Exelon Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 adjusted operating earnings were $0.91 per share, with full-year guidance reaffirmed at $2.81-$2.91 per share. Capital is being reallocated toward transmission, with $350M in O&M savings targeted and a focus on balancing affordability, reliability, and growth amid regulatory and supply challenges.
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The meeting confirmed strong shareholder support for all proposals, including board elections, auditor ratification, and executive compensation. Leadership highlighted robust financial growth, major investments in grid modernization, and a focus on affordability amid industry challenges.
Fiscal Year 2025
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Adjusted EPS of $2.77 for 2025 exceeded expectations, with 7.4% annual earnings growth and 8% rate base growth since 2021. A $41.3B capital plan supports 8% rate base and 5%-7% EPS growth through 2029, with strong reliability and disciplined cost management.
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Q3 2025 adjusted operating EPS rose to $0.86, driven by higher rates and favorable storm impacts. Full-year guidance of $2.64-$2.74 per share was reaffirmed, with strong operational reliability and a robust large load pipeline supporting future growth.
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Q2 2025 operating earnings were $0.39 per share, slightly ahead of guidance, with strong cost management offsetting storm and customer relief costs. The company reaffirmed its full-year guidance and long-term growth targets, supported by robust load growth and major transmission investments.
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Q1 2025 operating earnings rose to $0.92 per share, exceeding expectations and supporting reaffirmed full-year guidance. Strong reliability, robust capital investment, and legislative progress in Maryland and at FERC underpin growth, with customer affordability and large load growth as key focus areas.
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The meeting featured leadership transitions, strong financial and operational results, and approval of all shareholder proposals. Strategic plans include major investments in grid modernization, job creation, and continued focus on affordability and reliability.
Fiscal Year 2024
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Delivered strong 2024 results with $2.45 GAAP EPS and $2.50 adjusted EPS, top quartile reliability, and $7.5B in capital investment. Initiated 2025 guidance of $2.64-$2.74 EPS, $38B capex plan, and raised dividend to $1.60. S&P upgraded credit rating to BBB+.
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Q3 2024 saw earnings per share exceed expectations, with strong operational and financial performance despite storm impacts. Regulatory progress and grid investments support long-term growth, while 2024 guidance and multi-year capital plans remain on track.
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Q2 2024 adjusted operating earnings rose to $0.47 per share, driven by higher rates and favorable weather, with full-year EPS guidance reaffirmed at $2.40-$2.50. Regulatory progress, strong operational reliability, and robust data center demand support long-term growth and capital investment.