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EXELON CORPEXC

Sector
Energy
Industry
Electric & Other Services Combined
Exchange
Nasdaq

Stock Price $EXC

Latest filings

You are here#11 of 21 in Utilities by market cap

Filing record · 2016–202610-K1110-Q328-K189

EXC filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 189 current reports (8-K) between 2016 and 2026.

  1. Restructuring8-K · May ’17May ’17
  2. FY2018 annual report10-K · Feb ’19Feb ’19
  3. Impairment8-K · Apr ’21Apr ’21
  4. Material agreement8-K · May ’25May ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2021
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $24.26B
YoY changeLargest recent move−51.6%in FY20Latest +5.3%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All EXC Financial Metrics57 metrics

Income Statement12

Balance Sheet25

Cash Flow15

Per Share5

02—Overview

EXELON CORP Financial Overview 2021–2025

Updated Jul 10, 2026

Exelon’s pivot to a pure-play utility has unlocked a $41 billiona 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 $2.73b 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 billionc 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 milliond 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 millione 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.

03—Filings

Recent SEC Filings

  1. 8-KEXELON CORP 8-K Report, Executive Changes (Aug 25, 2026)Exelon (EXC) announced a series of executive leadership changes on August 25, 2026, centered on its finance and operations teams. Michael Innocenzo, EVP and Chief Operating Officer of Exelon and President and CEO of PECO (and ComEd board chair), will depart in 2027 on a date yet to be determined, after nearly 40 years with the company. He will remain in his roles and assist with an orderly transition until then. The most material change for investors is in the finance function: CFO Jeanne Jones moves to Executive Vice President of Finance and Strategy, taking on an expanded role over corporate strategy, while Robert Kleczynski, currently SVP, Controller and Tax, becomes EVP and Chief Financial Officer and principal financial officer. Both changes take effect October 5, 2026. Caroline Fulginiti becomes Vice President and Controller and principal accounting officer on the same date. Further down the finance bench, ComEd CFO Joshua Levin will become Senior Vice President of Finance at Exelon effective January 1, 2027, overseeing investor relations, insurance, and long-term financial planning consolidation. Andrew Plenge, currently ComEd's VP of Strategy and Energy Policy and formerly Exelon's VP of Investor Relations, will succeed Levin as ComEd CFO on the same date. The filing also reaffirmed 2026 Adjusted operating EPS guidance of $2.81-$2.91 and expects cumulative annualized Adjusted operating earnings growth from 2025 to 2029 near the top of the 5-7% range, which signals management confidence despite the leadership transition. From a compensation standpoint, the new CFO's package includes a $650,000 base salary, a 90% annual incentive target, and a $1,765,000 long-term incentive target granted in 2027. The filing did not describe any compensation changes beyond those roles. Overall, the announcements appear to be planned internal succession that keeps financial continuity within the company, though the undefined timing of Innocenzo's departure and the reshuffling of several finance roles are points investors may want to monitor.
  2. 8-KEXELON CORP 8-K Report, Financial Results (Jul 30, 2026)Exelon (EXC) reported second-quarter 2026 results on July 30, 2026, with GAAP EPS of $0.39 and Adjusted (non-GAAP) operating EPS of $0.43, up from $0.39 in Q2 2025 and in line with management's expectations. GAAP net income was $396 million versus $391 million a year earlier. Growth was driven mainly by distribution and transmission rate increases at ComEd and PHI, higher AFUDC at ComEd, the absence of PECO customer surcharge credits, and the lapping of the prior-year Customer Relief Fund contribution. These gains were partly offset by higher depreciation at PECO and PHI, higher interest expense, higher credit loss expense at BGE, and a PECO tax-repair-related increase in income taxes. Operating EPS for the first half was $1.33 versus $1.31 a year earlier. Management affirmed full-year 2026 adjusted operating EPS guidance of $2.81 to $2.91 and expects operating EPS compound annual growth from 2025 to 2029 near the top end of the 5-7% range. The company cites a planned ~$41.7B four-year capital program, a 7.9% rate base growth outlook, and ~86% of 2026 debt financings already executed. Credit metric targets remain around 14% (S&P FFO/Debt and Moody's CFO pre-WC/Debt). Notable regulatory items include BGE's $156.1M electric distribution rate case (10.40% ROE requested, decision expected around January 2027), Pepco MD's order expected in August 2026, and ComEd's grid plan and reconciliation orders expected by year-end. The quarterly dividend was declared at $0.42 per share. The filing also flags credit-rating developments that bear watching: S&P downgraded BGE's senior unsecured rating from A to A- on April 30, 2026, and Moody's downgraded PECO's senior secured rating from Aa3 to A1 on July 15, 2026. Balance sheet data show long-term debt rising to $50.3B from $47.4B at year-end 2025, short-term borrowings increasing to $1.2B, and capital expenditures of $4.6B in the first half, up from $4.0B. Operating cash flow of $3.7B exceeded the prior-year $2.7B. Investors should weigh the strong growth visibility and reliability record against rising leverage, ongoing equity issuance needs (~$3.4B through 2029), and regulatory outcomes that remain pending.
  3. 8-KEXELON CORP 8-K Report, Financial Results (May 6, 2026)Exelon reported first-quarter 2026 results on May 6, 2026. GAAP net income was $919 million, or $0.90 per diluted share, essentially flat versus $908 million ($0.90) in Q1 2025. Adjusted (non-GAAP) operating earnings were $930 million, or $0.91 per share, down from $0.92 a year earlier. The slight decline was driven by timing of ComEd distribution earnings, higher depreciation at PECO and PHI, higher interest expense, a Pepco Maryland multi-year plan reconciliation impact, and higher Holding Company costs from income taxes and interest. Partially offsetting these were approved distribution and transmission rates at ComEd, PHI and BGE, the absence of PECO surcharge credits, and favorable weather at PECO and BGE. Management affirmed full-year 2026 adjusted operating EPS guidance of $2.81-$2.91 and reiterated that 2025-2029 operating EPS CAGR is expected near the top end of the 5-7% range. The headline change is a revised four-year capital plan of $41.7 billion (2026-2029), up from $41.3 billion, which is a $1.1 billion reduction in distribution investment offset by a $1.5 billion increase in transmission investment. This supports 7.9% rate base growth through 2029, with management citing $12-17 billion of additional transmission opportunity beyond the plan and an ~18 GW committed data center pipeline (about 45% secured with Transmission Security Agreements). Financing progress is on track: about 43% of 2026 debt financing is complete, including all Holding Company issuances, and about 37% of the $3.4 billion equity need through 2029 has been priced via forward contracts. Credit is a watch item: S&P downgraded BGE's senior unsecured rating to A- on April 30, 2026, and Moody's placed PECO on review for downgrade on April 24, 2026. Investors should monitor these ratings actions alongside the pending Pepco Maryland order (expected August 2026) and the Maryland Utility RELIEF Act, which awaited the governor's signature at the time of filing.
  4. 8-KEXELON 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.
  5. 8-KEXELON CORP 8-K Report, Regulation FD Disclosure (Apr 16, 2026)Exelon's PECO subsidiary has withdrawn its electric and natural gas base rate case filings with the Pennsylvania Public Utility Commission (dockets R-2026-3060859 and R-2026-3060860), originally submitted March 30, 2026. PECO cited customer affordability concerns, including elevated energy supply costs and broader cost-of-living pressure in southeastern Pennsylvania, and said the decision followed conversations with Governor Josh Shapiro and stakeholder input. The withdrawal removes a near-term source of incremental rate base growth and revenue recovery from PECO's pending investment plan, and PECO says it will evaluate the timing and scope of longer-term grid modernization investments and any future regulatory filings. Exelon is responding by redeploying capital and delaying certain capital projects, along with pursuing operational efficiencies. Importantly, management reaffirmed its 2026 Adjusted (non-GAAP) operating EPS guidance of $2.81-$2.91 and its expectation for cumulative annualized Adjusted operating earnings growth from 2025 to 2029 near the top of the 5-7% range. Those reaffirmations suggest management believes the efficiency and redeployment plan can offset the lost rate relief, though investors will want detail on the capital plan changes and rate base growth trajectory, which are expected on the May 6, 2026 first-quarter earnings call. The filing also discloses that Maryland's Utility RELIEF Act passed the General Assembly on April 13, 2026 and awaits the Governor's signature. If enacted, it would modify Maryland ratemaking rules for cost recovery at BGE, Pepco, and DPL. The 8-K is a combined filing for Exelon and its utility subsidiaries, and the disclosed developments carry forward-looking risk factors, including regulatory outcomes, affordability-driven political pressure, and capital allocation uncertainty.
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04—See also

Related Companies

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