EXC · EXELON CORP

902 filings

EXC SEC Filings

EXELON CORP - 902 total filings

Filing record · 2016–202610-K1110-Q328-K189

Showing 1–50 of 902 filings

EXELON CORP 8-K Report, Executive Changes (Aug 25, 2026)

Exelon (EXC) announced a series of executive leadership changes on August 25, 2026, centered on its finance and operations teams. Michael Innocenzo, EVP and Chief Operating Officer of Exelon and President and CEO of PECO (and ComEd board chair), will depart in 2027 on a date yet to be determined, after nearly 40 years with the company. He will remain in his roles and assist with an orderly transition until then. The most material change for investors is in the finance function: CFO Jeanne Jones moves to Executive Vice President of Finance and Strategy, taking on an expanded role over corporate strategy, while Robert Kleczynski, currently SVP, Controller and Tax, becomes EVP and Chief Financial Officer and principal financial officer. Both changes take effect October 5, 2026. Caroline Fulginiti becomes Vice President and Controller and principal accounting officer on the same date. Further down the finance bench, ComEd CFO Joshua Levin will become Senior Vice President of Finance at Exelon effective January 1, 2027, overseeing investor relations, insurance, and long-term financial planning consolidation. Andrew Plenge, currently ComEd's VP of Strategy and Energy Policy and formerly Exelon's VP of Investor Relations, will succeed Levin as ComEd CFO on the same date. The filing also reaffirmed 2026 Adjusted operating EPS guidance of $2.81-$2.91 and expects cumulative annualized Adjusted operating earnings growth from 2025 to 2029 near the top of the 5-7% range, which signals management confidence despite the leadership transition. From a compensation standpoint, the new CFO's package includes a $650,000 base salary, a 90% annual incentive target, and a $1,765,000 long-term incentive target granted in 2027. The filing did not describe any compensation changes beyond those roles. Overall, the announcements appear to be planned internal succession that keeps financial continuity within the company, though the undefined timing of Innocenzo's departure and the reshuffling of several finance roles are points investors may want to monitor.

Aug 25, 2026 8-K

EXELON CORP 8-K Report, Financial Results (Jul 30, 2026)

Exelon (EXC) reported second-quarter 2026 results on July 30, 2026, with GAAP EPS of $0.39 and Adjusted (non-GAAP) operating EPS of $0.43, up from $0.39 in Q2 2025 and in line with management's expectations. GAAP net income was $396 million versus $391 million a year earlier. Growth was driven mainly by distribution and transmission rate increases at ComEd and PHI, higher AFUDC at ComEd, the absence of PECO customer surcharge credits, and the lapping of the prior-year Customer Relief Fund contribution. These gains were partly offset by higher depreciation at PECO and PHI, higher interest expense, higher credit loss expense at BGE, and a PECO tax-repair-related increase in income taxes. Operating EPS for the first half was $1.33 versus $1.31 a year earlier. Management affirmed full-year 2026 adjusted operating EPS guidance of $2.81 to $2.91 and expects operating EPS compound annual growth from 2025 to 2029 near the top end of the 5-7% range. The company cites a planned ~$41.7B four-year capital program, a 7.9% rate base growth outlook, and ~86% of 2026 debt financings already executed. Credit metric targets remain around 14% (S&P FFO/Debt and Moody's CFO pre-WC/Debt). Notable regulatory items include BGE's $156.1M electric distribution rate case (10.40% ROE requested, decision expected around January 2027), Pepco MD's order expected in August 2026, and ComEd's grid plan and reconciliation orders expected by year-end. The quarterly dividend was declared at $0.42 per share. The filing also flags credit-rating developments that bear watching: S&P downgraded BGE's senior unsecured rating from A to A- on April 30, 2026, and Moody's downgraded PECO's senior secured rating from Aa3 to A1 on July 15, 2026. Balance sheet data show long-term debt rising to $50.3B from $47.4B at year-end 2025, short-term borrowings increasing to $1.2B, and capital expenditures of $4.6B in the first half, up from $4.0B. Operating cash flow of $3.7B exceeded the prior-year $2.7B. Investors should weigh the strong growth visibility and reliability record against rising leverage, ongoing equity issuance needs (~$3.4B through 2029), and regulatory outcomes that remain pending.

Jul 30, 2026 10-Q

EXELON CORP Quarterly Report for Q2 Ended Jun 30, 2026

Exelon Corporation (EXC) reported a slight increase in net income attributable to common shareholders for the six months ended June 30, 2026, reaching $1.315 billion, a modest rise from $1.300 billion in the same period of 2025. Diluted earnings per share remained steady at $1.28 for both periods. The company's total operating revenues saw a significant increase to $13.209 billion for the first six months of 2026, up from $12.141 billion in the prior year, driven by higher electric operating revenues across its subsidiaries. Significant capital expenditures of $4.558 billion were made in investing activities during the first half of 2026, a notable increase from $3.962 billion in the same period of 2025, reflecting ongoing investments in property, plant, and equipment to support operations and grid modernization. Financially, Exelon managed its debt effectively, issuing $3.6 billion in long-term debt while retiring $1.6 billion. The company also successfully raised $382 million through the issuance of common stock under its at-the-market program. Cash flows from operating activities improved substantially, reaching $3.669 billion for the six months ended June 30, 2026, compared to $2.711 billion in the prior year, primarily due to higher net income and favorable changes in working capital. The company's financial position remains robust, with total assets growing to $120.505 billion, supported by substantial investments in its utility infrastructure.

Jul 30, 2026 10-Q

EXELON CORP Quarterly Report for Q1 Ended Mar 31, 2026

Exelon Corporation reported solid financial results for the first quarter of 2026, with net income attributable to common shareholders increasing to $919 million, or $0.90 per diluted share, compared to $908 million, or $0.90 per diluted share, in the first quarter of 2025. This growth was driven by favorable rate increases across several subsidiaries, including ComEd and BGE, and the absence of certain customer surcharges at PECO. The company also benefited from higher AFUDC at ComEd and favorable weather conditions. Despite these positive trends, the company experienced some headwinds. These included unfavorable impacts from the Pepco Maryland multi-year plan reconciliation, higher depreciation expenses at PECO and PHI, increased interest expenses, and higher credit loss expenses at BGE. Exelon's capital expenditures remain significant, reflecting ongoing investments in infrastructure upgrades across its service territories. The company's liquidity position remains strong, supported by operating cash flows and access to credit facilities, positioning it to continue funding its strategic initiatives.

May 6, 2026 8-K

EXELON CORP 8-K Report, Financial Results (May 6, 2026)

Exelon reported first-quarter 2026 results on May 6, 2026. GAAP net income was $919 million, or $0.90 per diluted share, essentially flat versus $908 million ($0.90) in Q1 2025. Adjusted (non-GAAP) operating earnings were $930 million, or $0.91 per share, down from $0.92 a year earlier. The slight decline was driven by timing of ComEd distribution earnings, higher depreciation at PECO and PHI, higher interest expense, a Pepco Maryland multi-year plan reconciliation impact, and higher Holding Company costs from income taxes and interest. Partially offsetting these were approved distribution and transmission rates at ComEd, PHI and BGE, the absence of PECO surcharge credits, and favorable weather at PECO and BGE. Management affirmed full-year 2026 adjusted operating EPS guidance of $2.81-$2.91 and reiterated that 2025-2029 operating EPS CAGR is expected near the top end of the 5-7% range. The headline change is a revised four-year capital plan of $41.7 billion (2026-2029), up from $41.3 billion, which is a $1.1 billion reduction in distribution investment offset by a $1.5 billion increase in transmission investment. This supports 7.9% rate base growth through 2029, with management citing $12-17 billion of additional transmission opportunity beyond the plan and an ~18 GW committed data center pipeline (about 45% secured with Transmission Security Agreements). Financing progress is on track: about 43% of 2026 debt financing is complete, including all Holding Company issuances, and about 37% of the $3.4 billion equity need through 2029 has been priced via forward contracts. Credit is a watch item: S&P downgraded BGE's senior unsecured rating to A- on April 30, 2026, and Moody's placed PECO on review for downgrade on April 24, 2026. Investors should monitor these ratings actions alongside the pending Pepco Maryland order (expected August 2026) and the Maryland Utility RELIEF Act, which awaited the governor's signature at the time of filing.

May 6, 2026 8-K

EXELON CORP 8-K Report, Shareholder Vote Results (Apr 30, 2026)

Exelon Corporation held its Annual Meeting of Shareholders on April 28, 2026, where key corporate governance matters were presented for a vote. The results indicate strong shareholder support for the proposed slate of directors, with all nominees securing a significant majority of votes. This consistent backing for the board signifies continued confidence in the company's leadership and strategic direction. Furthermore, shareholders overwhelmingly ratified the appointment of PricewaterhouseCoopers LLP as the independent auditor for 2026, a crucial step in maintaining financial transparency and integrity. The advisory vote on executive compensation also received strong approval, suggesting shareholders are generally aligned with the company's approach to compensating its named executive officers. Overall, the meeting results reflect a stable shareholder base that supports the company's established governance and financial oversight.

Apr 30, 2026 8-K

EXELON CORP 8-K Report, Regulation FD Disclosure (Apr 16, 2026)

Exelon's PECO subsidiary has withdrawn its electric and natural gas base rate case filings with the Pennsylvania Public Utility Commission (dockets R-2026-3060859 and R-2026-3060860), originally submitted March 30, 2026. PECO cited customer affordability concerns, including elevated energy supply costs and broader cost-of-living pressure in southeastern Pennsylvania, and said the decision followed conversations with Governor Josh Shapiro and stakeholder input. The withdrawal removes a near-term source of incremental rate base growth and revenue recovery from PECO's pending investment plan, and PECO says it will evaluate the timing and scope of longer-term grid modernization investments and any future regulatory filings. Exelon is responding by redeploying capital and delaying certain capital projects, along with pursuing operational efficiencies. Importantly, management reaffirmed its 2026 Adjusted (non-GAAP) operating EPS guidance of $2.81-$2.91 and its expectation for cumulative annualized Adjusted operating earnings growth from 2025 to 2029 near the top of the 5-7% range. Those reaffirmations suggest management believes the efficiency and redeployment plan can offset the lost rate relief, though investors will want detail on the capital plan changes and rate base growth trajectory, which are expected on the May 6, 2026 first-quarter earnings call. The filing also discloses that Maryland's Utility RELIEF Act passed the General Assembly on April 13, 2026 and awaits the Governor's signature. If enacted, it would modify Maryland ratemaking rules for cost recovery at BGE, Pepco, and DPL. The 8-K is a combined filing for Exelon and its utility subsidiaries, and the disclosed developments carry forward-looking risk factors, including regulatory outcomes, affordability-driven political pressure, and capital allocation uncertainty.

Apr 16, 2026 8-K

EXELON CORP 8-K Report, Material Agreement (Feb 20, 2026)

Exelon Corporation (EXC) has announced the successful issuance and sale of $775 million in aggregate principal amount of its 4.950% Notes due 2036. This new debt offering is primarily intended to refinance the Company's maturing $750 million 3.400% Notes due 2026. The net proceeds, combined with existing cash, will cover the principal repayment of the maturing debt, with any remainder allocated for general corporate purposes.

Feb 20, 2026 10-K

EXELON CORP Annual Report, Year Ended Dec 31, 2025

Exelon Corporation's 2025 10-K filing highlights a strong financial performance with net income attributable to common shareholders increasing by $308 million 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 billion 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 million 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.

Feb 12, 2026 8-K

EXELON CORP 8-K Report, Financial Results (Feb 12, 2026)

Exelon's Q4 and full-year 2025 results beat its own expectations. Q4 GAAP EPS was $0.58 and Adjusted operating EPS was $0.59, down from $0.64 in Q4 2024, mainly on higher interest expense, depreciation, contracting costs, and the absence of a PECO storm deferral. For full-year 2025, GAAP EPS rose to $2.73 from $2.45 and Adjusted operating EPS rose to $2.77 from $2.50, above the $2.64-$2.74 guidance range. Utility earnings growth was driven by distribution and transmission rate increases at ComEd, PECO, BGE and PHI, along with favorable weather at PECO. Full-year Adjusted EPS grew about 11%, while Q4 Adjusted EPS fell slightly. Management initiated 2026 Adjusted operating EPS guidance of $2.81-$2.91, implying more than 6% growth over the 2025 guidance midpoint, and projects EPS compounded growth near the top of its 5-7% range through 2029. The company is backing this with a $41.3 billion four-year capital plan (2026-2029) that it expects to grow rate base 7.9%, with transmission accounting for roughly 70% of the plan-over-plan increase. Equity needs of $3.4 billion through 2029 (about $850 million a year) are a key dilution consideration, with 82% of 2026 needs already priced under forwards. The company also declared a $0.42 quarterly dividend, unchanged from the prior quarter's rate, implying about 60% payout. Key watch items for investors include the size of the capital plan and equity issuance, regulatory outcomes (notably pending Pepco Maryland and DPL Delaware electric rate cases), affordability pressure from rising bills and PJM wholesale supply costs, and the realization of large-load and transmission opportunities. Management reports 2026 GAAP and Adjusted earnings are currently expected to match, with no reconciling items.

Feb 12, 2026 8-K

EXELON CORP 8-K/A Report, Executive Changes (Feb 3, 2026)

Exelon Corporation (EXC) has filed an 8-K/A to provide an update regarding committee appointments for its Board of Directors. Specifically, David DeWalt, who was previously appointed to the Board on March 10, 2025, has now been assigned to two key committees. This filing clarifies his role and responsibilities within the Board's structure. Effective April 27, 2026, Mr. DeWalt will serve on the Talent Management and Compensation Committee and the Operations, Safety, and Customer Experience Committee. These appointments are significant as they indicate Mr. DeWalt's involvement in critical areas of corporate governance, including executive compensation, talent development, operational oversight, and customer-facing strategies. Investors should note these appointments as they reflect the company's commitment to diverse board expertise in areas directly impacting performance and shareholder value.

Feb 3, 2026 8-K

EXELON CORP 8-K Report, Material Agreement (Dec 4, 2025)

On December 4, 2025, Exelon (EXC) closed a $1.0 billion private offering of 3.25% convertible senior notes due March 15, 2029. The total includes the full $100 million over-allotment option that the initial purchasers exercised, raising the base deal from the $900 million announced on December 1. The company estimates net proceeds of about $987.5 million before other offering expenses, which it intends to use to repay or refinance debt or for general corporate purposes. The notes are senior unsecured obligations, structurally junior to all subsidiary liabilities, and the company cannot redeem them before maturity. The conversion price is about $57.11 per share (17.5093 shares per $1,000 principal), a roughly 25% premium to the December 1, 2025 closing price, implying a reference price near $45.70. Exelon can settle conversions in cash up to principal, with the excess paid in cash, shares, or a combination at its election. This structure limits share dilution to the in-the-money value above par. Holders can convert freely only on or after December 15, 2028, and before that only under certain conditions. Holders can also require repurchase at par plus accrued interest upon a fundamental change, and a make-whole share increase may apply in some cases. For investors, the deal is a low-coupon, dilution-managed financing that adds about $1 billion of liquidity and extends the maturity profile into 2029. The main considerations are the added leverage in a capital-intensive utility, the cash-settlement flexibility, and the potential future equity issuance if the stock rises above $57.11 and the company elects to settle in shares. The 8-K does not disclose pro forma leverage or a specific debt-reduction schedule, so the net effect on credit metrics would require review of the company's filings and rating agency commentary.

Dec 4, 2025 8-K

EXELON CORP 8-K Report, Executive Changes (Nov 26, 2025)

Exelon Corporation (EXC) announced a significant executive leadership change effective January 1, 2026, with the departure of David Glockner, Executive Vice President, Compliance, Audit and Risk. Mr. Glockner's departure is structured under the company's Senior Management Severance Plan, indicating a departure other than for cause. This transition will lead to a realignment of responsibilities within Exelon's senior management team, aiming to integrate key oversight functions more directly with existing executive roles. In response to Mr. Glockner's departure, Exelon is expanding the roles of two key executives. Jeanne Jones, currently Executive Vice President and Chief Financial Officer, will absorb responsibility for the audit and risk departments, becoming Executive Vice President, Chief Finance Officer, Audit and Risk. Concurrently, Colette Honorable, Executive Vice President, Chief Legal Officer and Corporate Secretary, will assume oversight of the compliance department, adding the title Executive Vice President, Chief Legal Officer, Compliance and Corporate Secretary. These changes suggest a strategic effort to streamline governance and risk management functions under the purview of the CFO and CLO, respectively, which could impact operational efficiency and corporate oversight.

Nov 26, 2025 8-K

EXELON CORP 8-K Report, Regulation FD Disclosure (Nov 24, 2025)

Exelon (EXC) disclosed in this November 24, 2025 Form 8-K (Regulation FD, Item 7.01) that the U.S. District Court for the Northern District of Illinois granted preliminary approval on November 18, 2025 to a proposed settlement of the consolidated stockholder derivative action In re Exelon Corporation Derivative Litigation. The case stems from the alleged bribery scheme tied to Commonwealth Edison's July 2020 Deferred Prosecution Agreement. The settlement is a non-cash-heavy resolution: a $40 million payment to the Company from defendants' insurers (of which $10 million is the plaintiffs' counsel fee and expense award, subject to court approval), with $30 million of those insurance proceeds the Company has elected to use toward a $173 million securities class action settlement (Flynn v. Exelon). The bulk of the consideration is corporate governance reforms, including compliance policy changes, board composition changes, enhanced lobbying and political-activity oversight, and a $4,249,809 reduction in former CEO Christopher Crane's 2020-2022 performance share payout. For investors, the financial impact appears limited. The Company's cash inflow from insurers is modest relative to Exelon's scale, and the filing does not indicate a material accrual or charge. The principal significance is governance: the settlement imposes multi-year reforms (generally maintained for at least five years), creates new board-level oversight of lobbying and political contributions, and extends board refreshment. The settlement also bars shareholders from pursuing the released claims and preserves the Company's sole right to pursue certain claims against former officers Anne Pramaggiore, Fidel Marquez and John Hooker. The settlement remains subject to a final approval hearing scheduled for March 18, 2026, and objection deadlines fall on March 4, 2026. The filing notes that the individual defendants deny all wrongdoing, and that the settlement is not an admission of liability. Investors should monitor the final approval decision and the implementation of governance reforms, rather than expect a material near-term change to Exelon's financial results.

Nov 24, 2025 8-K

EXELON CORP 8-K Report, Temporary Suspension of Trading Under Employee Benefit Plans (Nov 18, 2025)

Exelon Corporation (EXC) filed an 8-K on November 18, 2025 disclosing a temporary suspension of trading under its Employee Savings Plan (ESP), a routine administrative event tied to a change of plan recordkeeping vendor. The Plan Blackout Period is expected to begin at 4:00 p.m. Eastern Time on December 3, 2025 and end during the week of December 22, 2025, when the vendor change takes effect. During the blackout, ESP participants cannot change contribution rates, transfer or diversify investments (including moving assets into or out of Exelon common stock), or take loans, withdrawals, or distributions. Because the filing is required under Section 306(a) of the Sarbanes-Oxley Act and Regulation BTR, Exelon also sent a Blackout Notice to its directors and executive officers. During the blackout they are barred from buying, selling, or otherwise transferring Exelon common stock or derivative securities acquired through their board or executive roles. The restriction extends to indirect transactions by family members and entities in which they hold a pecuniary interest. Violations can require disgorgement of profits and carry civil and criminal penalties. For investors, the filing carries no reported financial impact, no earnings or guidance change, and no operational disruption beyond the temporary inability of plan participants to adjust holdings. It is best read as a compliance and administrative disclosure. The main points to note are the exact blackout timing and the insider trading restrictions, which apply to executives and directors during that window.

Nov 18, 2025 10-Q

EXELON CORP Quarterly Report for Q3 Ended Sep 30, 2025

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.

Nov 4, 2025 8-K

EXELON CORP 8-K Report, Financial Results (Nov 4, 2025)

Exelon (EXC) reported third quarter 2025 results on November 4, 2025, with GAAP net income of $0.86 per share, matching adjusted (non-GAAP) operating earnings of $0.86 per share, up from $0.70 GAAP and $0.71 adjusted in Q3 2024. Consolidated GAAP net income rose to $875 million from $707 million, driven mainly by higher distribution and transmission rates at ComEd and PHI, distribution rate increases at PECO and BGE, and lower storm costs at PECO and BGE. Nine-month adjusted operating earnings reached $2.17 per share, versus $1.86 a year earlier. Exelon reaffirmed its full-year 2025 adjusted operating EPS guidance of $2.64 to $2.74 and its 5-7% operating EPS compound annual growth outlook from 2024 to 2028, with management expecting to land at or above the midpoint. The company stated that it has completed all planned 2025 debt financings and has priced nearly half of its roughly $2.8 billion equity need through 2028, including essentially all of 2025 and about 95% of 2026 needs via its $2.5 billion at-the-market program. Management cites a $38 billion four-year capital investment plan supporting a 7.4% rate base growth outlook, plus $10-15 billion of potential transmission opportunity beyond the plan and a large-load pipeline of 19+ GW. Pepco filed a Maryland electric distribution rate case seeking a $133 million revenue requirement increase at a 10.50% ROE, with a decision expected in the third quarter of 2026. Key watch items for investors include the pace of rate case outcomes across jurisdictions, the ComEd reconciliation proceeding (about $268 million), the timing and cost of ongoing equity issuance, and rising wholesale supply costs in PJM, which management says increased 60% year over year. Credit metrics remain a focus, with Exelon's senior unsecured ratings at Baa2 (Stable) by Moody's and BBB+ (Stable) by S&P. The dividend was declared at $0.40 per share, payable December 15, 2025.

Nov 4, 2025 8-K

EXELON CORP 8-K Report, Financial Results (Jul 31, 2025)

Exelon (EXC) reported second-quarter 2025 results on July 31, 2025, with GAAP net income and Adjusted (non-GAAP) operating earnings both at $0.39 per diluted share, down from $0.45 GAAP and $0.47 adjusted in Q2 2024. The decline was driven mainly by timing of distribution earnings at ComEd, increased storm costs at PECO (peak outages above 325,000 customers during June storms), lower Maryland multi-year plan reconciliation impacts at PHI, higher credit loss and interest expense, and a one-time Customer Relief Fund contribution at the holding company. Partially offsetting these were distribution rate increases at PECO, BGE, ComEd and PHI. Consolidated operating revenues rose slightly to $5.43 billion from $5.36 billion, while six-month GAAP net income grew to $1.30 billion from $1.11 billion, supported by rate increases and lower income taxes. Management reaffirmed full-year 2025 Adjusted operating EPS guidance of $2.64-$2.74 and the 5-7% operating EPS compound annual growth target for 2024-2028, with management expecting to land at or above the midpoint. The company also declared a regular quarterly dividend of $0.40 per share, payable September 15, 2025. Financing progress was strong: about 80% of planned 2025 debt financing was executed, and 100% of the $700 million 2025 annualized equity need was priced, alongside roughly 22% of 2026's need via an ATM program. The company highlighted a 17+ GW large-load pipeline, primarily data centers, and a $38 billion four-year capital plan supporting a 7.4% rate base growth outlook. Key watch items for investors include the weaker quarter relative to prior year, the timing dependence of ComEd distribution earnings, the pending base rate case orders (DPL Delaware gas and ACE New Jersey electric, with orders expected in the next 6-9 months), and the ComEd reconciliation request of approximately $268 million. Credit metrics remain above downgrade thresholds, though Exelon's Moody's rating is Baa2 with a stable outlook and S&P rates it BBB+ stable. Exelon's business is entirely regulated transmission and distribution, which limits commodity exposure but makes earnings sensitive to regulatory outcomes and weather-driven storm costs.

Jul 31, 2025 10-Q

EXELON CORP Quarterly Report for Q2 Ended Jun 30, 2025

Exelon Corporation (EXC) reported solid financial results for the six months ended June 30, 2025. Net income attributable to common shareholders increased to $1.300 billion from $1.106 billion in the same period of 2024, reflecting a favorable impact from rate increases across its utility segments, particularly ComEd, PECO, BGE, and PHI. These rate adjustments, coupled with timing benefits in distribution earnings and regulatory asset returns at ComEd, significantly contributed to the year-over-year improvement. Despite an increase in interest expenses and storm costs impacting some subsidiaries, overall operational performance was strong. The company also continued to invest heavily in its infrastructure, with capital expenditures for plant additions and improvements totaling $3.96 billion for the six months ended June 30, 2025. Exelon's liquidity position remains robust, supported by substantial credit facilities and positive operating cash flows, enabling continued investment in grid modernization and reliability. The company reaffirms its commitment to shareholder returns, having declared a quarterly dividend of $0.40 per share.

Jul 31, 2025 8-K

EXELON CORP 8-K Report, Shareholder Vote Results (May 5, 2025)

Exelon Corporation (EXC) filed an 8-K on May 5, 2025, detailing the results of its Annual Meeting of Shareholders held on April 29, 2025. The filing indicates strong shareholder support for the re-election of all director nominees, with each receiving over 94% of the votes cast. Additionally, shareholders overwhelmingly ratified the appointment of PricewaterhouseCoopers LLP as the independent auditor for 2025 and approved, on an advisory basis, the compensation of the Company's named executive officers, with both proposals receiving approximately 90% of the votes cast in favor. The voting outcomes suggest broad alignment between management and shareholders on corporate governance and executive compensation matters. The high approval margins for director elections and auditor ratification provide a stable foundation for the company's ongoing operations and strategic initiatives. Investors can take comfort in the demonstrated shareholder confidence in the Board of Directors and the company's financial oversight.

May 5, 2025 8-K

EXELON CORP 8-K Report, Material Agreement (May 2, 2025)

Exelon Corporation has entered into an Equity Distribution Agreement establishing an at-the-market (ATM) equity distribution program. This allows the company to offer and sell up to $2.5 billion of its common stock over time through a syndicate of sales agents. The program also includes provisions for forward sale agreements, where Exelon may receive proceeds upon future settlement of these arrangements. This strategic move provides Exelon with significant financial flexibility to access capital. The proceeds are intended for general corporate purposes, including debt repayment. While the company has the option to sell shares, it is not obligated to do so, and can suspend or terminate the program at any time. The offering is being made under Exelon's existing shelf registration statement.

May 2, 2025 10-Q

EXELON CORP Quarterly Report for Q1 Ended Mar 31, 2025

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.

May 1, 2025 8-K

EXELON CORP 8-K Report, Financial Results (May 1, 2025)

Exelon reported first-quarter 2025 results on May 1, 2025, with GAAP net income of $0.90 per share ($908 million) and Adjusted (non-GAAP) operating earnings of $0.92 per share ($932 million), up from $0.66 and $0.68 per share a year earlier. The improvement was driven mainly by distribution and transmission rate increases at ComEd and PHI, distribution rate increases at PECO and BGE, timing of distribution earnings at ComEd, and normal weather at PECO versus an unfavorable prior-year quarter. Higher interest expense at PECO, BGE, and PHI partially offset these gains. Management affirmed full-year 2025 Adjusted operating EPS guidance of $2.64-$2.74 and reaffirmed a 5-7% operating EPS CAGR from 2024 to 2028, with the company expecting to land at the midpoint or better. Financing progress was a key theme. Through March 31, 2025, Exelon completed about 50% of its planned 2025 debt financings, including all Corporate issuances, and priced roughly 60% ($425 million) of its $700 million annualized equity need. Corporate issued $1 billion of hybrid junior subordinated notes (receiving 50% equity credit) and $1 billion of senior notes in February, and the subsidiaries Pepco, DPL, and ACE issued a combined $425 million of first mortgage bonds in late March. Management pointed to a $38 billion four-year capital plan, 7.4% rate base growth, and $10-15 billion of potential transmission opportunity beyond the plan, along with a pipeline of more than 17 GW of anticipated large-load (data center) demand. The main investor watch items are regulatory and balance-sheet risks. ComEd has a pending reconciliation request of about $268 million for 2024 costs, and several Maryland reconciliation cases and the DPL Delaware gas and ACE New Jersey electric rate cases remain pending. Credit metrics remain above the downgrade thresholds, and long-term debt rose to $45.3 billion from $42.9 billion at year-end 2024, a trend investors should track as the company continues to fund its capital plan with a mix of debt and equity.

May 1, 2025 8-K

EXELON CORP 8-K Report, Executive Changes (Mar 10, 2025)

Exelon Corporation (Nasdaq: EXC) filed an 8-K on March 10, 2025 to report the appointment of David DeWalt as an independent member of its Board of Directors, effective immediately. DeWalt is founder and CEO of venture capital and cybersecurity firm NightDragon and previously led cybersecurity companies FireEye and McAfee. The Board has not yet determined which committees he will join. He will receive Exelon's standard non-employee director compensation, as previously disclosed in the proxy statement filed March 20, 2024, and the filing states no arrangement exists between him and any other person regarding his selection. From an investor standpoint, this is a governance-focused event rather than a financial one. The filing contains no financial results, guidance, or material transaction, and the 8-K does not quantify any expected financial impact. The appointment signals that the Board is adding cybersecurity and technology oversight expertise, which management frames as important given Exelon's grid modernization program and the need to protect operations and customer data (the company serves 10.7 million customers across six regulated utilities). The key items to monitor going forward are the committee assignments DeWalt receives, which would reveal where the Board intends to place cyber and technology oversight, and any subsequent disclosures regarding cybersecurity incidents or capital investment in grid technology. Investors should view this as a low-impact, constructive governance update.

Mar 10, 2025 8-K

EXELON CORP 8-K Report, Material Agreement (Feb 21, 2025)

Exelon Corporation (EXC) has filed an 8-K report detailing the issuance and sale of $1.0 billion in aggregate principal amount of notes. This issuance includes $500 million of 5.125% Notes due 2031 and $500 million of 5.875% Notes due 2055. The net proceeds from this offering, along with existing cash, will be utilized to repay approximately $464 million of outstanding commercial paper borrowings. The remaining proceeds are allocated for general corporate purposes, indicating a strategic move to refinance existing debt and strengthen the company's balance sheet.

Feb 21, 2025 8-K

EXELON CORP 8-K Report, Corporate Update (Feb 19, 2025)

Exelon Corporation (EXC) announced the successful closing of a public offering and sale of $1 billion in aggregate principal amount of its 6.500% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 on February 19, 2025. The net proceeds, approximately $990 million after underwriting discounts, will be used by the company. These notes carry a fixed interest rate of 6.500% until March 15, 2035, after which the rate will reset every five years based on the Five-year U.S. Treasury Rate plus a spread of 1.975%. Key features of these junior subordinated notes include the company's option to defer interest payments under certain conditions and the possibility of redemption by Exelon. This issuance represents a significant financing event for Exelon, aimed at funding its operations or strategic initiatives. Investors should note the subordinated nature of these notes, their long maturity, and the variable interest rate component after the initial fixed period.

Feb 19, 2025 8-K

EXELON CORP 8-K Report, Financial Results (Feb 12, 2025)

Exelon reported fourth-quarter 2024 GAAP EPS of $0.64 (flat with adjusted operating EPS of $0.64, up from $0.62 and $0.60 a year earlier) and full-year 2024 GAAP EPS of $2.45 and adjusted operating EPS of $2.50, up from $2.34 and $2.38 in 2023. Full-year adjusted EPS landed at the top end of the $2.40-$2.50 guidance range, the third straight year finishing above the guidance midpoint since Exelon became a transmission and distribution-only company. Net income attributable to common shareholders was $2.46 billion for 2024 versus $2.33 billion in 2023, and the company's operating ROE was 9.1%, slightly below its 9-10% target range. Management introduced 2025 adjusted operating EPS guidance of $2.64-$2.74 per share, implying roughly 5-7% annual growth, and declared a $0.40 quarterly dividend, an annualized $1.60 per share. The more significant development is the capital plan. Exelon raised its four-year (2025-2028) capital investment outlook to about $38.0 billion, up roughly 10% from the prior plan, with transmission driving more than 80% of the increase. Management projects 7.4% rate base growth and 5-7% adjusted operating EPS compound annual growth from 2024 to 2028, with a stated expectation of finishing at the midpoint or better. Funding requires about $1.4 billion of incremental equity (roughly $2.8 billion total through 2028, or about $700 million per year) plus about $3 billion of new corporate debt. Dilution from this issuance is the key tradeoff investors should weigh against the growth outlook. Credit and regulatory developments were supportive. S&P upgraded Exelon's senior unsecured rating to BBB+ from BBB on February 7, 2025, and management said close to 90% of rate base now has cost recovery mechanisms through 2026-2027. Final orders in the fourth quarter included ComEd's Refiled Grid Plan and multi-year rate plan, PECO's electric and gas rate cases, and Pepco's D.C. multi-year plan. Risks remain, including the pace of regulatory outcomes in pending cases (such as ACE and DPL Delaware filings), potential PJM-related energy security decisions, and the financing needs created by the larger capital plan.

Feb 12, 2025 10-K

EXELON CORP Annual Report, Year Ended Dec 31, 2024

Exelon Corporation's (EXC) 2025 10-K filing details its primary operations as a utility services holding company, focusing on the transmission and distribution of electricity and natural gas across its six reportable segments: ComEd, PECO, BGE, Pepco, DPL, and ACE. The company's strategy centers on enhancing reliability, improving customer experience, and advancing clean energy initiatives, underpinned by significant capital investments in infrastructure modernization. Exelon reported a notable increase in net income attributable to common shareholders from continuing operations in 2024 compared to 2023, driven by favorable rate increases and operational efficiencies across several subsidiaries. Key financial and operational aspects highlighted include substantial planned capital expenditures of approximately $38 billion over the next four years, aimed at grid modernization and resilience. The company is also actively engaged in environmental initiatives, supporting clean energy policies and aiming to reduce GHG emissions as part of its 'Path to Clean' goal. Regulatory matters remain a significant factor, with Exelon navigating various rate case proceedings and compliance requirements across its jurisdictions, while managing risks related to regulatory changes and operational factors such as cybersecurity and extreme weather events.

Feb 12, 2025 8-K

EXELON CORP 8-K Report, Executive Changes (Dec 3, 2024)

Exelon Corporation (EXC) announced on December 3, 2024 a consolidation of its executive leadership team in the legal and public policy functions. Gayle Littleton, Executive Vice President, Chief Legal Officer and Corporate Secretary, will step down from those roles effective January 1, 2025. She will then serve as a Senior Advisor to the CEO until her departure on March 31, 2025, and will separate under the Senior Management Severance Plan's terms for a termination other than for cause. Colette Honorable, currently Executive Vice President, Public Policy and Chief External Affairs Officer, will take on an expanded role effective January 1, 2025. She will assume responsibility for the legal department and be named Chief Legal Officer and Corporate Secretary, while continuing to lead federal policy, regulatory affairs, and corporate giving. The filing describes this as a leadership consolidation rather than a change in strategy, and it contains no financial results, guidance, or quantified impacts. For investors, the main takeaways are a planned executive transition in a function that has been central to recent matters, including the 2022 separation of the generation and retail business, the ComEd deferred prosecution agreement with the DOJ, and FERC litigation on data centers co-locating at generating stations. The 8-K does not disclose the financial terms of Littleton's separation beyond referencing the existing severance plan.

Dec 3, 2024 8-K

EXELON CORP 8-K Report, Financial Results (Oct 30, 2024)

Exelon (EXC) reported third-quarter 2024 results on October 30, 2024. GAAP net income was $0.70 per diluted share (about $707 million), roughly flat versus $0.70 in Q3 2023. Adjusted (non-GAAP) operating earnings rose to $0.71 per share from $0.67, or $708 million from $671 million. The improvement was driven mainly by distribution and transmission rate increases at BGE and PHI, timing of distribution earnings and higher return on regulatory assets at ComEd, and lower storm costs at PHI. These gains were partly offset by higher interest expense, higher credit loss expense at PECO and BGE, higher depreciation, and lower CMC carrying-cost recovery at ComEd. PECO was the main drag, with adjusted earnings falling to $118 million from $149 million. Management reaffirmed full-year 2024 adjusted operating EPS guidance of $2.40-$2.50 and a 5-7% EPS compound annual growth target through 2027. Nine-month adjusted operating EPS was $1.86, which implies a strong run-rate toward the guidance range. The company cited top-quartile reliability at all utilities, with ComEd and Pepco Holdings in the top decile for SAIFI and SAIDI. Management also highlighted a $34.5 billion four-year capital plan for 2024-2027, expected to grow rate base about 7.5%, along with a planned $1.6 billion equity program. About $150 million was issued in Q3 2024 through the ATM program, with the balance to be issued ratably over 2025-2027. Key near-term regulatory catalysts include ComEd's revised Grid Plan and multi-year rate plan (a proposed order was issued October 18, 2024, with a final order expected in December 2024), several pending rate cases in Pennsylvania, Maryland, DC, and Delaware, and DPL's new Delaware gas case filed September 2024. Balance sheet metrics remain a focus: management is managing to stay above downgrade thresholds, with its 2024-2027 average FFO/debt estimated around 13-14%. The company also declared a $0.38 quarterly dividend, payable December 13, 2024.

Oct 30, 2024 10-Q

EXELON CORP Quarterly Report for Q3 Ended Sep 30, 2024

Exelon Corporation reported solid financial results for the nine months ended September 30, 2024, with net income attributable to common shareholders increasing by $102 million to $1.81 billion compared to the same period in 2023. Diluted earnings per share also saw an increase to $1.81 from $1.72. This growth was driven by favorable impacts from rate increases across its utility segments, particularly at BGE and PHI, alongside improved regulatory asset returns at ComEd and a reduction in storm costs at PHI. Operationally, Exelon's core utility businesses, including ComEd, PECO, BGE, Pepco, DPL, and ACE, demonstrated resilience. While higher interest expenses and increased credit loss provisions presented headwinds, the company's strategic focus on infrastructure investment and regulatory proceedings appears to be paying off. Several key rate case filings were completed and pending, indicating ongoing efforts to manage costs and recover investments. Exelon also continued to pursue funding opportunities under the Infrastructure Investment and Jobs Act, securing significant grant recommendations for grid modernization and resilience projects.

Oct 30, 2024 8-K

EXELON CORP 8-K Report, Material Agreement (Aug 29, 2024)

Exelon Corporation (EXC) and its utility subsidiaries — ComEd, PECO, BGE, and the PHI Utilities (Pepco, DPL, and ACE) — executed five amended and restated revolving credit facilities on August 29, 2024, all administered by JPMorgan Chase Bank. Exelon's parent facility and the PHI Utilities' facility each carry $900 million in aggregate commitments, ComEd's carries $1.0 billion, and PECO and BGE each carry $600 million, for total commitments of roughly $4.0 billion across the five facilities. The facilities are primarily backstops for commercial paper programs and letter of credit requirements, which is a routine liquidity-management step rather than a new source of financing or a signal of material stress. Each facility has a five-year term from the effective date, with options for one-year extensions with lender consent, borrower-directed commitment reductions, and limited commitment increases. The agreements include covenants similar to existing bank facilities. Exelon's parent is subject to a maximum consolidated capitalization ratio of 0.675:1.00, while ComEd, PECO, BGE, and the PHI Utilities are subject to 0.65:1.00. Standard events of default, including cross-default provisions, also apply. Because the terms were described as generally similar to prior facilities, the filing does not suggest material changes to the company's credit profile or covenant headroom. For investors, the key takeaway is that Exelon has refreshed and maintained its committed bank liquidity backstops, supporting its commercial paper programs and operational flexibility. The filing does not disclose drawn amounts, pricing, or changes to leverage, so investors should refer to the company's periodic reports for updated liquidity, capitalization, and debt metrics.

Aug 29, 2024 8-K

EXELON CORP 8-K Report, Financial Results (Aug 1, 2024)

Exelon (EXC) reported second-quarter 2024 results on August 1, 2024, with GAAP net income of $0.45 per diluted share ($448 million), up from $0.34 a year earlier, and Adjusted (non-GAAP) operating earnings of $0.47 per share ($472 million), up from $0.41. The $0.06 improvement was driven mainly by distribution and transmission rate increases at PHI, distribution rate increases at BGE, favorable weather at PECO, favorable Pepco multi-year plan reconciliations, and higher transmission peak load at ComEd. These gains were partly offset by higher interest expense at PECO, BGE and the holding company, and higher depreciation and amortization at PECO, BGE and PHI. Total operating revenues rose about 11% to $5.36 billion, and six-month GAAP net income rose to $1.106 billion from $1.012 billion. Management reaffirmed full-year 2024 Adjusted operating EPS guidance of $2.40 to $2.50, targeting the midpoint or better, and a 5% to 7% fully regulated operating EPS compound annual growth target through 2027. The company is investing about $34.5 billion in capital expenditures over 2024 to 2027, which it expects to grow rate base about 7.5%. Roughly 90% of expected 2024 debt financing was complete by quarter-end, and the company plans to issue about $150 million of equity in 2024. Reliability remained top quartile at all utilities, and a Pepco Maryland multi-year plan order was received in June. The main investor watch items are regulatory. ComEd's Multi-Year Integrated Grid Plan remains unresolved, with a final order expected by December 2024 and a rate plan requesting a $682 million four-year revenue increase. ComEd also has an appeal pending on its 8.905% ROE and 50% equity ratio. PECO has electric and gas rate cases requesting $399.3 million and $111.2 million, with orders expected in late 2024. The Pepco Maryland order approved only a one-year increase of $44.6 million at a 9.5% ROE. Balance sheet metrics are being managed near downgrade thresholds, with S&P FFO/debt at about 12% against a downgrade threshold of roughly 12%.

Aug 1, 2024 10-Q

EXELON CORP Quarterly Report for Q2 Ended Jun 30, 2024

Exelon Corporation reported a net income of $448 million for the three months ended June 30, 2024, a notable increase from $343 million in the same period last year. Diluted earnings per share also improved to $0.45 from $0.34. For the six months ended June 30, 2024, net income was $1.106 billion, up from $1.012 billion in the prior year period, with diluted EPS rising to $1.10 from $1.02. The company's performance was driven by favorable rate increases across several operating segments, including BGE and PHI, improved weather conditions impacting PECO, and positive regulatory outcomes such as reconciliations at Pepco. Higher transmission peak loads, particularly at ComEd due to increased energy demand, also contributed to the improved results. These positive factors were partially offset by higher interest expenses across several subsidiaries and Exelon Corporate, as well as increased depreciation expenses at PECO and PHI. From a liquidity and capital resources perspective, Exelon maintained strong operating cash flows and had access to credit markets and revolving credit facilities, indicating a stable financial position. The company continues to make significant capital investments in infrastructure, with projected capital expenditures for 2024 totaling $7.425 billion across its operating companies, aimed at grid modernization and reliability.

Aug 1, 2024 8-K

EXELON CORP 8-K Report, Shareholder Vote Results (May 3, 2024)

This 8-K filing from Exelon Corporation details the results of their Annual Meeting of Shareholders held on April 30, 2024. The key takeaway for investors is the strong shareholder support for the company's proposed actions, including the election of all director nominees, the ratification of PricewaterhouseCoopers LLP as the independent auditor, and the approval of executive compensation on an advisory basis. Additionally, shareholders approved an amendment to the Articles of Incorporation to allow for a 25% ownership threshold to call a special meeting, indicating broad agreement with the company's governance and operational direction. Notably, a shareholder proposal advocating for a lower threshold to call special meetings was not approved. This suggests that the majority of shareholders are comfortable with the current or newly amended structure for special meeting calls, reflecting confidence in the board's ability to manage shareholder engagement. The overwhelming approval percentages across most proposals underscore a positive sentiment among shareholders regarding Exelon's leadership and its strategic path forward.

May 3, 2024 10-Q

EXELON CORP Quarterly Report for Q1 Ended Mar 31, 2024

Exelon Corporation reported solid financial results for the first quarter of 2024, with net income attributable to common shareholders of $658 million, a slight decrease from $669 million in the prior year period. Diluted earnings per share were $0.66, consistent with the previous year. The company's operating revenues increased to $6,043 million from $5,563 million, driven by higher electric operating revenues across its subsidiaries, particularly ComEd. Despite increased interest expenses and storm costs impacting some subsidiaries, the company benefited from rate increases at BGE and PHI, and less unfavorable weather impacts at PECO. Capital expenditures remained significant, totaling $1,767 million, primarily for infrastructure improvements. The company maintained a strong liquidity position with substantial cash and cash equivalents. Exelon's regulatory filings indicate ongoing efforts to recover capital investments through rate cases, with several completed and pending proceedings across its operating territories. These regulatory actions are crucial for future earnings potential and managing the significant capital expenditure program.

May 2, 2024 8-K

EXELON CORP 8-K Report, Financial Results (May 2, 2024)

Exelon (EXC) reported first quarter 2024 results on May 2, 2024, with GAAP net income of $0.66 per diluted share ($658 million) and Adjusted (non-GAAP) Operating Earnings of $0.68 per share ($685 million), down from $0.67 and $0.70 per share, respectively, in Q1 2023. The decline was driven primarily by lower allowed electric distribution ROE and the absence of a return on pension asset at ComEd, higher storm costs at PECO and BGE, lower carrying-cost recovery on ComEd's CMC regulatory asset, and higher Exelon holding company interest expense. Mild weather and a challenging storm season also weighed on results, partially offset by distribution rate increases at BGE and PHI. Management reaffirmed full-year 2024 Adjusted Operating EPS guidance of $2.40-$2.50, a 5-7% fully regulated operating EPS CAGR from 2023 to 2027, and a dividend payout ratio of about 60%. The most important near-term driver for investors is regulatory progress in Illinois. ComEd received a rehearing order from the ICC on April 18, 2024, which increased its 2024 revenue requirement by $150 million, and rates take effect May 1, 2024, while the refiled Grid Plan and multi-year rate plan decision is expected by year-end 2024. The order is an interim step, so ComEd's long-term earnings path remains dependent on that final decision, and the company has flagged an appeal on the 8.905% ROE, 50% equity ratio, and pension asset treatment. Elsewhere, PECO filed electric and gas rate cases seeking $464 million and $111 million in increases, respectively, and a settlement was approved for Delmarva Power in Delaware, with decisions for the PECO cases expected in late 2024. Financially, Exelon has a large capital plan of roughly $34.5 billion over 2024-2027, expected to drive about 7.5% rate base growth, and it executed over 55% of its 2024 debt financing in Q1, including all HoldCo needs. Total assets rose to $103.2 billion and long-term debt to $42.3 billion, while operating cash flow improved to $992 million from $484 million. Investors should weigh the earnings softness and Illinois regulatory uncertainty against the reaffirmed guidance and a visible multi-year growth plan.

May 2, 2024 8-K

EXELON CORP 8-K/A Report, Executive Changes (Mar 6, 2024)

This 8-K/A filing from Exelon Corporation primarily serves to update information previously disclosed regarding the appointment of Bryan Segedi to the Board of Directors. While Mr. Segedi's election was effective January 1, 2024, this amendment clarifies his committee assignments. Investors should note that Mr. Segedi will be appointed to the Audit and Risk Committee, effective April 30, 2024.

Mar 6, 2024 8-K

EXELON CORP 8-K Report, Material Agreement (Feb 27, 2024)

On February 27, 2024, Exelon Corporation (EXC) announced a significant debt financing transaction, issuing $1.7 billion in aggregate principal amount of senior notes. This issuance includes $650 million of 5.150% notes due 2029, $650 million of 5.450% notes due 2034, and an additional $400 million of 5.600% notes due 2053. The company entered into a Seventh Supplemental Indenture to facilitate this issuance, amending its existing Base Indenture. The primary purpose of this debt issuance is to refinance existing obligations. Specifically, a portion of the net proceeds will be used to repay $500 million of a term loan maturing in April 2024 and approximately $689 million of commercial paper borrowings. This strategic refinancing aims to manage the company's debt maturity profile and potentially reduce borrowing costs given the stated interest rates on the commercial paper. The remaining proceeds are designated for general corporate purposes, providing Exelon with financial flexibility.

Feb 27, 2024 8-K

EXELON CORP 8-K Report, Financial Results (Feb 21, 2024)

Exelon's Q4 and full-year 2023 results show GAAP EPS of $0.62 for the quarter and $2.34 for the year, against adjusted (non-GAAP) operating EPS of $0.60 and $2.38 respectively. Full-year adjusted EPS landed at the top end of the narrowed guidance range, with the company citing strong utility performance despite mild weather affecting its non-decoupled jurisdictions. Full-year GAAP net income from continuing operations rose to $2,328 million from $2,054 million in 2022, and the adjusted figure rose to $2,377 million from $2,239 million. The forward-looking message matters most for investors. Exelon introduced 2024 adjusted operating EPS guidance of $2.40-$2.50, targets a 5-7% adjusted EPS CAGR from 2023 to 2027, and plans roughly $35 billion of capital investment over four years, which it says will drive about 7.5% rate base growth. The plan includes $1.3 billion of incremental equity (about 40% of $3.2 billion of added capex), a more balanced funding approach that introduces dilution risk. The dividend was declared at $0.38 per quarter, a 5.6% increase over the prior-year quarter. The main risk flagged is regulatory uncertainty at ComEd. The Illinois Commerce Commission's December 2023 final order set an 8.905% ROE and 50% equity ratio, and it rejected the Grid Plan. Exelon has filed for rehearing and an appeal, and it expects to refile a revised Grid Plan by March 13, 2024. The company acknowledges that an unfavorable outcome could require adjustments to distribution capital investment, so the timing and outcome of the ComEd proceedings are key items to monitor. Sources for these figures are the earnings release and presentation furnished under Items 2.02 and 7.01 (Exhibits 99.1 and 99.2).

Feb 21, 2024 10-K

EXELON CORP Annual Report, Year Ended Dec 31, 2023

Exelon Corporation's (Exelon) 2023 Form 10-K details its operations as a utility services holding company primarily engaged in the energy transmission and distribution businesses through its six regulated utility operating companies: ComEd, PECO, BGE, Pepco, DPL, and ACE. Following the separation of its generation business into Constellation Energy Corporation on February 1, 2022, Exelon is now solely focused on its utility operations. The company's strategy centers on improving reliability, enhancing customer experience, and advancing clean energy choices, supported by regulatory mechanisms that ensure fair financial returns on significant capital investments. Exelon is undertaking substantial capital investments, with approximately $35 billion planned over the next four years to modernize its electric and natural gas infrastructure, including smart grid technology and storm hardening. These investments are projected to increase its rate base by approximately $19 billion by the end of 2027. The company is committed to its "Path to Clean" goal to reduce operations-driven GHG emissions by 50% by 2030 (against a 2015 baseline) and reach net-zero operations-driven GHG emissions by 2050, while also supporting customers in their decarbonization efforts through significant energy efficiency programs. Despite these initiatives, Exelon faces ongoing regulatory proceedings and risks related to market, legislative, operational, and cybersecurity factors, which are detailed in the filing.

Feb 21, 2024 8-K

EXELON CORP 8-K Report, Executive Changes (Feb 6, 2024)

Exelon (EXC) announced on February 6, 2024 a set of executive leadership changes under Item 5.02, with no financial results, guidance, or capital allocation decisions disclosed in this filing. Michael Innocenzo, currently President and CEO of PECO, will become Executive Vice President and Chief Operating Officer of Exelon effective April 1, 2024, overseeing all utility operations. The CEOs of BGE, ComEd, PECO and PHI will report to him, and he will also take responsibility for cyber and information security, physical security, IT, safety, supply, training, and transmission strategy and compliance. His compensation package includes a $685,000 base salary, a 90% annual incentive target, and a $1,765,000 long-term incentive target, with 67% in performance shares and 33% in restricted stock units. The succession chain is David Velazquez, currently EVP of Utility Operations and Technology, who will become President and CEO of PECO on the same date, and Denise Galambos, currently SVP of Customer Operations at BGE, who will succeed Amy Best as Chief Human Resources Officer when Best retires in May 2024. Galambos will also join Exelon's Executive Committee. Innocenzo will become chairman of the boards at BGE, ComEd, PECO and Pepco Holdings, and Velazquez will become vice-chairman of the PECO board. For investors, the changes signal continuity rather than strategic shift: a long-tenured operations leader is consolidating oversight of the utility subsidiaries under the CEO, and an internal successor is moving into PECO. The filing does not indicate any change to earnings outlook or regulatory strategy, but the consolidation of operational responsibility under a single COO is a governance change worth monitoring for execution and accountability.

Feb 6, 2024 8-K

EXELON CORP 8-K Report, Corporate Update (Dec 18, 2023)

This 8-K filing provides updates on regulatory decisions impacting Exelon's subsidiaries, Commonwealth Edison (ComEd) and Baltimore Gas and Electric (BGE), regarding their multi-year rate plans. For ComEd, the Illinois Commerce Commission (ICC) issued a modified order approving lower revenue increases than initially requested and rejected ComEd's Grid Plan, requiring a resubmission. The approved rate increases are significantly reduced, and ComEd plans to seek rehearing on several key issues, including the Return on Equity (ROE) and capital structure. For BGE, the Maryland Public Service Commission (MDPSC) approved revenue increases for both electric and gas services that are lower than requested but represent a notable increase for customers. Both subsidiaries received lower ROEs than proposed. Despite these regulatory outcomes, Exelon reaffirms its 2023 adjusted earnings per share guidance.

Dec 18, 2023 8-K

EXELON CORP 8-K/A Report, Executive Changes (Dec 8, 2023)

This 8-K filing from Exelon Corporation (EXC) on December 8, 2023, provides an update on committee assignments for recently elected Board of Directors members. Specifically, Charisse Lillie has been appointed to the Talent Management and Compensation Committee, while Matthew Rogers and Anna Richo have both been appointed to the Audit and Risk Committee. These appointments follow their initial election to the Board in April and August of 2023, respectively. Investors should note that these committee assignments are a routine governance update. The Talent Management and Compensation Committee oversees executive compensation and human capital matters, while the Audit and Risk Committee plays a critical role in financial oversight, internal controls, and risk management. The additions to these key committees reflect the ongoing evolution of Exelon's governance structure.

Dec 8, 2023 8-K

EXELON CORP 8-K Report, Executive Changes (Dec 6, 2023)

Exelon Corporation (EXC) filed an 8-K on December 6, 2023 that is governance-focused rather than financial. Under Item 5.02, the Board increased its size from nine to ten seats on December 5, 2023 and elected Bryan Segedi as a director, effective January 1, 2024, to serve until the 2024 annual shareholder meeting. Committee assignments have not yet been determined. Segedi receives Exelon's standard non-employee director compensation, as disclosed in the proxy statement. The filing contains no earnings, guidance, or balance sheet information. The appointment is notable mainly for its profile. Segedi is a 64-year-old CPA and former Ernst & Young deputy global vice chair of Assurance, who oversaw a $12 billion service line and led the firm's global audit transformation program. His background in audit, analytics, and technology adoption may strengthen board oversight of financial reporting and internal controls, which investors generally view positively for a large regulated utility. He also has experience engaging with the SEC and PCAOB and sits on the board of Western Alliance Bank, which adds a banking and capital markets perspective. For investors, this is a low-impact event that adds a financial-expertise director to a board of a company that describes itself as the nation's largest utility by customer count, serving more than 10 million customers across six regulated transmission and distribution utilities. The press release also names Calvin Butler as president and CEO and frames the appointment around positioning Exelon as a leader in energy transformation. The main points to monitor are Segedi's eventual committee assignments, which may signal where the board wants his expertise applied, and any future disclosures about his compensation or independence.

Dec 6, 2023 8-K

EXELON CORP 8-K Report, Financial Results (Nov 2, 2023)

Exelon (EXC) reported third quarter 2023 results on November 2, 2023. GAAP net income from continuing operations was $0.70 per share ($700 million), up from $0.68 per share a year earlier, while Adjusted (non-GAAP) Operating Earnings fell to $0.67 per share from $0.75 per share, or $671 million versus $745 million. The decline was driven mainly by higher storm costs at PECO, BGE and PHI, unfavorable weather at PECO, higher depreciation at BGE and PHI, and higher interest expense at BGE and the holding company. ComEd was a bright spot, with adjusted earnings rising to $338 million from $293 million on higher allowed distribution ROE tied to higher Treasury rates and rate base growth. Management narrowed its full-year 2023 Adjusted Operating EPS guidance to $2.32-$2.40 from $2.30-$2.42, a range with a narrower band and a slightly higher floor, and reaffirmed its 6-8% fully regulated operating EPS compound annual growth targets through 2025 and 2026, with an expectation of reaching the midpoint or better. The company highlighted top-quartile reliability across all utilities, a roughly $31 billion capital investment plan for 2023-2026 supporting expected rate base growth of about 8%, and approximately $850 million in new PJM transmission awards. Management also noted that six rate reviews are active, that ComEd's multi-year plan received a proposed order from administrative law judges, and that the company has $425 million of equity still to be issued by 2025. The quarter's results were in line with management's expectations, and the guidance change is modest. The main investor considerations are the sensitivity of ComEd earnings to Treasury yields, the pending outcome of the ComEd and other multi-year rate cases, the cost of storm restoration and rising interest expense, and the timing of the planned equity issuance. Total debt stood at about $43.2 billion at September 30, 2023.

Nov 2, 2023 10-Q

EXELON CORP Quarterly Report for Q3 Ended Sep 30, 2023

Exelon Corporation reported improved financial results for the nine months ended September 30, 2023, compared to the same period in the prior year, with net income attributable to common shareholders from continuing operations increasing by $89 million to $1.711 billion, or $1.72 per diluted share. This growth was driven by higher electric distribution formula rate earnings across its utility segments, particularly ComEd, attributed to increased allowed rates of return on equity (ROE) due to rising U.S. Treasury rates and higher rate bases. Favorable impacts from rate increases at PECO, BGE, and PHI, along with carrying costs for ComEd's Carbon Mitigation Credit (CMC) regulatory assets, also contributed positively. Despite these improvements, some subsidiaries, like PECO, BGE, and PHI, experienced increased operating expenses due to higher storm costs, depreciation, and interest expenses, partially offsetting the overall gains. Liquidity remains strong, supported by substantial capital expenditure programs focused on infrastructure improvements and grid resilience, funded through a combination of operating cash flows and access to capital markets. Exelon continues to manage its market risks through established policies and the use of derivative instruments, primarily for commodity price and interest rate risk mitigation. The company is actively engaged in various regulatory proceedings, including base rate case filings and transmission formula rate updates, which are critical for future revenue and earnings. The company also highlighted progress in securing federal funding for grid modernization and resilience initiatives under the Infrastructure Investment and Jobs Act.

Nov 2, 2023 8-K

EXELON CORP 8-K Report, Corporate Update (Sep 28, 2023)

Exelon Corporation and its subsidiary Commonwealth Edison Company have reached a settlement with the Securities and Exchange Commission (SEC), bringing to a close an investigation that began in July 2020. This settlement resolves all outstanding matters related to conduct previously disclosed in a deferred prosecution agreement that Commonwealth Edison successfully exited in July 2023. Under the terms of the settlement, the companies have agreed to pay a civil penalty of $46.2 million. Exelon had already accrued this amount in the second quarter of 2023, meaning it has no unexpected financial impact on current or future reported earnings. The SEC's order acknowledges the companies' full cooperation and the significant enhancements made to their compliance programs.

Sep 28, 2023 8-K

EXELON CORP 8-K Report, Financial Results (Aug 2, 2023)

Exelon's Q2 2023 results were in line with management's expectations. GAAP net income from continuing operations was $0.34 per share ($343M), down from $0.47 ($465M) a year earlier. Adjusted (non-GAAP) operating earnings were $0.41 per share ($408M), versus $0.44 ($433M) in Q2 2022. The decline was driven mainly by unfavorable weather at PECO, higher depreciation, and higher interest expense at BGE and the holding company. Partly offsetting this were higher distribution and transmission rates at ComEd, PHI and BGE, plus carrying costs on the ComEd carbon mitigation credit regulatory asset. Exelon's year-to-date adjusted operating EPS was $1.11, versus $1.08 a year earlier. Management reaffirmed full-year 2023 adjusted operating EPS guidance of $2.30 to $2.42 per share, based on about 996 million expected average diluted shares. It also reaffirmed a 6-8% fully regulated operating EPS compound annual growth target, with the expectation of landing at the midpoint or better. Exelon has deployed $3.6B of its $7.2B 2023 capital plan through the first half and plans roughly $31B of capex from 2023 to 2026, implying around 8% rate base growth. Pepco filed a multi-year plan in Maryland seeking increases over 2024 to 2027. Operationally, reliability was strong, with best-on-record SAIFI and SAIDI at ComEd, PECO and PHI. For investors, the key points are a stable earnings trajectory and a fully regulated, decoupled T&D model, supported by a large and growing rate base. The main watch items are rising interest costs, the financing needs embedded in the plan (including about $425M of equity through 2025), and the outcomes of several pending rate cases. This filing is a combined 8-K for Exelon and its utility subsidiaries, and the earnings materials are furnished rather than filed under Items 2.02 and 7.01.

Aug 2, 2023 10-Q

EXELON CORP Quarterly Report for Q2 Ended Jun 30, 2023

Exelon Corporation reported solid financial results for the second quarter and first half of 2023. For the three months ended June 30, 2023, net income attributable to common shareholders from continuing operations was $343 million, or $0.34 per diluted share, compared to $465 million, or $0.47 per diluted share, in the prior year period. This decrease was primarily attributed to higher interest expenses, unfavorable weather impacts at PECO, and increased depreciation at PECO, partially offset by favorable rate increases across several subsidiaries and higher electric distribution formula rate earnings. For the six months ended June 30, 2023, net income attributable to common shareholders from continuing operations increased to $1,012 million, or $1.02 per diluted share, compared to $946 million, or $0.96 per diluted share, in the prior year period. This improvement was driven by rate increases, higher electric distribution formula rate earnings, and lower Business Support Company (BSC) costs impacting continuing operations, with partial offsets from unfavorable weather, higher interest expenses, and increased environmental liabilities. Adjusted (non-GAAP) operating earnings provided a clearer view of ongoing operational performance, showing $0.41 per diluted share for Q2 2023 compared to $0.44 in Q2 2022, and $1.11 per diluted share for the first six months of 2023 compared to $1.08 in the same period last year. These figures exclude certain items such as mark-to-market impacts, environmental liability changes, SEC matter loss contingencies, and separation costs. Capital expenditures for the first six months of 2023 totaled $3.7 billion, largely in line with prior year investments, supporting infrastructure improvements across Exelon's utility operations.

Aug 2, 2023