Exelon Corp
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.30%.
Did EXC Beat Earnings? Q2 2025 Results
Exelon delivered a modest earnings beat in the second quarter of 2025, posting adjusted operating EPS of $0.39 against a consensus estimate of $0.37, a 5.41% beat, even as results slipped from $0.47 in the year-ago period. Revenue of $5.43 billion grew 1.2% year over year, reflecting steady utility demand across Exelon's service territories, though the headline earnings decline tells a more complicated story underneath. The primary pressure came from a confluence of headwinds, including timing of distribution earnings at ComEd, elevated storm costs at PECO following severe weather that drove peak outages above 325,000 customers, and a one-time Customer Relief Fund contribution at the holding company level. Partially offsetting those drags were distribution and transmission rate increases at ComEd, PECO, and BGE, with PECO's net income jumping to $136.00 million from $90.00 million a year earlier. Management held firm on full-year 2025 guidance of $2.64 to $2.74 per share and reaffirmed a 5-7% operating EPS compounded annual growth rate through 2028, underpinned by a $38.00 billion capital investment plan and a growing pipeline of large load demand tied to data center expansion.
- Distribution rate increases at PECO, BGE, ComEd, and PHI
- Transmission rate increases across utilities
- Higher return on regulatory assets at ComEd
- Timing of distribution earnings negatively impacted ComEd
- Increased storm costs at PECO including one of the largest storms in recent history with peak outages over 325,000 customers
- Lower transmission peak load at ComEd
- Higher credit loss and interest expense at PHI
- Customer Relief Fund one-time charitable contribution at holding company
- Higher interest expense at holding company
- Lower impacts of Maryland multi-year plan reconciliations at PHI
“Exelon's second-quarter performance reflects our disciplined execution across all fronts. We remain focused on delivering long-term value through operational excellence, customer affordability solutions and a balanced investment strategy that supports grid modernization and energy security. As we reaffirm our financial guidance, we are confident in our ability to meet the evolving needs of our customers and communities while advancing a cleaner, more resilient energy future.”
Exelon CEO, on the earnings call
Forward Guidance & Outlook
Exelon affirmed its full-year 2025 adjusted (non-GAAP) operating earnings guidance range of $2.64-$2.74 per share based on expected average outstanding shares of 1,014 million. The company reaffirmed its 2024-2028 operating EPS compounded annual growth rate of 5-7%, with expectation to be at midpoint or better. Rate base growth is projected at 7.4% resulting from $38.0 billion of capital investment over four years, with $10-15 billion of potential transmission opportunity beyond the plan. The company targets a consolidated operating ROE of 9-10% for 2025 and plans to deploy $9.1 billion of capital expenditures in 2025. Exelon's financing plan implies $700 million of equity to be issued annually through 2028, with 100% of 2025's need and approximately 22% of 2026's need already priced. Close to 90% of Exelon's rate base is covered by established recovery mechanisms through 2026-2027.
EXC YoY Financials
EXC Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.