10-QPeriod: Q3 FY2025

EXELON CORP Quarterly Report for Q3 Ended Sep 30, 2025

Filed November 4, 2025For Securities:EXC

Summary

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 million compared to the same period in 2024. Diluted earnings per share also saw a significant rise to $2.15 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 billion 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.

Financial Highlights

46 data points
Beta

Revenue

$6.71B

Net Income

$875.00M

13.0% Net Margin

EPS (Diluted)

$0.86

Total Assets

$113.54B

Cash & Equivalents

$1.53B

Free Cash Flow

$163.00M

Financial Statements
Beta
Revenue$6.71B
Operating Expenses$5.21B
Operating Income$1.50B
Net Income$875.00M
EPS (Basic)$0.87
EPS (Diluted)$0.86
Shares Outstanding (Basic)1.01B
Shares Outstanding (Diluted)1.01B

Key Highlights

  • 1Net 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.
  • 2Diluted earnings per share rose to $2.15 for the nine months ended September 30, 2025, from $1.81 in the prior year period.
  • 3Total operating revenues for the nine months ended September 30, 2025, increased to $18,846 million from $17,557 million in the prior year period.
  • 4Capital expenditures for plant additions and improvements are projected at $8.975 billion for the full year 2025.
  • 5Exelon issued $4,925 million in long-term debt and retired $807 million during the first nine months of 2025.
  • 6The company declared a stable quarterly dividend of $0.40 per share.
  • 7ComEd reached a settlement agreement with FERC regarding overhead allocation, resulting in a $70 million charge recorded in the prior period.

Frequently Asked Questions

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.

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.

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.

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.