Exelon Corporation (NASDAQ: EXC) has reported its financial results for the third quarter of 2025. The GAAP net income for the third quarter of 2025 increased to $0.86 per share from $0.70 per share in the third quarter of 2024. Adjusted (non-GAAP) operating earnings for the third quarter of 2025 also saw an increase to $0.86 per share from $0.71 per share in the third quarter of 2024.
Exelon's utilities exhibited strong operational and financial performance, with its utilities ranking 1st, 2nd, 4th, and 7th in the nation for reliability. The company also affirmed its full-year 2025 adjusted (non-GAAP) operating earnings guidance range of $2.64-$2.74 per share and reaffirmed operating EPS compounded annual growth of 5-7% from 2024 to 2028.
The company's financial performance was reflected in the performance of its operating segments:
-
ComEd's GAAP net income for the third quarter of 2025 increased to $373 million from $360 million in the third quarter of 2024. Adjusted (non-GAAP) operating earnings for the same period increased to $373 million from $360 million in the third quarter of 2024.
-
PECO's GAAP net income for the third quarter of 2025 increased to $250 million from $117 million in the third quarter of 2024. PECO's adjusted (non-GAAP) operating earnings for the same period increased to $250 million from $118 million in the third quarter of 2024.
-
BGE's GAAP net income for the third quarter of 2025 increased to $82 million from $45 million in the third quarter of 2024. BGE's adjusted (non-GAAP) operating earnings for the same period increased to $82 million from $45 million in the third quarter of 2024.
-
PHI’s GAAP net income for the third quarter of 2025 increased to $291 million from $278 million in the third quarter of 2024. PHI’s adjusted (non-GAAP) operating earnings for the same period increased to $290 million from $278 million in the third quarter of 2024.
Exelon also announced that its board of directors declared a regular quarterly dividend of $0.40 per share on its common stock, payable on December 15, 2025, to shareholders of record as of November 10, 2025.
The company's financial management and operational excellence continue to drive strong performance across its local energy companies, enabling it to invest $38 billion in critical infrastructure investments over the next four years for the benefit of its customers.
In terms of rate case developments, Pepco filed an application for adjustments to its retail rates for the distribution of electric energy with the Maryland Public Service Commission, requesting a total electric revenue requirement increase of $133 million, with a decision expected in the third quarter of 2026.
Exelon's financing activities included issuing bonds to support its capital needs, with Pepco issuing $75 million of its first mortgage 5.78% series bonds due September 17, 2055, and PECO issuing $525 million aggregate principal amount of its first and refunding mortgage bonds, 4.875% series due September 15, 2035, and $525 million aggregate principal amount of its first and refunding mortgage bonds, 5.650% series due September 15, 2055.
Exelon's third quarter 2025 earnings conference call was scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at investors.exeloncorp.com.
Exelon Corporation, a Fortune 200 company, serves more than 10.7 million customers through its fully regulated transmission and distribution utilities. The company's 20,000 employees focus on supporting communities through reliable, affordable, and efficient energy delivery, workforce development, equity, economic development, and volunteerism. The market has reacted to these announcements by moving the company's shares 0.17% to a price of $46.20. For more information, read the company's full 8-K submission here.
