Q3 25 EPS
$0.86
BEAT +10.47%
Est. $0.78
Q3 25 Revenue
$6.71B
BEAT +3.44%
Est. $6.48B
vs S&P Since Q3 25
-6.0%
TRAILING MARKET
EXC +3.8% vs S&P +9.8%
Market Reaction
Did EXC Beat Earnings? Q3 2025 Results
Exelon delivered a strong third quarter in 2025, with adjusted earnings of $0.86 per share beating the $0.78 Wall Street consensus by 10.26%, as revenues climbed 8.9% year over year to $6.71 billion. The utility giant's outperformance was driven larg… Read more Exelon delivered a strong third quarter in 2025, with adjusted earnings of $0.86 per share beating the $0.78 Wall Street consensus by 10.26%, as revenues climbed 8.9% year over year to $6.71 billion. The utility giant's outperformance was driven largely by higher distribution and transmission rates across all four utility segments, with PECO emerging as the standout, more than doubling its adjusted operating earnings to $250.00 million on the back of updated electric and gas distribution rates and favorable tax treatment. Net income rose to $875.00 million from $707.00 million a year earlier, reflecting the broad-based rate momentum. Wells Fargo's maintained Buy rating with a $52.00 price target adds a layer of analyst confidence to the quarter's results. Looking ahead, Exelon reaffirmed its full-year 2025 adjusted EPS guidance of $2.64 to $2.74 and its 2024-2028 earnings growth target of 5-7%, underpinned by $38.00 billion in planned infrastructure investment and a data center load pipeline that has grown to over 19 GW.
Key Takeaways
- • Higher distribution and transmission rates at ComEd and PHI
- • Higher distribution rates at PECO and BGE
- • Lower storm costs at PECO and BGE due to deferral of extraordinary storm costs
- • Lower income taxes at PECO from tax repairs deduction
- • Higher return on regulatory assets at ComEd due to increased asset balances
- • Higher AFUDC at ComEd
- • Lower credit loss expense at BGE
- • Data center load in northern Illinois growing at approximately 27% CAGR
- • Large load pipeline increasing to 19+ GW
EXC YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
EXC Revenue by Segment
With YoY comparisons, source: SEC Filings
“I am pleased to report that Exelon has achieved another quarter of strong operational and financial performance. At a time when many are facing cost pressures, we remain focused on supporting our customers and investing effectively and efficiently in the communities we serve. As we reaffirm our full-year earnings guidance and long-term growth outlook, we continue to prioritize operational excellence, disciplined financial execution, and infrastructure modernization to meet our customers' needs for reliable, affordable energy. I am proud of the work our teams accomplish every day to create value where it matters most.”
— Calvin Butler, Q3 2025 Earnings Press Release
EXC Earnings Trends
EXC vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
EXC EPS Trend
Earnings per share: estimate vs actual
EXC Revenue Trend
Quarterly revenue: estimate vs actual
EXC Quarterly Results
9 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.88 | $0.91 | +2.93% | $7.24B | +2.95% |
| Q4 25 BEAT FY | $0.55 | $0.59 | +7.88% | $5.41B | -1.38% |
| FY Full Year | $2.71 | $2.77 | +2.36% | $24.26B | +0.02% |
| Q3 25 BEAT | $0.78 | $0.86 | +10.47% | $6.71B | +3.44% |
| Q2 25 BEAT | $0.37 | $0.39 | +6.09% | $5.43B | -1.01% |
| Q1 25 BEAT | $0.85 | $0.92 | +8.58% | $6.71B | +4.15% |
| Q4 24 BEAT FY | $0.59 | $0.64 | +7.94% | $5.47B | +0.53% |
| FY Full Year | $2.45 | $2.50 | +2.00% | $23.03B | +1.26% |
| Q3 24 BEAT | $0.67 | $0.71 | +5.97% | $6.15B | +5.12% |
| Q2 24 BEAT | $0.40 | $0.47 | +17.50% | $5.36B | +9.47% |
| Q2 22 MISS | $0.46 | $0.44 | -4.35% | $4.24B | +6.12% |