Core Insights - Exelon Corporation's fourth-quarter 2025 earnings of 59 cents per share exceeded the Zacks Consensus Estimate of 53 cents by 11.3%, although it represented a 7.8% decrease from the previous year's earnings of 64 cents [1][3][9] Financial Performance - Total revenues for Exelon in the fourth quarter were reported at $5.41 billion, missing the Zacks Consensus Estimate of $5.54 billion by 2.3% and reflecting a 1.1% decrease from the year-ago figure of $5.47 billion [4][9] - For the full year 2025, total revenues reached $24.26 billion, marking a 5.3% increase year over year [4] - Operating income for the quarter was $1.19 billion, an 8% increase from the previous year [6] - Adjusted earnings per share for 2025 were $2.77, up 10.8% from $2.50 in 2024 [3] Segment Performance - Commonwealth Edison Company (ComEd) reported adjusted earnings of $252 million in the fourth quarter, a 3.7% increase year over year due to investments and increased allowance for funds used during construction [7] - PECO Energy Company (PECO) saw adjusted operating earnings decrease by 17.3% year over year to $162 million, primarily due to increased income taxes and contracting costs [8] - Baltimore Gas and Electric Company (BGE) reported adjusted earnings of $181 million, up 3.4% year over year, driven by higher distribution rates [10] - Pepco Holdings LLC (PHI) experienced a 29.5% increase in adjusted operating earnings to $171 million, attributed to higher distribution and transmission rates [10] Operational Highlights - Exelon served more customers in the reported quarter, with total electric deliveries reaching 86,585 gigawatt hours, a 2.7% increase from the previous year [5] - Total operating expenses decreased by 3.3% year over year to $4.23 billion [5] - Cash and cash equivalents as of December 31, 2025, totaled $626 million, up from $357 million a year earlier [11] Future Guidance - Exelon expects earnings for 2026 to be in the range of $2.81-$2.91 per share, indicating over 6% growth from 2025 guidance [12] - The company plans to invest $41.3 billion in energy infrastructure from 2026 to 2029 [12]

Financial Data and Key Metrics Changes - For 2025, the company reported adjusted operating earnings per share of $2.77, exceeding expectations and continuing a track record of exceeding the midpoint of guidance each year as a standalone utility [6][17] - The company achieved a 7.4% annual earnings growth rate and 8% rate base growth since 2021, demonstrating its ability to navigate changes and execute consistently [6][13] - The company reported GAAP earnings of $2.73 per share for the full year and $0.58 for the fourth quarter, with non-GAAP earnings of $2.77 and $0.59 respectively, reflecting strong year-over-year growth [17][18] Business Line Data and Key Metrics Changes - The company maintained top quartile reliability metrics across its utilities, ranking first, second, fourth, and seventh among peers based on 2024 benchmarking data [7][8] - The company plans to invest $41.3 billion in capital over the next four years, with over 70% of the increase driven by transmission investments [10][24] - The company expects to achieve annualized earnings growth of 5%-7% through 2029, with a projected rate base growth of approximately 8% [13][34] Market Data and Key Metrics Changes - The company anticipates load growth exceeding 3% through 2029, supported by a large load pipeline and an increasing number of signed Transmission Security Agreements [11][12] - The company reported that its average customer bill as a percentage of median income has remained relatively flat since 2021, growing only 10 basis points while maintaining top quartile reliability [31][32] Company Strategy and Development Direction - The company is focused on executing its capital plan efficiently, maintaining industry-leading operational performance, and driving affordability through disciplined cost management [40][41] - The company is actively partnering with federal, RTO, and state leaders to address high supply prices and emerging reliability risks, advocating for policies that support energy security and affordability [15][33] - The company emphasizes a customer-focused approach and aims to capture meaningful opportunities for sustainable growth while maintaining a strong balance sheet [16][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to lead the energy transformation and meet unprecedented demand, highlighting the importance of continuous improvement and targeted investments [5][6] - The management acknowledged the challenges posed by high supply prices but remains optimistic about the national focus on advancing policies to incentivize new generation and improve affordability [15][16] - The company is committed to maintaining a strong balance sheet while funding its capital needs and achieving a balanced funding strategy [37][38] Other Important Information - The company executed a $60 million customer relief fund to support low and moderate-income customers facing higher supply costs [14] - The company has made significant progress on the regulatory front, achieving key milestones in rate cases and filings [10][21] Q&A Session Questions and Answers Question: Could you comment on the rate-based growth and financing lag? - Management noted that actual rate base growth has been about 8% and earnings growth at 7.4%, indicating a continuation of this track record [46] Question: How is the regulatory strategy for 2026 being approached? - Management is in constant conversations with stakeholders and is considering the best approach for rate cases in Pennsylvania and Maryland, focusing on affordability and reliability [49] Question: What is the company's stance on supply challenges and the RBA process? - Management supports the development of a reliability backstop option and emphasizes the need for utility-generated power to lower customer costs and improve reliability [53][54] Question: How are legislative conversations progressing regarding affordability? - Management is actively engaging with legislators across jurisdictions to find collaborative solutions to the affordability dilemma [68][69]

Financial Data and Key Metrics Changes - For 2025, the company reported adjusted operating earnings per share of $2.77, exceeding expectations and continuing a track record of exceeding the midpoint of guidance each year as a standalone utility [6][17] - The company achieved a 7.4% annual earnings growth rate and 8% rate base growth through 2025, demonstrating its ability to navigate changes and execute consistently [7][13] - The company reported GAAP earnings of $2.73 per share for the full year and $0.58 for the fourth quarter, reflecting strong year-over-year growth [17] Business Line Data and Key Metrics Changes - The company maintained top quartile reliability metrics across its utilities, ranking first, second, fourth, and seventh among peers based on 2024 benchmarking data [7] - The company plans to invest $41.3 billion in capital over the next four years, with over 70% of the increase driven by transmission investments [10][24] Market Data and Key Metrics Changes - Anticipated load growth in the company's jurisdictions is expected to exceed 3% through 2029, supported by a large load pipeline and increasing signed transmission security agreements [11][12] - The company has seen robust demand in its jurisdictions, with a focus on addressing high supply prices and emerging reliability risks [15][32] Company Strategy and Development Direction - The company is focused on executing its capital plan efficiently while maintaining industry-leading operational performance to benefit customers [40] - The company emphasizes affordability and has implemented a $60 million customer relief fund to support low and moderate-income customers facing higher supply costs [14] - The company is actively engaging with federal, RTO, and state leaders to address supply challenges and improve affordability [15][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to lead the energy transformation and meet unprecedented demand, highlighting a culture of continuous improvement and innovation [5][16] - The company expects to initiate operating earnings guidance of $2.81-$2.91 per share for 2026, reflecting a commitment to disciplined cost management and operational excellence [13][19] Other Important Information - The company has achieved significant progress on the regulatory front, including final settlements for key rate cases and the filing of ComEd's second multi-year grid plan [10][21] - The company plans to maintain a balanced funding strategy, targeting credit metrics of 14% over the planning period to provide financial flexibility [38] Q&A Session Summary Question: Comments on rate-based growth and financing lag - Management noted that the company has achieved actual rate base growth of about 8% and earnings growth of 7.4%, indicating a continuation of this track record [46][51] Question: Regulatory strategy for 2026 in Pennsylvania - Management is in constant conversations with stakeholders and is considering the best approach for regulatory filings in Pennsylvania while prioritizing affordability and reliability [49][50] Question: Supply challenges and RBA process at PJM - Management emphasized the importance of engaging with regulators and supporting the development of reliability backstop options to improve supply and lower customer costs [54][55] Question: Legislative conversations on affordability - Management confirmed active engagement in legislative discussions across multiple jurisdictions to address affordability and support low-income customers [70] Question: Incremental financing costs and capital opportunities - Management confirmed a commitment to maintaining a 40% equity funding strategy for incremental capital opportunities while managing financing costs [90]

Core Insights - Exelon reported a revenue of $5.41 billion for the quarter ended December 2025, reflecting a decrease of 1.1% year-over-year, and an EPS of $0.59, down from $0.64 in the same quarter last year [1] - The revenue fell short of the Zacks Consensus Estimate of $5.54 billion, resulting in a surprise of -2.27%, while the EPS exceeded the consensus estimate of $0.53 by 11.74% [1] Financial Performance Metrics - Exelon's operating revenues for PECO were $1.17 billion, surpassing the average estimate of $1.03 billion by three analysts, marking a year-over-year increase of 17.4% [4] - Operating revenues for ComEd were reported at $1.09 billion, significantly lower than the estimated $1.85 billion, representing a decline of 39.9% year-over-year [4] - Operating revenues for PHI reached $1.73 billion, exceeding the average estimate of $1.56 billion, with a year-over-year change of 14.5% [4] - Operating revenues for BGE were $1.43 billion, above the average estimate of $1.17 billion, indicating a year-over-year increase of 23.8% [4] Electric and Natural Gas Revenues - Electric revenues for Pepco were reported at $828 million, exceeding the estimated $747.65 million, with a year-over-year increase of 15% [4] - Electric revenues for DPL were $426 million, slightly above the average estimate of $406.12 million, reflecting a year-over-year growth of 10.1% [4] - Electric revenues for ACE were $390 million, surpassing the estimated $379.14 million, with a year-over-year change of 12.1% [4] - Natural gas revenues for PECO were $277 million, exceeding the average estimate of $200.12 million, representing a year-over-year increase of 31.9% [4] - Electric revenues for BGE were $1.06 billion, above the average estimate of $858.86 million, indicating a year-over-year increase of 24.6% [4] - Electric revenues for PECO were $895 million, exceeding the estimated $816.22 million, with a year-over-year change of 13.6% [4] - Natural gas revenues for BGE were $376 million, surpassing the average estimate of $305.16 million, reflecting a year-over-year increase of 21.3% [4] Stock Performance - Exelon's shares have returned +2% over the past month, contrasting with the Zacks S&P 500 composite's -0.3% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - For 2025, the company reported adjusted operating earnings per share of $2.77, exceeding expectations and continuing a track record of exceeding guidance [6][18] - The company achieved a 7.4% annual earnings growth rate and 8% rate base growth since 2021, demonstrating its ability to navigate changes effectively [6][13] - The full-year GAAP earnings were $2.73 per share, with quarterly earnings of $0.58 on a GAAP basis and $0.59 on a non-GAAP basis [18] Business Line Data and Key Metrics Changes - The company maintained top quartile reliability metrics across its utilities, ranking first, second, fourth, and seventh among peers based on 2024 benchmarking data [6][10] - The company plans to invest $41.3 billion in capital over the next four years, with over 70% of the increase driven by transmission investments [10][24] Market Data and Key Metrics Changes - Anticipated load growth in the company's jurisdictions is expected to exceed 3% through 2029, indicating robust demand [11] - The company has a large load pipeline supported by an increasing number of signed transmission security agreements [12] Company Strategy and Development Direction - The company aims to lead the energy transformation by focusing on affordability and delivering investments that benefit customers [5][10] - The strategic focus includes maintaining a strong balance sheet while funding investments in a disciplined manner [13][40] - The company is actively engaging with federal, RTO, and state leaders to address high supply prices and emerging reliability risks [15][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet unprecedented demand and navigate industry changes [5][6] - The company anticipates annualized earnings growth of 5%-7% through 2029, with a focus on maintaining operational excellence and affordability [13][34] - Management highlighted the importance of collaboration with stakeholders to address affordability and reliability challenges [16][68] Other Important Information - The company executed a $60 million customer relief fund to support low and moderate-income customers facing higher supply costs [14] - The company has committed to keeping O&M costs relatively flat from 2024 to 2026, demonstrating a focus on cost management [30][31] Q&A Session Questions and Answers Question: Could you comment on the rate-based growth and financing lag? - Management noted that actual rate base growth has been about 8% and earnings growth at 7.4%, indicating a continuation of this track record [45][46] Question: What is the regulatory strategy for 2026 in Pennsylvania? - Management stated that they are in constant conversations with stakeholders and are considering the best approach for regulatory filings in Pennsylvania and Maryland [48][49] Question: How is the company addressing supply challenges? - Management emphasized the need for utility-generated power to lower customer costs and improve reliability, supporting the development of a reliability backstop option [52][54] Question: What is the outlook for rate base growth and EPS growth? - Management indicated that while rate base growth is consistent, they aim to provide defensible numbers that account for financing costs while striving to exceed expectations [83][85]

February 12, 2026 Earnings Conference Call Fourth Quarter 2025 Cautionary Statements Regarding Forward-Looking Information This presentation contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as "could," "may," "expects," "anticipates," "will," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "predicts," "should," and variations on such words, and similar expressions that refle ...

Core Insights - Exelon reported quarterly earnings of $0.59 per share, exceeding the Zacks Consensus Estimate of $0.53 per share, but down from $0.64 per share a year ago, representing an earnings surprise of +11.74% [1] - The company posted revenues of $5.41 billion for the quarter ended December 2025, missing the Zacks Consensus Estimate by 2.27% and down from $5.47 billion year-over-year [2] - Exelon has surpassed consensus EPS estimates four times over the last four quarters and topped revenue estimates twice during the same period [2] Earnings Outlook - The sustainability of Exelon's stock price movement will depend on management's commentary during the earnings call and future earnings expectations [3] - The current consensus EPS estimate for the upcoming quarter is $0.90 on revenues of $6.85 billion, and for the current fiscal year, it is $2.83 on revenues of $25.2 billion [7] Industry Context - The Utility - Electric Power industry, to which Exelon belongs, is currently ranked in the bottom 44% of over 250 Zacks industries, indicating potential challenges ahead [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Exelon's performance [5]

Core Viewpoint - Exelon Corp. has initiated its adjusted operating earnings guidance for the full year 2026, projecting earnings between $2.81 and $2.91 per share, with analysts expecting an average of $2.83 per share [1] Group 1: Financial Performance - The company reaffirmed its operating earnings compounded annual growth rate of 5 to 7 percent from 2025 to 2029 [1] - Exelon's Board of Directors declared a regular quarterly dividend of $0.42 per share, payable on March 13, 2026, to shareholders of record as of March 2, 2026 [2] Group 2: Capital Investment - Exelon has a $41.3 billion four-year capital plan and anticipates a 7.9% growth in its rate base, positioning the company for annualized earnings growth near the top end of the 5% to 7% range through 2029 [2] Group 3: Market Performance - In pre-market trading, Exelon shares (EXC) are priced at $45.00, reflecting an increase of $0.55 or 1.24 percent [3]

Financial Performance - Exelon reported fourth quarter GAAP net income of $0.58 per share, down from $0.64 per share in Q4 2024, and full-year GAAP net income increased to $2.73 per share from $2.45 per share in 2024[6][7]. - Adjusted (non-GAAP) operating earnings for Q4 2025 were $0.59 per share, a decrease from $0.64 per share in Q4 2024, while full-year adjusted operating earnings rose to $2.77 per share from $2.50 per share in 2024[4][6][7]. - Full year 2025 GAAP net income was $2.73 billion, while adjusted (non-GAAP) operating earnings were $2.77 billion, indicating a slight increase in operational performance[18]. - The company reported a diluted GAAP net income per share of $0.58 for 2025, down from $0.64 in 2024, a decrease of 9.4%[42]. - Adjusted (non-GAAP) operating earnings for 2025 were $0.59 per share, compared to $0.64 per share in 2024, reflecting a decline of 7.8%[42]. - Net income attributable to common shareholders for the twelve months ended December 31, 2025, was $2,768 million, up from $2,460 million in 2024, representing a growth of 12.5%[33]. - Operating income for the three months ended December 31, 2025, was $1,185 million, compared to $1,097 million in the same period of 2024, showing an increase of 8%[32]. Revenue and Customer Growth - Exelon's total customer base exceeds 10.9 million across six regulated utilities, demonstrating significant market presence[22]. - ComEd's total electric revenues for 2025 are $20,313 million, a 1.8% increase from 2024, while total electric revenues decreased by 39.9% to $1,091 million[49]. - Total electric revenues for the twelve months ended December 31, 2025, are $86,585 million, a 2.7% increase from $84,333 million in 2024[51]. - The number of residential electric customers increased to 3,776,590 in 2025 from 3,727,097 in 2024, reflecting a growth in customer base[51]. - The number of electric customers grew to 1,710,217 in 2025, up from 1,702,465 in 2024, while natural gas customers increased to 556,281[55]. - The number of residential electric customers rose to 495,254 in 2025, up from 490,626 in 2024, indicating a growth of 1.3%[80]. Capital Expenditures and Investments - The company plans $41.3 billion in capital expenditures over the next four years, expecting a 7.9% growth in rate base and annualized operating EPS growth of 5-7% from 2025 to 2029[4][5]. - Exelon issued $1 billion of 3.25% Convertible Senior Notes to refinance debt and for general corporate purposes[17]. - The company anticipates continued investment in new technologies and regulatory compliance to enhance operational efficiency and sustainability[25]. Regulatory and Compliance Matters - The Illinois Commerce Commission approved a $243 million revenue requirement increase for ComEd, effective January 1, 2026[17]. - Exelon provided $60 million in direct assistance through its Customer Relief Fund to enhance customer affordability[4]. - Regulatory matters contributed an additional $0.01 to the adjusted earnings in 2025, indicating ongoing regulatory support[42]. Operating Expenses and Financial Adjustments - Total operating expenses for 2025 were $19,113 million, compared to $18,721 million in 2024, indicating an increase of 2.1%[33]. - The company experienced a year-over-year decrease in operating and maintenance expenses, which negatively impacted adjusted operating earnings by $96 million[42]. - The increase in distribution and transmission rates positively impacted adjusted operating earnings by $111 million, highlighting effective rate management strategies[42]. - Environmental costs negatively impacted earnings by $0.01 per share in Q4 2024, highlighting ongoing challenges in managing environmental compliance[19]. - The income tax-related adjustments for 2024 included a tax expense of $3 million, affecting the overall net income calculation[19]. Cash Flow and Assets - Cash and cash equivalents rose to $626 million in 2025, up from $357 million in 2024, indicating a significant increase of 75.4%[36]. - The company reported a total of $116,570 million in assets as of December 31, 2025, an increase from $107,784 million in 2024, reflecting a growth of 8.3%[36]. - Net cash flows provided by operating activities increased to $6,254 million in 2025 from $5,569 million in 2024, reflecting a rise of 12.3%[40]. - The net cash flows provided by financing activities rose to $2,533 million in 2025, compared to $1,311 million in 2024, an increase of 93.1%[40]. Electric and Natural Gas Deliveries - Residential electric deliveries increased by 8.4% in 2025, reaching 6,130 GWh, while small commercial and industrial deliveries rose by 4.0% to 7,049 GWh[49]. - Total electric deliveries for residential customers for the twelve months ended December 31, 2025, increased by 2.7% to 28,016 GWh, with revenues rising by 10.3% to $4,203 million[51]. - Natural gas deliveries for residential customers rose by 12.7% to 43,189 mmcfs, with revenues increasing by 33.3% to $593 million[55]. - Total natural gas deliveries surged by 14.5% to 6,881 mmcfs, with residential deliveries increasing by 22.8% to 3,252 mmcfs[75].

CHICAGO--(BUSINESS WIRE)--Exelon Corporation (Nasdaq: EXC) today reported its financial results for the fourth quarter and full year 2025. "As we close out our 25th anniversary year, I am pleased to report that Exelon delivered strong operational and financial performance in 2025,†said Exelon President and Chief Executive Officer Calvin Butler. "We remain committed to balancing the investments needed to meet tomorrow's energy demands while keeping our customers at the center of every decision. ...