Exelon Reports Strong Q4 & Full Year 2025 Results, Initiates Positive 2026 EPS Guidance
Summary
Exelon Corporation announced strong fourth quarter and full year 2025 financial results, exceeding guidance, and initiated a positive 2026 adjusted operating earnings per share guidance range, supported by a substantial $41.3 billion capital expenditure plan.
Key Events
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Exceeded 2025 Earnings Guidance
Reported full-year 2025 Adjusted (non-GAAP) operating earnings of $2.77 per share, exceeding the midpoint of its guidance range.
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Initiated Strong 2026 EPS Guidance
Introduced a 2026 Adjusted (non-GAAP) operating earnings guidance range of $2.81-$2.91 per share, representing over 6% growth from 2025 guidance.
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Unveiled Substantial Capital Expenditure Plan
Projected $41.3 billion in capital expenditures from 2026-2029, expected to drive 7.9% rate base growth and 5-7% operating EPS CAGR.
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Secured Key Regulatory Approvals
Received approvals for rate increases and reconciliations for ComEd ($243M), BGE ($77M), DPL Delaware Natural Gas ($22M), and ACE Electric ($54M).
Analysis
Exelon Corporation delivered robust financial performance for the fourth quarter and full year 2025, surpassing its adjusted operating earnings guidance. The company initiated a positive 2026 adjusted operating EPS guidance range, projecting over 6% growth from 2025. This strong outlook is underpinned by a substantial $41.3 billion capital expenditure plan for 2026-2029, which is expected to drive 7.9% rate base growth and an operating EPS compounded annual growth near the top end of 5-7% through 2029. Key regulatory approvals for rate increases across several subsidiaries, including ComEd, BGE, DPL Gas, and ACE, provide revenue certainty and support these investments. The financing plan includes $3.4 billion in equity over four years, a significant capital raise to fund growth while maintaining strong credit metrics. This filing signals consistent operational excellence and a clear path for future growth and shareholder returns for this regulated utility.
At the time of this filing, EXC was trading at $45.44 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $44.9B. The 52-week trading range was $40.81 to $48.51. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.