01—Abstract
Summary
Summary of the 10-Q filed November 4, 2025. Cited figures are marked; the original filing is the authoritative source.
Exelon Corporation reported strong financial results for the nine months ended September 30, 2025, with net income attributable to common shareholders increasing by $361 million to $2,174 milliona compared to the same period in 2024.
Diluted earnings per share also saw a significant rise to $2.15b from $1.81. This improvement was driven by favorable rate impacts across its key utility subsidiaries, including ComEd, PECO, BGE, and PHI, along with lower storm costs and improved regulatory asset returns. The company has also managed its debt effectively, issuing $4.9 billion in long-term debt while retiring $807 million.
Looking ahead, Exelon continues to invest heavily in its infrastructure, with capital expenditures for plant additions and improvements estimated at $8.975 billionc for 2025 across its various segments. The company maintains a robust liquidity position with access to significant credit facilities, and its dividend policy remains stable at $0.40 per share quarterly. While facing ongoing regulatory proceedings and potential environmental remediation costs, Exelon's management is focused on navigating these challenges and maintaining operational efficiency.
02—Key points
Key Highlights
- Net income attributable to common shareholders increased by $361 million to $2,174 million for the nine months ended September 30, 2025, compared to the prior year period.
- Diluted earnings per share rose to $2.15 for the nine months ended September 30, 2025, from $1.81 in the prior year period.
- Total operating revenues for the nine months ended September 30, 2025, increased to $18,846 million from $17,557 million in the prior year period.
- Capital expenditures for plant additions and improvements are projected at $8.975 billion for the full year 2025.
- Exelon issued $4,925 million in long-term debt and retired $807 million during the first nine months of 2025.
- The company declared a stable quarterly dividend of $0.40 per share.
- ComEd reached a settlement agreement with FERC regarding overhead allocation, resulting in a $70 million charge recorded in the prior period.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed November 4, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $6.71B$6.15B | +9.0% |
| Operating Expenses | $5.21B$4.96B | +4.9% |
| Operating Income | $1.50B$1.20B | +25.4% |
| Net Income | $875.00M$707.00M | +23.8% |
| EPS (Basic) | $0.87$0.70 | +24.3% |
| EPS (Diluted) | $0.86$0.70 | +22.9% |
| Shares Outstanding (Basic) | 1.01B1.00B | +0.8% |
| Shares Outstanding (Diluted) | 1.01B1.00B | +0.9% |
05—Questions
Frequently Asked Questions
What were the main drivers of Exelon's improved financial performance in the nine months ended September 30, 2025?
Exelon's improved financial performance was primarily driven by favorable rate impacts across its utility subsidiaries, lower storm costs (especially at PECO and BGE due to storm cost deferrals), improved regulatory asset returns at ComEd, and higher AFUDC at ComEd. These factors contributed to a $361 million increase in net income attributable to common shareholders for the period.
How is Exelon managing its capital expenditures and debt?
Exelon continues to invest significantly in its infrastructure, with projected capital expenditures of $8.975 billion for 2025. The company has managed its debt by issuing $4.925 billion in long-term debt and retiring $807 million during the first nine months of 2025, while maintaining access to substantial credit facilities.
What are the key regulatory matters impacting Exelon?
Exelon is involved in several key regulatory matters, including ongoing distribution base rate case proceedings and transmission formula rate updates across its subsidiaries. Notable developments include ComEd's settlement of a FERC audit regarding overhead allocation and regulatory approvals for rate adjustments in various jurisdictions. The company is also navigating environmental remediation matters and potential impacts from legislative changes, such as the Next Generation Energy Act in Maryland.
What is Exelon's approach to shareholder returns?
Exelon maintains a stable dividend policy, declaring a quarterly dividend of $0.40 per share. Additionally, the company is actively utilizing its at-the-market (ATM) equity distribution program, with $1.6 billion of common stock remaining available for sale as of September 30, 2025.
06—Continue