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
Recent SEC Filings
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.
EXELON CORP 8-K Report, Material Agreement (Feb 20, 2026)
Exelon Corporation (EXC) has announced the successful issuance and sale of $775 million in aggregate principal amount of its 4.950% Notes due 2036. This new debt offering is primarily intended to refinance the Company's maturing $750 million 3.400% Notes due 2026. The net proceeds, combined with existing cash, will cover the principal repayment of the maturing debt, with any remainder allocated for general corporate purposes.
EXELON CORP 8-K Report, Financial Results (Feb 12, 2026)
Exelon Corporation has filed an 8-K on February 12, 2026, to announce its fourth-quarter and full-year 2025 financial results. The filing primarily consists of a press release (Exhibit 99.1) and presentation slides (Exhibit 99.2) that will be used during their earnings conference call. Investors should note that this report is furnished, not filed, with the SEC, meaning it is informational. The company has scheduled its earnings call for February 12, 2026, at 9:00 AM CT. The detailed financial results, operational performance, and forward-looking guidance are expected to be presented during this call. Investors are advised to review the attached exhibits for the specific financial figures and management's commentary on the company's performance and outlook. The filing also reiterates the forward-looking nature of some statements and lists potential risks and uncertainties that could impact future results, a standard disclosure for public companies.
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