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Exelon Corp.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 12 February 2026: press release. Guidance figures: 1 raised, 2 new, 1 kept. The quarter’s numbers.

Key takeaways

  • Full-year adjusted EPS rose to $2.77: Full-year Adjusted operating earnings were $2.77 per share, up from $2.50 in 2024. GAAP net income was $2.73 per share, up from $2.45. Source
  • Fourth-quarter EPS declined year on year: Fourth-quarter Adjusted operating earnings were $0.59 per share, down from $0.64. GAAP net income was $0.58 per share, down from $0.64. Source
  • Utility rates drove most of the gain: Full-year utility earnings rose mainly on distribution and transmission rates, which added $554 million. Weather at PECO and other energy delivery items also contributed. Source
  • PECO earnings fell on taxes and costs: PECO Adjusted operating earnings were $162 million, down from $196 million. Higher income taxes from tax repairs, an absence of a storm deferral, and higher contracting and depreciation costs drove the decline. Source
  • Reliability rankings were top tier: All utilities reached first quartile SAIDI performance. ComEd ranked in the top decile for both SAIDI and the System Average Interruption Frequency Index. Source
  • Customer Relief Fund provided $60 million: The company reported $60 million in direct assistance through its Customer Relief Fund and said customer affordability is central to the strategy. Source
  • Interest and depreciation offset gains: Higher interest expense at PECO, BGE and PHI, and higher depreciation at PECO and PHI, partly offset the full-year utility earnings increase. Source

“We remain committed to balancing the investments needed to meet tomorrow’s energy demands while keeping our customers at the center of every decision.”

Exelon President and Chief Executive Officer Calvin Butler

Guidance

AreaPeriodFigureAgainst last quarter
Adjusted (non-GAAP) operating EPS Sourcefull year 2026$2.81-$2.91 per shareNew
Operating EPS compounded annual growth Source2025-2029near the top end of 5-7%Kept
Capital expenditures Sourcenext four years$41.3 billionRaised from $38 billion over the next four years
Rate base growth Sourcenot stated7.9%
Equity financing in four-year plan Sourcefour-year plan$3.4 billion of equityNew
Annualized equity needs Sourceper year$850 million; 82% of 2026 needs priced under forwards

What changed from last quarter

  • New guidance: 2026 Adjusted operating EPS guidance was introduced in this release at $2.81 to $2.91 per share. Source
  • Guidance raised: The four-year capital expenditure plan rose to $41.3 billion from the $38 billion given in the third-quarter release. Source
  • New: The four-year financing plan was updated to add $3.4 billion of equity to fund capital expenditures. Source

Full-year and fourth-quarter results

  • Full-year adjusted EPS rose to $2.77: Full-year Adjusted operating earnings were $2.77 per share, up from $2.50 in 2024. GAAP net income was $2.73 per share, up from $2.45. Source
  • Fourth-quarter EPS declined year on year: Fourth-quarter Adjusted operating earnings were $0.59 per share, down from $0.64. GAAP net income was $0.58 per share, down from $0.64. Source
  • Utility rates drove most of the gain: Full-year utility earnings rose mainly on distribution and transmission rates, which added $554 million. Weather at PECO and other energy delivery items also contributed. Source

Operating company earnings

  • ComEd earnings rose in the quarter: ComEd Adjusted operating earnings were $252 million, up from $243 million. Higher distribution and transmission rate base and AFUDC were partly offset by timing of distribution earnings. Source
  • PECO earnings fell on taxes and costs: PECO Adjusted operating earnings were $162 million, down from $196 million. Higher income taxes from tax repairs, an absence of a storm deferral, and higher contracting and depreciation costs drove the decline. Source
  • PHI earnings rose on rates: PHI Adjusted operating earnings were $171 million, up from $132 million. Distribution and transmission rates driven by updated recovery of investments were the main driver. Source
  • BGE earnings rose slightly: BGE Adjusted operating earnings were $181 million, up from $175 million. Distribution rates and multi-year plan reconciliation impacts were partly offset by higher interest expense. Source

“maintaining a sharp focus on cost management, and advocating for policies that advance customer equity and energy supply solutions.”

Exelon Chief Financial Officer Jeanne Jones

Reliability and customer assistance

  • Reliability rankings were top tier: All utilities reached first quartile SAIDI performance. ComEd ranked in the top decile for both SAIDI and the System Average Interruption Frequency Index. Source
  • Customer Relief Fund provided $60 million: The company reported $60 million in direct assistance through its Customer Relief Fund and said customer affordability is central to the strategy. Source
  • Customer count rose to 10.9 million: The company said it serves more than 10.9 million customers across six utilities, up from more than 10.7 million in the third-quarter release. Source

Costs and margins

  • Contracting costs weighed on operating expense: Full-year operating and maintenance expense, excluding pension, reduced EPS by $0.18. Increased contracting costs at PECO and reconciliation impacts at BGE contributed. Source
  • Interest and depreciation offset gains: Higher interest expense at PECO, BGE and PHI, and higher depreciation at PECO and PHI, partly offset the full-year utility earnings increase. Source
  • Corporate costs rose on contributions: Corporate operating and maintenance expense rose on charitable contributions and the Customer Relief Fund contribution. A decrease in other income from the expired Constellation TSA offset part of this. Source

“Through our customer programs and disciplined focus on cost and operational excellence, we continued to maintain customer bills below the national average.”

Exelon President and Chief Executive Officer Calvin Butler

Rate cases and rate recovery

  • ComEd reconciliation adds $243 million: The Illinois Commerce Commission approved a $243 million revenue increase from the 2024 multi-year plan reconciliation. Rates took effect January 1, 2026. Source
  • BGE recovers $77 million of under-collections: The Maryland commission approved BGE recovery of $77 million of 2023 under-collections, effective February 1, 2026. It also provided $28 million of additional regulatory assets. Source
  • DPL Delaware electric case filed: DPL Delaware filed for a $45 million increase in annual electric distribution rates, reflecting a 10.50% ROE. The company cannot predict whether the commission will approve it as filed. Source
  • ACE electric rates increased $54 million: The New Jersey Board of Public Utilities approved a $54 million increase in ACE annual electric distribution base rates, reflecting a 9.60% ROE, effective December 1, 2025. Source
  • DPL Delaware gas rates increased $22 million: The Delaware commission approved a $22 million increase in DPL annual natural gas base rates, reflecting a 9.60% ROE, effective January 1, 2026. Source
  • Revenue decoupling limits weather effects: Revenue decoupling at ComEd, BGE and PHI is intended to keep distribution earnings independent of actual weather and customer usage. Source

Capital, cash and financing

  • Capital expenditures reached $8.5 billion: Capital expenditures were $8,529 million for 2025, against $7,097 million for 2024. Source
  • Convertible notes issued in December: Exelon issued $1 billion of 3.25% convertible senior notes on December 4, 2025, using proceeds to repay or refinance debt and for general corporate purposes. Source
  • ACE issued $150 million of bonds: ACE issued $75 million each at 5.54% and 5.81%, due in 2040 and 2055, on November 19, 2025, to repay debt and for general purposes. Source
  • Quarterly dividend raised to $0.42: The Board declared a regular quarterly dividend of $0.42 per share, up from $0.40 declared in October 2025. Source

Coming up, as management said on 12 February 2026

  • Dividend payable March 13, 2026: The $0.42 quarterly dividend is payable March 13, 2026, to shareholders of record at the close of business on March 2, 2026. Source
  • DPL Delaware electric decision expected 2027: DPL currently expects a decision on its Delaware electric distribution case in the third quarter of 2027. Source
  • DPL interim rates possible July 2026: DPL can implement interim electric rates on July 9, 2026, subject to refund, while the case is pending. Source

Figures management reported

FigureReported
Capital plan Source$41.3 billion over four years
Rate base growth Source7.9%
EPS growth target Sourcenear the top end of 5-7% through 2029
Customer growth Sourcemore than 10.9 million customers
Rate cases approved SourceComEd $243 million; BGE $77 million; ACE $54 million; DPL Delaware gas $22 million
Rate case requested SourceDPL Delaware electric $45 million at 10.50% ROE

Risks management discussed

  • Regulatory: The DPL Delaware electric rate application is pending, and the company cannot predict whether the commission will approve it as filed. Source
  • Operational: Contracting cost increases at PHI, interest expense at PECO and BGE, and the timing of ComEd distribution earnings weighed on fourth-quarter results. Source
  • Demand: Lower transmission peak load at ComEd and the absence of Pepco multi-year plan reconciliations reduced full-year earnings compared with 2024. Source

Earlier plans management reported on

  • Ahead: The CFO said 2025 financial performance exceeded expectations, with full-year Adjusted operating earnings of $2.77 per share. Source
  • On track: In the third-quarter release, the company said it remained on track to meet full-year 2025 guidance of $2.64 to $2.74 per share.
  • Not stated: The company said the four-year financing plan follows a balanced strategy of funding incremental capital with approximately 40% equity. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.