+34.2%
Operating income — year over year
$1.6B vs $1.2B a year ago · quarter ended Mar 31, 2026 · from 10-Q XBRL filings.
Earnings thesis change · rubric v1.0
EXC EXELON CORP
Fiscal Q3 FY2026 · quarter ended September 30, 2026 · reported 2026-10-30
SEC filings and exhibits only
Earnings filing (8-K) · Latest 10-Q filings
Last updated: Oct 30, 2026 at 7:02 PM UTC
Earnings filing (8-K) · Latest 10-Q filings
Last updated: Oct 30, 2026 at 7:02 PM UTC
ACCOUNTING RISK · CLEAR
No auditor changes, restatements, late filings, or listing notices in the last 12 months.
from SEC filings · 2026-10-09
Thesis change
Weakened
Legacy analysis
Detailed dimension scores were not computed for pre-v1 analyses. Full six-dimension scoring resumes with filings processed by the current pipeline.
- Legacy analysis: scored by the pre-v1 pipeline; deep evidence has not been re-verified.
- 6 thesis dimension(s) lack comparable evidence
Reported facts
GAAP facts are reported by the company. Comparable figures are EarnIQ arithmetic using only quantified adjustments disclosed in the linked SEC exhibit.
Reported EPS and revenue have not yet been extracted from the filing.
Earnings quality
From 10-Q / 10-K XBRL filings. Sloan (1996) accruals: high accruals relative to assets have historically preceded earnings disappointments. Descriptive research, not a prediction.
Good — cash is doing the heavy lifting
Earnings look cash-backed — accruals are -4.0% of assets, in the strongest quintile of large caps.
CY2024Q2Accruals / assets (TTM)CY2026Q1
Depreciation is disclosed annually by most filers, so quarterly values blend actuals with estimates — flagged on every reading. Method: TTM Sloan accruals ÷ average assets, scored 1–5 by quintile.
1. Three decisive changes
Largest quantified changes versus the company's own history.
+17.7%
Revenue — year over year
$7.2B vs $6.2B a year ago · quarter ended Mar 31, 2026 · from 10-Q XBRL filings.
2. Was it already expected?
Consensus classifications require timestamped pre-report snapshots and eight-quarter surprise history.
| Item | Actual | Expected | Gap | Class |
|---|---|---|---|---|
| Consensus comparison coming soon. | ||||
3. Management consistency
Only attributable, measurable and dated commitments are counted. Delivery record: 2 being tracked.
| Promise | Target | Outcome | Status | Evidence |
|---|---|---|---|---|
| Affirming operating EPS compounded annual growth near top end of 5-7% from 2025 to 2029eps · made 2026-10-30 | 5-7%2025 to 2029 | — | Pending | 8-K 0001109357-26-0000 |
| Narrowing full year 2026 Adjusted operating earnings guidance range to $2.85-$2.91 per shareeps · made 2026-10-30 | $2.85-$2.91FY2026 | — | Pending | 8-K 0001109357-26-0000 |
4. What matters next
One deciding measurable condition plus up to two supporting checkpoints.
The deciding condition
EPS for the guided period lands within $2.85–$2.91
StrengthensReported EPS above $2.91
InvalidatesReported EPS below $2.85
Management narrowed the full year 2026 Adjusted EPS guidance range to $2.85 to $2.91 per share.
5. Risks that changed
New or materially worsened items only; unchanged boilerplate is omitted.
No new or materially worsened risk has been source-verified.
From 10-K filings · EDGAR
1
new risk disclosures added
1
old ones removed
FY2025 10-K vs prior year, boilerplate filtered out — these are idiosyncratic changes, and tone is about unchanged.
New risk disclosure #1
“Each of the Registrants operates in a complex market and regulatory environment that involves significant risks, many of which are beyond that Registrant’s direct control. A number of these risks, any of which could nega…”
6. Evidence drawer
Source location, short anchor and visible arithmetic for every verified claim.
DC1 10-Q / 10-K XBRL filings (US-GAAP, via EDGAR)
Operating income · quarter ended 2026-03-31Operating income: +34.2% year over year
(1,605,000,000 − 1,196,000,000) ÷ 1,196,000,000 = +34.2% YoYDC2 10-Q / 10-K XBRL filings (US-GAAP, via EDGAR)
Revenue · quarter ended 2026-03-31Revenue: +17.7% year over year
(7,242,000,000 − 6,154,000,000) ÷ 6,154,000,000 = +17.7% YoYWN1 8-K Exhibit 99.1 (earnings release, via EDGAR)
Guidance disclosed for Q3 FY2026EPS for the guided period lands within $2.85–$2.91
Strengthens: Reported EPS above $2.91 · Invalidates: Reported EPS below $2.85