Exelon Q1 2025 Earnings

Financial performance:
- GAAP net income was $0.90 per share, compared to $0.66 in Q1 2024
- Adjusted (non-GAAP) operating earnings were $0.92 per share, up from $0.68
- Total GAAP net income rose to $908 million from $658 million
- Adjusted operating earnings reached $932 million, up from $685 million

2025 guidance:
- Full-year adjusted EPS guidance of $2.64 to $2.74 reaffirmed
- EPS growth target of 5 to 7 percent annually through 2028 maintained

Operational highlights:
- All utilities achieved top quartile or better reliability and top decile safety
- By the end of Q1, Exelon completed about 50 percent of its 2025 debt financing and priced 60 percent of its planned $700 million equity raise

Utility-level results:
- ComEd: Adjusted earnings rose to $325 million from $219 million, driven by rate base growth and earnings timing
- PECO: Adjusted earnings rose to $265 million from $149 million, helped by rate increases and normalized weather
- BGE: Adjusted earnings held steady at $260 million, with rate improvements offset by higher interest expenses
- PHI: Adjusted earnings rose to $194 million from $168 million due to higher rates and favorable weather

Dividend:
- Declared a $0.40 per share dividend, payable June 13, 2025

Financing activity:
- Issued $2.2 billion in long-term debt during Q1, mainly to refinance commercial paper and support general corporate needs

Cash flow and balance sheet:
- Operating cash flow was $1.2 billion, up from $992 million
- Capital expenditures reached $1.95 billion
- End-of-quarter cash and equivalents stood at $1.58 billion, compared to $1.31 billion in Q1 2024