Exelon (EXC) Q4 2024 earnings summary

Executive summary

• Achieved strong operational and financial performance in 2024, with all utilities in the top quartile for reliability and three in the top five among peers.

• Reported GAAP earnings of $2.45 per share and adjusted operating earnings of $2.50 per share, meeting or exceeding guidance for the third consecutive year.

• Initiated 2025 operating earnings guidance of $2.64–$2.74 per share and increased dividend to $1.60 per share.

• S&P upgraded credit rating to BBB+ in 2025, reflecting strong credit metrics and balance sheet strength.

• Nearly 90% of rate base now covered by established cost recovery mechanisms through 2026/2027, with key rate case approvals in Q4.

Financial highlights

• 2024 GAAP EPS: $2.45; Adjusted EPS: $2.50, representing 6% growth from 2023 guidance midpoint.

• Q4 2024 EPS: $0.64 (GAAP and non-GAAP), up from $0.62 and $0.60 in Q4 2023.

• Invested $7.5 billion in capital, within 1% of guidance and exceeding the $7.4B target.

• Operating revenues for 2024 were $23.0 billion, up from $21.7 billion in 2023.

• Net cash from operations was $5.6 billion in 2024, up from $4.7 billion in 2023.

Outlook and guidance

• 2025 operating/adjusted EPS guidance: $2.64–$2.74 per share, targeting midpoint or better.

• Projected annualized earnings growth of 5%–7% through 2028, aiming for midpoint or better.

• $38 billion capital investment plan for 2025–2028, supporting 7.4% projected rate base growth.

• Dividend payout ratio maintained at ~60% of operating earnings; 2025 dividend up 5.2% to $1.60 per share.

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