"We're excited and happy we finally got it done," said general manager Paul Holmgren. "He's one of the young core players on our team ... He's a valuable member of our hockey team, and we're happy to have him under contract for the next five years with this extension."
Read had 11 goals and 13 assists in 42 games with the Flyers last season. During his rookie campaign in 2011-12, he led all NHL rookies with 24 goals in 79 games.
Read originally signed with the Flyers as a free agent in March, 2011 as he wrapped up a four-year career at Bemidji State University in North Dakota.
"I'm very happy about it," Read said. "My first two years have been very overwhelming for me. It's still crazy to me to think I'm playing in the National Hockey League, so to sign my second contract with the Philadelphia Flyers is a dream come true."
The Flyers resume their exhibition schedule on Tuesday when they host the New Jersey Devils.