10-QPeriod: Q1 FY2025

EXELON CORP Quarterly Report for Q1 Ended Mar 31, 2025

Filed May 1, 2025For Securities:EXC

Summary

Exelon Corporation reported a strong first quarter for 2025, with net income attributable to common shareholders increasing significantly to $908 million, or $0.90 per diluted share, compared to $658 million, or $0.66 per diluted share, in the first quarter of 2024. This represents a substantial year-over-year improvement driven by favorable regulatory rate increases across its utility segments, particularly at ComEd, PECO, BGE, and PHI, coupled with more normalized weather conditions compared to the prior year. Operating revenues also saw a healthy increase, reaching $6,714 million for the quarter, up from $6,043 million in the prior year's first quarter, reflecting the positive impact of rate adjustments and improved customer delivery volumes. The company's operational performance was robust across its subsidiaries, with ComEd, PECO, and Pepco showing notable revenue growth. Capital expenditures remained significant, totaling $1,942 million for the period, primarily directed towards infrastructure investments aimed at enhancing grid reliability and resilience. Exelon's liquidity position remains strong, supported by available credit facilities and robust operating cash flows, allowing for consistent dividend payments to shareholders and continued investment in its utility assets.

Financial Highlights

46 data points
Beta

Revenue

$6.71B

Net Income

$908.00M

13.5% Net Margin

EPS (Diluted)

$0.90

Total Assets

$109.48B

Cash & Equivalents

$1.00B

Free Cash Flow

-$746.00M

Financial Statements
Beta
Revenue$6.71B
Operating Expenses$5.18B
Operating Income$1.54B
Net Income$908.00M
EPS (Basic)$0.90
EPS (Diluted)$0.90
Shares Outstanding (Basic)1.01B
Shares Outstanding (Diluted)1.01B

Key Highlights

  • 1Net income attributable to common shareholders increased to $908 million ($0.90/share) from $658 million ($0.66/share) year-over-year.
  • 2Total operating revenues grew to $6,714 million from $6,043 million, driven by rate increases and improved customer demand.
  • 3ComEd reported a significant net income increase of $109 million, largely due to timing of distribution earnings and higher rate base.
  • 4PECO's net income rose by $117 million, benefiting from rate increases, normalized weather, and a tax benefit.
  • 5Capital expenditures totaled $1,942 million, reflecting ongoing investment in utility infrastructure.
  • 6Exelon's liquidity remains strong, with $3.4 billion available under its revolving credit facilities.
  • 7The company declared a quarterly dividend of $0.40 per share for the second quarter of 2025.

Frequently Asked Questions

The substantial increase in net income was primarily driven by favorable regulatory rate increases implemented across Exelon's utility subsidiaries, including ComEd, PECO, BGE, and PHI. These rate adjustments allowed for recovery of investments and improved earnings. Additionally, more normalized weather patterns compared to the prior year's first quarter also contributed positively to performance.

Exelon continued its significant investment in infrastructure, with capital expenditures totaling $1,942 million during the first quarter of 2025. These investments are strategically focused on enhancing the reliability, resilience, and modernization of the company's transmission and distribution networks.

Exelon maintains a strong liquidity position, supported by robust operating cash flows and access to capital markets. As of March 31, 2025, the company had approximately $3.4 billion available under its revolving credit facilities. These facilities, along with commercial paper programs and internally generated cash, provide ample resources to meet operational needs, capital investments, debt obligations, and dividend payments.

Yes, regulatory decisions continue to be a key factor. Several subsidiaries have recently completed or are pending distribution base rate case proceedings. Notably, ComEd's rate case settlement, approved in December 2024, provides for revenue requirement increases throughout 2024-2027. PECO's electric and natural gas rate cases were also settled with approved revenue requirement increases. These rate adjustments are crucial for recovering investments and supporting earnings.