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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
Exelon (EXC) investor relations material
Exelon Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 adjusted operating earnings per share were $0.86, up from $0.71 in Q3 2024, driven by higher distribution and transmission rates, favorable storm conditions, and timing-related factors.
Net income attributable to common shareholders rose to $875 million for Q3 2025, up $168 million year-over-year, and $2.17 billion for the nine months, up $361 million, reflecting core operational improvements.
Full-year 2025 adjusted operating earnings guidance reaffirmed at $2.64–$2.74 per share, with a 5–7% annual EPS growth target through 2028.
Utilities ranked among the top for reliability, with significant progress in regulatory and rate case activity and major infrastructure investments planned.
Financial highlights
Q3 2025 adjusted operating earnings per share rose to $0.86 from $0.71 in Q3 2024; GAAP net income was $875M ($0.86/share), up from $707M ($0.70/share).
Nine months ended September 30, 2025, adjusted operating earnings per share were $2.17, up from $1.86; operating revenues for Q3 2025 were $6.7B, up from $6.2B.
Operating income for Q3 2025 was $1.5B, up from $1.2B; net cash flows from operating activities for the nine months were $5.01B, up from $4.14B.
Capital expenditures for the nine months were $6.1B, up from $5.2B.
Customer rates remain 21% below those in the largest U.S. cities.
Outlook and guidance
Full-year 2025 adjusted operating earnings guidance reaffirmed at $2.64–$2.74 per share, with a 5–7% EPS CAGR projected through 2028.
Rate base growth of 7.4% through 2028, supported by $38B in planned capital investment.
Capital expenditure guidance for 2025 is $8.98B, focused on transmission, distribution, and gas infrastructure.
Management expects cash flows and liquidity to remain sufficient to meet operational and capital needs.
$10–15B of potential transmission opportunity beyond the current plan.
Pepco MD rate case: expected 2026 earnings impact
Progress on equity financing needs through 2028
What offset Q3 2025 rate-driven earnings growth?
Illinois SB 25 investment opportunities?
Large load pipeline certainty process?
CAMT clarification timeline and impact?
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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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