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FY2025 Q4
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Exelon Corporation earnings call
Buzzberg read
Raised capital plan to $41.3B through 2029, up 9%
Exelon reported strong FY2025 results, beating guidance, and raised its multi-year capex plan, largely due to increased transmission investment. Management initiated FY2026 EPS guidance above the prior trend and expressed confidence in long-term growth, driven by data center load and grid modernization. The call also focused on affordability concerns and advocacy for policy changes in the PJM market. FY2025 adjusted EPS of $2.77 beat guidance, with growth driven by favorable weather, storm conditions, and regulatory resolutions.
Buzzberg read Raised capital plan to $41.3B through 2029, up 9% Exelon reported strong FY2025 results, beating guidance, and raised its multi-year capex plan, largely due to increased transmission investment. Management initiated FY2026 EPS guidance above the prior trend and expressed confidence in long-term growth, driven by data center load and grid modernization. The call also focused on affordability concerns and advocacy for policy changes in the PJM market. FY2025 adjusted EPS of $2.77 beat guidance, with growth driven by favorable weather, storm conditions, and regulatory resolutions. Read full analysisCollapse analysis
Exelon reported strong FY2025 results, beating guidance, and raised its multi-year capex plan, largely due to increased transmission investment. Management initiated FY2026 EPS guidance above the prior trend and expressed confidence in long-term growth, driven by data center load and grid modernization. The call also focused on affordability concerns and advocacy for policy changes in the PJM market. FY2025 adjusted EPS of $2.77 beat guidance, with growth driven by favorable weather, storm conditions, and regulatory resolutions.
- Capex plan increased by $3.3 billion to $41.3 billion through 2029, with 70% of the increase directed to transmission investments.
- FY2026 EPS guidance initiated at $2.81-$2.91, implying over 6% midpoint growth vs. prior 2025 midpoint.
- Management emphasized affordability and is actively advocating for lower PJM capacity prices and utility-owned generation.
Revenue$5.412BReported
EPS$0.59Reported
Operating margin21.82%Reported
Free cash flow$-1.19BReported
6 grounded callouts
What matters now
The highest-signal changes from the call.
Guidance
EPS growth expected near top end of 5-7%
Guidance
2026 EPS guidance initiated at $2.81-$2.91
Show 3 more callouts
Transmission
See line of sight to $12-17B additional transmission opportunities
Supply
Utility generation could save PJM customers $9.6-20B
Regulatory
BGE reconciliation recovery disappointing, capital realigned
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| Revenue | $5.412B | Reported |
| EPS | $0.59 | Reported |
| Operating margin | 21.82% | Reported |
| Free cash flow | $-1.19B | Reported |
| Capex | $2.434B | Reported |
| Net income | $0.594B | Reported |
Forward-looking
Forward guidance
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| Capex | FY2029 | $41.3B | $41.3B | Initiated |
| EPS | FY2026 | $2.81–$2.91 | $2.86 | Initiated |
AI, capex & demand read
Management read
Confident
Management repeatedly emphasized consistent execution, raised capital plan, and reiterated guidance at the top end of the 5-7% growth range, reflecting strong confidence in forward outlook.
Investment and capacity
Management raised the capital plan to $41.3 billion through 2029, a 9% increase from the prior four-year plan, with about 70% of the increase driven by transmission investments. They expect annual capex of about $10 billion in 2026 and rate base growth of approximately 8%.
all 1 named companies below
Companiesreturns since call
Supply chain
Supply chain
Calvin Butler
Exelon's capital plan increase is 70% driven by transmission investments, including $1.2 billion of incremental investment recommended in the recent PJM reliability window, with a jointly developed solution with NextEra. — Confirms a major transmission project win for NextEra, validating their strategy and strengthening their backlog.
Evidence
“$1.2 billion of incremental Exelon investment was recommended, including a jointly developed solution with NextEra.”
External signals
Supply-chain alpha · 3returns since call
Exelon's capital plan increase is 70% driven by transmission investments, including $1.2 billion of incremental investment recommended in the recent PJM reliability window, with a jointly developed solution with NextEra.
Exelon is advocating for the extension of the PJM capacity auction price cap collar, a policy that would suppress prices for all PJM capacity market participants.
Evidence
“we support the development of this reliability backstop option, and we really endeavor also to bring a bit of clarity to the discourse... we have to, in the near term, focus on extending the price cap”
Exelon is actively pursuing utility-owned generation as a solution to capacity issues in PJM, citing a Charles Rivers Associates study that could save customers $9.6-20 billion.
Evidence
“utility generated power could reduce PJM customer costs by between $9.6 billion and $20 billion in the 28-29 delivery year”
Methodology & coverage
Management-only analysis. All 1 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.