Exelon (EXC -0.56%), a regulated utility serving over 10 million customers across the Mid-Atlantic and Midwest, reported its second quarter 2025 earnings on July 31, 2025. The company posted adjusted (non-GAAP) earnings per share of $0.39, beating analyst expectations of $0.37 (non-GAAP EPS), and GAAP revenue of $5,427 million. Still, GAAP net income declined year over year, with adjusted (non-GAAP) EPS falling 17.0% and segment results mixed. Management maintained its full-year outlook, highlighting progre ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | Commission File | Name of Registrant; State or Other Jurisdiction of Incorporation; Address of Principal | IRS Employer Identification | | | --- | --- | --- | --- | | Number | Executive Offices; and ...

Key Takeaways EXC posted Q2 EPS of 39 cents, beating estimates by 5.4% but down 17% year over year.Q2 revenue of $5.42B missed estimates by 1.9% but rose 1.2% from the prior-year EXC reaffirmed 2025 EPS guidance and plans $38B in infrastructure investments through 2028Exelon Corporation’s (EXC) second-quarter 2025 earnings of 39 cents per share surpassed the Zacks Consensus Estimate of 37 cents by 5.4%. The bottom line decreased 17% from the year-ago level of 47 cents. Lower utility earnings, primarily due ...

Exelon (EXC) Q2 2025 Earnings Call July 31, 2025 10:00 AM ET Company ParticipantsAndrew Plenge - VP - IRCalvin Butler - CEO, President & DirectorJeanne Jones - Executive VP & CFOMichael Innocenzo - EVP & COOAnthony Crowdell - Managing DirectorDavid Arcaro - Executive Director - Equity ResearchCarly Davenport - VP - Equity ResearchConference Call ParticipantsPaul Zimbardo - MD & Research Analyst - Energy AnalystOperatorHello, and welcome to Exelon's Second Quarter Earnings Call. My name is Gigi, and I'll be ...

Exelon (EXC) Q2 2025 Earnings Call July 31, 2025 10:00 AM ET Speaker0Hello, and welcome to Exelon's Second Quarter Earnings Call. My name is Gigi, and I'll be your event specialist today. All lines have been placed on mute to prevent any background noise. Please note that today's webcast is being recorded. During the presentation, we'll have a question and answer session.You can ask questions by pressing star, one, one on your telephone keypad. If you would like to view the presentation in a full screen vie ...

业绩总结 - 2025年第二季度GAAP每股收益为0.39美元，较2024年第二季度的0.45美元下降约13.3%[10] - 2025年第二季度调整后每股收益为0.39美元，较2024年第二季度的0.47美元下降约17.0%[10] - 预计2025年每股收益在2.64至2.74美元之间[10] - 2025年调整后每股收益的复合年增长率（CAGR）预计为5%至7%[10] - 预计2024年调整后运营每股收益（EPS）指导范围为2.40至2.50美元，年化运营收益增长为5-7%[30][49] - Exelon在2025年的GAAP每股收益为1.29美元，调整后的每股收益为1.31美元[99] - Exelon在2024年的GAAP每股收益为1.10美元，调整后的每股收益为1.16美元[99] 资本投资与融资 - 2025年资本投资计划为380亿美元，预计带来7.4%的资产基础增长[10] - 预计2025年发行700百万美元的股权，以支持资本投资计划[10] - 预计2025年的债务融资需求已完成约80%[24] - Exelon计划在2025年发行的融资工具总额为$4.8B，其中包括$2B的高级票据和$1.05B的第一抵押债券[55] - Exelon预计到2028年将发行约$2.8B的股权，年均约$700M，其中$525M将在2025年12月15日前结算[56] 客户与市场数据 - 2025年第二季度的客户驱动请求容量为17GW，预计在未来10年内逐步增加[10] - 客户费率比美国最大城市低21%[29] - 2024年大负荷管道预计超过17吉瓦（GW）[29][30] - 2024年供应商支出中约54%用于当地企业，约37%用于多元化供应商[29][31] 未来展望 - 预计2025年至2028年年化调整后运营收益增长为5-7%[49] - 2025年目标的合并运营股本回报率（ROE）为9%至10%[27] - 预计到2029年及以后，传输投资需求将继续增长[34] 收入要求与回报率 - DPL的天然气分销率案请求的收入要求增加为$39.9M，预计的回报率为10.65%[69] - ACE的分销率案请求的收入要求增加为$108.9M，预计的回报率为10.70%[72] - ComEd的电力分配收入要求增加了10.45亿美元，允许的股本回报率为8.905%，股本比例为50.0%[75] - PECO的电力收入要求在2025年增加2.9亿美元，基于一次性信用额度6400万美元，净收入增加290百万美元[77] - BGE的电力收入要求在2024年增加1.791亿美元，允许的股本回报率为9.50%，股本比例为52.00%[75] - Pepco MD的电力收入要求在2024年增加4460万美元，允许的股本回报率为9.50%，股本比例为50.50%[75] - DPL MD的电力收入要求在2023年增加2890万美元，允许的股本回报率为9.60%，股本比例为50.50%[75] - PECO的燃气收入要求在2025年增加7800万美元，未规定股本回报率和股本比例[84] - BGE的燃气收入要求在2024年增加2.288亿美元，允许的股本回报率为9.45%，股本比例为52.00%[84] - ComEd的电力传输收入要求在2025年增加1.27亿美元，允许的股本回报率为11.50%，股本比例为54.56%[87]

Exhibit 99.1 News Release Contact: James Gherardi Corporate Communications 312-394-7417 Andrew Plenge Investor Relations 779-231-0017 EXELON REPORTS SECOND QUARTER 2025 RESULTS Earnings Release Highlights CHICAGO (Jul 31, 2025) — 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 d ...

Key Takeaways EXC's Q2 earnings may gain from decoupled revenues, rate hikes, and data center demand.EXC's Q2 EPS estimate is 43 cents, down 8.5% YoY, with revenues expected to rise 8.7% to $5.83B.Earnings ESP of -11.58% suggests EXC may not beat estimates despite expected 8.7% revenue increase.Exelon Corporation (EXC) is scheduled to release second-quarter 2025 results on July 31, before market open. The company delivered an earnings surprise of 8.2% in the last reported quarter. Let’s discuss the factors ...

收入投资策略 - 收入投资者的核心目标是通过流动性投资产生持续现金流，重点关注股息分配 [1][2] - 股息收益率是衡量股息占股价百分比的关键指标，研究表明股息贡献长期回报的比例可超过三分之一 [2] Exelon公司概况 - Exelon总部位于芝加哥，属于公用事业板块，年初至今股价上涨13.18% [3] - 当前季度股息为每股0.4美元，股息收益率达3.76%，高于行业平均3.27%及标普500的1.62% [3] 股息增长与财务指标 - 年度化股息1.6美元，较上年增长5.3%，过去5年累计上调股息3次，年均增幅0.01% [4] - 当前派息比例为58%，即公司将过去12个月每股收益的58%用于分红 [4] - 2025年每股收益预期为2.7美元，同比增长8% [5] 行业比较与投资逻辑 - 公用事业板块因其盈利稳定性被视为优质股息选择，而高增长企业或科技初创公司通常不分红 [7] - Exelon兼具高股息吸引力（Zacks买入评级2）与盈利增长潜力，形成复合投资价值 [7]

研究分析方法论 - 采用结构化可重复框架识别具有持久商业模式、现金流潜力被低估及资本配置合理的公司 [1] - 结合严格基本面分析与高信号判断驱动流程 规避噪音叙事和过度复杂预测 [1] - 估值基于行业相关倍数 根据企业商业模式和资本结构定制 强调可比性、简洁性和相关性 [1] 研究覆盖偏好 - 重点关注被低估且经历结构性变化或暂时性错位的公司 通过冷静分析和差异认知获取不对称回报 [1] - 研究覆盖体现对资本纪律性和长期复利的深度尊重 [1] 研究机构定位 - 为专业投资者提供买方级股权研究 追求清晰度、确信度和超额收益 [1] - 专注美国公开市场 遵循机构标准 提升独立投资研究水准 [1] - 提供专业级洞察、可操作估值及现代股权分析的核心要素筛选 [1]