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EXC

Exelon Corporation

EXC

Exelon Corporation • NASDAQ
$47.12 ▲ 1.18% (+0.55)
Market Cap $47.62 B
52w High $48.51
52w Low $35.94
Dividend Yield 1.60%
P/E 16.89
Volume 2.99M
Outstanding Shares 1.01B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $6.705B ▲ $1.387B ▲ $875M ▲ 13.05% ▲ $0.87 ▲ $2.48B ▲
Q2-2025 $5.427B ▼ $1.283B ▼ $391M ▼ 7.205% ▼ $0.39 ▼ $1.894B ▼
Q1-2025 $6.714B ▲ $1.309B ▲ $908M ▲ 13.524% ▲ $0.9 ▲ $2.493B ▲
Q4-2024 $5.471B ▼ $1.29B ▼ $647M ▼ 11.826% ▲ $0.64 ▼ $2.077B ▼
Q3-2024 $6.154B $1.3B $707M 11.488% $0.7 $2.161B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.049B ▲ $113.539B ▲ $85.426B ▲ $28.113B ▲
Q2-2025 $724M ▼ $111.147B ▲ $83.527B ▲ $27.62B ▲
Q1-2025 $1.004B ▲ $109.484B ▲ $81.877B ▲ $27.607B ▲
Q4-2024 $357M ▼ $107.784B ▲ $80.863B ▲ $26.921B ▲
Q3-2024 $616M $106.07B $79.448B $26.622B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $874M ▲ $2.299B ▲ $-2.138B ▼ $686M ▲ $847M ▲ $163M ▲
Q2-2025 $392M ▼ $1.511B ▲ $-2.02B ▼ $178M ▼ $-331M ▼ $-502M ▲
Q1-2025 $908M ▲ $1.2B ▼ $-1.942B ▼ $1.385B ▲ $643M ▲ $-746M ▼
Q4-2024 $647M ▼ $1.426B ▼ $-1.928B ▼ $208M ▲ $-294M ▲ $-510M ▼
Q3-2024 $707M $1.689B $-1.647B $-344M $-302M $-6M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Atlantic City Electric Company
Atlantic City Electric Company
 $350.00M ▲$370.00M ▲$380.00M ▲$570.00M ▲
Baltimore Gas and Electric Company
Baltimore Gas and Electric Company
 $1.16Bn ▲$1.55Bn ▲$1.03Bn ▼$1.21Bn ▲
Commonwealth Edison Co
Commonwealth Edison Co
 $1.82Bn ▲$2.06Bn ▲$1.84Bn ▼$2.27Bn ▲
Corporate Segment and Other Operating Segment
Corporate Segment and Other Operating Segment
 $220.00M ▲$110.00M ▼$110.00M ▲$110.00M ▲
Delmarva Power and Light Company
Delmarva Power and Light Company
 $440.00M ▲$460.00M ▲$420.00M ▼$490.00M ▲
PECO Energy Co
PECO Energy Co
 $1.00Bn ▲$380.00M ▼$1.00Bn ▲$1.18Bn ▲
Pepco Holdings LLC
Pepco Holdings LLC
 $1.51Bn ▲$1.78Bn ▲$1.58Bn ▼$2.05Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Exelon’s earnings profile looks fairly steady and gradually improving. Revenue has climbed in recent years, and both gross profit and operating income have moved up alongside it, suggesting the company is growing while keeping a reasonable handle on costs. Net income and earnings per share have trended higher over the last few years, even after the business reshaped itself by separating its generation arm. That points to a healthier, more focused regulated utility model. Profitability is not explosive, but it is consistent and slowly strengthening, which is typical of a well-run regulated utility. One watchpoint is that the earlier period, before the separation of the competitive generation business, is not directly comparable to recent years. The more relevant trend is the steady improvement since the spin, which looks constructive from an earnings standpoint.

Balance Sheet

Balance Sheet The balance sheet shows a classic capital-intensive utility profile: large asset base, meaningful debt, and a modest but growing equity cushion. Total assets have been rising as Exelon invests heavily in its grid and infrastructure. Shareholders’ equity has also been inching up, but borrowing has grown faster than equity, which means leverage has been creeping higher over time. This is common in regulated utilities, but it does increase sensitivity to interest rates and credit conditions. Cash on hand is quite low relative to the size of the business, again typical for a utility that relies on predictable cash inflows, regulated returns, and access to capital markets. Overall, the balance sheet looks serviceable but not conservative; it depends on continued regulatory support and stable funding markets.

Cash Flow

Cash Flow Operating cash flow has strengthened meaningfully over the last five years, reflecting more stable, regulated earnings after the business reshaping. The core operations are generating solid cash, which is a key positive for a utility. However, free cash flow is consistently negative because Exelon is spending very heavily on capital projects, especially grid modernization and capacity expansion. This pattern signals a company in investment mode, funding much of its growth through external capital rather than surplus internal cash. The main implication is that Exelon’s financial profile is tightly linked to its ability to raise capital at reasonable cost and to earn allowed returns on these large projects. The payoff from this investment should show up gradually in future earnings and cash flows, but there is timing and regulatory risk along the way.

Competitive Edge

Competitive Edge Exelon’s competitive position is anchored in its role as a large, regulated electric and gas utility serving a broad customer base across several major regions. Regulation, scale, and infrastructure form a strong barrier to entry, giving the company a durable franchise. By focusing on transmission and distribution after separating its competitive generation business, Exelon leans on more predictable, regulated returns. Its size allows it to spread costs, standardize technology, and negotiate better terms with suppliers, which can help margins and reliability. The company is also positioned to benefit from rising electricity demand tied to data centers, electrification of transport and heating, and general grid modernization needs. The flip side is exposure to regulatory and political risk: returns, allowed investment levels, and cost recovery are heavily influenced by state and federal decisions. Managing those relationships is central to maintaining its moat.

Innovation and R&D

Innovation and R&D Exelon stands out among utilities for how actively it leans into technology and innovation. It is investing in smarter grids using advanced analytics, AI, and sensors to predict and prevent outages, optimize maintenance, and improve reliability. The company is piloting a range of advanced tools, from drone-based inspection and synthetic data for training AI models, to novel materials and coatings that increase line capacity without full rebuilds. It is also exploring microgrids, undergrounding lines in key areas, and EV-focused planning tools to prepare for shifting demand patterns. Beyond core operations, Exelon is experimenting with new commercial models, such as having large customers help fund grid upgrades, and is investing in climate-technology startups for early access to emerging solutions. The opportunity is significant, but so are execution risks: integrating new technologies at scale, securing regulatory approval for cost recovery, and ensuring these projects deliver real customer and financial benefits will be crucial.

Summary

Overall, Exelon looks like a mature, regulated utility that has been gradually improving its earnings base while leaning hard into grid investment and innovation. The income statement shows steady, incremental profit growth; the balance sheet reflects a highly capital-intensive model with rising leverage; and cash flows highlight a heavy investment cycle funded largely through external capital. Its size, regulatory footprint, and focus on transmission and distribution give it a sturdy, if not flashy, competitive position. What makes Exelon distinctive is how aggressively it is preparing for the next phase of the power system: more electrification, data center demand, EVs, and climate-related resilience needs. Key aspects to monitor include regulatory support for its large capital program, its ability to manage debt and financing costs, and how effectively its innovation efforts translate into reliability, customer satisfaction, and durable earnings growth over time.

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