EXELON CORP Earnings Summary — Q1 2026

• Revenue increased nearly 8% year-over-year to $7.24 billion, reflecting a steady expansion of the rate-regulated utility base.
• Net income remained stable at $919 million, showing a slight 1.2% improvement compared to the prior year's first quarter.
• Operating income rose to $1.61 billion, although operating margins contracted slightly year-over-year due to higher fuel and interest costs.
• The 2022 spin-off of Constellation Energy has successfully reduced commodity volatility, with financial performance now tied to infrastructure investment.
• Interest expenses rose to $555 million, an 8.8% increase YoY, highlighting the impact of higher rates on the company's capital-intensive debt structure.
• Exelon continues to benefit from its leading distribution market position in major metro areas like Chicago and Philadelphia following structural transformation.

Management focus remains on infrastructure modernization and grid resilience as part of a multi-year $44 billion capital expenditure plan to support the clean energy transition.

Stable

The company continues to demonstrate predictable earnings growth post-demerger, though rising interest costs and historical regulatory friction in Illinois remain key monitoring points.

Exelon's long-term value is now driven by 'rate base' growth and steady returns from its six regulated utility subsidiaries rather than merchant power prices.