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Exelon's Q2 Earnings Surpass Estimates, Sales Lag, Delivery Volume Up
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Key Takeaways
EXC posted Q2 EPS of 39 cents, beating estimates by 5.4% but down 17% year over year.
Q2 revenue of $5.42B missed estimates by 1.9% but rose 1.2% from the prior-year
EXC reaffirmed 2025 EPS guidance and plans $38B in infrastructure investments through 2028
Exelon Corporation’s (EXC - Free Report) second-quarter 2025 earnings of 39 cents per share surpassed the Zacks Consensus Estimate of 37 cents by 5.4%.
The bottom line decreased 17% from the year-ago level of 47 cents. Lower utility earnings, primarily due to the timing of distribution earnings at ComEd and higher costs at Exelon holding company due to the Customer Relief Fund contribution and higher interest expense, adversely impacted earnings in the reported quarter.
On a GAAP basis, earnings were 39 cents per share, which decreased 13.3% from the year-ago quarter’s 45 cents.
Total Revenues of Exelon
Exelon reported revenues of $5.42 billion, which lagged the Zacks Consensus Estimate of $5.53 billion by 1.9%. The top line was 1.2% up from the year-ago figure of $5.36 billion.
Exelon Corporation Price, Consensus and EPS Surprise
In the reported quarter, the company served more customers than the year-ago quarter; consequently, total electric deliveries touched 41,684 gigawatt hours in the first six months of 2025, up 1.7% from the year-ago period, primarily due to higher volumes sold to the entire customer group.
Due to revenue decoupling, ComEd’s distribution earnings were not affected by actual weather or customer usage patterns.
Exelon's total operating expenses increased nearly 1% year over year to $4.5 billion.
Operating income amounted to $0.92 billion, up 1.5% year over year.
Interest expenses totaled $531 million, up nearly 9.9% from the year-ago quarter’s level.
In the reported quarter, adjusted net income was $392 million compared with $472 million in the year-ago quarter.
Segmental Details of EXC
Commonwealth Edison Company (ComEd): Adjusted earnings in the second quarter were $228 million, down 20% from the year-ago quarter. The year-over-year decline was primarily due to the timing of distribution earnings and lower transmission peak load.
PECO Energy Company (PECO): Adjusted operating earnings for the reported quarter increased 46.2% year over year to $136 million, primarily due to higher electric and gas distribution rates associated with updated recovery of investments to serve customers, partially offset by an increase in storm costs.
Baltimore Gas and Electric Company (BGE): Adjusted earnings for the quarter improved 22.2% year over year to $55 million due to higher distribution rates associated with updated recovery of investments to serve customers.
Pepco Holdings LLC (PHI): Adjusted operating earnings for the quarter decreased 11.1% year over year to $162 million due to lower impacts of the Maryland multi-year plans reconciliations, increases in credit loss and interest expense, and storm costs at Pepco.
EXC’s Financial Highlights
Cash and cash equivalents totaled $724 million as of June 30, 2025, compared with $357 million as of Dec. 31, 2024.
Long-term debt was $45.52 billion as of June 31, 2025, compared with $42.94 billion as of Dec. 31, 2024.
Cash provided by operating activities in the first six months of 2025 totaled $2.71 billion compared with $2.45 billion in the year-ago period.
Guidance of Exelon
Exelon reaffirmed earnings in the range of $2.64-$2.74 per share for 2025. The Zacks Consensus Estimate for the same is pinned at $2.69 per share, on par with the midpoint of the company’s guided range. The company also reaffirmed its adjusted (non-GAAP) operating EPS compounded annual growth target of 5-7% through 2028.
Exelon will be making $38 billion of critical investments in its energy infrastructure in the 2025-2028 period.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2025 adjusted earnings of $1.05 per share, which beat the Zacks Consensus Estimate of $1.02 by 2.9%. The bottom line was also up nearly 9.4% year over year.
NEE’s long-term (three-to-five years) earnings growth rate is 7.89%. It delivered an average earnings surprise of 3.51% in the last four quarters.
American Electric Power Company, Inc. (AEP - Free Report) reported second-quarter 2025 operating earnings per share (EPS) of $1.43, which beat the Zacks Consensus Estimate of $1.28 by 11.7%. The bottom line inched up 14.4% from $1.25 recorded in the year-ago quarter.
AEP’s long-term (three-to-five years) earnings growth rate is 6.43%. It delivered an average earnings surprise of 6.61% in the last four quarters.
FirstEnergy Corporation (FE - Free Report) reported second-quarter 2025 adjusted EPS of 52 cents, which surpassed the Zacks Consensus Estimate of 50 cents by 4%.
FE’s long-term earnings growth rate is 6.43%. It delivered an average earnings surprise of 1.2% in the last four quarters.
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Exelon's Q2 Earnings Surpass Estimates, Sales Lag, Delivery Volume Up
Key Takeaways
Exelon Corporation’s (EXC - Free Report) second-quarter 2025 earnings of 39 cents per share surpassed the Zacks Consensus Estimate of 37 cents by 5.4%.
The bottom line decreased 17% from the year-ago level of 47 cents. Lower utility earnings, primarily due to the timing of distribution earnings at ComEd and higher costs at Exelon holding company due to the Customer Relief Fund contribution and higher interest expense, adversely impacted earnings in the reported quarter.
On a GAAP basis, earnings were 39 cents per share, which decreased 13.3% from the year-ago quarter’s 45 cents.
Total Revenues of Exelon
Exelon reported revenues of $5.42 billion, which lagged the Zacks Consensus Estimate of $5.53 billion by 1.9%. The top line was 1.2% up from the year-ago figure of $5.36 billion.
Exelon Corporation Price, Consensus and EPS Surprise
Exelon Corporation price-consensus-eps-surprise-chart | Exelon Corporation Quote
Highlights of Exelon’s Q2 Release
In the reported quarter, the company served more customers than the year-ago quarter; consequently, total electric deliveries touched 41,684 gigawatt hours in the first six months of 2025, up 1.7% from the year-ago period, primarily due to higher volumes sold to the entire customer group.
Due to revenue decoupling, ComEd’s distribution earnings were not affected by actual weather or customer usage patterns.
Exelon's total operating expenses increased nearly 1% year over year to $4.5 billion.
Operating income amounted to $0.92 billion, up 1.5% year over year.
Interest expenses totaled $531 million, up nearly 9.9% from the year-ago quarter’s level.
In the reported quarter, adjusted net income was $392 million compared with $472 million in the year-ago quarter.
Segmental Details of EXC
Commonwealth Edison Company (ComEd): Adjusted earnings in the second quarter were $228 million, down 20% from the year-ago quarter. The year-over-year decline was primarily due to the timing of distribution earnings and lower transmission peak load.
PECO Energy Company (PECO): Adjusted operating earnings for the reported quarter increased 46.2% year over year to $136 million, primarily due to higher electric and gas distribution rates associated with updated recovery of investments to serve customers, partially offset by an increase in storm costs.
Baltimore Gas and Electric Company (BGE): Adjusted earnings for the quarter improved 22.2% year over year to $55 million due to higher distribution rates associated with updated recovery of investments to serve customers.
Pepco Holdings LLC (PHI): Adjusted operating earnings for the quarter decreased 11.1% year over year to $162 million due to lower impacts of the Maryland multi-year plans reconciliations, increases in credit loss and interest expense, and storm costs at Pepco.
EXC’s Financial Highlights
Cash and cash equivalents totaled $724 million as of June 30, 2025, compared with $357 million as of Dec. 31, 2024.
Long-term debt was $45.52 billion as of June 31, 2025, compared with $42.94 billion as of Dec. 31, 2024.
Cash provided by operating activities in the first six months of 2025 totaled $2.71 billion compared with $2.45 billion in the year-ago period.
Guidance of Exelon
Exelon reaffirmed earnings in the range of $2.64-$2.74 per share for 2025. The Zacks Consensus Estimate for the same is pinned at $2.69 per share, on par with the midpoint of the company’s guided range. The company also reaffirmed its adjusted (non-GAAP) operating EPS compounded annual growth target of 5-7% through 2028.
Exelon will be making $38 billion of critical investments in its energy infrastructure in the 2025-2028 period.
Zacks Rank of Exelon
Exelon has a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2025 adjusted earnings of $1.05 per share, which beat the Zacks Consensus Estimate of $1.02 by 2.9%. The bottom line was also up nearly 9.4% year over year.
NEE’s long-term (three-to-five years) earnings growth rate is 7.89%. It delivered an average earnings surprise of 3.51% in the last four quarters.
American Electric Power Company, Inc. (AEP - Free Report) reported second-quarter 2025 operating earnings per share (EPS) of $1.43, which beat the Zacks Consensus Estimate of $1.28 by 11.7%. The bottom line inched up 14.4% from $1.25 recorded in the year-ago quarter.
AEP’s long-term (three-to-five years) earnings growth rate is 6.43%. It delivered an average earnings surprise of 6.61% in the last four quarters.
FirstEnergy Corporation (FE - Free Report) reported second-quarter 2025 adjusted EPS of 52 cents, which surpassed the Zacks Consensus Estimate of 50 cents by 4%.
FE’s long-term earnings growth rate is 6.43%. It delivered an average earnings surprise of 1.2% in the last four quarters.