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Exelon Corporation

EXC Utilities Utilities Regulated Electric

Exelon Corporation’s revenue for fiscal 2025 (year ended December 2025) was $24.3 billion, up 5.34% from fiscal 2024.

Revenue
+9.16%
EPS
−18.6%
Free cash flow
−410.4%
Total debt
+7.00%

Quarter to September 2026, against a year earlier

46.02 0.51 −1.10%
Market cap
$48.2B
P/E
18.1×
Fwd P/E
16.2×
Dividend yield
3.58%
F-score
6/9
Altman Z
0.74
Beneish M
−2.33
Dividend safety
36/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2024

  • Commonwealth Edison Co
  • Baltimore Gas and Electric Company
  • PECO Energy Co
  • Potomac Electric Power Company
  • Delmarva Power and Light Company
  • Atlantic City Electric Company

Every year since 2018 →

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.48%

Capital & Financial Ratios $m

Size
Market Cap 48,150.00
Revenue ttm 25,940.00
Net income ttm 2,638.00
Free cash flow ttm (2,583.00)
Net debt Q 50,188.00
Valuation
P/E 18.05
Forward P/E 16.20
Price / sales 1.85
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.59
Financial health
Current ratio Q 1.03
Debt / equity Q 1.73
Interest coverage Q 2.33
Growth
Revenue growth Q +9.16% (above 0%: growing)
Operating income growth Q −8.07% (below 0%: shrinking)
EPS, this year +3.50%
EPS, next year A +5.69%
Revenue, next year A +16.83% (at or above 10%: strong)
EPS, past 5 yrs +6.31%
EPS, next 5 yrs A +5.50%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.8×, against a ten-year median of 3.6×; over the ten years it ranged from 1.3× in 2016 to 13.8× in 2021.
P/E against its own 10 years 77.92%
10-year low 10-year high
P/S against its own 10 years 65.90%
10-year low 10-year high
P/B against its own 10 years 80.49%
10-year low 10-year high
EV/Sales against its own 10 years 62.30%
10-year low 10-year high

Dividends

Yield
3.58%
Annual rate
1.66
Payout ratio
64.6%
Growth, 2017–25
+6.95%/yr
  1. 0.93 ’17
  2. 0.98 ’18 +5
  3. 1.03 ’19 +5
  4. 1.09 ’20 +5
  5. 1.09 ’21 +0
  6. 1.35 ’22 +24
  7. 1.80 ’23 +33
  8. 1.52 ’24 −16
  9. 1.60 ’25 +5
  10. 1.87 ’26e +17
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 927 898 1,151 2,071
Receivables 3,361 3,754 5,082 4,640
Inventory 801 853 868 962
Other 2,998 2,879 2,445 2,267
8,087 8,384 9,546 9,940
2023 2024 2025 Q'26
Payables 2,846 2,994 3,721 3,711
ST’ Debt 1,403 1,453 1,665 1,078
Other 1,749 1,832 2,746 2,224
9,901 9,611 10,331 9,644

Compound Annual Growth %

10y 5y 3y
Sales (1.92%) 7.80% 8.34%
Cash Flow (1.95%) 8.11% 8.70%
Earnings 2.01% 7.11% 8.45%
Book Value 0.54% (3.75%) 5.19%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.80 Actual 0.87

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.53 0.59 Beat by 0.06
Q1 FY26 0.89 0.91 Beat by 0.02
Q2 FY26 0.43 0.43 Met by 0.00
Q3 FY26 0.80 0.87 Beat by 0.07
Q4 FY26 0.73 — Reports 11 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.90 0.39 0.70 — —
’25 0.90 0.39 0.86 0.58 2.73
’24 0.66 0.45 0.70 0.64 2.45
’23 0.67 0.34 0.70 0.62 2.34
’22 0.61 0.47 0.68 0.43 2.08
’21 (0.30) 0.41 1.23 0.40 1.74
’20 0.60 0.53 0.51 0.37 2.01
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 7,242 5,967 7,319 — —
’25 6,714 5,427 6,705 5,412 24,258
’24 6,043 5,361 6,154 5,470 23,028
’23 5,563 4,818 5,980 5,366 21,727
’22 5,327 4,239 4,845 4,667 19,078
’21 4,632 4,020 4,863 4,423 17,938
’20 8,747 7,322 8,853 (8,259) 16,663
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,724 1,945 1,735 — —
’25 1,200 1,511 2,299 1,244 6,254
’24 992 1,462 1,689 1,426 5,569
’23 484 1,277 1,531 1,411 4,703
’22 1,782 1,458 901 729 4,870
’21 (1,261) 2,399 3,003 (1,129) 3,012
’20 1,080 1,600 1,542 13 4,235
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (634) (255) (506) — —
’25 (746) (500) 163 (1,188) (2,271)
’24 (773) (239) 32 (510) (1,490)
’23 (1,397) (527) (324) (432) (2,680)
’22 (124) (127) (771) (1,255) (2,277)
’21 (2,721) 543 1,150 (3,064) (4,092)
’20 (936) (157) (245) (2,429) (3,767)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 17.8% a year for ten years.

Implied
17.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 31,366 33,558 35,978 34,438 16,663 17,938 19,078 21,727 23,028 24,258 25,940 (2.8%) 28,341 29,219 30,377 +7.8%
Gross margin, % 59.70 58.18 53.67 55.00 65.67 64.41 66.60 62.07 62.29 64.27 63.53 +4.6 pt
EBT 1,973 3,775 2,225 3,985 1,092 1,654 2,403 2,702 2,667 3,291 3,219 +5.8%
EBT margin, % 6.29 11.25 6.18 11.57 6.55 9.22 12.60 12.44 11.58 13.57 12.41 +7.3 pt
Net income 1,196 3,869 2,079 3,028 1,954 1,829 2,171 2,328 2,460 2,768 2,638 +9.8%
Per share, $
Per share, $ Revenue 33.95 35.44 37.21 35.39 17.07 18.32 19.35 21.81 22.96 23.99 25.06 (3.8%)
Earnings 1.23 3.98 2.08 3.02 2.01 1.74 2.08 2.34 2.45 2.73 2.57 +9.3%
Cash flow 9.16 7.90 8.94 6.84 4.34 3.08 4.94 4.72 5.55 6.19 6.42 (4.3%)
Capex (9.19) (7.78) (7.76) (7.44) (8.20) (7.26) (7.25) (7.41) (7.04) (8.43) (8.92) (1.0%)
Free cash flow (0.03) 0.12 1.18 (0.59) (3.86) (4.18) (2.31) (2.69) (1.49) (2.25) (2.50) +59.6%
Book value 29.88 33.99 34.17 35.53 35.73 35.54 25.10 25.86 26.84 28.48 29.11 (0.5%)
Shares, m 924 947 967 973 976 979 986 996 1,003 1,011 1,024 +1.0%
Valuation, ×
Valuation, × P/E 20.32 7.10 15.32 10.75 14.92 23.57 19.71 15.65 15.36 15.97 18.05 15.9
P/S 0.74 0.79 0.86 0.91 1.76 2.24 2.23 1.67 1.64 1.82 1.85 1.5
P/B 0.84 0.83 0.94 0.91 0.84 1.15 1.72 1.41 1.40 1.53 1.59 1.2
EV/Sales 1.82 1.82 1.81 1.94 3.93 4.04 4.14 3.54 3.55 3.81 3.79 3.0
EV/FCF (1,838.70) 531.28 57.13 (116.08) (17.38) (17.70) (34.72) (28.69) (54.80) (40.68) (38.02) (156.0)
Cash, $m
Cash, $m Operating cash flow 8,461 7,480 8,644 6,659 4,235 3,012 4,870 4,703 5,569 6,254 6,648 (3.3%)
Capex (8,492) (7,365) (7,503) (7,236) (8,002) (7,104) (7,147) (7,383) (7,059) (8,525) (9,231) 0.0%
Free cash flow (31) 115 1,141 (577) (3,767) (4,092) (2,277) (2,680) (1,490) (2,271) (2,583) +61.1%
Balance, $m
Balance, $m Working capital (1,045) 1,098 1,924 (2,148) (209) (2,154) (3,275) (1,814) (1,227) (785) 296 (3.1%)
Net debt 33,909 34,477 34,218 35,484 36,201 32,299 36,491 40,558 43,892 48,317 50,188 +4.0%
Shareholders’ equity 27,612 32,187 33,047 34,573 34,868 34,795 24,744 25,755 26,921 28,798 30,132 +0.5%
Returns, %
Returns, % ROA 1.07 3.26 1.70 2.40 1.54 1.30 1.90 2.36 2.35 2.47 2.24 +1.4 pt
ROIC 3.26 4.11 3.62 3.90 1.93 2.50 3.38 3.79 3.81 4.17 4.01 +0.9 pt
ROE 4.08 12.64 6.15 8.68 5.65 4.90 7.29 9.22 9.34 9.94 9.06 +5.9 pt
People
People Employees 34,396 34,621 33,383 32,713 32,340 31,518 19,063 19,962 20,014 20,571 — (5.6%)
Revenue/emp, $m 0.91 0.97 1.08 1.05 0.52 0.57 1.00 1.09 1.15 1.18 — +2.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Exelon is a utility services holding company that transmits and distributes electricity and distributes natural gas through ComEd, PECO, BGE, Pepco, DPL and ACE. It buys power or gas for customers where it has a default-supply obligation, moves electricity over transmission networks, and delivers electricity and gas through local networks to homes, businesses and other users.

The company does not generate the electricity it delivers. Its regulated utilities remain the delivery provider even when customers choose a competitive supplier for electricity generation or natural gas. ComEd supplies northern Illinois, including Chicago. PECO serves southeastern Pennsylvania, including Philadelphia; BGE serves central Maryland, including Baltimore; and Pepco serves the District of Columbia and parts of Maryland. DPL serves parts of Delaware and Maryland, while ACE serves southern New Jersey.

Where the money comes from and where it goes Fiscal 2024

Fiscal 2024: revenue by segment, and margins
Commonwealth Edison Co 8,219 35.69%
Baltimore Gas and Electric Company 4,426 19.22%
PECO Energy Co 3,973 17.25%
Potomac Electric Power Company 3,039 13.20%
Delmarva Power and Light Company 1,787 7.76%
Atlantic City Electric Company 1,628 7.07%
Gross margin 62.29%
Operating margin 18.76%
Pre-tax margin 11.58%

Revenue by segment since 2018

Exelon Corporation vs peers in Utilities Regulated Electric (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
AEP American Electric Power Company, Inc. $69.0B 20.3× 20.1× +13.66% (above 0%: growing) +22.92% (above 0%: growing) −376.09% (below 0%: shrinking) 69.45% 26.52% Compare
D Dominion Energy Inc. $61.3B 23.2× 22.5× +24.08% (above 0%: growing) +12.07% (above 0%: growing) +50.09% (above 0%: growing) 68.86% 32.79% Compare
ETR Entergy Corporation $52.7B 25.0× 25.0× +14.51% (above 0%: growing) +29.75% (above 0%: growing) −295.69% (below 0%: shrinking) 72.75% 33.93% Compare
XEL Xcel Energy Inc. $51.6B 18.6× 19.5× +6.56% (above 0%: growing) +71.48% (above 0%: growing) +5.89% (above 0%: growing) 72.99% 28.55% Compare
EXC Exelon Corporation $48.2B 18.1× 16.2× +9.16% (above 0%: growing) −18.60% (below 0%: shrinking) −410.43% (below 0%: shrinking) 60.14% 18.84%
ED Consolidated Edison Inc $44.8B 19.4× 18.2× +8.45% (above 0%: growing) +8.38% (above 0%: growing) +237.96% (above 0%: growing) 0.00% 23.81% Compare
WEC WEC Energy Group, Inc. $38.9B 21.3× 20.7× +8.87% (above 0%: growing) +41.67% (above 0%: growing) +86.39% (above 0%: growing) 71.57% 24.61% Compare
PEG Public Service Enterprise Group Incorporated $36.4B 20.7× 17.6× −6.39% (below 0%: shrinking) −39.11% (below 0%: shrinking) −139.44% (below 0%: shrinking) 62.75% 20.60% Compare
AEE Ameren Corporation $31.2B 19.7× 20.5× −5.81% (below 0%: shrinking) +11.76% (above 0%: growing) −51.22% (below 0%: shrinking) 73.90% 21.94% Compare
Median of peers $48.2B 20.5× 20.3× +8.66% +17.50% −22.66% 70.51% 25.57%

All 39 Utilities Regulated Electric stocks →

From the latest earnings call

Updated

  • CEO Calvin Butler said Exelon is pursuing utility-owned storage alongside competitive development as customers face supply and affordability challenges.
  • CFO Robert Kleczynski said Exelon narrowed its 2026 adjusted earnings guidance and identified transmission and storage opportunities beyond its current investment plan.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 91.86%
Held by the ten largest 52.77%
Holder Shares Stake Change
Vanguard 134.58m 13.04% +2.64m
BlackRock 119.77m 11.60% +7.02m
State Street 67.46m 6.54% −107.79k
Capital Group 60.44m 5.86% +1.22m
Invesco 38.11m 3.69% +678.00k
Geode Capital Management 32.38m 3.14% +650.77k
LAZARD ASSET MANAGEMENT LLC 32.17m 3.12% +7.55m
Wellington Management 20.15m 1.95% −283.58k
UBS 19.82m 1.92% +831.61k
GQG Partners LLC 19.80m 1.92% −2.48m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Exelon Corporation (EXC) Latest News

2 Nov

Impact 3 · · utilitydive.com

31 Oct

Impact 3 · · Moby transcript

30 Oct

Impact 3 · · The Motley Fool transcript
Impact 3 · · Zacks

29 Oct

Impact 3 · · Zacks

28 Oct

Impact 3 · · Trefis
Impact 3 · · Zacks

27 Oct

Impact 3 · · Trefis

26 Oct

Impact 4 · · 24/7 Wall St.
Impact 3 · · Zacks
Impact 3 · · Trefis

23 Oct

Impact 3 · · Zacks

22 Oct

Impact 4 · · Business Wire

19 Oct

Impact 4 · · Trefis
Impact 3 · · Barchart

15 Oct

Impact 3 · · Trefis
Impact 3 · · Zacks

14 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · PR Newswire

12 Oct

Impact 4 · · Trefis
Impact 3 · · Business Wire
Impact 3 · · Barchart

9 Oct

Impact 3 · · Trefis

6 Oct

Impact 3 · · Trefis

5 Oct

Impact 3 · · Business Wire

2 Oct

Impact 4 · · 24/7 Wall St.
Impact 3 ·

EXC metrics, ten years each

stockrow.com/EXC · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com