Exelon Corporation Q1 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Key Financial Highlights

  • Adjusted operating earnings were $0.91 per share for Q1 2026, slightly below the $0.92 per share reported in Q1 2025. The year-over-year decrease was driven primarily by timing-related headwinds at ComEd and higher interest and credit loss expenses, partially offset by new distribution and transmission rates and favorable weather at PICO.
  • 2026 full-year adjusted operating earnings guidance of $2.81 to $2.91 per share is reaffirmed, with management targeting the midpoint or better.
  • Second-quarter earnings are expected to represent approximately 15% of full-year earnings; Exelon expects to recognize 47% of its full-year earnings in the first half of 2026, consistent with historical patterns.
  • Exelon expects to earn a consolidated 9% to 10% ROE in 2026 while maintaining strong credit metrics (targeting 14% at Moody’s and S&P).

Operational and Regulatory Performance

  • All Exelon utilities delivered top-quartile reliability, with ComEd in the top decile, despite several spring high-wind storm events.
  • PICO voluntarily withdrew its Pennsylvania electric and gas rate cases due to affordability concerns raised by stakeholders, including state leadership. Exelon emphasized this was a timing-based decision and does not alter long-term investment needs.

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Operator: Hello, and welcome to Exelon Corporation's First Quarter Earnings Call. My name is Michelle, and I will be your event specialist today. All lines have been placed on mute to prevent any background noise. Please note that today's webcast is being recorded. During the presentation, we will have a question and answer session. You can ask questions by pressing star 11 on your telephone keypad. If you would like to view the presentation in full screen view, click the full screen button by hovering your computer mouse cursor over the PowerPoint screen. Press the escape key on your keyboard to return to the original view. And finally, should you need technical assistance, as a best practice, we suggest you first refresh your browser. If that does not resolve the issue, please click on the help option in the upper right-hand corner of your screen for online troubleshooting. 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 first quarter earnings call. Leading the call today are Calvin G. Butler, Exelon Corporation's President and Chief Executive Officer, and Jeanne M. Jones, Exelon Corporation's Chief Financial Officer. Other members of Exelon Corporation's senior management team are also with us today and will be available to answer your questions following our prepared remarks. Today's presentation,

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