Exelon boosts capital spending to $41B as data center demand surges

Exelon (NASDAQ:EXC) unveiled a massive increase to its multi-year infrastructure plan on Thursday, Feb. 12, 2026, as the utility looks to capitalize on the rapid electrification of the Chicago and Mid-Atlantic regions.

The company reported fourth-quarter GAAP net income of $0.58 per share, down from $0.64 in 2024, while adjusted operating earnings reached $0.59 per share.

For the full year 2025, Exelon delivered a solid $2.77 per share in adjusted earnings, surpassing its own guidance and marking another year of operational outperformance.

Despite the quarterly dip, management signaled an aggressive pivot toward growth, initiating 2026 adjusted guidance of $2.81 to $2.91 per share—representing a healthy 6% jump from 2025 targets.

The centerpiece of the report was a new $41.3 billion four-year capital plan, an increase of more than $3 billion over the prior outlook.