Exelon Forecasts Strong 2026 Earnings, Beats Q4 Estimates

Utility company cites higher electricity rates and rising power demand as key drivers

Published on Feb. 12, 2026

Got story updates? Submit your updates here. ›

U.S. utility Exelon reported better-than-expected fourth-quarter earnings and forecast full-year adjusted profit largely above analysts' expectations for 2026. The company cited higher electricity rates and rising power demand, particularly from tech companies building data centers, as key factors behind its strong performance.

Why it matters

Exelon's results and outlook reflect broader trends in the U.S. utility industry, where companies are raising prices and investing heavily in infrastructure to keep up with surging power demand, especially from the tech sector. This signals the industry's ability to adapt to changing energy needs and maintain profitability.

The details

Exelon projected $41.3 billion in capital expenditure over the next four years, up from $38 billion previously, to boost its infrastructure and rate base. The company forecast 2026 adjusted profit between $2.81 and $2.91 per share, compared to analysts' average estimate of $2.84 per share. Earnings at Exelon's largest unit, Commonwealth Edison, rose slightly in the fourth quarter, while its PECO unit saw a nearly 17% decline due to higher taxes and costs.

  • Exelon reported fourth-quarter 2025 earnings on February 12, 2026.
  • Exelon forecasted full-year 2026 adjusted profit on February 12, 2026.

The players

Exelon

A U.S. utility company that serves more than 10.9 million customers through six fully regulated transmission and distribution utilities.

Commonwealth Edison (ComEd)

Exelon's largest electric utility unit, serving customers in Illinois.

PECO

Exelon's electric and natural gas utility unit serving customers in Pennsylvania.

Jeanne Jones

Exelon's Chief Financial Officer.

Got photos? Submit your photos here. ›

What they’re saying

“With a $41.3 billion four-year capital plan and 7.9% rate base growth, we are well-positioned to deliver annualized earnings growth near the top end of 5% to 7% through 2029.”

— Jeanne Jones, Chief Financial Officer (Reuters)

What’s next

Exelon will provide more details on its capital investment plans and growth outlook during its upcoming investor conference in March 2026.

The takeaway

Exelon's strong performance and forward guidance underscore the utility industry's ability to adapt to rising power demand, particularly from the tech sector, by investing in infrastructure and passing on higher costs to consumers. This signals the industry's resilience in the face of changing energy needs.