Exelon Raises Low End of 2026 Earnings Guidance, Sees $3 Billion-$7 Billion in Storage

Exelon raised the lower end of its 2026 adjusted operating earnings outlook by 4 cents per share and outlined a potential $3 billion-$7 billion regulated storage opportunity beyond its capital plan.

Exelon released results Oct. 30. For the quarter ended Sept. 30, adjusted operating earnings were $0.87 per share, up one cent from $0.86 a year earlier. GAAP earnings were $0.70 per share, down 16 cents from $0.86. Adjusted operating earnings are a non-GAAP measure calculated using Exelon’s methodology. Exelon said its adjusted results were above expectations.

The full-year 2026 adjusted operating earnings outlook is $2.85-$2.91 per share, compared with $2.81-$2.91 previously. Exelon had set the earlier range in July. The lower bound rose by four cents, while the $2.91 upper bound stayed the same; the range narrowed from 10 cents wide to six cents. “With our performance for the year, we are narrowing our full-year 2026 guidance range to $2.85 to $2.91 per share,” Exelon Chief Financial Officer Rob Kleczynski said.

Exelon’s four-year capital expenditure plan is approximately $41.7 billion. Beyond that plan, the company outlined $3 billion-$7 billion in potential regulated storage investment, equal to 1.5-3.5 gigawatts. The estimate describes an opportunity rather than a confirmed project schedule, and Exelon did not give a full buildout timeline for the range.

Exelon also reiterated its previously outlined $12 billion-$17 billion transmission opportunity beyond the plan. Most of the transmission opportunity is expected in 2030 or later, while new business and competitive-transmission needs could require additional spending before then.

Exelon reaffirmed annualized adjusted operating earnings growth near the top of its 5%-7% range from 2025 through 2029. It serves almost 11 million customers through six regulated transmission and distribution utilities.

A separate 500-megawatt New Jersey battery project is owned by Atlantic City Electric and developed by Invenergy, with commercial operations targeted for 2030. A recovery filing for the project is before the New Jersey Board of Public Utilities, with a final order expected in the first quarter of 2027.