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Dec 31, 2025
Exelon Q4 2025 Earnings Report
Exelon reported its financial results for the fourth quarter and full year 2025.
Key Takeaways
Exelon delivered strong operational and financial performance in 2025, exceeding expectations with full-year adjusted operating earnings of $2.77 per share. The company is well-positioned for future growth with a $41.3 billion four-year capital plan and expects annualized earnings growth near the top end of 5% to 7% through 2029.
Adjusted (non-GAAP) operating earnings per share for Q4 2025 were $0.59, above expectations.
Full-year 2025 GAAP net income was $2.73 per share, and Adjusted (non-GAAP) operating earnings were $2.77 per share.
Exelon introduced full-year 2026 Adjusted (non-GAAP) operating earnings guidance of $2.81-$2.91 per share, representing over 6% growth from 2025 guidance.
The company projects $41.3 billion in capital expenditures over the next four years to support customer needs and grid reliability.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Exelon introduced a guidance range for 2026 Adjusted (non-GAAP) operating earnings of $2.81-$2.91 per share, representing over 6% growth from 2025 guidance. The company is well-positioned to deliver annualized earnings growth near the top end of 5% to 7% through 2029, supported by a $41.3 billion four-year capital plan.
Positive Outlook
- Introducing full year 2026 Adjusted (non-GAAP) operating earnings guidance range of $2.81-$2.91 per share, representing over 6% growth from 2025 guidance.
- Projecting $41.3 billion of capital expenditures over the next four years to support customer needs and grid reliability.
- Expected rate base growth of 7.9% and operating EPS compounded annual growth near the top end of 5-7% from 2025-2029.
- Updating 4-year financing plan to include $3.4 billion of equity to fund capital expenditures, in line with a balanced funding strategy.
- 82% of 2026 equity needs priced under forwards.
Challenges Ahead
- DPL Delaware Electric Distribution Base Rate Case decision expected in Q3 2027, with uncertainty on approval as filed.
- DPL can implement interim rates on July 9, 2026, subject to refund, which could lead to future adjustments.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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