Exelon Corporation (EXC): Business Model Canvas [Dec-2025 Updated]

You're digging into the business model of Exelon Corporation (EXC), and what you'll find is a highly structured, regulated utility play where predictable returns hinge on massive, non-negotiable infrastructure spending. Honestly, their core strength isn't selling power; it's owning the pipes and wires-the regulated transmission and distribution (T&D) network-which allows them to earn a guaranteed return on assets, even while serving over 10 million residential customers across six states. But this stability demands heavy investment, like the planned $9.1 billion in capital expenditures for 2025 just to modernize the grid and keep reliability top-quartile. Below, we map out exactly how they manage regulatory partnerships, fund that growth through debt and equity, and turn rate base expansion into revenue.

Exelon Corporation (EXC) - Canvas Business Model: Key Partnerships

You're analyzing Exelon Corporation's strategic alliances, which are critical given the company's status as the nation's largest pure Transmission and Distribution (T&D) utility, serving more than 10.7 million customers across six regulated utilities as of late 2025. These partnerships span governance, community investment, supply chain, and technology adoption.

State and Federal Regulatory Bodies (e.g., Public Service Commissions)

Exelon Corporation's operations are intrinsically linked to regulatory oversight, as the company functions as a fully regulated utility across seven different regulatory jurisdictions. The Federal Energy Regulatory Commission (FERC) is one such body involved in transmission matters. The company navigated a busy regulatory calendar in 2024, successfully implementing new distribution rates after reviews at Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), and Commonwealth Edison (ComEd). Progress was also made on rate cases for Delmarva Power, Pepco Maryland, and Pepco D.C.. ComEd's first multi-year rate plan was finalized, though the financial support component was noted as disappointing.

Regional Chambers of Commerce for Economic Development Grants

Exelon Corporation utilizes local grant programs, often administered in partnership with regional bodies, to foster community resilience and economic vitality. These efforts are a key part of its community engagement strategy. For instance, ComEd partners with organizations like the Metropolitan Mayors Caucus to enhance its Powering Communities Grant Program.

Here is a look at the grant funding available through Exelon subsidiaries in 2025:

Additionally, Exelon manages the $36 million Community Impact Capital Fund (CICF), which supports businesses in its service areas through investments.

National Minority Supplier Development Council Affiliates for Diverse Supply Chain

Exelon Corporation actively partners with organizations like the National Minority Supplier Development Council (NMSDC) to ensure its supplier base reflects its diverse customer base. The company's commitment to supplier diversity is substantial. In 2023, spend with diversity certified suppliers reached nearly $3.2 billion, which was 39% of the total sourced spending. Furthermore, approximately 64% of Exelon's $8 billion total supplier spend in 2023 sourced materials, goods, and services from local businesses within its key markets. The NMSDC itself is working toward a goal of increasing annual spend with certified Minority Business Enterprises (MBEs) to $1 trillion by 2030.

Exelon also partners with the United Negro College Fund (UNCF) for the HBCU Corporate Scholars Program, funding 30 students as of 2023, with each receiving $100,000 over four years.

Technology Vendors for Advanced Metering Infrastructure (AMI) and Grid Modernization

Grid modernization is heavily reliant on technology vendor partnerships. Exelon utility companies have largely completed their planned major smart meter program deployments. As of January 2025, 99% of Philadelphia Electric Company's (PECO) meter population consisted of Advanced Metering Infrastructure (AMI) meters. PECO's AMI meters are sized with a 15-year book life. Exelon subsidiaries ComEd and PECO secured a combined $150 million in federal GRIP funding-$50 million for ComEd and $100 million for PECO-to deploy next-generation grid technologies like microgrids. Exelon is also using NVIDIA's technology for autonomous grid asset inspection. The company's commitment to innovation was recognized with two Electric Power Research Institute (EPRI) 2025 Technology Transfer Awards.

Key technology adoption metrics include:

• AMI Penetration: 99% of PHI electric customers had AMI meters as of January 2025.
• Energy Efficiency Savings: Exelon utilities saved 26.2 million Megawatt-hours (MWh) in 2024 through energy efficiency programs.
• DER Enablement: Enabled more than 269,500 customers to connect 4,183 MW of local renewable generation through 2024.

Non-profit Organizations for Workforce Development Programs

Exelon Corporation maintains a robust workforce development strategy, supporting a large number of non-profit partners to build a diverse talent pipeline. The company funds programs focused on STEM education and occupational skills training for youth and adults. While the outline mentions over 100 programs, specific recent data shows investment in more than 90 programs in 2024.

The scale of this partnership investment is significant:

• 2024 Investment: Exelon invested more than $25 million to support over 90 workforce development programs.
• 2022 Investment: The company was on track to invest nearly $14 million to support more than 75 different programs, reaching over 5,000 participants.
• Hiring Impact: Since 2019, these efforts have resulted in the hiring of more than 2,000 individuals internally and externally.

The Exelon Foundation supports initiatives like the STEM Academy and awards the Chris Crane Memorial Scholarship.

Exelon Corporation (EXC) - Canvas Business Model: Key Activities

Exelon Corporation's key activities are centered on the disciplined execution of its massive, regulated transmission and distribution (T&D) investment strategy across its service territories. This involves the day-to-day operation and maintenance of its six regulated utilities, which include ComEd, PECO, BGE, and PHI, among others.

The primary financial commitment driving activity is the execution of the $38 billion four-year capital expenditure plan running through 2028. This plan is designed to modernize the grid and support expected rate base growth of 7.4% through 2028.

Specifically for the current year, Exelon Corporation is investing $9.1 billion in capital expenditures for 2025 to modernize the grid. The overall $38 billion plan has a detailed spending profile:

A critical, ongoing activity is advocating for and securing constructive rate case outcomes with regulators to ensure cost recovery for these investments. Recent successes provide concrete financial backing for these efforts:

• ComEd received final order approval for rate increases of approximately $80 million effective in 2025, with a resulting authorized Return on Equity (ROE) of 8.905%.
• Pepco District of Columbia secured incremental revenue requirement increases of $99 million for 2025 and $24 million for 2026, based on an approved ROE of 9.5%.
• PECO Pennsylvania saw an approved increase of $354 million in its annual electric rates.

Operational excellence is measured by performance metrics, and Exelon Corporation is focused on ensuring top-quartile reliability across all utility operations. As of the third quarter of 2025, Exelon's utilities ranked 1st, 2nd, 4th, and 7th in the nation for reliability. Furthermore, in the fourth quarter of 2024, all utilities sustained top quartile or better performance in both reliability and safety.

The company's operational focus also includes managing financing to support this growth, having already priced all of its $700 million annualized equity needs for 2025.

Exelon Corporation (EXC) - Canvas Business Model: Key Resources

You're looking at the core assets Exelon Corporation (EXC) relies on to run its massive transmission and distribution (T&D) business as of late 2025. These aren't just line items; they are the physical and financial engines driving the utility.

Extensive regulated electricity and natural gas T&D network infrastructure forms the bedrock of Exelon Corporation's operations. This physical network is what allows them to serve their vast customer base across multiple states. The sheer scale is impressive, but the investment required to maintain and modernize it is even more telling.

The company's structure relies on its six local energy companies, each with established service territories concentrated in major metropolitan areas. This geographic spread across regulated jurisdictions provides a degree of revenue stability, which is key for a T&D utility.

• Atlantic City Electric (ACE)
• Baltimore Gas and Electric (BGE)
• Commonwealth Edison (ComEd)
• Delmarva Power & Light (DPL)
• PECO Energy Company (PECO)
• Pepco

For instance, ComEd, one of the six, is responsible for delivering power to approximately 4 million electric customers in northern Illinois. PECO, another subsidiary, serves about 1.7 million electric customers in southeastern Pennsylvania.

Financial capital is critical, especially given the massive capital expenditure plan. Exelon Corporation has a clear financing strategy to support its growth projections. The company reaffirmed its commitment to a 5-7% compounded annual EPS growth target extending through 2028.

• Projected Investments through 2028: $38 billion
• 2025 Equity Financing Need: $700 million, which was fully priced
• 2025 Adjusted Operating Earnings Guidance (Midpoint): $2.69 per share (Range: $2.64 to $2.74)
• Total Assets (as of 2024): $107.8 billion
• Dividend Payout Ratio (Approximate): 60%

The company's ability to raise capital is evident in recent actions; for example, they priced a $900 million convertible senior notes offering due in 2029. Still, managing the balance sheet is a constant focus, with a debt-to-equity ratio noted at 1.78 following that issuance.

Advanced Metering Infrastructure (AMI) systems are essential for smart grid operations and data collection. While the major rollouts are largely complete across most of the system, the ongoing management of these assets is a key resource.

• AMI Completion Status: Major smart meter deployments completed at all Exelon utilities except ACE (which was set for completion in 2024).
• PHI AMI Penetration (as of January 2025): 99% of the meter population.
• PECO AMI Network Components: Nearly 250 Tower Gateway Base Stations (TGBs).

This infrastructure enables capabilities like remote disconnection/reconnection and bi-directional data communications.

The final tangible resource is the highly skilled technical and engineering workforce. This human capital executes the complex T&D maintenance, modernization projects, and regulatory compliance across seven jurisdictions. As of 2024, the total employee count was reported at 20,014 people. These 20,000 employees are focused on delivering reliable service, with several operating companies consistently ranking in the top quartile for reliability performance against peers.

Finance: draft 13-week cash view by Friday.

Exelon Corporation (EXC) - Canvas Business Model: Value Propositions

You're looking at the core promises Exelon Corporation makes to its customers and jurisdictions, which are all tied to its regulated transmission and distribution focus. Honestly, for a utility, this is where the rubber meets the road-it's about keeping the lights on reliably and managing costs.

Highly reliable energy delivery is a cornerstone. Exelon's utility operating companies delivered on this commitment in 2025, achieving rankings of 1st, 2nd, 4th, and 7th among their peer set. This performance is the direct result of operational discipline and strategic spending.

The financial commitment to this reliability is substantial. Exelon Corporation has mapped out a massive capital expenditure plan to ensure the system can handle growing demand, especially from data centers and electrification trends. Here's the quick math on that planned investment:

This $38 billion deployment is designed to support an annualized rate base growth target of 7.4% through 2028. What this estimate hides is the constant regulatory negotiation required to get these investments approved and recovered in rates.

Regulated, stable, and affordable energy rates for customers is the balancing act. Exelon customers already benefit from rates that are 21% below the average of the largest U.S. cities. To be fair, ComEd's average residential electricity rate specifically sits 22% below the national average for major metropolitan areas. Furthermore, in Illinois, the Climate and Equitable Jobs Act (CEJA) framework is actively returning money to customers; ComEd announced over $803 million will be returned via bill credits, with the average residential customer expected to see about $13 a month in credits over the first five months of the new year.

Grid modernization and resilience against extreme weather events is directly funded by the capital plan. This isn't just about new wires; it's about hardening the system. For example, ComEd's revised grid plan, approved through 2027, involves a $4.4 billion investment projected to yield benefits exceeding $7 billion. This focus on resilience is non-negotiable for the communities served by Exelon's six utilities.

Customer affordability solutions and energy efficiency programs provide immediate relief. Exelon launched a $50 million Exelon Customer Relief Fund as a one-time assistance program to help customers facing high summer bills. Separately, ComEd ran a $10 million relief effort in June 2025, giving out one-time grants of $500 to over 30,000 low-income customers. Also, ComEd's new Low-Income Discount program is set to begin on January 1, 2026, for households with incomes up to 300% of the federal poverty level.

The commitment to advancing a cleaner, more resilient energy future for jurisdictions is codified in the Path to Clean. Exelon Utilities remains on track to meet its aggressive targets:

• Reduce operations-driven greenhouse gas (GHG) emissions by 50% by 2030.
• Achieve net-zero operations by 2050.
• In 2024, energy efficiency programs helped customers avoid over 8.7 million metric tons of Co2 emissions.
• The ongoing infrastructure investment supports the integration of renewable energy onto the grid.

Finance: draft 13-week cash view by Friday.

Exelon Corporation (EXC) - Canvas Business Model: Customer Relationships

You're looking at how Exelon Corporation manages its relationships with its customer base, which is extensive, serving more than 10.7 million customers across its operating companies. Because Exelon operates primarily as a regulated utility, the relationship is inherently long-term and non-transactional; you don't choose your electric provider in most of its territories. This structure is cemented by regulatory agreements that define the terms of service and return on investment.

Regulated service agreements ensuring a guaranteed rate of return on assets are the bedrock of this relationship. These agreements provide cost recovery for investments made to serve customers, which is a key component of maintaining service quality. For instance, the ComEd Refiled Grid Plan and Multi-Year Rate Plan (MRP), effective January 1, 2025, included rate increases of approximately $80 million for 2025, based on an allowed Return on Equity (ROE) of 8.905%. Also, the Pepco District of Columbia Electric Distribution Base Rate Case, approved in late 2024 for the 2025-2026 period, awarded incremental revenue increases of $99 million for 2025, reflecting an ROE of 9.5%. To give you a sense of stability, as of early 2025, close to 90% of Exelon's rate base was covered by established mechanisms outlining cost recovery through 2026 or 2027.

Here's a quick look at some of those key regulatory and performance metrics as of late 2025:

Exelon Corporation runs proactive outreach programs for energy assistance and clean energy awareness. You see this commitment in the direct financial aid provided; in the past year, the company provided $476.5 million in energy assistance to over 470,500 customers, with $186.4 million specifically targeted for limited-income households. Furthermore, the company made a $50 million contribution to a Customer Relief Fund to help customers facing higher energy costs. On the clean energy side, Exelon has set aggressive goals to electrify 30 percent of its vehicle fleet by 2025, showing a tangible commitment to a sustainable future for its customers.

Dedicated customer service channels are critical, especially given the service interruptions that inevitably occur. Exelon's utilities focus on maintaining high operational standards, which directly impacts customer perception. For reliability, all Exelon utilities sustained top quartile or better performance in reliability as of Q2 2025. For gas service, all gas utilities sustained top decile performance in gas odor response, and BGE, PECO, and PHI achieved top quartile performance in gas odor response in Q2 2025. When major events happen, the scale is evident; during one of the largest storms in recent history at PECO (Q2 2025), peak outages exceeded 325,000 customers. These events test the dedicated response channels for outage and gas odor emergencies.

The focus on customer affordability through cost management and innovation is reflected in both operational savings and financial guidance. Innovation in efficiency is paying off; ComEd's energy efficiency programs in 2024 alone saved customers over 13 million MWhs of electricity, translating to nearly $1.3 billion in bill savings. This focus on keeping bills manageable is central to the regulated relationship. For the full year 2025, Exelon is guiding for Adjusted (non-GAAP) operating earnings in the range of $2.64-$2.74 per share, which supports their commitment to delivering value while investing heavily, projecting to invest $38 billion in capital expenditures from 2025 to 2028.

You can see the relationship strategy supported by these operational metrics:

• All utilities sustained top quartile or better performance in reliability.
• All gas utilities sustained top decile performance in gas odor response.
• Exelon reaffirmed its 2025 adjusted operating earnings guidance of $2.64 to $2.74 per share.
• The company expects to grow its earnings at an annualized rate of 5% to 7% through 2028.

Exelon Corporation (EXC) - Canvas Business Model: Channels

Direct physical connection via transmission and distribution lines is the core channel for Exelon Corporation. The company affirmed a substantial capital investment plan of $38 billion through 2028 to support customer needs and bolster reliability, with an expected rate base growth of 7.4% through 2028. Exelon also identified an additional $10-15 billion in potential transmission opportunities. The existing network includes 11,000 miles of transmission lines. This physical infrastructure is being channeled to meet massive demand, as Exelon reports 33 gigawatts of data center customers interested in connecting to its system.

Exelon Corporation serves its customer base through six fully regulated transmission and distribution utilities, which act as the primary interface for service delivery. As of the third quarter of 2025, Exelon served more than 10.7 million customers across these entities.

Digital channels are increasingly used for customer interaction, billing, and data access. As of the beginning of 2025, Exelon had approximately 9.2 million electric customers and 1.4 million gas customers. The company reaffirmed its full-year 2025 Adjusted (non-GAAP) operating earnings guidance range of $2.64 - $2.74 per share. The latest reported quarterly dividend, declared October 29, 2025, was $0.40 per share, payable December 15, 2025.

Community engagement and local offices in major metropolitan areas support the utility brands. For instance, in Q3 2025, PECO experienced peak outages exceeding 325,000 customers during a major storm event. Exelon's Q3 2025 GAAP net income was $0.86 per share, with an associated revenue of $6.71 billion for the quarter.

Regulatory filings and public hearings provide transparency for rate case adjustments. On October 14, 2025, Pepco filed an application with the MDPSC requesting a total electric revenue requirement increase of $133 million, which reflects a requested Return on Equity (ROE) of 10.50%.

• ComEd's Adjusted (non-GAAP) operating earnings for Q3 2025 were $373 million.
• BGE's Adjusted (non-GAAP) operating earnings for Q3 2025 were $82 million.
• PHI's (Pepco/DPL) Adjusted (non-GAAP) operating earnings for Q3 2025 were $290 million.
• Exelon's Q3 2025 Adjusted (non-GAAP) operating earnings per share was $0.86.
• The company's Market Capitalization as of early December 2025 was reported at $45.37B.

Exelon Corporation (EXC) - Canvas Business Model: Customer Segments

Exelon Corporation (EXC) serves a vast and diverse customer base across its six fully regulated transmission and distribution (T&D) 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). As of the third quarter of 2025, Exelon Corporation served more than 10.7 million electricity and natural gas customers in total. As of the beginning of 2025, the breakdown was approximately 9.2 million electric customers and 1.4 million gas customers.

The residential segment forms the core of the customer base, representing the majority of accounts across the service territories, which include major metropolitan areas like Chicago, Philadelphia, Baltimore, and Washington D.C.. You see this concentration clearly when looking at the data from the largest subsidiary, ComEd, which powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state's population.

For a concrete look at the mix, here is the electric customer segmentation for ComEd as reported in Q3 2025:

Commercial and industrial businesses are critical, requiring high-capacity, reliable power to support major economic activity in the regions Exelon Corporation serves. The demand from large commercial users, including the technology sector, is significant; Exelon reports that potential demand from data centers is greater than 30 gigawatts, with 17 gigawatts already connected to its system as of mid-2025.

Governmental and public authority entities are served directly through dedicated accounts, as shown in the table above. Furthermore, Exelon Corporation is actively seeking federal funding secured through the Infrastructure Investment and Jobs Act to accelerate energy transformation in the communities it serves.

The transportation sector is an emerging focus, particularly concerning electrification infrastructure. For instance, ComEd's $168 million Beneficial Electrification Plan approval signals strong progress in supporting electric vehicle (EV) adoption.

Exelon Corporation also targets underserved communities with specific financial and efficiency programs. You should note these concrete commitments:

• In 2024, Exelon helped connect approximately 520,000 eligible customers to over $492 million in energy assistance.
• Of that 2024 assistance, $184.5 million came from the Low-Income Home Energy Assistance Program (LIHEAP).
• Exelon announced a $50 million Customer Relief Fund on June 12, 2025, to aid low- and middle-income customers facing high energy costs.
• ComEd is returning over $803 million to customers via bill credits under the Illinois Climate and Equitable Jobs Act (CEJA), with the average residential customer expected to receive about $13 a month for the first five months of the year.
• PECO's energy efficiency programs have paid out more than $570 million in rebates and incentives since they started in 2009, helping customers reduce energy use by over 5.9 billion kWh.

These programs help ensure that energy efficiency tools and assistance are available to all customer types, including those with limited incomes. Finance: draft 13-week cash view by Friday.

Exelon Corporation (EXC) - Canvas Business Model: Cost Structure

You're looking at the major drains on Exelon Corporation's cash flow, which are heavily weighted toward maintaining and upgrading a massive regulated asset base. The cost structure is dominated by capital deployment, servicing that capital, and the day-to-day running of the grid.

High capital expenditures for infrastructure investment are a defining feature. Exelon Corporation's strategic blueprint for 2025 through 2028 calls for committing approximately $38 billion toward grid modernization, transmission upgrades, and renewable infrastructure. This substantial capital expenditure is designed to drive a projected 7.4% annualized rate base growth over that period. You see evidence of this ongoing investment in the Q1 2025 results, which reflected ongoing capital expenditures across all utilities.

Servicing this debt load is a significant, non-discretionary cost. Exelon Corporation has been active in the capital markets to fund these investments. For instance, in December 2025, the company completed a private offering of $1 billion in aggregate principal amount of 3.25% Convertible Senior Notes due 2029, with estimated net proceeds of $987.5 million after exercising the full option. This follows other major financing events earlier in the year, such as the February 2025 issuance of $1,000 million in notes ($500 million at 5.125% due 2031 and $500 million at 5.875% due 2055) and a separate $1 billion public offering of 6.5% junior subordinated notes due 2055. The interest expense associated with this debt is definitely substantial, showing up as a higher cost at the Exelon holding company level throughout 2025, and also impacting the earnings of operating companies like PECO and PHI.

Here's a quick look at some of the major debt issuances in 2025 that contribute to the interest expense:

Operating and maintenance (O&M) expenses are a constant, large outlay tied to keeping the lights on and the pipes flowing. Exelon Corporation is actively managing this, targeting O&M growth below the rate of inflation to save customers approximately ~$550M in 2025 compared to an inflation-adjusted baseline. However, this is frequently disrupted by weather events. For example, PECO noted increased storm costs in Q2 2025, which they anticipated deferring. Furthermore, the Corporate segment saw an O&M decrease in Q1 2025 due to the absence of costs billed to Constellation for services provided under the TSA (Transition Service Agreement).

Costs related to purchasing power and fuel, while often passed through via regulatory mechanisms, still represent a significant cash flow component. The structure of Exelon Corporation's regulated utilities means that the cost of purchasing electricity and natural gas for retail sale is generally recovered through rates, but the timing and magnitude of these purchases impact working capital and operational cash flow.

Regulatory compliance and legal costs are defintely substantial, often manifesting as one-time or non-recurring items that management adjusts out of 'Adjusted Earnings.' A clear example of a significant, non-standard cost impacting the holding company in 2025 was the $50 million Customer Relief Fund, announced in June 2025 to help low- and middle-income customers with energy costs. This signals the financial commitment required to maintain regulatory goodwill and address societal pressures.

Key cost drivers and related figures include:

• Targeted O&M savings for 2025: ~$550M below inflation-adjusted increase.
• Customer Relief Fund contribution in 2025: $50 million.
• Pepco's requested electric revenue requirement increase in October 2025: $133 million.
• Interest expense noted as a higher cost at the holding company in Q2 and Q3 2025.
• The $1 billion December 2025 convertible notes carry a 3.25% fixed interest rate.

Exelon Corporation (EXC) - Canvas Business Model: Revenue Streams

Exelon Corporation's revenue streams are fundamentally anchored in its role as a transmission and delivery-only utility, serving more than 10.7 million customers across its six regulated utilities: Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO, and Pepco.

The core revenue generation comes from regulated electric and natural gas distribution and transmission rates, which are established through regulatory proceedings. This regulated structure provides a degree of revenue predictability. For instance, in the third quarter of 2025, Exelon Corporation reported total revenue of $6.71 billion. This figure represented a jump from $6.15 billion in the third quarter of 2024. The Q3 2025 Adjusted (non-GAAP) operating earnings were $0.86 per share, up from $0.71 per share in Q3 2024.

A significant portion of the revenue growth is tied to revenue from rate base growth, driven by capital investments in infrastructure. Exelon Corporation is projecting to invest approximately $38 billion of capital expenditures from 2025 through 2028. This investment plan is designed to support an expected 7.4% annualized rate base growth over the same four-year period, which underpins the long-term earnings outlook.

The regulatory framework allows for the recovery of fully recoverable costs through regulatory mechanisms, such as formula rates. Close to 90% of Exelon's rate base was covered by established mechanisms outlining cost recovery through 2026 or 2027 as of early 2025. Furthermore, specific rate case outcomes directly impact revenue. For example, ComEd's Refiled Grid Plan included approved rate increases totaling $752 million in 2024, $80 million in 2025, $102 million in 2026, and $111 million in 2027. More recently, in October 2025, Pepco filed for a total electric revenue requirement increase of $133 million with a requested Return on Equity (ROE) of 10.50%.

Here's a look at the Q3 2025 Adjusted (non-GAAP) operating earnings contribution by key utility:

The forward-looking revenue expectations are summarized by management guidance:

• Full-year 2025 adjusted operating earnings guidance remains affirmed in the range of $2.64 - $2.74 per share.
• The company is reaffirming its long-term target of 5-7% operating EPS compounded annual growth from 2024 to 2028.
• The Q3 2025 results were achieved while the company completed all planned debt financings for 2025 and continued progress on its equity plan.
• Exelon's existing debt burden stood at nearly $50 billion as of the most recent quarter, which is managed alongside equity needs of approximately $700 million per year from 2025 through 2028.

To support these investments, Exelon priced an offering of $900 million in convertible senior notes due 2029 with a fixed interest rate of 3.25% in December 2025.