Analyst Consensus ?
ConsensusHold36 ratings
Bullish1336.1%
Neutral2158.3%
Bearish25.6%
Exelon Corporation · EXC · FY2026 Q2 · Calendar Q3 2026
Exelon reaffirms guidance as storage and transmission plans advance
Exelon's Q2 call supports a constructive but conditional operating thesis: management sees transmission, storage, virtual power plants, and demand growth as avenues for expansion, while execution depends on regulatory progress, resource adequacy, and durable data-center demand.
Reported Before market openNASDAQUtilities
$43.06B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.43
Consensus $0.44
EPS surprise
-1.3%
Reported versus consensus
Reported revenue
$5.97B
Consensus $5.44B
Revenue surprise
+9.6%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-3.1%
Event window
SPY move
+1.7%
Same window
Abnormal move
-4.8%
Stock minus SPY
Volume
2.1×
Versus trailing sessions
Subsequent drift
-3.6%
Up to 20 sessions
EXCSPY benchmark
Ask FN2 about EXC FY2026 Q2
Transcript, numbers and history already loaded
Why did EXC fall 3.1% after missing EPS estimates in FY2026 Q2?What changed in EXC's guidance and outlook in FY2026 Q2?Give me the bull and bear case for EXC after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The quarter added detail on PJM stress and Exelon's response: management cited a 6.8-GW capacity shortfall in the latest auction, announced a 500-MW New Jersey battery project, and said the data-center pipeline had been revised down by 11 GW. Capital deployment and full-year guidance remained on track.
Guidance delta
Full-year EPS guidance was reaffirmed at $2.81-$2.91; no change was indicated.
Key takeaways
- Q2 2026 adjusted operating earnings were $0.43 per share, matching expectations.
- Management reaffirmed full-year EPS guidance of $2.81-$2.91.
- About $10 billion of 2026 capital deployment and $41 billion through 2029 remain on track.
- The strategy emphasizes transmission, battery storage, and virtual power plants as demand and supply constraints persist.
- The data-center pipeline was revised down by 11 GW, with greater emphasis on durable, collateral-backed projects.
Management priorities
- Commission the 500-MW New Jersey battery storage project and additional Maryland storage projects.
- Pursue competitive transmission bids in MISO and other regional transmission organizations.
- Expand virtual power plant programs across multiple jurisdictions.
- Continue engagement with FERC, PJM, and state regulators on reliability and resource adequacy.
- Maintain disciplined capital allocation of about $10 billion in 2026.
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Analyst 52W Price Targets
$40.92Current
$39Low
$48.17Average
$63High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 23, 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 |
|---|---|---|---|---|
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Sep 18, 2026 |
| Truist Securities | Hold | Hold | Maintain | Aug 13, 2026 |
| TD Cowen | Hold | Hold | Maintain | May 15, 2026 |
| Keybanc | Underweight | Underweight | Maintain | May 13, 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 $40.92. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Argus Research | Marie Ferguson | $49 | $41.98 | +19.7% | Sep 22, 2026 |
| Morgan Stanley | Analyst unavailable | $50 | $42.1 | +22.2% | Sep 18, 2026 |
| Truist Financial | Analyst unavailable | $48 | $45.51 | +17.3% | Aug 13, 2026 |
| Truist Financial | Richard Sunderland | $49 | $45.6 | +19.7% | May 29, 2026 |
| KeyBanc | Analyst unavailable | $41 | $44.98 | +0.2% | May 13, 2026 |
| Morgan Stanley | David Arcaro | $55 | $46.41 | +34.4% | Apr 21, 2026 |
| KeyBanc | Analyst unavailable | $43 | $46.4 | +5.1% | Apr 21, 2026 |
| Wells Fargo | Analyst unavailable | $50 | $46.4 | +22.2% | Apr 21, 2026 |
| Truist Financial | Richard Sunderland | $50 | $46.4 | +22.2% | Apr 20, 2026 |
| RBC Capital | Stephen D'Ambrisi | $48 | $47.2 | +17.3% | Apr 20, 2026 |
| Jefferies | Analyst unavailable | $50 | $47.02 | +22.2% | Apr 20, 2026 |
| Mizuho Securities | Anthony Crowdell | $48 | $47.59 | +17.3% | Apr 17, 2026 |
| BMO Capital | Analyst unavailable | $49 | $47.59 | +19.7% | Apr 17, 2026 |
| UBS | Analyst unavailable | $51 | $47.34 | +24.6% | Feb 20, 2026 |
| Scotiabank | Analyst unavailable | $47 | $48.69 | +14.8% | Feb 13, 2026 |
| Mizuho Securities | Analyst unavailable | $51 | $47.55 | +24.6% | Feb 13, 2026 |
| BMO Capital | Analyst unavailable | $51 | $47.88 | +24.6% | Feb 13, 2026 |
| Barclays | Nicholas Campanella | $50 | $45 | +22.2% | Jan 22, 2026 |
| Morgan Stanley | David Arcaro | $51 | $44.7 | +24.6% | Jan 21, 2026 |
| Wells Fargo | Shahriar Pourreza | $51 | $44.73 | +24.6% | Jan 20, 2026 |
| RBC Capital | Stephen D'Ambrisi | $51 | $43.84 | +24.6% | Jan 7, 2026 |
| UBS | Analyst unavailable | $48 | $43.76 | +17.3% | Dec 17, 2025 |
| KeyBanc | Analyst unavailable | $39 | $43.1 | -4.7% | Dec 12, 2025 |
| Morgan Stanley | David Arcaro | $52 | $45.48 | +27.1% | Nov 20, 2025 |
| Morgan Stanley | Analyst unavailable | $53 | $48.34 | +29.5% | Oct 22, 2025 |
| Jefferies | Analyst unavailable | $57 | $47.79 | +39.3% | Oct 15, 2025 |
| KeyBanc | Analyst unavailable | $42 | $47.38 | +2.6% | Oct 15, 2025 |
| Jefferies | Analyst unavailable | $59 | $47.38 | +44.2% | Oct 15, 2025 |
| Barclays | Nicholas Campanella | $52 | $46.85 | +27.1% | Oct 14, 2025 |
| UBS | Analyst unavailable | $50 | $46.66 | +22.2% | Oct 10, 2025 |
| Evercore ISI | Analyst unavailable | $57 | $45.69 | +39.3% | Oct 6, 2025 |
| Guggenheim | Shahriar Pourreza | $47 | $47.37 | +14.8% | Apr 22, 2025 |
| Jefferies | Julien Dumoulin-Smith | $46 | $39.29 | +12.4% | Sep 19, 2024 |
| BMO Capital | James Thalacker | $42 | $37.89 | +2.6% | May 3, 2024 |
| Wolfe Research | Steve Fleishman | $40 | $37.57 | -2.3% | Apr 1, 2024 |
| Argus Research | Jacob Kilstein | $45 | $36.56 | +10.0% | Mar 20, 2024 |
| Mizuho Securities | Paul Fremont | $39 | $36.64 | -4.7% | Jan 10, 2024 |
| Morgan Stanley | Analyst unavailable | $49 | $42.38 | +19.7% | Dec 15, 2022 |
| Morgan Stanley | Analyst unavailable | $46 | $38.75 | +12.4% | Nov 11, 2022 |
| Wells Fargo | Analyst unavailable | $52 | $48.42 | +27.1% | Apr 27, 2022 |
| Morgan Stanley | Analyst unavailable | $54 | $50.23 | +31.9% | Apr 20, 2022 |
| Goldman Sachs | Michael Lapides | $44 | $43.43 | +7.5% | Feb 3, 2022 |
| Wells Fargo | Neil Kalton | $45 | $43.43 | +10.0% | Feb 3, 2022 |
| RBC Capital | Shelby Tucker | $46 | $43.43 | +12.4% | Feb 3, 2022 |
| Vertical Research | Jonathan Arnold | $45 | $42.51 | +10.0% | Feb 2, 2022 |
| Evercore ISI | Durgesh Chopra | $63 | $39.22 | +53.9% | Jan 25, 2022 |
Track every rating change on EXC the moment it posts. Free to start.
Start freeCompany 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.…
Historical context
All EXC earningsLatest beats and misses
Who reports nextBeat on EPS
- AZOFY2026 Q4 · September 22, 2026+3.6% EPS+3.3% move
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
Get the EXC recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-07-30T17:10:32.386788+00:00
- FN2 earnings calendar · 2026-09-04T01:23:15.205020+00:00
- Polygon adjusted daily market bars · 2026-09-23T14:50:55.238537+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-23T14:50:55.234794+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 · As of 2026-09-23. For educational purposes only; not investment advice.