Exelon (EXC) Q3 2025 Earnings: Revenue and Profit Growth Analysis

As one of the largest utility services holding companies in the United States, Exelon Corp. plays a crucial role in delivering electricity and natural gas to millions. When the company releases its financial results, it offers a snapshot of its operational health and the broader energy landscape. We're diving into Exelon's most recent quarterly report filed with the SEC for the third quarter of 2025 to see how the company performed.

Exelon's latest quarter reveals a story of solid growth, with both revenue and profits seeing a healthy uptick compared to the same period last year. The company's net income rose to $875 million, a significant increase from $707 million in the third quarter of 2024. This resulted in diluted earnings per share of $0.86, up from $0.70 a year prior.

From Revenue to Profit

To understand how Exelon generated this profit, the following flow diagram breaks down the company's revenues and expenses for the third quarter of 2025.

Powering the Top and Bottom Lines

Exelon's total revenue for the quarter reached $6.7 billion, a notable increase from $6.2 billion in the same period last year. The primary driver of this revenue is, unsurprisingly, the sale of electricity.

However, delivering that power comes at a cost. The largest single expense for Exelon was Purchased Power, which amounted to $2.6 billion. As a utility company focused on transmission and distribution, Exelon purchases electricity from power generators to deliver to its customers, making this a major and largely pass-through cost. Along with other operational expenses, the total cost to run the business was $5.2 billion, leaving an operating income of $1.5 billion.

A Segment-by-Segment Look

Exelon operates through several well-known regional utilities, and their individual performance contributes to the company's overall results. The main business segments include:

• ComEd: Serving Northern Illinois, including Chicago.
• PECO: Serving Philadelphia and southeastern Pennsylvania.
• BGE: Serving Baltimore and central Maryland.
• PHI (Pepco Holdings): An umbrella for utilities including Pepco (Washington D.C. area), Delmarva Power (Delaware and Maryland), and Atlantic City Electric (New Jersey).

All of Exelon's major segments saw a year-over-year increase in operating income. The most significant jump came from PECO, which saw its operating income more than double to $309 million from $162 million in Q3 2024. ComEd, the largest segment by revenue, also posted a strong performance with operating income rising to $558 million. This broad-based growth across its regulated utilities was largely driven by the favorable impact of new rates.

In conclusion, Exelon's third-quarter results paint a picture of a stable and growing utility. The company successfully translated higher revenues into increased profits, supported by positive rate case outcomes across its diverse service territories. While large costs like purchased power remain a significant factor, the performance highlights the steady nature of the regulated utility business model.