Exelon Q4 Earnings Beat Estimates, Sales Miss, Capex Plan Up

Core Insights - Exelon Corporation's fourth-quarter 2025 earnings of 59 cents per share exceeded the Zacks Consensus Estimate of 53 cents by 11.3%, although it represented a 7.8% decrease from the previous year's earnings of 64 cents [1][3][9] Financial Performance - Total revenues for Exelon in the fourth quarter were reported at $5.41 billion, missing the Zacks Consensus Estimate of $5.54 billion by 2.3% and reflecting a 1.1% decrease from the year-ago figure of $5.47 billion [4][9] - For the full year 2025, total revenues reached $24.26 billion, marking a 5.3% increase year over year [4] - Operating income for the quarter was $1.19 billion, an 8% increase from the previous year [6] - Adjusted earnings per share for 2025 were $2.77, up 10.8% from $2.50 in 2024 [3] Segment Performance - Commonwealth Edison Company (ComEd) reported adjusted earnings of $252 million in the fourth quarter, a 3.7% increase year over year due to investments and increased allowance for funds used during construction [7] - PECO Energy Company (PECO) saw adjusted operating earnings decrease by 17.3% year over year to $162 million, primarily due to increased income taxes and contracting costs [8] - Baltimore Gas and Electric Company (BGE) reported adjusted earnings of $181 million, up 3.4% year over year, driven by higher distribution rates [10] - Pepco Holdings LLC (PHI) experienced a 29.5% increase in adjusted operating earnings to $171 million, attributed to higher distribution and transmission rates [10] Operational Highlights - Exelon served more customers in the reported quarter, with total electric deliveries reaching 86,585 gigawatt hours, a 2.7% increase from the previous year [5] - Total operating expenses decreased by 3.3% year over year to $4.23 billion [5] - Cash and cash equivalents as of December 31, 2025, totaled $626 million, up from $357 million a year earlier [11] Future Guidance - Exelon expects earnings for 2026 to be in the range of $2.81-$2.91 per share, indicating over 6% growth from 2025 guidance [12] - The company plans to invest $41.3 billion in energy infrastructure from 2026 to 2029 [12]