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Exelon (EXC) investor relations material

Exelon Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Achieved adjusted operating EPS of $2.77 for 2025, exceeding guidance and continuing a multi-year trend of outperformance as a standalone utility.

  • Adjusted operating EPS grew at a 7.4% CAGR and rate base at 7.9% since 2021, with top quartile reliability and strong operational performance.

  • Provided $60 million in direct customer assistance and maintained customer affordability through cost management and innovative programs.

  • Utilities ranked among the most reliable in the U.S., with ComEd in the top decile for reliability indices.

  • Executed $9.3 billion in capital investment in 2025, closely tracking planned expenditures.

Financial highlights

  • Reported $2.73 GAAP EPS and $2.77 non-GAAP/adjusted EPS for 2025, with Q4 GAAP EPS of $0.58 and non-GAAP EPS of $0.59.

  • Full-year earnings exceeded guidance due to favorable weather, storm conditions, and regulatory resolutions.

  • Operating ROE reached 9.7% in 2025, within the 9%-10% target range.

  • 2025 operating revenues were $24.26 billion, with net income of $2.77 billion and total assets of $116.57 billion.

  • Distributed a $1.60 per share dividend, with a payout ratio near 60%.

Outlook and guidance

  • 2026 adjusted operating earnings guidance set at $2.81–$2.91 per share, representing over 6% growth from 2025 guidance.

  • Projecting $41.3 billion in capital expenditures over the next four years, supporting 7.9% expected rate base growth and annualized EPS growth near the top end of 5%-7% from 2025–2029.

  • Anticipate annual dividend growth of 5%, targeting $1.68 per share in 2026 and $0.42 per share quarterly dividend declared for 2026.

Annual equity issuance targets beyond 2026?
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PECO Q4 earnings decline: mitigation strategies?
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Frequently asked questions

Utility Parent Company

Exelon Corporation is an American public utility company. Exelon is structured into several subsidiaries, including Exelon Generation, and the company operates six major utilities that provide services to millions of customers. Its energy generation portfolio is diverse, featuring nuclear, wind, solar, and hydroelectric power sources. Exelon is headquartered in Chicago, Illinois, and its shares are traded on the Nasdaq.

The Merger

Exelon Corporation, a leading American energy provider, was formed in October 2000 through the merger of PECO Energy Company and Unicom. As previously mentioned, Exelon operates through various subsidiaries, including power generation, competitive energy sales, transmission, and delivery. As it grew, Exelon expanded its portfolio and geographic reach, becoming one of the largest U.S. power generators with a significant presence in the nuclear energy sector. The company has also been involved in numerous M&A deals throughout the years, further cementing its place in the industry. Some companies operating in the same sector as Exelon are Consolidated Edison, NextEra, and Duke Energy.

The Subsidiaries

Exelon Corporation operates through a network of subsidiaries, each specializing in different aspects of the energy sector. Key subsidiaries include, but are not limited to:

  • BGE (Baltimore Gas and Electric): Serving central Maryland, BGE provides gas and electric utility service to over 1.2 million customers.

  • ComEd (Commonwealth Edison): Based in Chicago, ComEd is a major electric utility serving northern Illinois, including the Chicago area.

  • PECO (Philadelphia Electric Company): This subsidiary is a major electric and gas utility company serving southeastern Pennsylvania.

  • PEP (Potomac Electric Power Company): Serving Washington, D.C., and parts of Maryland, PEP provides electric service to about 842,000 customers.

Exelon Generation

Exelon Generation, another subsidiary of Exelon Corporation, plays a crucial role in the company's power generation operations. It boasts one of the largest U.S. power generation portfolios, with a significant emphasis on nuclear energy, making Exelon the nation's largest operator of commercial nuclear power plants. Additionally, Exelon Generation operates a diverse mix of natural gas, hydroelectric, wind, and solar power facilities.

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