EXC Q4 2025 Earnings
Reported Feb 12, 2026 at 7:00 AM ET · SEC Source
Q4 25 EPS
$0.59
BEAT +3.20%
Est. $0.57
Q4 25 Revenue
$5.41B
BEAT +0.10%
Est. $5.41B
Full Year 2025 Results
FY 25 EPS
$2.77
BEAT +2.36%
Est. $2.71
FY 25 Revenue
$24.26B
BEAT +0.02%
Est. $24.25B
Did EXC Beat Earnings? Q4 2025 Results
Exelon closed out fiscal 2025 on a steady note, reporting fourth-quarter adjusted operating earnings of $0.59 per share, beating the $0.57 consensus estimate by 3.20%, while revenue of $5.41 billion edged just above expectations despite slipping 1.1%… Read more Exelon closed out fiscal 2025 on a steady note, reporting fourth-quarter adjusted operating earnings of $0.59 per share, beating the $0.57 consensus estimate by 3.20%, while revenue of $5.41 billion edged just above expectations despite slipping 1.1% year over year. The quarter's bottom-line pressure was no surprise, with earnings declining from $0.64 in Q4 2024 as higher interest expense, increased depreciation, and a $60 million Customer Relief Fund contribution weighed on results, more than offsetting rate increases across the company's utility subsidiaries. Still, the full-year picture was constructive: Exelon's 2025 adjusted operating EPS of $2.77 topped its original guidance midpoint of $2.69, extending the company's unbroken record of annual outperformance since becoming a standalone utility. Shares have gained roughly 6% in the past month, and management's introduction of 2026 adjusted operating EPS guidance of $2.81 to $2.91, backed by a $41.30 billion capital plan and projected rate base growth of 7.9% through 2029, suggests investors see further runway ahead.
Key Takeaways
- • Higher distribution and transmission rates at ComEd and PHI
- • Distribution rate increases at PECO and BGE
- • Favorable weather at PECO
- • Higher AFUDC at ComEd
- • Impacts of multi-year plan reconciliation at BGE
- • $9.3 billion of capital invested in 2025, within 2% of plan for 3rd consecutive year
- • ~$300M in sustainable O&M savings since 2024
EXC Forward Guidance & Outlook
Exelon introduced 2026 adjusted operating EPS guidance of $2.81-$2.91 per share, representing over 6% growth from the 2025 guidance midpoint. The company targets annualized adjusted operating EPS CAGR near the top end of 5-7% from 2025 through 2029. Exelon projects $41.3 billion of capital expenditures over 2026-2029, resulting in expected rate base growth of 7.9% from $64.6 billion in 2025 to $87.5 billion in 2029. Transmission investment is expected to drive approximately 70% of plan-over-plan capex increases, with transmission rate base growing at approximately 15%. The company identified $12-17 billion of transmission opportunity beyond the current plan. Exelon targets a consolidated operating ROE of 9-10%, approximately 60% dividend payout ratio, and 5% annual dividend growth through 2029, implying total shareholder returns of 9-11%. The financing plan includes $3.4 billion of equity issuance through 2029 and approximately $3 billion of new corporate debt. Approximately 3% total load growth is projected over the plan period, supported by a committed large load pipeline of approximately 19 GW.
EXC YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
EXC Revenue by Segment
With YoY comparisons, source: SEC Filings
“As we close out our 25th anniversary year, I am pleased to report that Exelon delivered strong operational and financial performance in 2025. We remain committed to balancing the investments needed to meet tomorrow's energy demands while keeping our customers at the center of every decision. Through our customer programs and disciplined focus on cost and operational excellence, we continued to maintain customer bills below the national average. We look forward to building on this momentum in 2026 – delivering and advocating for safe, reliable and affordable energy solutions while strengthening the communities we proudly serve.”
— Calvin Butler, Q4 2025 Earnings Press Release
EXC Earnings Trends
EXC vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
EXC EPS Trend
Earnings per share: estimate vs actual
EXC Revenue Trend
Quarterly revenue: estimate vs actual
EXC Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 BEAT FY | $0.57 | $0.59 | +3.20% | $5.41B | +0.10% |
| FY Full Year | $2.71 | $2.77 | +2.36% | $24.26B | +0.02% |
| Q2 25 BEAT | $0.37 | $0.39 | +6.09% | $5.43B | -1.01% |
| Q4 24 BEAT FY | $0.59 | $0.64 | +7.94% | $5.47B | +5.57% |
| FY Full Year | $2.45 | $2.50 | +2.00% | $23.03B | +1.26% |
| Q2 24 BEAT | $0.40 | $0.47 | +17.50% | $5.36B | +9.47% |