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. 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 $2.81 to $2.91 per share 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 Q3 2026 report on October 30, 2026 gives the next test. The 2027 guidance and the updated capital plan in February 2027 are the main tests. 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, 2026Pending

   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.
2. Feb 2027 · est.Pending

   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

Exelon funds its utilities with long-term debt at the holding company and at each utility, commercial paper and new shares. At June 30, 2026, long-term debt was $50.31 billion, long-term debt due within one year was $727 million, short-term borrowings were $1.24 billion and long-term debt to financing trusts was $390 million, so total debt was about $52.7 billion. Read more

• 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. 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.

• 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.
• July 30, 2026Exelon reported Q2 2026 results. GAAP net income was $0.39 per share, and adjusted operating earnings rose to $0.43 per share from $0.39. Exelon kept its 2026 guidance of $2.81 to $2.91 per share and its earnings growth target near the top of 5% to 7% a year from 2025 to 2029. It had completed about 86% of its planned 2026 debt financings.
• July 2, 2026BGE filed an electric distribution rate case with the Maryland Public Service Commission to recover investments, operating costs, cost of capital and storm costs.