Exelon Reports Second Quarter 2025 Results

• GAAP net income of $0.39 per share and Adjusted (non-GAAP) operating earnings of $0.39 per share for the second quarter of 2025
• Affirming full year 2025 Adjusted (non-GAAP) operating earnings guidance range of $2.64-$2.74 per share
• Reaffirming operating EPS compounded annual growth of 5-7% from 2024 to 2028
• All utilities sustained top quartile or better performance in reliability and BGE, PECO, and PHI sustained top quartile or better performance in gas odor response
• Executed ~80% of planned debt financings and continued strong progress on equity financing, having now priced 100% of $700 million annualized equity financing need for 2025 and ~22% for 2026

Chicago, IL — Exelon Corporation (Nasdaq: EXC) today reported its financial results for the second quarter of 2025.

"Exelon’s second-quarter performance reflects our disciplined execution across all fronts," said Exelon President and Chief Executive Officer Calvin Butler. "We remain focused on delivering long-term value through operational excellence, customer affordability solutions and a balanced investment strategy that supports grid modernization and energy security. As we reaffirm our financial guidance, we are confident in our ability to meet the evolving needs of our customers and communities while advancing a cleaner, more resilient energy future."

“I’m pleased to announce we delivered second quarter 2025 adjusted operating earnings of $0.39 per share, overcoming an active start to the summer storm season, including one of the largest in recent history at PECO with peak outages over 325,000 customers," said Exelon Chief Financial Officer Jeanne Jones. "We remain on track to deliver within our full-year earnings guidance range of $2.64 - $2.74 per share, and our performance underscores our ability to deliver strong financial and operational results while keeping our customers front and center.”

Second Quarter 2025

Exelon's GAAP net income for the second quarter of 2025 decreased to $0.39 per share from $0.45 per share in the second quarter of 2024. Adjusted (non-GAAP) operating earnings for the second quarter of 2025 decreased to $0.39 per share from $0.47 per share in the second quarter of 2024. For the reconciliations of GAAP net income to Adjusted (non-GAAP) operating earnings, refer to the tables beginning on page 4.

The GAAP net income and Adjusted (non-GAAP) operating earnings in the second quarter of 2025 primarily reflect:

• Lower utility earnings primarily due to timing of distribution earnings at ComEd, increased storm costs at PECO, lower impacts of the Maryland multi-year plan reconciliations at PHI, lower transmission peak load at ComEd, and higher credit loss and interest expense at PHI. This was partially offset by distribution rate increases at PECO and BGE, distribution and transmission rate increases at ComEd and PHI, and a higher return on regulatory assets at ComEd.
• Higher costs at Exelon holding company due to the Customer Relief Fund contribution and higher interest expense. The Customer Relief Fund is a one-time charitable contribution to trusted local nonprofits to assist low and middle-income customers with higher energy costs.

Operating Company Results¹

ComEd

ComEd's second quarter of 2025 GAAP net income decreased to $228 million from $270 million in the second quarter of 2024. ComEd's Adjusted (non-GAAP) operating earnings for the second quarter of 2025 decreased to $228 million from $285 million in the second quarter of 2024, primarily due to the timing of distribution earnings and lower transmission peak load, partially offset by higher distribution and transmission rate base driven by incremental investments to serve customers and higher return on regulatory assets primarily due to an increase in asset balances. Due to revenue decoupling, ComEd's distribution earnings are not intended to be affected by actual weather or customer usage patterns.

PECO

PECO’s second quarter of 2025 GAAP net income increased to $136 million from $90 million in the second quarter of 2024. PECO's Adjusted (non-GAAP) operating earnings for the second quarter of 2025 increased to $136 million from $93 million in the second quarter of 2024, 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.

BGE

BGE’s second quarter of 2025 GAAP net income increased to $55 million from $45 million in the second quarter of 2024. BGE's Adjusted (non-GAAP) operating earnings for the second quarter of 2025 increased to $55 million from $45 million in the second quarter of 2024, primarily due to distribution rates associated with updated recovery of investments to serve customers, partially offset by the derecognition of regulatory assets and liabilities as a result of the Next Generation Energy Act. Due to revenue decoupling, BGE's distribution earnings are not intended to be affected by actual weather or customer usage patterns.

PHI

PHI’s second quarter of 2025 GAAP net income decreased to $143 million from $158 million in the second quarter of 2024. PHI’s Adjusted (non-GAAP) operating earnings for the second quarter of 2025 decreased to $144 million from $162 million in the second quarter of 2024, primarily due to lower impacts of the Maryland multi-year plans reconciliations, increases in credit loss and interest expense, and storm costs at Pepco, partially offset by favorable distribution and transmission rates driven by updated recovery of investments to serve customers. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not intended to be affected by actual weather or customer usage patterns.

¹ Exelon’s four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois; PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; and PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware.

Recent Developments and Second Quarter Highlights

• Dividend: On July 29, 2025, Exelon's Board of Directors declared a regular quarterly dividend of $0.40 per share on Exelon's common stock. The dividend is payable on September 15, 2025, to Exelon's shareholders of record as of the close of business on August 11, 2025.
  
  
• Rate Case Developments:
  • There were no rate case developments in the second quarter.
    
    
• Financing Activities:
  • On May 16, 2025, BGE issued $650 million of its 5.45% Notes due June 1, 2035. BGE used the proceeds to repay outstanding commercial paper obligations and for general corporate purposes.
  • On May 19, 2025, ComEd issued $725 million of its First Mortgage 5.95% Series Bonds due June 1, 2055. ComEd used the proceeds to repay outstanding commercial paper obligations and for general corporate purposes.
  • On July 1, 2025, DPL completed the reoffering of its $78.4 million of its 2020 Series A Bonds. In connection with the reoffering of the Bonds, the interest rate was modified to 3.60% per annum, and the maturity date was modified to January 1, 2031. DPL did not directly receive any proceeds from the reoffering.

Adjusted (non-GAAP) operating earnings for the second quarter of 2025 do not include the following items (after tax) that were included in reported GAAP net income:

Adjusted (non-GAAP) operating earnings for the second quarter of 2024 do not include the following items (after tax) that were included in reported GAAP net income:

Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2025 and 2024 ranged from 24.0% to 29.0%.

Webcast Information

Exelon will discuss second quarter 2025 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at https://investors.exeloncorp.com.

About Exelon

Exelon (Nasdaq: EXC) is a Fortune 200 company and one of the nation’s largest utility companies, serving more than 10.7 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). Exelon's 20,000 employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow @Exelon on X and LinkedIn.

Non-GAAP Financial Measures

In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) operating earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) operating earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) operating earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) operating earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP net income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) operating earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: https://investors.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on July 31, 2025.

Cautionary Statements Regarding Forward-Looking Information

This press release contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “should,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to: unfavorable legislative and/or regulatory actions; uncertainty as to outcomes and timing of regulatory approval proceedings and/or negotiated settlements thereof; environmental liabilities and remediation costs; state and federal legislation requiring use of low-emission, renewable, and/or alternate fuel sources and/or mandating implementation of energy conservation programs requiring implementation of new technologies; challenges to tax positions taken, tax law changes, and difficulty in quantifying potential tax effects of business decisions; negative outcomes in legal proceedings; adverse impact of the activities associated with the past deferred prosecution agreement (DPA) and now-resolved SEC investigation on Exelon’s and ComEd’s reputation and relationships with legislators, regulators, and customers; physical security and cybersecurity risks; extreme weather events, natural disasters, operational accidents such as wildfires or natural gas explosions, war, acts and threats of terrorism, public health crises, epidemics, pandemics, or other significant events; disruptions or cost increases in the supply chain, including shortages in labor, materials or parts, or significant increases in relevant tariffs; lack of sufficient capacity to meet actual or forecasted demand or disruptions at power generation facilities owned by third parties; emerging technologies that could affect or transform the energy industry; instability in capital and credit markets; a downgrade of any Registrant’s credit ratings or other failure to satisfy the credit standards in the Registrants’ agreements or regulatory financial requirements; significant economic downturns or increases in customer rates; impacts of climate change and weather on energy usage and maintenance and capital costs; and impairment of long-lived assets, goodwill, and other assets.

New factors emerge from time to time, and it is impossible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. For more information, see those factors discussed with respect to Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company,  Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) in the Registrants' most recent Annual Report on Form 10-K, including in Part I, ITEM 1A, any subsequent Quarterly Reports on Form 10-Q, and in other reports filed by the Registrants from time to time with the SEC.

Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.

Exelon uses its corporate website, www.exeloncorp.com, investor relations website, investors.exeloncorp.com, and social media channels to communicate with Exelon's investors and the public about the Registrants and other matters. Exelon's posts through these channels may be deemed material. Accordingly, Exelon encourages investors and others interested in the Registrants to routinely monitor these channels, in addition to following the Registrants' press releases, Securities and Exchange Commission filings and public conference calls and webcasts. The contents of Exelon's websites and social media channels are not, however, incorporated by reference into this press release.