Analyst Consensus ?
ConsensusHold36 ratings
Bullish1336.1%
Neutral2158.3%
Bearish25.6%
Exelon Corporation · EXC · FY2026 Q1 · Calendar Q2 2026
Exelon Q1 2026 EPS Beats on Transmission Strength, Guidance Reaffirmed
Exelon's Q1 2026 results beat on both the top and bottom lines, but the market reacted negatively -- the stock declined while the broader market rose, producing a meaningful abnormal move. The shift from raised to merely maintained guidance, a lower bullish score versus the prior quarter, and the surprise withdrawal of the Pennsylvania rate case collectively signal a more defensive posture from management. The capital plan rebalancing toward transmission and away from other projects, alongside targeted O&M savings for 2027, indicates a pivot toward affordability and efficiency over aggressive growth. The core transmission and data-center demand thesis remains intact, but regulatory and supply-side risks in PJM have become more prominent and appear to be weighing on investor sentiment.
Reported Before market openNASDAQUtilities
$48.41B market cap
100quality score
Company context
Snapshot as of publicationExelon Corporation, a utility holding company established in 1999 and headquartered in Chicago, Illinois, operates across the United States and Canada. The company primarily focuses on the generation, delivery, and marketing of energy. It maintains a diverse portfolio of power production facilities, utilizing nuclear, fossil fuel, wind, hydroelectric, biomass, and solar technologies. Exelon engages in the sale of electricity to both wholesale and retail clients, while also providing natural gas, renewable energy solutions, and various other energy-related products and services.…
Earnings scorecard
Reported versus consensus
Reported EPS
$0.91
Consensus $1
EPS surprise
+2.9%
Reported versus consensus
Reported revenue
$7.24B
Consensus $6.93B
Revenue surprise
+4.6%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$47.03Current
$39Low
$48.26Average
$63High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 30, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Truist Securities | Hold | Hold | Maintain | Jul 16, 2026 |
| TD Cowen | Hold | Hold | Maintain | May 15, 2026 |
| Keybanc | Underweight | Underweight | Maintain | May 13, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Apr 21, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Apr 20, 2026 |
| Jefferies | Hold | Buy | Downgrade | Apr 20, 2026 |
| BMO Capital | Market Perform | Outperform | Downgrade | Apr 17, 2026 |
| Barclays | Equal Weight | Overweight | Downgrade | Apr 17, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Mar 12, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Mar 5, 2026 |
| UBS | Neutral | Neutral | Maintain | Feb 20, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Feb 13, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Feb 13, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Feb 13, 2026 |
| Guggenheim | Buy | Buy | Maintain | May 2, 2025 |
| B of A Securities | Neutral | Neutral | Maintain | Jan 19, 2024 |
| Seaport Global | Neutral | Buy | Downgrade | Jan 8, 2024 |
| Goldman Sachs | Sell | Sell | Maintain | Jun 8, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Jan 23, 2023 |
| Argus Research | Buy | Buy | Maintain | Jun 8, 2022 |
| Vertical Research | Hold | Buy | Downgrade | Feb 3, 2022 |
| Citigroup | Neutral | Neutral | Maintain | Jan 27, 2020 |
| Macquarie | Outperform | Outperform | Maintain | Sep 24, 2018 |
| SunTrust Robinson Humphrey | Hold | Buy | Downgrade | Sep 11, 2018 |
| Argus | Buy | Hold | Upgrade | May 5, 2018 |
| Bank of America | Buy | Buy | Maintain | May 3, 2018 |
| Deutsche Bank | Buy | Buy | Maintain | Aug 11, 2016 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Mar 24, 2016 |
| Scotia Howard Weil | Perform | Sector Perform | Maintain | Nov 17, 2015 |
| Tudor Pickering | Accumulate | Hold | Upgrade | Mar 11, 2015 |
| ISI Group | Buy | Neutral | Upgrade | Oct 1, 2014 |
| Tigress Financial | Neutral | Neutral | Maintain | Aug 8, 2014 |
| Edward Jones | Hold | Sell | Upgrade | Jul 31, 2014 |
| Wunderlich Securities | Hold | Hold | Maintain | Aug 1, 2013 |
| Wunderlich | Hold | Hold | Maintain | Aug 1, 2013 |
| Drexel Hamilton | Buy | Hold | Upgrade | Jul 18, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $47.03. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Truist Financial | Richard Sunderland | $49 | $45.6 | +4.2% | May 29, 2026 |
| KeyBanc | Analyst unavailable | $41 | $44.98 | -12.8% | May 13, 2026 |
| Morgan Stanley | David Arcaro | $55 | $46.41 | +16.9% | Apr 21, 2026 |
| KeyBanc | Analyst unavailable | $43 | $46.4 | -8.6% | Apr 21, 2026 |
| Wells Fargo | Analyst unavailable | $50 | $46.4 | +6.3% | Apr 21, 2026 |
| Truist Financial | Richard Sunderland | $50 | $46.4 | +6.3% | Apr 20, 2026 |
| RBC Capital | Stephen D'Ambrisi | $48 | $47.2 | +2.1% | Apr 20, 2026 |
| Jefferies | Analyst unavailable | $50 | $47.02 | +6.3% | Apr 20, 2026 |
| Mizuho Securities | Anthony Crowdell | $48 | $47.59 | +2.1% | Apr 17, 2026 |
| BMO Capital | Analyst unavailable | $49 | $47.59 | +4.2% | Apr 17, 2026 |
| UBS | Analyst unavailable | $51 | $47.34 | +8.4% | Feb 20, 2026 |
| Scotiabank | Analyst unavailable | $47 | $48.69 | -0.1% | Feb 13, 2026 |
| Mizuho Securities | Analyst unavailable | $51 | $47.55 | +8.4% | Feb 13, 2026 |
| BMO Capital | Analyst unavailable | $51 | $47.88 | +8.4% | Feb 13, 2026 |
| Barclays | Nicholas Campanella | $50 | $45 | +6.3% | Jan 22, 2026 |
| Morgan Stanley | David Arcaro | $51 | $44.7 | +8.4% | Jan 21, 2026 |
| Wells Fargo | Shahriar Pourreza | $51 | $44.73 | +8.4% | Jan 20, 2026 |
| RBC Capital | Stephen D'Ambrisi | $51 | $43.84 | +8.4% | Jan 7, 2026 |
| UBS | Analyst unavailable | $48 | $43.76 | +2.1% | Dec 17, 2025 |
| KeyBanc | Analyst unavailable | $39 | $43.1 | -17.1% | Dec 12, 2025 |
| Morgan Stanley | David Arcaro | $52 | $45.48 | +10.6% | Nov 20, 2025 |
| Morgan Stanley | Analyst unavailable | $53 | $48.34 | +12.7% | Oct 22, 2025 |
| Jefferies | Analyst unavailable | $57 | $47.79 | +21.2% | Oct 15, 2025 |
| KeyBanc | Analyst unavailable | $42 | $47.38 | -10.7% | Oct 15, 2025 |
| Jefferies | Analyst unavailable | $59 | $47.38 | +25.5% | Oct 15, 2025 |
| Barclays | Nicholas Campanella | $52 | $46.85 | +10.6% | Oct 14, 2025 |
| UBS | Analyst unavailable | $50 | $46.66 | +6.3% | Oct 10, 2025 |
| Evercore ISI | Analyst unavailable | $57 | $45.69 | +21.2% | Oct 6, 2025 |
| Guggenheim | Shahriar Pourreza | $47 | $47.37 | -0.1% | Apr 22, 2025 |
| Jefferies | Julien Dumoulin-Smith | $46 | $39.29 | -2.2% | Sep 19, 2024 |
| BMO Capital | James Thalacker | $42 | $37.89 | -10.7% | May 3, 2024 |
| Wolfe Research | Steve Fleishman | $40 | $37.57 | -14.9% | Apr 1, 2024 |
| Argus Research | Jacob Kilstein | $45 | $36.56 | -4.3% | Mar 20, 2024 |
| Mizuho Securities | Paul Fremont | $39 | $36.64 | -17.1% | Jan 10, 2024 |
| Morgan Stanley | Analyst unavailable | $49 | $42.38 | +4.2% | Dec 15, 2022 |
| Morgan Stanley | Analyst unavailable | $46 | $38.75 | -2.2% | Nov 11, 2022 |
| Wells Fargo | Analyst unavailable | $52 | $48.42 | +10.6% | Apr 27, 2022 |
| Morgan Stanley | Analyst unavailable | $54 | $50.23 | +14.8% | Apr 20, 2022 |
| Goldman Sachs | Michael Lapides | $44 | $43.43 | -6.4% | Feb 3, 2022 |
| Wells Fargo | Neil Kalton | $45 | $43.43 | -4.3% | Feb 3, 2022 |
| RBC Capital | Shelby Tucker | $46 | $43.43 | -2.2% | Feb 3, 2022 |
| Vertical Research | Jonathan Arnold | $45 | $42.51 | -4.3% | Feb 2, 2022 |
| Evercore ISI | Durgesh Chopra | $63 | $39.22 | +34.0% | Jan 25, 2022 |
Track every rating change on EXC the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
-2.5%
Event window
SPY move
+1.4%
Same window
Abnormal move
-3.9%
Stock minus SPY
Volume
1.4×
Versus trailing sessions
Subsequent drift
-0.9%
Up to 20 sessions
EXCSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Guidance sentiment shifted from raised (Q4 2025) to maintained (Q1 2026), with the full-year EPS range of $2.81-$2.91 reaffirmed but not increased. The bullish score declined from 85 to 73, reflecting a more measured management tone despite the earnings beat. Pennsylvania electric and gas rate cases were withdrawn -- a notable reversal from the prior quarter's emphasis on PA rate case filings. The capital plan was rebalanced: $1.5B incremental transmission investment offset by $1.1B in project deferrals within the $10B 2026 capex envelope. $350M in incremental O&M savings were targeted for 2027, tied to project pull-backs, with $1B in customer savings already delivered. $1B in FERC-approved Transmission Security Agreements were filed to secure collateral for data-center pipeline connections -- a first-of-its-kind mechanism.
Guidance delta
Full-year 2026 adjusted EPS guidance was reaffirmed at $2.81-$2.91, unchanged from the range set when guidance was raised in Q4 2025. The prior quarter's raised sentiment gave way to a maintained posture this quarter. The $10B capital plan was rebalanced within the same total -- redirecting $1.5B toward transmission investment while deferring $1.1B of other projects -- and $350M of incremental O&M savings were introduced as a 2027 target.
Key takeaways
- Q1 2026 adjusted EPS of $0.91 beat consensus by roughly 3%; revenue exceeded estimates by nearly 5%.
- Full-year guidance of $2.81-$2.91 reaffirmed; capital plan rebalanced with $1.5B incremental transmission spend and $1.1B in project deferrals.
- Pennsylvania rate case withdrawn to prioritize affordability and stakeholder engagement, reversing prior-quarter filing plans.
- $350M in O&M cost reductions targeted for 2027, linked to project pull-backs; $1B in customer savings already achieved.
- $1B in FERC-approved Transmission Security Agreements secure collateral for data-center pipeline connections.
- Stock declined on the report day against a rising broader market, an abnormal move of roughly -4%.
Management priorities
- Accelerate transmission projects to serve data-center demand across PJM and MISO
- Pursue utility-owned generation, particularly storage and renewable resources
- Deliver $350M in O&M savings by 2027 through efficiency programs and project pull-backs
- Engage regulators and policymakers on affordability, reliability, and generation legislation
- Submit competitive transmission bids in PJM and other ISOs
Related earnings events
UtilitiesSources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-30T00:13:07.154861+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-30T00:13:07.151952+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.