Exelon Corporation (NASDAQ:EXC) reported fourth-quarter adjusted earnings ahead of Wall Street estimates on Thursday, even as revenue trailed expectations. Shares rose 0.38% in pre-market trading following the release.
The utility group posted adjusted earnings of $0.59 per share for the quarter, beating analyst forecasts of $0.57. Revenue totaled $5.41 billion, missing the $5.51 billion consensus estimate. For full-year 2025, Exelon generated adjusted earnings of $2.77 per share.
The company also introduced its 2026 guidance, projecting earnings between $2.81 and $2.91 per share. The midpoint of that range sits slightly above the analyst consensus of $2.83 and implies growth of more than 6% versus 2025 guidance. The outlook reflects Exelon’s planned $41.3 billion capital investment program over the next four years.
“As we close out our 25th anniversary year, I am pleased to report that Exelon delivered strong operational and financial performance in 2025,” said Exelon President and CEO Calvin Butler. “We remain committed to balancing the investments needed to meet tomorrow’s energy demands while keeping our customers at the center of every decision.”
Fourth-quarter performance was supported by higher utility earnings, including improved distribution and transmission rates at ComEd and PHI, stronger distribution rates at PECO and BGE, and favorable weather conditions at PECO. These gains were partly offset by higher income taxes, increased contracting costs, and rising depreciation expenses.
Exelon’s four-year capital plan is expected to drive rate base growth of 7.9% and operating EPS compound annual growth near the upper end of its 5–7% target range for 2025–2029. The company also updated its financing strategy, outlining plans to raise $3.4 billion in equity to support capital spending.
“Exelon’s financial performance in 2025 exceeded expectations, with full-year adjusted operating earnings of $2.77 per share, sustaining a 100% track record of annual outperformance as a standalone utility,” said Chief Financial Officer Jeanne Jones.
The board declared a quarterly dividend of $0.42 per share, payable on March 13, 2026, to shareholders of record as of March 2, 2026.