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Did Exelon beat or miss consensus estimates last quarter?

- **Record Performance**: 2025 EPS of $2.77, up 6%, with $41.3 billion capital plan driving 7.9% rate base growth.
- **Transmission Dominance**: 70% of investments in high-voltage projects, winning $1.2 billion in PJM bids.
- **Resilience Proven**: <1% outages during Winter Storm Fern, saving customers $1 billion in outage costs.
- **Growth Guidance**: 2026 EPS of $2.81-$2.91, targeting top-end 5%-7% annual growth.
- **Affordability Focus**: O&M costs flat 2024-2026, customer bills 19% below national average.

**【CEO Summary Section】**
- Exelon reported 2025 adjusted operating EPS of $2.77, exceeding expectations and maintaining a 7.4% annual earnings growth rate since 2021.
- The company invested $41.3 billion through 2029, with 70% allocated to transmission, driven by load growth exceeding 3% annually.
- Winter Storm Fern demonstrated grid resilience, with <1% customer outages despite extreme weather.
- 2026 operating earnings guidance set at $2.81-$2.91 per share, targeting top-end growth of 5%-7%.

**【CFO Financial Commentary】**
- 2025 GAAP EPS: $2.73; Non-GAAP EPS: $2.77, up 6% from 2024 midpoint.
- 2026 capital plan: $10 billion annual spend, 9%-10% ROE, supporting 7.9% rate base growth.
- Regulatory milestones: PJM Reliability Window awarded $1.2 billion in Exelon transmission investments; MISO Tranche 2.1 project filed for FERC cost allocation.
- O&M cost growth <2.5% through 2029, maintaining customer bill affordability 19% below national average.

**【Q&A Key Highlights】**
- **Rate Base Growth**: 7.9% CAGR through 2029, driven by transmission ($12-$17 billion pipeline) and load growth.
- **Regulatory Strategy**: Pennsylvania rate case filing delayed; Maryland base rate case expected Q2 2026.
- **Supply Challenges**: PJM customers paid $32 billion extra due to 1.2 GW supply decline since July 2024; utility-generated power could save $9.6-$20 billion in 2028/29.
- **Financing**: 40% equity funding ($3.4 billion 2026-2029), with $700 million already secured via ATM.
- **Affordability**: Customer relief fund expanded to $60 million; O&M savings of $580 million annually vs. inflation-driven growth.


Exelon Corporation (EXC) Q4 2025 Earnings Call Transcript

- **Earnings Beat**: Q3 EPS of $0.86 vs. $0.71 YoY, driven by favorable weather and rate increases.
- **Operational Excellence**: 4 utilities ranked top 7 in reliability, with O&M growth below inflation.
- **Regulatory Momentum**: Illinois立法通过3GW储能目标，Maryland RFP吸引3GW提案但未达标。
- **Transmission Growth**: 27GW+ signed large load pipeline, first 1.2GW Amazon数据中心TSA执行。
- **Financial Discipline**: 2025-2028年7.4% rate base growth, targeting 14% credit metrics by end of period.

**【CEO Opening Remarks】**
- Reported Q3 earnings of $0.86 per share, exceeding expectations due to favorable weather and storm conditions.
- Reaffirmed 2025 operating earnings guidance of $2.64-$2.74 per share, targeting midpoint delivery.
- Highlighted industry-leading operational performance: 4 utility companies ranked 1, 2, 4, and 7 in reliability benchmarking.
- Emphasized focus on cost containment (O&M growth below inflation) and disciplined capital allocation (9%-10% ROE target).

**【CEO Strategic Updates】**
- **Regulatory Progress**: 
  - Delmarva gas rate case settlement expected Q1 2026.
  - Pepco Maryland rate case filed with $133M net revenue request, supported by $262M customer benefit analysis.
  - ComEd reconciliation under multi-year plan with ALJ order pending.
- **Legislative Wins**: 
  - Illinois passed Clean and Reliable Grid Affordability Act, expanding energy efficiency and storage targets.
  - Maryland issued RFP for 3GW new generation, though initial responses fell short of targets.
- **Transmission Growth**: 
  - 27GW+ signed or studied large load pipeline, with first TSA executed for 1.2GW Amazon data center.
  - PJM open window proposals expected to clarify transmission needs by end of year.

**【CFO Financial Update】**
- **Q3 Financials**: 
  - Adjusted operating earnings $0.86 vs. $0.71 YoY, driven by rate increases and storm deferrals.
  - Non-GAAP EPS beat expectations, supported by strong cost control.
- **Balance Sheet Management**: 
  - Issued $1B debt in Q3, completing 2025 long-term debt plan.
  - 95% of 2026 equity needs hedged via ATM program.
  - Target 14% consolidated credit metrics by end of guidance period.
- **Regulatory Outlook**: 
  - PJM multi-year plan rate base growth of 7.4% through 2028.
  - Advocating for CAMT reforms to include all tax repairs, potentially adding 50bps to credit metrics.

**【Q&A Highlights】**
- **Maryland Resource Adequacy**: 
  - Exelon filed 3GW generation proposal, but state RFP responses fell short of 3GW target.
  - Company remains open to competitive market solutions but emphasizes need for regulatory certainty.
- **Pennsylvania Policy**: 
  - Actively engaging in legislative discussions around long-term PPAs and resource adequacy.
  - PUC third-party study expected to inform spring 2026 policy decisions.
- **Transmission Pipeline**: 
  - 47GW pipeline includes 6GW awaiting TSA execution and 20GW in active cluster studies.
  - Cluster study approach prioritizes grid capacity and customer timelines.
- **Amazon TSA Execution**: 
  - First 1.2GW data center connected within 6 months, leveraging existing infrastructure.
  - ComEd tariff filing requires 50MW+ loads to sign TSA agreements.


Exelon Corporation (EXC) Q3 2025 Earnings Call Transcript

- **Resilient Q2 Performance**: $0.39 EPS vs. $0.47 YoY, driven by cost control and storm recovery excellence.
- **$10-15B Transmission Pipeline**: Growth catalyst with 40% equity financing, updates expected Q4 2025.
- **State-Driven Solutions**: Utility-owned generation and demand response to mitigate $1.5/month PJM bill increases.
- **Customer-Centric Growth**: 17 GW load pipeline, including quantum computing campus in Illinois, with 10% online by 2028.
- **Financial Strength**: 80% of 2025 debt issued at attractive rates, 5-7% EPS growth through 2028.

**【CEO Summary Section】**
- Q2 2025 operating earnings of $0.39 per share, slightly above expectations, driven by cost management and favorable timing at utilities.
- PECO handled a major storm with 325,000 outages, restoring power quickly despite extreme heat, showcasing team resilience.
- Regulatory focus on state-level solutions to address PJM market volatility, including utility-owned generation and transmission investments.
- Large load pipeline remains robust at 17 GW, with 16 GW of high-probability load expected to formalize by year-end.
- 4-year growth outlook of 5-7% EPS, supported by $38 billion in investments through 2028 and a balanced capital strategy.

**【CFO Financial Commentary】**
- Q2 2025 adjusted operating earnings of $0.39 per share, down $0.13 YoY due to higher distribution/transmission rates and storm costs.
- Year-to-date performance on track for full-year guidance of $2.64-$2.74 per share, with Q3 expected to account for ~29% of the midpoint.
- Strong balance sheet with 80% of 2025 debt financing completed ($1.375 billion issued) and $700 million equity raised via ATM.
- Transmission projects (e.g., Tri-County line) and regulatory flexibility (e.g., AMT repairs) support credit metrics and customer affordability.

**【Q&A Highlights】**
- **Utility-Owned Generation**: States like Maryland, New Jersey, and Delaware are actively exploring utility generation to supplement PJM capacity. Maryland's 3,000 MW procurement deadline in October could trigger state action.
- **Transmission Expansion**: $10-15 billion of transmission opportunities beyond 2028, with 40% equity financing rule of thumb. Updates expected in Q4 2025 refresh.
- **Customer Relief**: $50 million summer relief fund for low/middle-income customers, complementing $3 billion in PJM capacity market savings.
- **Quantum Computing Growth**: Illinois quantum computing campus could drive new load, with ComEd's cluster study in August and potential announcements in Q3/Q4.
- **PJM Auction Impact**: BGE customers facing ~$1.5/month bill increase, offset by state efforts to expand demand response and energy efficiency programs.

Exelon Corporation (EXC) Q2 2025 Earnings Call Transcript

- **Q1 earnings beat expectations**: $0.92 per share, up 35% YoY, driven by new rates and favorable weather.
- **17 GW load pipeline intact**: 16 GW in advanced study phase; 10% expected online by 2028.
- **Investment plan reaffirmed**: $38 billion capital plan targeting 5-7% annual earnings growth.
- **Regulatory progress**: PJM's 27 GW capacity market response and Maryland multi-year plan recognition.
- **Financial strength**: 60% of 2025 equity needs secured; ROE above 12%.

**【CEO Summary Section】**
- **Strong Q1 performance**: Operating earnings of $0.92 per share, up 35% year-over-year, driven by new distribution and transmission rates, favorable weather, and tax timing benefits.
- **Operational excellence**: Top decile outage performance across utilities; 17 gigawatts of new load pipeline remains intact, with 16 gigawatts in advanced study phase.
- **Regulatory progress**: Maryland legislature recognizes multi-year plan construct; PJM's capacity market reforms (e.g., 27 GW of nameplate capacity applications) and FERC's 206 proceeding demonstrate industry collaboration.
- **Investment plan reaffirmed**: $38 billion capital plan (2025-2028) targeting 5-7% annual earnings growth, with 60% of 2025 equity needs de-risked.

**【CFO Financial Commentary】**
- **Q1 financial highlights**: GAAP operating earnings of $0.92 per share, up $0.24 YoY, with $0.14 from new rates, $0.03 from weather, and $0.02 from tax timing. Second-quarter earnings expected to be ~14% of full-year guidance midpoint.
- **Rate case activity**: Two open cases (Atlantic City Electric, Delmarva Power) on track; Maryland multi-year plan lessons learned process nearing resolution.
- **Balance sheet strength**: $650 million debt raised in Q1; 60% of 2025 equity needs secured via ATM and forward agreements. Consolidated ROE expected to remain above 12%.

**【Q&A Highlights】**
- **Maryland legislation impact**: Prohibition of reconciliations after 2025 does not affect current rate cases; company confident in meeting budget for future multi-year plans.
- **FERC 206 proceeding**: Open to settlement discussions but emphasizes need for timely FERC decision to avoid cost shifts to customers.
- **Data center load timing**: 10% of 16 GW pipeline expected online by 2028, 75% by 2034; customer-specific timelines range 36+ months.
- **Affordability initiatives**: Suspended disconnections, deferred payment plans, and community forums to assist customers with rising energy costs.
- **Resource adequacy**: Advocating for portfolio approach (gas, renewables, demand response) to meet PJM's 6 GW generation queue shortfall.

Exelon Corporation (EXC) Q1 2025 Earnings Call Transcript

- **Record Financial Performance**: 2024 EPS of $2.50 meets 3-year guidance; 2025 outlook of $2.64-$2.74 signals 5%+ growth.
- **$38B Capital Plan**: 80% for transmission to support data centers and grid modernization; S&P upgrades credit to BBB+.
- **Customer-Centric Growth**: 4% C&amp;I load growth driven by data centers; $100M+ cost savings limit O&M growth to 0.5%.
- **Regulatory Momentum**: Pepco/PECO rate wins add $477M in 2025 revenue; Maryland multiyear plan reconciliation on track.
- **Energy Security Focus**: Engaging in 45+ state bills to address resource adequacy and affordability through PJM reforms and state procurements.

**【CEO Summary Section】**
- Exelon reported 2024 GAAP earnings of $2.45 per share and adjusted operating earnings of $2.50 per share, meeting its 3-year guidance midpoint.
- 2025 operating earnings guidance set at $2.64 to $2.74 per share, with a 5% to 7% annualized earnings growth target through 2028.
- $38 billion capital plan for 2025-2028, with 80% allocated to transmission to support high-density load growth and grid modernization.
- S&P credit rating upgraded to BBB+ on strong balance sheet metrics (12% consolidated leverage ratio).
- Customer affordability initiatives include waiving late fees, suspending disconnections, and expanding energy efficiency programs.

**【CFO Financial Commentary】**
- 2024 GAAP net income: $2.45 per share; Non-GAAP EPS: $2.50 per share, exceeding midpoint of guidance.
- 2025 capital allocation: 40% equity, 60% debt, with $9.1 billion in 2025 capital spend ($1 billion for ComEd transmission).
- O&M expense growth limited to 0.5% year-over-year, driven by $100 million in sustainable cost savings.
- Regulatory wins include Pepco's $123.4 million revenue increase and PECO's $354 million electric revenue boost.
- 2024 rate base growth of 7.4%, with 9.1% ROE on transmission investments.

**【Q&A Key Highlights】**
- **Maryland Regulatory Update**: Reconciliation of multiyear plan costs expected Q1-Q2 2025; multiyear plan structure likely retained for 2025 rate case.
- **FERC 205 Docket**: Exelon supports PJM reforms (shovel-ready projects, surplus interconnection) and awaits FERC decision on network load cost allocation.
- **Data Center Growth**: ComEd pipeline shows 4% C&amp;I load growth; $400 million+ deposits in 2024 offsetting rate base impact.
- **Capacity Market Agreement (CMA) Transition**: Illinois exploring state procurements and capacity obligation solutions post-2027 CMA expiration.
- **Transmission Expansion**: $10-$15 billion in future transmission opportunities, including MISO Tranche 2.1 projects in ComEd territory.


Actual															0.6204	0.3922	0.7416	0.5419	-0.0428	0.6346	0.7772	0.64	0.44	0.75	0.43	0.7	0.41	0.67	0.6	0.68	0.47	0.71	0.64	0.92	0.39	0.86	0.59
Forecast															0.6042	0.3047	0.6232	0.4936	0.255	0.4851	0.7744	0.6533	0.457	0.7008	0.4298	0.6602	0.4053	0.6655	0.5811	0.6969	0.396	0.6749	0.5916	0.8772	0.3674	0.7777	0.547
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+2.68%	+28.72%	+19.00%	+9.79%	-116.78%	+30.82%	+0.36%	-2.04%	-3.72%	+7.02%	+0.05%	+6.03%	+1.16%	+0.68%	+3.25%	-2.43%	+18.69%	+5.20%	+8.18%	+4.88%	+6.15%	+10.58%	+7.86%

EXC

EXC fundamentals

EXC Q4 2025 Earnings

Earnings Call

You can ask Aime

EXC

EXC fundamentals

EXC Q4 2025 Earnings

Earnings Call

EXC Earnings Call Summary for Q4/202510:00 AM on Feb 12, 2026

EXC Earnings Call Summary for Q3/202510:00 AM on Nov 4, 2025

EXC Earnings Call Summary for Q2/202510:00 AM on Jul 31, 2025

EXC Earnings Call Summary for Q1/202510:00 AM on May 1, 2025

EXC Earnings Call Summary for Q4/202410:00 AM on Feb 12, 2025

You can ask Aime