EXELON CORPEXC
EXELON CORP Financial Overview 2021–2025
Updated Jul 10, 2026Exelon’s pivot to a pure-play utility has unlocked a $41 billion four-year capital expenditure pipeline, setting the stage for a massive rate base expansion. By shedding its volatile generation business early in the decade, the company transformed into a highly predictable earnings engine driven exclusively by regulated transmission and distribution infrastructure.
This structural shift significantly improved bottom-line consistency, with diluted earnings per share climbing from $1.74 in FY2021 to $2.73 in FY2025. Favorable rate increases across key subsidiaries like ComEd and BGE pushed FY2025 net income up by $308 million year-over-year to $2.768 billion. Management is aggressively funding its grid modernization and clean energy initiatives, raising $691 million through at-the-market equity issuance in FY2025 while maintaining $4 billion in credit facility commitments. The company also steadily rewards shareholders, declaring a quarterly dividend of $0.42 per share for Q1 2026.
At the close of FY2025, the market valued the utility at a $44.6 billion market cap. Trading at $43.59 per share, the stock priced in a 16.0x earnings multiple, reflecting both the stability of its regulated revenue streams and the massive near-term capital requirements of its network investments.
Recent Developments (Q4 2025 and Q1 2026)
Exelon opened 2026 with steady top-line growth despite unexpected state-level headwinds. In Q1 2026, total operating revenues climbed to $7,242 million from $6,714 million a year earlier, lifting net income to $919 million. Diluted earnings per share remained flat at $0.90. The company faced strategic shifts in April after subsidiary PECO withdrew its Pennsylvania rate cases and Maryland passed the Utility RELIEF Act. Management adjusted capital project timelines but reaffirmed 2026 adjusted operating earnings guidance of $2.81 to $2.91 per share.
Bulls highlight robust cash generation, with quarterly operating cash flow surging to $1,724 million to support $2,358 million in grid investments. Bears worry that abrupt rate case withdrawals and new state cost recovery rules threaten return visibility. The stock appears richly valued against this uncertainty, trading at 25.9x earnings as of May 6, 2026.
What to watch: updated capital expenditure schedules at PECO; margin impacts from the newly enacted Maryland legislation.
Rev
$24.26B
FY2025
NI
$2.77B
FY2025
EPS
$1.74
FY2021
OCF
$6.25B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All EXC Financial Metrics(57)
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Cash Flow
Recent SEC Filings
EXELON CORP 8-K Report, Executive Changes (Aug 25, 2026)
Exelon Corporation (EXC) has announced significant executive leadership changes effective in late 2026 and early 2027. Most notably, Michael Innocenzo will depart from his roles as Executive Vice President and Chief Operating Officer of Exelon, and President and Chief Executive Officer of PECO Energy Company, with his departure date in 2027 to be determined, following a transition period. This transition signals a shift in operational leadership at the highest levels of the company. Concurrently, Exelon is promoting from within to fill key finance and strategy roles. Jeanne Jones will expand her responsibilities to include corporate strategy in addition to her finance and audit roles, becoming Executive Vice President of Finance and Strategy. Robert Kleczynski will step into the role of Executive Vice President and Chief Financial Officer, and Caroline Fulginiti will become Vice President and Controller. These appointments highlight a focus on internal talent development and a restructuring of financial oversight. The company also reaffirmed its 2026 adjusted operating earnings guidance and long-term earnings growth expectations, indicating confidence in its financial trajectory despite these leadership shifts.
EXELON CORP 8-K Report, Financial Results (Jul 30, 2026)
Exelon Corporation (EXC) has filed an 8-K report on July 30, 2026, to announce its financial and operational results for the second quarter ended June 30, 2026. The company has released a press release and presentation slides, which are attached as exhibits to this filing, providing detailed information on its performance. Investors are directed to the Investor Relations section of Exelon's website for access to these materials and to a webcast of the accompanying conference call. While the 8-K itself does not contain the specific financial figures, it serves as notification of their release and provides context for the forward-looking statements and risk factors that continue to be relevant to Exelon's business. The report emphasizes the inherent uncertainties in the energy sector, highlighting potential impacts from regulatory actions, economic conditions, operational challenges, and environmental factors, which investors should consider when evaluating the company's outlook.
EXELON CORP 8-K Report, Financial Results (May 6, 2026)
Exelon Corporation (EXC) has filed an 8-K Current Report on May 6, 2026, to disclose its financial results for the first quarter ended March 31, 2026. The report primarily references a press release (Exhibit 99.1) and presentation slides (Exhibit 99.2) that contain detailed financial and operational information. Investors should refer to these attached documents for the specific earnings data and management's commentary. Exelon has scheduled a conference call for the same day, May 6, 2026, at 9:00 AM CT (10:00 AM ET) to discuss these results. The company also included a standard disclaimer regarding forward-looking statements, highlighting various risks and uncertainties that could materially affect future performance. These include regulatory actions, environmental liabilities, cybersecurity risks, extreme weather events, supply chain disruptions, and economic downturns, among others. Investors are advised to review the full press release and presentation for a comprehensive understanding of the company's performance and outlook.
EXELON CORP 8-K Report, Shareholder Vote Results (Apr 30, 2026)
Exelon Corporation held its Annual Meeting of Shareholders on April 28, 2026, where key corporate governance matters were presented for a vote. The results indicate strong shareholder support for the proposed slate of directors, with all nominees securing a significant majority of votes. This consistent backing for the board signifies continued confidence in the company's leadership and strategic direction. Furthermore, shareholders overwhelmingly ratified the appointment of PricewaterhouseCoopers LLP as the independent auditor for 2026, a crucial step in maintaining financial transparency and integrity. The advisory vote on executive compensation also received strong approval, suggesting shareholders are generally aligned with the company's approach to compensating its named executive officers. Overall, the meeting results reflect a stable shareholder base that supports the company's established governance and financial oversight.
EXELON CORP 8-K Report, Regulation FD Disclosure (Apr 16, 2026)
Exelon Corporation's subsidiary, PECO Energy Company, has withdrawn its previously filed electric and gas rate proceedings with the Pennsylvania Public Utility Commission (PAPUC). This decision impacts expected capital investments and future regulatory filings, with PECO indicating that decisions will be guided by customer affordability, system reliability, and ongoing stakeholder engagement. Concurrently, the Maryland General Assembly has passed the Maryland Utility RELIEF Act, which, if signed into law, will alter the regulatory framework for cost recovery for Exelon's Maryland utilities: BGE, Pepco, and DPL. In response to these regulatory developments, Exelon plans to redeploy and delay certain capital projects and implement operational efficiencies. Despite these adjustments, the company reaffirms its 2026 Adjusted operating earnings guidance of $2.81-$2.91 per share and its expectation for cumulative annualized Adjusted operating earnings growth from 2025 to 2029 to be near the top end of its 5-7% range. Investors should note that Exelon will provide further updates during its first quarter 2026 earnings call on May 6, 2026.
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