gas and Electric posted one of the strongest year-over-year gains, with net income rising to $298 million from $260 million. The increase was largely linked to approved distribution rates associated with grid investment recovery, though higher credit loss expenses partially offset the improvement.

At Pepco Holdings, earnings declined as the company faced higher depreciation expenses and unfavorable impacts related to Maryland regulatory reconciliation adjustments. PHI reported first-quarter GAAP net income of $169 million compared with $194 million in the prior-year period.

Financing Activity Continues

Exelon continued to access debt markets during the quarter as part of its financing strategy. The company said it had completed about 43% of planned debt financings through March 31, including all holding company issuances, and had priced roughly 37% of its expected $3.4 billion equity needs through 2029.

In February, Exelon issued $775 million in senior notes due 2036. Subsidiaries Pepco, Delmarva Power and Atlantic City Electric also completed bond offerings in March to refinance debt and support general corporate operations.

Cash Flow and Balance Sheet

Cash flow from operating activities rose sharply to $1.72 billion during the quarter, compared with $1.2 billion a year earlier. Capital expenditures increased to $2.36 billion from $1.95 billion as the company accelerated investment spending.

Exelon ended the quarter with total assets of $117.5 billion and long-term debt of $47.9 billion. Shareholders’ equity stood at $29.3 billion.

The company also declared a quarterly dividend of $0.42 per share, payable June 15 to shareholders of record on June 4.

Exelon serves nearly 11 million customers through utilities operating in Illinois, Pennsylvania, Maryland, Delaware, New Jersey and the District of Columbia.