Exelon

Exelon owns six regulated utilities that deliver electricity and natural gas to almost 11 million customers. ComEd serves northern Illinois, including Chicago. PECO serves southeastern Pennsylvania. BGE serves central Maryland.

PHI owns Pepco, Delmarva Power (DPL) and Atlantic City Electric (ACE), which serve Washington, D.C. and parts of Maryland, Delaware and New Jersey. Exelon separated its power generation business, Constellation, in 2022. State commissions set its distribution rates, and FERC sets its transmission rates. Exelon plans capital expenditures of $41.7 billion over the four years from 2026, and it expects rate base growth of 7.9% a year.

The market prices Exelon for the political pressure on utility bills in its states and for the new shares it must sell to fund its building plan. In April 2026, PECO withdrew its electric and gas rate cases in Pennsylvania after talks with the governor about affordability. In May 2026, Maryland passed a law that stops rate cases with forecasted test years until April 1, 2027. In Q3 2026, Exelon took a $130 million after-tax charge at PHI because regulators did not allow some capitalized costs.

Exelon plans $3.4 billion of new equity through 2029 to fund capital expenditures of $41.7 billion. For the gap to close, three things must be true. Exelon must reach its 2026 guidance of $2.85 to $2.91 per share, which it narrowed in October 2026, and keep earnings growth near the top of its 5% to 7% range through 2029. Regulators must give fair decisions in the new BGE rate case filed in July 2026 and in the later cases at PECO and Pepco.

Exelon must sell the planned new shares without large price cuts and keep its credit ratings. The Q4 2026 report with the 2027 guidance and the updated capital plan, expected in late January or February 2027, is the main test. If these checks pass, the gap can close over the next two to four quarters. The main reason it may not close is that state politicians limit rate increases further because of high energy bills.

1. Oct 30, 2026Passed

   Q3 2026 results: guidance and financingExelon keeps its 2026 guidance of $2.81 to $2.91 per share and its growth target near the top of 5% to 7% passes; a lower guidance or a cut in the capital plan fails.Outcome: Exelon raised the low end of its 2026 guidance to $2.85 per share, kept its growth target near the top of 5% to 7% and did not cut its capital plan.
2. Jan 30, 2027 · est.Pending

   Q4 2026 results: 2027 guidance and updated capital plan2027 guidance in line with growth near 7% from 2026 and no large increase in planned new shares pass; lower growth or more new shares fail.

Every passed and failed checkpoint across all picks

• October 30, 2026Exelon reported Q3 2026 results. GAAP net income fell to $0.70 per share from $0.86, and adjusted operating earnings rose to $0.87 per share from $0.86. GAAP income included a $130 million after-tax charge at PHI for the disallowance of some capitalized costs. Exelon narrowed its 2026 guidance to $2.85 to $2.91 per share, from $2.81 to $2.91, and kept its growth target near the top of 5% to 7% a year from 2025 to 2029. It completed its planned 2026 debt financings, and Maryland regulators issued final orders in the Pepco rate case and the Lessons Learned proceeding.
• August 28, 2026The Maryland Public Service Commission approved a Pepco electric rate increase of $50.9 million a year, less than half of the about $120 million that Pepco asked for. It set a return on equity of 9.40%, against the 10.5% that Pepco asked for. It did not allow about $164.9 million of costs for the White Flint substation. The new rates started on August 28, 2026. The commission also opened a second phase to decide if it must remove more costs under the Maryland Utility Relief Act.
• August 25, 2026Exelon announced leadership changes. Jeanne Jones, the CFO, became Executive Vice President of Finance and Strategy on October 5, 2026, and Robert Kleczynski, the Corporate Controller, became CFO on the same day. Mike Innocenzo, the Chief Operating Officer, will leave the company in 2027.

Last earnings

October 30, 2026 (8-K on sec.gov)

Next earnings

Expected about January 30, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 30, 2026 · exc-20260930
• 8-KEarnings release and Investor disclosureFiled October 30, 2026 · Press release and exhibits
• 8-KChange of directors or officers and Investor disclosureFiled August 25, 2026 · exc-20260825
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 30, 2026 · exc-20260630
• 8-KEarnings release and Investor disclosureFiled July 30, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 6, 2026 · exc-20260331
• 8-KEarnings release and Investor disclosureFiled May 6, 2026 · Press release and exhibits
• 8-KShareholder vote resultsFiled April 30, 2026 · exc-20260428
• 8-KInvestor disclosure and Other company newsFiled April 16, 2026 · exc-20260413
• 8-KNew material agreement and New debt or financial obligationFiled February 20, 2026 · exc-20260220

Every filing on SEC EDGAR (CIK 1109357)

• Politicians in Pennsylvania, Maryland and other states focus on high energy bills. PECO withdrew its rate cases in April 2026, and Maryland limited forecasted rate cases until April 2027. In August 2026, Maryland regulators gave Pepco less than half of the rate increase it asked for, and in Q3 2026 PHI took a $130 million after-tax charge for costs that regulators did not allow. Lower or later rate increases would slow earnings growth.
• Exelon plans to spend $41.7 billion over four years and to issue $3.4 billion of new shares through 2029. Higher interest rates or a lower share price would make this funding more costly and lower earnings per share growth.
• On March 5, 2026, a court sent Pepco's District of Columbia rate order back to the commission for evidentiary hearings. The current rates stay in effect for now, but the final result is not certain.
• Several finance and operations leaders change roles from October 2026 to early 2027, including a new CFO. A change in leaders can slow decisions during a period of large regulatory filings.

Exelon funds its utilities with long-term debt at the holding company and at each utility, commercial paper and new shares. At September 30, 2026, long-term debt was $50.79 billion, long-term debt due within one year was $1.08 billion, short-term borrowings were $934 million and long-term debt to financing trusts was $390 million, so total debt was about $53.2 billion. Read more

Yield at the current rate

3.7% (current annual rate, at today’s price)

Dividend yield

2.8% (last 12 months, at today’s price of $45.61)

Paid per share

$1.26 in the last 12 months (3 payments)

Current annual rate

$1.68 ($0.42 × 4 a year)

Latest ex-dividend date

September 4, 2026, $0.42 per share

Fewer payments or a raise. The last 12 months paid at least 25% less than the current annual rate. A payment may fall just outside the 12 months, or the company may have raised its dividend.

Dividends per share by year

From 2020 to 2025, the dividend grew by about 7.9% a year. From 2015 to 2025, the dividend grew by about 6.1% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.