Exelon Corp
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.55%.
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 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.
- 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
“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.”
Exelon CEO, on the earnings call
Forward Guidance & Outlook
Exelon affirmed full-year 2025 adjusted operating earnings guidance of $2.64-$2.74 per share based on expected average outstanding shares of 1,013 million. The company reaffirmed its 2024-2028 operating EPS compounded annual growth rate of 5-7%, with expectations to be at the midpoint or better. Exelon plans $38 billion in capital investment over the next four years, driving 7.4% rate base growth, with $10-15 billion of potential transmission opportunity beyond the plan. The company targets a consolidated operating ROE of 9-10% and expects to deploy $9.1 billion of capex in 2025. The financing plan implies approximately $700 million of annual equity issuance through 2028, with nearly half already priced. Combined with a ~60% dividend payout ratio, the company projects an attractive risk-adjusted total annual return of 9-11%.
EXC YoY Financials
EXC Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.