01—Abstract
Summary
Summary of the 10-K filed February 12, 2026. Cited figures are marked; the original filing is the authoritative source.
Exelon Corporation's 2025 10-K filing highlights a strong financial performance with net income attributable to common shareholders increasing by $308 milliona year-over-year, reaching $2.768 billion, or $2.73 per diluted share.
This growth was primarily driven by favorable rate increases across its key utility subsidiaries (ComEd, PECO, BGE, and PHI), improved regulatory asset returns, and lower storm costs. The company continues its strategic focus on enhancing reliability, improving customer experience, and advancing clean energy initiatives, with significant planned investments of approximately $41 billionb over the next four years in infrastructure modernization. Financially, Exelon's capital structure remains robust, with approximately $4 billion in aggregate credit facility commitments providing ample liquidity.
The company also successfully issued new debt and utilized its at-the-market equity program, raising $691 millionc in net proceeds during 2025. While facing ongoing regulatory proceedings and capital expenditures, Exelon's business model, which allows for the recovery of costs and investments through regulated rates, positions it favorably for continued stability and growth. The company also reaffirms its commitment to shareholder returns with a declared quarterly dividend of $0.42 per share for the first quarter of 2026.
02—Key points
Key Highlights
- Exelon reported a significant year-over-year increase in net income attributable to common shareholders, reaching $2.768 billion ($2.73 per diluted share) in 2025, up from $2.460 billion ($2.45 per diluted share) in 2024.
- Key subsidiaries ComEd, PECO, BGE, and PHI benefited from favorable rate increases, contributing to the overall financial performance.
- The company plans to invest approximately $41 billion over the next four years in electric and natural gas infrastructure improvements and modernization projects.
- Exelon maintains a strong liquidity position with $4 billion in aggregate credit facility commitments and $3.3 billion in available capacity to support commercial paper.
- The company raised $691 million in net proceeds from issuing approximately 16 million shares of common stock under its at-the-market equity program during 2025.
- Exelon declared a regular quarterly dividend of $0.42 per share for the first quarter of 2026, reflecting its commitment to shareholder returns.
- The company's strategy remains focused on operational excellence, supporting clean energy policies, and ensuring fair financial returns through ratemaking mechanisms, with substantial investments in rate base supporting service improvements and reliability.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 12, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $24.26B$23.03B | +5.3% |
| Operating Expenses | $19.11B$18.72B | +2.1% |
| Operating Income | $5.15B$4.32B | +19.2% |
| Net Income | $2.77B$2.46B | +12.5% |
| Shares Outstanding (Basic) | 1.01B1.00B | +0.8% |
| Shares Outstanding (Diluted) | 1.01B1.00B | +0.9% |
05—Questions
Frequently Asked Questions
What were Exelon's key financial drivers in 2025?
Exelon's net income increased significantly in 2025 primarily due to favorable impacts from rate increases at its utility subsidiaries (ComEd, PECO, BGE, and PHI), higher returns on regulatory assets, lower storm costs for BGE, and favorable weather at PECO. These positive factors were partially offset by higher interest expenses and increased depreciation expenses at certain subsidiaries.
What are Exelon's major capital expenditure plans?
Exelon anticipates investing approximately $41 billion over the next four years (through 2029) in electric and natural gas infrastructure improvements and modernization projects. These investments aim to enhance reliability, resiliency, and support clean energy goals, and are projected to increase the company's rate base by approximately $23 billion by the end of 2029.
How does Exelon manage its liquidity and capital resources?
Exelon manages its liquidity through a combination of internally generated cash flows from operations and access to capital markets and bank borrowings. The company has $4 billion in aggregate credit facility commitments, providing substantial liquidity. It also utilizes its at-the-market equity program to raise capital, having issued shares worth $691 million in 2025 for general corporate purposes.
What is Exelon's dividend policy?
Exelon's Board of Directors approved an updated dividend policy for 2026, declaring a regular quarterly dividend of $0.42 per share. This reflects the company's ongoing commitment to returning value to shareholders.
06—Continue