Annualized earnings growth rate reaffirmed at 5% to 7% through 2028, with expectation to be at midpoint or better.
Capital financing progress includes nearly 80% of planned long-term debt issued, strong investor demand, and $700 million of planned equity needs priced via ATM and forward agreements.
Exelon earned $0.39 in operating earnings per share in Q2 2025, above expectations from the Q1 call, driven by favorable timing and cost management at utilities.
Full year 2025 operating earnings guidance reaffirmed at $2.64 to $2.74 per share, with a goal to be at midpoint or better.
Q2 2025 earnings were $0.08 lower than Q2 2024, primarily due to higher distribution and transmission rates, timing differences at ComEd, a $50 million customer relief fund, higher storm costs at PECO, and higher interest costs.
Year-to-date performance remains strong despite significant storm activity and customer support initiatives.
2025 capital forecast was modestly reduced due to efficiencies in capital execution but continues to support growth and customer needs.
Commercial load increased slightly by 0.3% overall or 0.7% weather-adjusted.
EPS drivers included a $0.32 increase in total revenue, partially offset by decreases from power costs, other operating expenses, and business transformation expenses.
For the second quarter, Portland General Electric reported GAAP net income of $62 million or $0.56 per diluted share and non-GAAP net income of $73 million or $0.66 per share.
Q2 2025 non-GAAP results exclude business transformation and optimization expenses related to customer affordability commitment and corporate structure updates.
This compares to second quarter GAAP net income of $72 million or $0.69 per diluted share in the prior year.
Total liquidity at the end of Q2 was $980 million with credit ratings and outlook remaining stable.
Total load increased 4.9% overall and 6.1% weather-adjusted compared to Q2 2024, driven by strong industrial demand growth, especially from data centers with 16.5% increase.
Adjusted EBITDA for the quarter was $102 million, reflecting strong cost management and operational efficiency.
Free cash flow for Q2 was approximately $71 million, representing an annualized cash flow yield of nearly 15% on the current share price.
Gross debt stood at $553 million with a net loan-to-value ratio comfortably under 15%, highlighting a strong balance sheet.
Net income for Q2 2025 was $62 million or $1.25 per diluted share, with adjusted net income excluding vessel sale gains at $50 million or $1.02 per diluted share.
Total liquidity ended the quarter at over $700 million, including $149 million in cash and $560 million in undrawn revolver capacity.
Dafinchi