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EXC · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Revenue grew 10.0% y/y to $5.97B, operating margin 16.4% vs 17.1%, net income $396M (+1.3% y/y).
Net income attributable to common shareholders
$396M
up 1.3% y/y
Operating revenues
$5,967M
up 10.0% y/y
Operating income
$979M
up 5.6% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Operating revenues | $5,967 · +10.0% |
| Purchased power and fuel | $2,211 · +16.6% |
| Operating and maintenance | $1,386 · +4.9% |
| Depreciation and amortization | $968 · +7.3% |
| Taxes other than income taxes | $423 · +10.4% |
| Operating income | $979 · +5.6% · 16.4% margin |
| Other, net | $90 · +38.5% |
| Interest expense, net | $574 · +8.1% |
| Income before income taxes | $495 · +7.4% |
| Income taxes | $99 · +41.4% · 20.0% effective rate |
| Net income attributable to common shareholders | $396 · +1.3% · $0.39/sh · 6.6% margin |
Verdict: revenue grew 10.0% y/y to $5.97B, operating margin 16.4% vs 17.1%, net income $396M (+1.3% y/y).
GAAP net income of $0.39 per share, unchanged from a year earlier; adjusted (non-GAAP) operating earnings $0.43 per share; full-year 2026 adjusted operating earnings guidance of $2.81-$2.91 per share affirmed.
Source and notation
Source: Exelon earnings release and its exhibits, 8-K EX-99 of 07/30/2026 (SEC EDGAR). Utility layout: operating revenues less fuel and purchased power, operations and maintenance, depreciation and taxes other than income taxes give operating income; interest and other income lead to pre-tax income. The income statement lines were taken from the release by hand; the program found every figure in the release text and checked the accounting identities and the chart balance; revenue and net income match the company's 10-Q.
Open as an image: EXC, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
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Chart: “EXC Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/exc/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/exc/q2-2026"><img src="https://whoreportstoday.com/t/exc/q2-2026/sankey.png" alt="EXC Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/exc/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
https://whoreportstoday.com/t/exc/q2-2026/sankey.png
<a href="https://whoreportstoday.com/t/exc/q2-2026">EXC Q2 2026 earnings chart (Who Reports Today)</a>
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- By utility, net income was $249M at ComEd (vs $228M), $119M at PECO (vs $136M), $55M at BGE (flat) and $109M at PHI (vs $143M); the holding company and other items lost $136M.
- Operating revenues rose 10.0% to $5,967M, but purchased power and fuel grew faster, to $2,211M from $1,896M; interest expense rose to $574M.
- BGE filed an electric distribution rate case with the Maryland Public Service Commission in July; about 86% of 2026 planned debt financings have been executed.
- Operating income was $979M, a 16.4% margin vs 17.1% a year earlier.
- The effective tax rate was 20.0% vs 15.2% a year earlier.
- Diluted EPS was $0.39 vs $0.39 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
EXC — Exelon is a U.S. utility holding company operating regulated electric and gas utilities ComEd, PECO, BGE and Pepco Holdings (PHI) in Illinois, Pennsylvania, Maryland, Delaware, New Jersey and Washington, D.C. Headquarters: Chicago, Illinois.
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