Exelon (EXC) Q1 2025 earnings summary

Executive summary

• Q1 2025 Adjusted (non-GAAP) operating earnings were $0.92 per share, up from $0.68 in Q1 2024, and GAAP EPS was $0.90, up from $0.66, exceeding expectations and supporting reaffirmed full-year guidance.

• All utilities achieved top quartile or better reliability and top decile safety performance, despite challenging winter weather.

• Robust pipeline of over 17 GW of anticipated large load remains, with advanced studies on an additional 16 GW underway, driving incremental investment opportunities.

• Legislative and regulatory reforms advanced, notably in Maryland, supporting energy security, battery storage, and multi-year planning constructs.

• Four-year capital investment plan of $38 billion reaffirmed, targeting 7.4% rate base growth and annualized earnings growth of 5–7% through 2028.

Financial highlights

• Adjusted operating earnings per share rose by $0.24 year-over-year, driven by new distribution and transmission rates, favorable weather, and tax timing, partially offset by higher interest expense.

• Q1 2025 GAAP net income rose to $908 million from $658 million year-over-year; Adjusted operating earnings increased to $932 million from $685 million.

• Total operating revenues for Q1 2025 were $6.71 billion, up from $6.04 billion year-over-year.

• Operating income increased to $1.54 billion from $1.11 billion.

• Dividend of $0.40 per share declared for Q2 2025.

Outlook and guidance

• Full-year 2025 Adjusted operating EPS guidance of $2.64–$2.74 per share reaffirmed, with a goal to achieve the midpoint or better.

• Annualized earnings growth rate of 5–7% through 2028 reaffirmed.

• Projected 2025 capital expenditures are $8.9 billion, with major investments in grid modernization and resilience.

• Nearly 90% of rate base covered by established recovery mechanisms through 2026–2027.

• Management expects sufficient cash flows and liquidity to meet operating, capital, and financing needs, supported by $4.0 billion in credit facilities.