Exelon (EXC) Q4 2025 earnings summary

Executive summary

• Achieved adjusted operating EPS of $2.77 for 2025, exceeding guidance and continuing a multi-year trend of outperformance as a standalone utility.

• Adjusted operating EPS grew at a 7.4% CAGR and rate base at 7.9% since 2021, with top quartile reliability and strong operational performance.

• Provided $60 million in direct customer assistance and maintained customer affordability through cost management and innovative programs.

• Utilities ranked among the most reliable in the U.S., with ComEd in the top decile for reliability indices.

• Executed $9.3 billion in capital investment in 2025, closely tracking planned expenditures.

Financial highlights

• Reported $2.73 GAAP EPS and $2.77 non-GAAP/adjusted EPS for 2025, with Q4 GAAP EPS of $0.58 and non-GAAP EPS of $0.59.

• Full-year earnings exceeded guidance due to favorable weather, storm conditions, and regulatory resolutions.

• Operating ROE reached 9.7% in 2025, within the 9%-10% target range.

• 2025 operating revenues were $24.26 billion, with net income of $2.77 billion and total assets of $116.57 billion.

• Distributed a $1.60 per share dividend, with a payout ratio near 60%.

Outlook and guidance

• 2026 adjusted operating earnings guidance set at $2.81–$2.91 per share, representing over 6% growth from 2025 guidance.

• Projecting $41.3 billion in capital expenditures over the next four years, supporting 7.9% expected rate base growth and annualized EPS growth near the top end of 5%-7% from 2025–2029.

• Anticipate annual dividend growth of 5%, targeting $1.68 per share in 2026 and $0.42 per share quarterly dividend declared for 2026.