By Townhall Chicago News Staff
Chicago-based Exelon Corporation on Thursday reported third-quarter 2026 adjusted operating earnings of $0.87 per share, a penny above the same period a year ago and above the company’s expectations.
The utility giant, which serves nearly 11 million customers through six regulated utilities including northern Illinois provider ComEd, narrowed its full-year 2026 earnings guidance to $2.85 to $2.91 per share. The company also affirmed annualized earnings growth near the high end of 5 to 7 percent through 2029, according to the earnings release.
“Exelon’s third-quarter results reflect disciplined investment and consistent performance across our utilities,” President and Chief Executive Officer Calvin Butler said in the release. He added that the strategy “helped prevent outages during a summer of severe weather and kept customer rates below the national average.”
GAAP net income for the quarter decreased to $0.70 per share from $0.86 per share in the third quarter of 2025. The difference between GAAP and adjusted results primarily reflects costs related to regulatory matters, project impairments and a cost management program, according to the company’s reconciliation tables.
ComEd, the subsidiary that delivers electricity to northern Illinois households and businesses, posted adjusted operating earnings of $412 million for the quarter, up from $373 million a year ago. The increase was driven by higher distribution and transmission rate base from investments to serve customers, the company said.
Chief Financial Officer Rob Kleczynski pointed to reliability improvements as a tangible benefit of the company’s ongoing grid investments.
“Our investments in the grid continue to deliver for customers, with Exelon’s utilities now ranking 1st, 2nd, 5th and 6th in the nation for reliability,” Kleczynski said in the release. “Looking ahead, we continue to advance transmission and storage solutions that support growth and affordability for our customers, while maintaining the financial discipline that underpins our plan.”
Exelon’s other business units reported mixed results. PECO, which serves southeastern Pennsylvania, saw adjusted operating earnings fall to $167 million from $250 million a year ago, primarily because of higher storm costs and the absence of extraordinary storm cost deferrals recognized in 2025. Baltimore Gas and Electric increased adjusted earnings to $119 million from $82 million, while Potomac Electric Power Company’s segment rose to $320 million from $290 million, both driven by approved distribution rate increases, according to the filing.
Butler also referenced what he called “the energy supply crisis at the heart of rising energy costs,” saying the company is pursuing long-term solutions such as battery storage and utility-generated power.
The company’s board of directors declared a regular quarterly dividend of $0.42 per share on Thursday, payable Dec. 15 to shareholders of record as of Dec. 4, according to the release.
On the regulatory front, the Maryland Public Service Commission in August approved an increase in Pepco’s annual electric distribution base rates of $51 million, with an authorized return on equity of 9.40 percent.
Exelon discussed its results during a conference call Thursday morning. Additional materials are available at investors.exeloncorp.com.
