Exelon Corp
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −1.54%.
Did EXC Beat Earnings? Q4 2025 Results
Exelon closed out 2025 on a stronger-than-expected note, posting fourth-quarter adjusted operating earnings of $0.59 per share and beating the $0.55 consensus estimate by 7.27%, even as quarterly revenue of $5.41 billion slipped 1.1% year over year. The beat was largely powered by higher distribution and transmission rates across its ComEd, PHI, PECO, and BGE utilities, which helped offset a $60 million Customer Relief Fund contribution and rising depreciation and interest costs. The solid finish capped a full year in which adjusted operating EPS rose to $2.77 from $2.50, exceeding the midpoint of management's own guidance range. Looking ahead, Exelon introduced 2026 adjusted operating EPS guidance of $2.81 to $2.91, representing over 6% growth, and unveiled a $41.30 billion four-year capital plan targeting 7.9% rate base growth, with transmission investment accounting for the majority of the increase, a strategy that has recently drawn renewed institutional interest and lifted analyst price targets across the Street.
- Higher distribution and transmission rates at ComEd and PHI
- Distribution rates at PECO and BGE
- Higher AFUDC at ComEd
- Favorable weather at PECO
- Multi-year plan reconciliation at BGE
- 7.4% CAGR in adjusted operating EPS since 2021
- 9.7% operating ROE earned in 2025
- ~$300M sustainable O&M savings since 2024
- All utilities achieved first quartile SAIDI performance
“As we close out our 25th anniversary year, I am pleased to report that Exelon delivered strong operational and financial performance in 2025. We remain committed to balancing the investments needed to meet tomorrow's energy demands while keeping our customers at the center of every decision. Through our customer programs and disciplined focus on cost and operational excellence, we continued to maintain customer bills below the national average. We look forward to building on this momentum in 2026 – delivering and advocating for safe, reliable and affordable energy solutions while strengthening the communities we proudly serve.”
Exelon CEO, on the earnings call
Forward Guidance & Outlook
Exelon introduced 2026 adjusted operating earnings guidance of $2.81-$2.91 per share, representing over 6% growth from 2025 guidance. The company projects $41.3 billion in capital expenditures over 2026-2029, resulting in expected rate base growth of 7.9% and operating EPS CAGR near the top end of 5-7% from 2025-2029. The company plans to deploy approximately $10 billion in capex in 2026. Exelon targets a consolidated operating ROE of 9-10% and projects 5% annual dividend growth with an approximately 60% payout ratio. The financing plan includes $3.4 billion of equity through 2029, with approximately $850 million in annualized equity issuances. The company identified $12-17 billion in transmission opportunity beyond the current plan. Approximately 3% total load growth is projected over the plan period, with approximately 19 GW of committed large load pipeline. Credit metrics are expected to average approximately 14% from 2026-2029.
EXC YoY Financials
EXC Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.