Exelon (EXC) Q2 2026: Revenue Up 8.8% but H1 EPS Slips to $1.28
Exelon grew first-half revenue by $1.07 billion and still delivered less earnings per share than a year ago — H1 GAAP diluted EPS fell to $1.28 from $1.29 even as net income rose $15 million to $1,315 million. The gap is entirely mechanical: interest expense climbed $88 million, nearly six times the increase in net income, while the average diluted share count rose 1.6% as Exelon funded a capital program that consumed $4,558 million in six months. For one of the largest regulated transmission and distribution utilities in the United States, this is what the middle of a rate base build looks like — the growth is real and rate-recovered, but it is currently being financed rather than harvested. Management reaffirmed full-year adjusted operating EPS guidance of $2.81–$2.91 in its July 30, 2026 second-quarter release, and continues to target operating EPS growth near the top of a 5–7% range through 2029.
- Consolidated Balance Sheet
1-1. Principal Asset Movements
