Exelon Corp
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +6.74%.
Did EXC Beat Earnings? Q1 2025 Results
Exelon kicked off 2025 on a strong footing, reporting first-quarter adjusted operating earnings of $0.92 per share, ahead of the $0.86 Wall Street consensus by 6.98%, as consolidated revenues climbed 11.1% year over year to $6.71 billion. The utility holding company's outperformance was broad-based across its regulated subsidiaries, with ComEd and PECO leading the charge; PECO's adjusted earnings nearly doubled to $265 million, buoyed by higher electric and gas distribution rates and a favorable weather swing from the prior-year period. GAAP net income rose to $908 million from $658 million a year ago, underscoring the depth of the rate-driven earnings recovery. Adding further momentum to the growth story, Exelon's data center interconnection pipeline has swelled to roughly 36 GW, nearly double its year-end level, pointing to substantial long-term load growth. Management reaffirmed full-year 2025 adjusted EPS guidance of $2.64 to $2.74 and maintained its 5-7% operating EPS compound annual growth rate target through 2028, with an expectation to deliver at the midpoint or better.
- Higher distribution and transmission rate increases at ComEd and PHI
- Distribution rate increases at PECO and BGE
- Timing of distribution earnings at ComEd
- Less unfavorable weather and favorable tax timing at PECO
- Higher return on regulatory assets primarily due to increase in asset balances at ComEd
- Favorable weather at DPL within PHI
- Partially offset by lower transmission peak load at ComEd and higher interest expense at PECO, BGE, and PHI
“The first quarter has put us firmly on the path to deliver within our full-year earnings guidance, through our unwavering commitment to safety, reliability and efficient execution of investments for our customers.”
Exelon CEO, on the earnings call
Forward Guidance & Outlook
Exelon affirmed full-year 2025 adjusted operating earnings guidance of $2.64 to $2.74 per share based on expected average outstanding shares of 1,015 million. The company reaffirmed its 2024-2028 operating EPS compounded annual growth rate of 5-7%, with expectation to be at midpoint or better. The company targets a consolidated operating ROE of 9-10% for 2025. Exelon plans $9.1 billion of capital expenditures in 2025 as part of a $38 billion four-year plan, with 7.4% rate base growth and $10-15 billion of potential transmission opportunity beyond the current plan. The company expects to issue approximately $700 million of equity annually through 2028 and targets approximately 60% dividend payout ratio, resulting in an attractive risk-adjusted total annual return of 9-11%. The pipeline of 17+ GW of anticipated large load remains robust, with 16 GW of additional load in Q1 2025 undergoing analysis at customer request.
EXC YoY Financials
EXC Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.