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, both exceeding expectations and supporting reaffirmed full-year guidance of $2.64–$2.74 per share and 5–7% EPS CAGR through 2028.

• Net income attributable to common shareholders rose to $908 million, up $250 million year-over-year, with all utility segments contributing positively, especially ComEd and PECO.

• 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, with further 16 GW under advanced study, is driving incremental investment opportunities.

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

Financial highlights

• Q1 2025 operating revenues were $6.71 billion, up from $6.04 billion year-over-year, with operating income increasing to $1.54 billion from $1.11 billion.

• 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.

• Cash flows from operating activities increased to $1.2 billion, with capital expenditures totaling $1.95 billion in Q1 2025.

• Quarterly dividend increased to $0.40 per share, declared for Q2 2025.

• Exelon issued $2 billion in long-term debt and $173 million in common stock during the quarter.

Outlook and guidance

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

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

• $38 billion capital investment over four years to drive 7.4% rate base growth, with $8.9 billion projected for 2025 and 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.