Exelon Delivers Q2 2025 Results, Reaffirms Full-Year Outlook
Industry
Exelon reported its second-quarter 2025 results, highlighting consistent performance and reaffirming its full-year guidance despite a turbulent start to summer storm season.
President and CEO Calvin Butler emphasized the company’s focus on long-term value:
“Exelon’s second-quarter performance reflects our disciplined execution across all fronts. We remain focused on delivering long-term value through operational excellence, customer affordability solutions, and a balanced investment strategy that supports grid modernization and energy security.”
The company posted GAAP net income and adjusted (non-GAAP) operating earnings of $0.39 per share, down from $0.45 and $0.47 per share respectively in Q2 2024. The dip reflects several headwinds, including storm-related costs at PECO, timing of distribution earnings at ComEd, and lower impacts from Maryland’s multi-year plan reconciliations at PHI. Additional pressure came from lower transmission peak load at ComEd and higher credit loss and interest expense at PHI.
However, these were partially offset by distribution rate increases at PECO and BGE, distribution and transmission rate increases at ComEd and PHI, and a higher return on regulatory assets at ComEd.
Executive Vice President and CFO Jeanne Jones added:
“We delivered adjusted operating earnings of $0.39 per share, overcoming one of the largest storms in PECO’s history, with peak outages exceeding 325,000 customers. We remain on track to deliver within our full-year earnings guidance range of $2.64 to $2.74 per share.” She went on to say: “Our year-to-date performance underscores our ability to deliver strong financial results amidst increasingly significant storm activity, all while continuing to find new and creative ways to support our customers.”
Exelon reaffirmed its 2025 adjusted operating earnings guidance and its 5–7% compounded annual EPS growth target from 2024 to 2028. The company also reported strong progress on financing goals, having executed ~80% of planned debt financings and priced 100% of its $700 million equity financing need for 2025, along with ~22% for 2026.
Operationally, all Exelon utilities sustained top quartile or better performance in reliability, with BGE, PECO, and PHI also achieving top quartile performance in gas odor response.
During the earnings call, Butler addressed a question on solutions to resource adequacy, including utility-owned generation in Exelon’s jurisdictions:
“We need three things: one, certainty; two, we want the states to have a sense of control, and three, tangible customer benefits -- what can we do for our customers today that is not being done? We need to offer short-, mid- and long-term solutions.”
As Exelon continues to invest in a cleaner, more resilient grid, our performance underscores an ability to navigate challenges while keeping customers at the center of everything we do.
See Exelon’s press release to learn more about second quarter earnings.