Exelon Corporation Q4 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Key Financial Results

  • 2025 adjusted operating earnings per share: $2.77, above expectations. Compared to 2024 guidance midpoint, this reflects continued year-over-year operational and financial outperformance.
  • GAAP EPS for 2025: $2.73; Q4 GAAP EPS: $0.58; Q4 non-GAAP EPS: $0.59.
  • Since 2021, annual EPS growth averaged 7.4%, while rate base grew 8% through 2025.
  • Full-year earnings benefitted from favorable weather, storm conditions, and regulatory resolutions.
  • 2026 EPS guidance initiated at $2.81 to $2.91, with midpoint-to-midpoint growth above 6% compared to 2025 expected midpoint.

Operational Performance

  • Exelon delivered top-quartile reliability across its utilities for more than a decade, ranking 1, 2, 4, and 7 in 2024 peer benchmarks.
  • During Winter Storm Fern, fewer than 1% of customers experienced outages despite extreme load and conditions.
  • Economic impact from investments: every $1 million spent results in 8 jobs or $1.6 million in economic output.

Regulatory & Rate Case Developments

  • Atlantic City Electric: Settlement approved for $54 million recovery at 9.6% ROE; effective Dec 2025.
  • Delmarva Gas (Delaware): $21.5 million revenue requirement approved at 9.6% ROE; effective early 2026.

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Operator: Hello, and welcome to Exelon's Fourth Quarter Earnings Call. My name is Gigi, and I'll be your event specialist today. [Operator Instructions] Please note that today's webcast is being recorded. [Operator Instructions] It is now my pleasure to turn today's program over to Ryan Brown, Vice President of Investor Relations. The floor is yours. Ryan Brown: Great. Thank you, Gigi. Good morning, everybody. Thank you for joining us for our 2025 fourth quarter earnings call. Leading the call today are Calvin Butler, Exelon's President and Chief Executive Officer; and Jeanne Jones, Exelon's Chief Financial Officer. Other members of Exelon's senior management team are also with us today, and they'll be available to answer your questions following our prepared remarks. Today's presentation, along with our earnings release and other financial information can be found in the Investor Relations section of Exelon's website. I'd also like to remind you that today's presentation and the associated earnings release materials contain forward-looking statements which are subject to risks and uncertainties. You can find the cautionary statements on these risks on Slide 2 of today's presentation or in our SEC filings. In addition, today's presentation includes references to adjusted operating earnings and other non-GAAP measures. Reconciliations between these measures and the nearest equivalent GAAP measures can be found in the appendix of our presentation and in our earnings release. Wi

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