Exelon (EXC) Q4 2025 earnings summary

Executive summary

• Delivered adjusted operating EPS of $2.77 for 2025, exceeding expectations and continuing a multi-year trend of surpassing guidance midpoints as a standalone utility.

• Achieved 7.4% annual earnings growth and 7.9% rate base growth since 2021, with top quartile reliability metrics and industry-leading operational performance.

• Maintained strong customer affordability, with bills below national averages and $60 million in direct assistance provided.

• Advanced regulatory milestones and settlements across multiple jurisdictions, supporting a $41.3 billion capital plan through 2029.

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

Financial highlights

• Reported 2025 GAAP EPS of $2.73 and adjusted operating EPS of $2.77, both up from 2024, 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.

• Distributed a $1.60 per share dividend in 2025, with a payout ratio near 60%.

• Net cash flows from operating activities for 2025 were $6.25 billion, up from $5.57 billion in 2024.

Outlook and guidance

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

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

• Dividend growth targeted at 5% annually through 2029, with a $1.68 per share payout in 2026.