Exelon (EXC) Q1 FY2026 earnings: revenue $7.2 billion, up 7.9% on the year

Exelon Corp. (EXC) reported revenue of $7.2 billion for Q1 FY2026, the quarter ended 31 March 2026, up 7.9% on the same quarter a year earlier. Net income was $919 million, up 1.2% on the year, and diluted earnings per share $0.90. The figures are the company's own, from the 10-Q it filed with the SEC on 6 May 2026.

Revenue

$7.2 billion

+7.9% on the year · +33.8% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

22.2%

22.9% a year earlier

Q2 FY2024Q1 FY2026

Net income

$919 million

+1.2% on the year · +54.7% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$0.90

0.0% on the year

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 4 kept.

Adjusted earnings slipped to $0.91: Adjusted operating earnings were $0.91 per share, down from $0.92 a year earlier. GAAP net income was $0.90 per share, the same as the prior-year quarter.
Utility rates lifted earnings: Higher utility earnings were mainly from approved distribution and transmission rates at ComEd and PHI, and approved distribution rates at BGE.
PHI earnings fell $14 million: PHI adjusted operating earnings were $180 million against $194 million. Approved distribution and transmission rates partly offset the decline; the Pepco Maryland item is covered under rates.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	7,242	5,412	6,714	+33.8%	+7.9%
Operating income	1,605	1,185	1,536	+35.4%	+4.5%
Operating margin	22.2%	21.9%	22.9%
Pre-tax income	1,119	722	1,078	+55.0%	+3.8%
Income tax	200	128	170	+56.2%	+17.6%
Effective tax rate	17.9%	17.7%	15.8%
Net income	919	594	908	+54.7%	+1.2%
Net margin	12.7%	11.0%	13.5%
Diluted EPS	$0.90	n/a	$0.90		0.0%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	1,724	1,244	1,200	+38.6%	+43.7%
Capital expenditure	2,358	2,434	1,946	-3.1%	+21.2%
Free cash flow	-634	-1,190	-746
Free cash flow margin	-8.8%	-22.0%	-11.1%
Cash from investing	-2,356	-2,425	-1,942
Cash from financing	728	284	1,385	+156.3%	-47.4%
Depreciation and amortisation	953	924	905	+3.1%	+5.3%
Dividends paid	430	405	403	+6.2%	+6.7%
Dividend per share	$0.42	n/a	$0.40		+5.0%
Diluted shares, weighted	1,026m	1,012m	1,009m	+1.4%	+1.7%
Shares outstanding at period end	1,023m	1,023m	1,009m	0.0%	+1.4%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	29,315	28,798	27,607	+1.8%	+6.2%
Debt	51,240	50,080	48,270	+2.3%	+6.2%
Other liabilities	36,990	37,692	33,607	-1.9%	+10.1%
Total liabilities and equity	117,545	116,570	109,484	+0.8%	+7.4%
Fixed assets	85,564	84,318	79,177	+1.5%	+8.1%
Goodwill	6,630	6,630	6,630	0.0%	0.0%
Investments	317	312	289	+1.6%	+9.7%
Cash and equivalents	713	626	1,004	+13.9%	-29.0%
Receivables	3,114	3,297	3,002	-5.6%	+3.7%
Other assets	21,207	21,387	19,382	-0.8%	+9.4%
Total assets	117,545	116,570	109,484	+0.8%	+7.4%

Questions

What was Exelon's revenue in Q1 FY2026?

Exelon (EXC) reported revenue of $7.2 billion for Q1 FY2026, the quarter ended 31 March 2026, up 7.9% on the same quarter a year earlier.

How much did Exelon earn in Q1 FY2026?

Net income for Q1 FY2026 was $919 million, up 1.2% on the year, and diluted earnings per share $0.90.

When did Exelon report Q1 FY2026 results?

Exelon filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 6 May 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 * †	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	4,423	5,327	4,239	4,845	4,667	5,563	4,818	5,980	5,366	6,043	5,361	6,154	5,470	6,714	5,427	6,705	5,412	7,242	5,967	7,319
Operating income	522	900	694	1,011	710	1,106	704	1,123	1,090	1,114	913	1,196	1,096	1,536	927	1,500	1,185	1,605	979	1,379
Operating margin	12%	17%	16%	21%	15%	20%	15%	19%	20%	18%	17%	19%	20%	23%	17%	22%	22%	22%	16%	19%
Pre-tax income	269	699	511	768	425	803	416	767	716	721	494	757	695	1,078	461	1,030	722	1,119	495	883
Tax rate	52%	31%	9%	12%	-2%	17%	18%	9%	14%	9%	9%	7%	7%	16%	15%	15%	18%	18%	20%	17%
Net income	391	597	465	676	432	669	343	700	616	658	448	707	647	908	391	875	594	919	396	729
Net margin	9%	11%	11%	14%	9%	12%	7%	12%	11%	11%	8%	11%	12%	14%	7%	13%	11%	13%	7%	10%
Diluted EPS	$0.40	n/a	n/a	n/a	n/a	$0.67	$0.34	$0.70	n/a	$0.66	$0.45	$0.70	n/a	$0.90	$0.39	$0.86	n/a	$0.90	$0.39	$0.70
Operating cash flow	-1,129	1,782	1,458	901	729	484	1,277	1,531	1,411	992	1,462	1,689	1,426	1,200	1,511	2,299	1,244	1,724	1,945	1,735
Capital expenditure	2,011	1,922	1,585	1,672	1,968	1,881	1,804	1,855	1,868	1,767	1,699	1,695	1,936	1,946	2,013	2,136	2,434	2,358	2,200	2,241
Free cash flow	-3,140	-140	-127	-771	-1,239	-1,397	-527	-324	-457	-775	-237	-6.0	-510	-746	-502	163	-1,190	-634	-255	-506
Dividends paid	376	332	331	336	335	358	359	357	359	381	380	381	382	403	405	404	405	430	430	434
Shares outstanding	979m	980m	980m	994m	994m	994m	995m	995m	999m	1,000m	1,000m	1,005m	1,005m	1,009m	1,010m	1,010m	1,023m	1,023m	1,032m	1,035m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 6 May 2026: the filing.