EXELON (EXC) Company Report

$1 billion aggregate principal amount issued, including full $100 million option exercise to qualified institutional buyers under Rule 144A.
Notes bear 3.25% interest, mature March 15, 2029, with semiannual payments beginning September 15, 2026.
Initial conversion rate of 17.5093 shares per $1,000 note (≈$57.11 per share; 25% premium to market).
Net proceeds of approximately $888.8 million (or $987.5 million if option exercised fully) to be used for debt repayment/refinancing or general corporate purposes.

15 hours ago

8-K

Exelon reports Q3 2025 earnings and reaffirms guidance

EXC

Earnings

Guidance Update

Debt Issuance

Exelon delivered $0.86 adjusted operating earnings per share in Q3 2025 versus $0.71 in Q3 2024, and reaffirmed full-year guidance of $2.64–$2.74 per share.
The company’s four utility operating subsidiaries ranked 1st, 2nd, 4th, and 7th in industry reliability benchmarking, improving on last year’s 1st, 3rd, 5th, and 8th placements.
Key rate case updates include a Delmarva Power gas distribution order expected in Q1 2026; Atlantic City Electric settlement anticipated by year-end 2025; and a Pepco Maryland filing requesting a $133 million net revenue increase, with a decision due August 2026.
Balance sheet actions feature a $1 billion PECO debt issuance in September and use of pre-issuance hedges/ATMs to de-risk financing ; Exelon also reaffirmed 5%–7% annualized operating earnings growth through 2028.

Nov 4, 2025, 3:00 PM

Transcript

Exelon reports Q3 2025 earnings and reaffirms guidance

EXC

Earnings

Guidance Update

Debt Issuance

Exelon delivered GAAP EPS of $0.86 vs. $0.70 and Adjusted Operating EPS of $0.86 vs. $0.71 in Q3 2025 year-over-year
Reaffirmed 2025 adjusted operating EPS guidance of $2.64–$2.74 per share
Completed 100% of 2025 debt financing, mitigating interest rate exposure, and maintains investment-grade ratings (Moody’s Baa2 / S&P BBB+)
Open base rate cases include DPL DE Gas ($37.4 M), ACE Electric ($108.9 M), and Pepco MD Electric ($133.2 M) with expected orders through mid-2026

Nov 4, 2025, 3:00 PM

Presentation

Exelon reports Q3 2025 earnings and regulatory updates

EXC

Earnings

Guidance Update

Debt Issuance

Exelon delivered Q3 2025 adjusted operating earnings of $0.86 per share and reaffirmed full-year guidance of $2.64–$2.74 EPS.
Exelon expects final orders in upcoming base rate cases: Delmarva Power gas rate case in Q1 2026, Atlantic City Electric by end-2025, and Pepco Maryland by August 2026; ComEd’s multi-year reconciliation decision is due December 20 2025.
Illinois enacted the Clean and Reliable Grid Affordability Act, expanding energy efficiency budgets, broadening distributed generation eligibility, mandating storage procurement targets and four-year integrated resource plans.
Utilities have secured 19 GW under signed Transmission Service Agreements and have 27 GW in active cluster studies or pending TSAs, supporting 7.4% rate-base growth through 2028 and 5–7% annualized earnings growth.
In September, PECO issued $1 billion of debt, completing 2025 long-term issuances, and Exelon has priced nearly half of its equity needs through 2028, targeting a ~14% consolidated credit cushion.

Nov 4, 2025, 3:00 PM

Transcript

Exelon reports Q3 2025 earnings and reaffirms full-year guidance

EXC

Earnings

Guidance Update

Debt Issuance

Exelon delivered Q3 adjusted operating EPS of $0.86, up from $0.71 in Q3 2024, and reaffirmed full-year 2025 guidance of $2.64–$2.74 per share.
Targets 5%–7% annualized operating earnings growth through 2028 with 7.4% rate-base growth and aims to earn a 9%–10% allowed ROE.
Progressing key rate cases: Delmarva Power gas case expected Q1 2026; Atlantic City Electric by year-end; Pepco Maryland seeks $133 million net revenue increase, decision due August 2026.
In September, PECO issued $1 billion of long-term debt, completed 2025 issuances, has priced nearly half its 2025–2028 equity needs under its ATM, and maintains a 100–200 bps cushion above Moody’s downgrade threshold.

Nov 4, 2025, 3:00 PM

Transcript

Exelon reports Q3 2025 earnings and reaffirms full-year guidance

EXC

Earnings

Guidance Update

Debt Issuance

Adjusted operating earnings of $0.86 per share in Q3 2025, up from $0.71 year-over-year; reaffirmed 2025 guidance of $2.64–$2.74 per share and annualized earnings growth of 5–7% through 2028 (midpoint or better).
Four utility operating companies ranked 1st, 2nd, 4th, and 7th in industry reliability benchmarking, improving on last year’s rankings and underscoring ongoing operational excellence and cost discipline.
Progress on key rate cases: Delmarva Power gas case and Atlantic City Electric case advancing toward settlement; Pepco Maryland filed for a $133 million net revenue increase (order due August 2026); Illinois passed the Clean and Reliable Grid Affordability Act enabling expanded energy efficiency and storage procurement.
Financing and capital plan: PICO issued $1 billion of long-term debt to complete 2025 issuances; nearly half of equity needs through 2028 hedged via forward sales; targeting a 9–10% ROE and maintaining credit metrics 100–200 bps above Moody’s downgrade threshold.

Nov 4, 2025, 3:00 PM

Transcript

Exelon reports Q3 2025 results

EXC

Earnings

Guidance Update

Dividends

Exelon delivered GAAP net income and Adjusted (non-GAAP) operating earnings of $0.86 per share in Q3 2025, up from $0.70 and $0.71 per share in Q3 2024, respectively.
The company reaffirmed its full-year 2025 Adjusted operating earnings guidance of $2.64–$2.74 per share and reiterated a 5–7% EPS CAGR target for 2024–2028.
Exelon’s Board declared a $0.40 per share quarterly dividend, payable December 15, 2025, to shareholders of record as of November 10, 2025.
Pepco filed for a $133 million increase in Maryland electric distribution rates (10.50% ROE), with a decision expected in Q3 2026.
Completed all planned 2025 debt financings and has priced nearly half of its equity needs through 2028, supporting $38 billion in infrastructure investments over the next four years.

Nov 4, 2025, 11:52 AM

8-K

EXL reports Q3 2025 results

EXC

Earnings

Guidance Update

EXL posted Q3 2025 revenue of $529.6 million, up 12.2% year-over-year.
GAAP diluted EPS was $0.36 (+10.7% y/y) and adjusted diluted EPS was $0.48 (+10.8% y/y).
Raised full-year 2025 guidance: revenue to $2.07–$2.08 billion (+13%) and adjusted diluted EPS to $1.88–$1.92 (+14–16%).

Oct 28, 2025, 8:01 PM

Press Release

Exelon reports Q2 2025 results and reiterates guidance

EXC

Earnings

Debt Issuance

New Projects/Investments

Exelon delivered $0.39 of adjusted operating earnings per share in Q2 2025 versus $0.47 in Q2 2024, driven by higher distribution/transmission rates and timing impacts at ComEd, partially offset by a $50 million customer relief fund and elevated storm costs.
The company reaffirmed full-year operating earnings guidance of $2.64–$2.74 per share and reiterated an annualized earnings growth target of 5–7% through 2028 at the midpoint or better.
Exelon’s investment outlook remains robust, with $38 billion of capital spending through 2028 plus an additional $10–15 billion in transmission work identified thereafter to support jurisdictions and large-load growth.
Through Q2, Exelon has completed nearly 80% of its 2025 long-term debt financing needs—including $725 million from ComEd and $650 million from BGE—and priced $700 million of planned equity via its ATM program, with forward agreements covering the remainder.

Aug 1, 2025, 6:52 PM

Exelon Corp Reports 8-K Filing and Annual Meeting Vote Outcomes

EXC

Auditor Change

Executive Compensation

Proxy Vote Outcomes

Exelon Corporation filed an 8-K report on May 5, 2025, detailing the required disclosures and compliance with SEC regulations.
The filing outlines the Annual Meeting on April 29, 2025, including detailed vote outcomes for director nominations, approval of the independent auditor, and advisory votes on executive compensation.
The report also includes exhibits featuring Interactive Data Files in Inline XBRL format, enhancing transparency in financial reporting.

May 5, 2025, 12:00 AM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for EXELON.

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