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Exelon

EXC Q4 2024 Earnings

Reported Feb 12, 2025 at 6:56 AM ET · SEC Source

Q4 24 EPS

$0.64

BEAT +7.94%

Est. $0.59

Q4 24 Revenue

$5.47B

BEAT +5.57%

Est. $5.18B

vs S&P Since Q4 24

-5.3%

TRAILING MARKET

EXC +14.2% vs S&P +19.4%

Full Year 2024 Results

FY 24 EPS

$2.50

BEAT +2.00%

Est. $2.45

FY 24 Revenue

$23.03B

BEAT +1.26%

Est. $22.74B

Market Reaction

Did EXC Beat Earnings? Q4 2024 Results

Exelon closed out 2024 on a strong note, posting fourth-quarter adjusted operating earnings of $0.64 per share, a 7.94% beat against the $0.59 consensus estimate, while revenue of $5.47 billion topped expectations by 5.57% and rose 1.9% year over yea… Read more Exelon closed out 2024 on a strong note, posting fourth-quarter adjusted operating earnings of $0.64 per share, a 7.94% beat against the $0.59 consensus estimate, while revenue of $5.47 billion topped expectations by 5.57% and rose 1.9% year over year. The utility holding company finished the full year at $2.50 per share, landing at the top end of its guidance range for the third consecutive year since becoming a pure-play transmission and distribution company, a streak that underscores the durability of its regulated earnings model. The quarter's outperformance was anchored by distribution and transmission rate increases across multiple subsidiaries, including BGE, PHI, and PECO, which more than offset higher depreciation and interest expense. Looking ahead, Exelon initiated 2025 adjusted EPS guidance of $2.64 to $2.74, projecting 5% to 7% annualized earnings growth through 2028, backed by a $38.00 billion capital plan that reflects a rapidly expanding data center pipeline, now standing at 17 GW, more than double the level from a year earlier.

Key Takeaways

  • • Distribution rate increases at BGE
  • • Distribution and transmission rate increases at PHI
  • • Tax repairs deduction at PECO
  • • Lower contracting costs at PHI
  • • Lower storm costs at PECO and PHI
  • • Higher distribution rate base and higher return on regulatory assets at ComEd
  • • Absence of realized losses from hedging activity at holding company
  • • Approximately $100M of sustainable O&M savings achieved in 2024
24/7 Wall St

EXC YoY Financials

Q4 2024 vs Q4 2023, source: SEC Filings

24/7 Wall St

EXC Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 24 Q4 25

“I am pleased to announce Exelon has delivered against our financial goals for the third straight year since becoming a transmission and delivery-only company, and we delivered top quartile performance across all our local energy companies, with ComEd and Pepco Holdings in the top decile.”

— Calvin Butler, Q4 2024 Earnings Press Release

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