AI Takeaway
Exelon (EXC) delivered solid Q1 2026 results with revenue rising 7.9% YoY to $7.24B and operating cash flow surging 43.7% to $1.72B, though EPS remained flat at $0.90 and leverage remains elevated with a debt-to-equity ratio above 3.0x.
Revenue
$7.24B
++7.86% YoY
EPS (Basic)
$0.90
0.00% YoY
Operating Income
$1.6B
++4.49% YoY
Filed · Source: SEC EDGAR 10-Q filing
Total revenue increased 7.9% YoY from $6.71B to $7.24B in Q1 2026, reflecting stronger utility demand and rate base growth across Exelon's regulated electric and gas distribution subsidiaries.
Source: Source: 10-Q Income Statement (XBRL Financial Data)
Operating income grew a more modest 4.5% YoY to $1.61B, while operating margin compressed slightly from 22.9% to 22.2%, suggesting rising operating costs are outpacing revenue gains.
Source: Source: 10-Q Income Statement & Key Ratios (XBRL Financial Data)
Operating cash flow surged 43.7% YoY to $1.72B from $1.20B, indicating improved working capital management and stronger cash earnings quality despite flat EPS.
Source: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
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Upgrade to unlockExelon carries $47.9B in long-term debt with a debt-to-equity ratio of 3.01x, which is substantial even for a regulated utility. Rising interest rates could materially increase borrowing costs on refinanced or new debt, pressuring future earnings and cash flows.
Source: Source: 10-Q Balance Sheet (XBRL Financial Data)
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $0.91 versus the $0.89 analyst consensus — a +1.8% beat for Q1 FY2026.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $7.24B | $6.71B | +7.86% |
Operating Income | $1.6B | $1.54B | +4.49% |
EPS (Basic) | $0.90 | $0.90 | 0.00% |
EPS (Diluted) | $0.90 | $0.90 | 0.00% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $117.55B | $109.48B | +7.36% |
Current Assets | $9B | $8.8B | +2.31% |
Total Liabilities | $88.23B | $81.88B | +7.76% |
Current Liabilities | $9.59B | $8.1B | +18.33% |
Stockholders' Equity | $29.32B | $27.61B | +6.19% |
Cash & Equivalents | $713M | $1B | -28.98% |
Long-Term Debt | $47.86B | $45.34B | +5.55% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $1.72B | $1.2B | +43.67% |
Investing Cash Flow | $-2.36B | $-1.94B | -21.32% |
Financing Cash Flow | $728M | $1.39B | -47.44% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | 22.2% | 22.9% | -0.72% |
Current Ratio | $0.939 | — | — |
Debt to Equity | $3.01 | — | — |
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Exelon reported Q1 2026 revenue of $7.24B, up 7.9% YoY, and operating income of $1.61B, up 4.5%. However, EPS remained flat at $0.90 compared to Q1 2025, suggesting cost pressures offset top-line growth.
The standout highlight was a 43.7% surge in operating cash flow to $1.72B, signaling strong cash generation. On the downside, operating margin compressed slightly to 22.2%, and the company's debt-to-equity ratio remains elevated at 3.01x, reflecting its capital-intensive utility business model.
Exelon's financial health is mixed: operating cash flow improved significantly to $1.72B, but the current ratio of 0.94x indicates current liabilities exceed current assets, and long-term debt stands at $47.9B with a debt-to-equity ratio of 3.01x. Cash reserves also declined 29% YoY to $713M.
Despite revenue growing 7.9% to $7.24B, EPS remained flat at $0.90 because operating costs grew faster than revenue, compressing the operating margin from 22.9% to 22.2%. Additionally, higher interest expense on Exelon's $47.9B long-term debt load likely absorbed a portion of the incremental operating income.
Based on the financial data, key risks include high financial leverage with a 3.01x debt-to-equity ratio and $47.9B in long-term debt, a below-1.0 current ratio indicating short-term liquidity pressure, and negative free cash flow as capital expenditures of $2.36B outpaced operating cash flow of $1.72B in the quarter.