Exelon(US:EXC)2026-02-12 12:00Financial Performance - Exelon reported fourth quarter GAAP net income of $0.58 per share, down from $0.64 per share in Q4 2024, and full-year GAAP net income increased to $2.73 per share from $2.45 per share in 2024[6][7]. - Adjusted (non-GAAP) operating earnings for Q4 2025 were $0.59 per share, a decrease from $0.64 per share in Q4 2024, while full-year adjusted operating earnings rose to $2.77 per share from $2.50 per share in 2024[4][6][7]. - Full year 2025 GAAP net income was $2.73 billion, while adjusted (non-GAAP) operating earnings were $2.77 billion, indicating a slight increase in operational performance[18]. - The company reported a diluted GAAP net income per share of $0.58 for 2025, down from $0.64 in 2024, a decrease of 9.4%[42]. - Adjusted (non-GAAP) operating earnings for 2025 were $0.59 per share, compared to $0.64 per share in 2024, reflecting a decline of 7.8%[42]. - Net income attributable to common shareholders for the twelve months ended December 31, 2025, was $2,768 million, up from $2,460 million in 2024, representing a growth of 12.5%[33]. - Operating income for the three months ended December 31, 2025, was $1,185 million, compared to $1,097 million in the same period of 2024, showing an increase of 8%[32]. Revenue and Customer Growth - Exelon's total customer base exceeds 10.9 million across six regulated utilities, demonstrating significant market presence[22]. - ComEd's total electric revenues for 2025 are $20,313 million, a 1.8% increase from 2024, while total electric revenues decreased by 39.9% to $1,091 million[49]. - Total electric revenues for the twelve months ended December 31, 2025, are $86,585 million, a 2.7% increase from $84,333 million in 2024[51]. - The number of residential electric customers increased to 3,776,590 in 2025 from 3,727,097 in 2024, reflecting a growth in customer base[51]. - The number of electric customers grew to 1,710,217 in 2025, up from 1,702,465 in 2024, while natural gas customers increased to 556,281[55]. - The number of residential electric customers rose to 495,254 in 2025, up from 490,626 in 2024, indicating a growth of 1.3%[80]. Capital Expenditures and Investments - The company plans $41.3 billion in capital expenditures over the next four years, expecting a 7.9% growth in rate base and annualized operating EPS growth of 5-7% from 2025 to 2029[4][5]. - Exelon issued $1 billion of 3.25% Convertible Senior Notes to refinance debt and for general corporate purposes[17]. - The company anticipates continued investment in new technologies and regulatory compliance to enhance operational efficiency and sustainability[25]. Regulatory and Compliance Matters - The Illinois Commerce Commission approved a $243 million revenue requirement increase for ComEd, effective January 1, 2026[17]. - Exelon provided $60 million in direct assistance through its Customer Relief Fund to enhance customer affordability[4]. - Regulatory matters contributed an additional $0.01 to the adjusted earnings in 2025, indicating ongoing regulatory support[42]. Operating Expenses and Financial Adjustments - Total operating expenses for 2025 were $19,113 million, compared to $18,721 million in 2024, indicating an increase of 2.1%[33]. - The company experienced a year-over-year decrease in operating and maintenance expenses, which negatively impacted adjusted operating earnings by $96 million[42]. - The increase in distribution and transmission rates positively impacted adjusted operating earnings by $111 million, highlighting effective rate management strategies[42]. - Environmental costs negatively impacted earnings by $0.01 per share in Q4 2024, highlighting ongoing challenges in managing environmental compliance[19]. - The income tax-related adjustments for 2024 included a tax expense of $3 million, affecting the overall net income calculation[19]. Cash Flow and Assets - Cash and cash equivalents rose to $626 million in 2025, up from $357 million in 2024, indicating a significant increase of 75.4%[36]. - The company reported a total of $116,570 million in assets as of December 31, 2025, an increase from $107,784 million in 2024, reflecting a growth of 8.3%[36]. - Net cash flows provided by operating activities increased to $6,254 million in 2025 from $5,569 million in 2024, reflecting a rise of 12.3%[40]. - The net cash flows provided by financing activities rose to $2,533 million in 2025, compared to $1,311 million in 2024, an increase of 93.1%[40]. Electric and Natural Gas Deliveries - Residential electric deliveries increased by 8.4% in 2025, reaching 6,130 GWh, while small commercial and industrial deliveries rose by 4.0% to 7,049 GWh[49]. - Total electric deliveries for residential customers for the twelve months ended December 31, 2025, increased by 2.7% to 28,016 GWh, with revenues rising by 10.3% to $4,203 million[51]. - Natural gas deliveries for residential customers rose by 12.7% to 43,189 mmcfs, with revenues increasing by 33.3% to $593 million[55]. - Total natural gas deliveries surged by 14.5% to 6,881 mmcfs, with residential deliveries increasing by 22.8% to 3,252 mmcfs[75].