Exelon(EXC) - 2025 Q3 - Quarterly Results

Financial Performance - Exelon reported third quarter 2025 adjusted operating earnings of $0.86 per share, up from $0.71 per share in the same quarter of 2024[5]. - The company reaffirmed its full-year 2025 adjusted operating earnings guidance range of $2.64 to $2.74 per share[4]. - Exelon's GAAP net income for the third quarter of 2025 increased to $0.86 per share from $0.70 per share in the third quarter of 2024[5]. - ComEd's third quarter 2025 GAAP net income rose to $373 million, compared to $360 million in the same quarter of 2024[6]. - PECO's third quarter 2025 GAAP net income increased significantly to $250 million from $117 million in the third quarter of 2024[7]. - BGE's third quarter 2025 GAAP net income grew to $82 million, up from $45 million in the same quarter of 2024[10]. - PHI's third quarter 2025 GAAP net income increased to $291 million from $278 million in the third quarter of 2024[11]. - Net income attributable to common shareholders for Q3 2025 was $875 million, up from $707 million in Q3 2024, reflecting a 23.8% increase[27]. - Operating income for Q3 2025 was $1,500 million, compared to $1,196 million in Q3 2024, marking a 25.4% increase[27]. Revenue and Expenses - Exelon reported operating revenues of $6,705 million for the three months ended September 30, 2025, an increase from $6,154 million in the same period of 2024, representing an 8.9% growth[27]. - The total operating expenses for the same period were $5,205 million, compared to $4,961 million in 2024, indicating a 4.9% increase[27]. - Exelon’s operating revenues for ComEd were $2,275 million in Q3 2025, up from $2,229 million in Q3 2024, a growth of 2.1%[27]. - PECO's operating revenues increased to $1,180 million in Q3 2025 from $1,030 million in Q3 2024, representing a 14.6% increase[27]. - BGE reported operating revenues of $1,209 million for Q3 2025, up from $1,044 million in Q3 2024, which is a 15.8% increase[27]. - The company incurred interest expenses of $538 million in Q3 2025, compared to $496 million in the same quarter of 2024, which is an 8.5% increase[27]. Investments and Capital Expenditures - Exelon plans to invest $38 billion in critical infrastructure over the next four years to enhance service reliability[3]. - The company reported capital expenditures of $6,095 million for the nine months ended September 30, 2025, compared to $5,161 million in 2024, an increase of 18.1%[34]. Assets and Liabilities - Total assets as of September 30, 2025, were $113,539 million, an increase from $107,784 million at the end of 2024, reflecting a growth of 5.4%[31]. - Total liabilities increased to $85,426 million as of September 30, 2025, compared to $80,863 million at the end of 2024, marking a rise of 5.7%[33]. - Long-term debt increased to $46,283 million as of September 30, 2025, from $42,947 million at the end of 2024, reflecting an increase of 7.9%[33]. - The company’s retained earnings rose to $7,387 million as of September 30, 2025, compared to $6,426 million at the end of 2024, indicating an increase of 14.9%[33]. Customer Growth and Deliveries - The number of electric customers increased to 4,173,244 in 2025, up from 4,105,279 in 2024, reflecting a growth in both residential and commercial segments[46]. - The number of electric customers increased to 1,349,869 in 2025 from 1,344,371 in 2024, reflecting a growth in customer base[63]. - The number of natural gas customers rose to 704,376 in 2025 from 702,590 in 2024, indicating a slight increase in market penetration[63]. - Residential electric deliveries increased by 3.0% to 8,659 GWh in 2025, with revenues rising 22.2% to $1,365 million[44]. - Residential electric deliveries for the nine months ended September 30, 2025, were 9,872 GWh, a 1.2% increase from 9,755 GWh in 2024[63]. - Small commercial and industrial electric deliveries increased by 3.2% to 22,284 GWh, with revenues rising 2.5% to $1,799 million[46]. Future Outlook - Future outlook indicates a focus on expanding customer base and enhancing service delivery amidst fluctuating weather conditions impacting energy demand[46]. - The company anticipates a 2025 net income of $2.17 billion, reflecting growth in multiple segments[41].