Exelon (EXC) Q3 2025 earnings summary

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.