Exelon Corporation reported its third‑quarter 2025 results, posting adjusted operating earnings of $0.86 per share, up 21% from $0.71 per share in the same quarter of 2024. GAAP net income also rose to $0.86 per share, a 23% increase from $0.70 per share in Q3 2024.
The company’s adjusted operating earnings for Q3 2025 were $0.86 per share, compared with $0.39 per share in Q2 2025, indicating a sequential rise of 123%. Revenue reached $6.71 billion, beating the consensus estimate of $6.48 billion and representing a 4.5% year‑over‑year increase.
Exelon reaffirmed its full‑year 2025 adjusted operating earnings guidance of $2.64 to $2.74 per share, in line with the consensus estimate of $2.69 per share. The company also reiterated its $38 billion investment plan to modernize the grid over the next four years and highlighted ongoing rate‑case activity in its service territories.
Operating performance was driven by higher distribution and transmission rates across its regulated utilities. ComEd’s earnings grew due to an expanded rate base, higher return on regulatory assets, and increased AFUDC, partially offset by timing of distribution earnings. PECO benefited from higher rates, lower storm costs, and reduced income taxes, with a partial offset from increased depreciation. BGE’s earnings increased from higher distribution rates and lower storm costs, while credit‑loss expense was reduced. PHI also contributed to the overall improvement.
Management noted that the company’s large‑load pipeline is expanding, largely driven by data‑center demand, and that it is pursuing transmission security agreements to accommodate this growth. The company’s debt‑to‑equity ratio stands at 1.77, indicating a high level of leverage, and its current ratio is 0.95, suggesting potential short‑term liquidity challenges.
The results demonstrate Exelon’s ability to generate earnings growth while investing heavily in infrastructure, positioning the company to meet future demand and regulatory requirements.
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