Exelon Corporation

EXC · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$43,951	$37,822	$35,736	$42,959	$56,508	$41,305	$44,602	$44,122	$38,556	$34,720	$27,168	–	–	–	–	–	–	–	–	–	–	–	–	$12,114	$10,925	$8,760	$4,857	$6,474	$3,852	$4,011	$4,772	$3,867	$4,770	$4,098	$4,023	$2,843	$3,471	$2,869	$2,539	$2,949	$2,102
Enterprise value	$93,878	$84,114	$79,299	$82,602	$90,778	$82,489	$84,163	$81,607	$75,531	$71,773	$48,293	–	–	–	–	–	–	–	–	–	–	–	–	$27,466	$25,116	$23,160	$11,073	$10,760	$8,848	$8,973	$9,833	$9,215	–	–	–	–	–	–	–	–	–
P/E (TTM) at period end	15.88×	15.37×	15.35×	19.80×	33.12×	21.04×	15.19×	22.01×	10.20×	30.97×	11.97×	–	–	–	–	–	–	–	–	–	–	–	–	8.41×	7.65×	14.95×	8.34×	12.63×	–	7.76×	7.83×	9.06×	8.08×	8.56×	7.52×	26.87×	5.88×	5.07×	4.68×	5.21×	4.00×
P/S (TTM) at period end	1.81×	1.64×	1.64×	2.25×	3.15×	2.48×	2.67×	1.23×	1.15×	1.11×	0.92×	–	–	–	–	–	–	–	–	–	–	–	–	0.81×	0.72×	1.17×	0.89×	1.24×	0.83×	0.94×	1.14×	0.96×	1.20×	1.03×	1.01×	0.77×	1.02×	0.89×	0.80×	0.95×	0.70×
P/B at period end	1.53×	1.40×	1.39×	1.74×	1.64×	1.27×	1.38×	1.44×	1.29×	1.34×	1.05×	–	–	–	–	–	–	–	–	–	–	–	–	1.56×	1.35×	1.21×	2.74×	2.03×	1.30×	0.81×	0.99×	0.83×	–	–	–	–	–	–	–	–	–
EV / EBITDA (TTM)	10.68×	10.63×	10.53×	12.06×	8.85×	9.46×	9.98×	8.27×	7.70×	8.17×	5.75×	–	–	–	–	–	–	–	–	–	–	–	–	5.49×	4.83×	10.85×	6.40×	5.34×	–	–	4.84×	–	–	–	–	–	–	–	–	–	–
EV / Sales (TTM)	3.87×	3.65×	3.65×	4.33×	5.06×	4.95×	5.03×	2.27×	2.25×	2.29×	1.64×	–	–	–	–	–	–	–	–	–	–	–	–	1.84×	1.66×	3.09×	2.04×	2.07×	1.92×	2.09×	2.35×	2.28×	–	–	–	–	–	–	–	–	–
Returns
Return on equity	9.6%	9.1%	9.0%	8.8%	5.0%	6.0%	9.1%	6.5%	12.6%	4.3%	8.8%	7.2%	7.6%	5.4%	17.3%	18.9%	21.4%	24.8%	27.0%	15.9%	10.1%	19.6%	10.6%	18.6%	17.6%	8.1%	32.8%	16.0%	(50.6%)	10.5%	12.6%	9.1%	–	–	–	–	–	–	–	–	–
Return on invested capital	5.5%	5.4%	5.0%	4.4%	3.8%	3.0%	3.4%	5.4%	6.6%	3.2%	6.3%	5.1%	5.5%	3.9%	10.6%	11.6%	12.5%	15.6%	13.0%	9.0%	6.0%	11.2%	7.1%	8.9%	9.1%	4.4%	11.1%	10.5%	7.2%	7.6%	8.6%	6.7%	–	–	–	–	–	–	–	–	–
Dividend yield	3.7%	4.0%	4.0%	3.1%	2.6%	3.6%	3.2%	3.0%	3.2%	3.4%	4.1%	–	–	–	–	–	–	–	–	–	–	–	–	4.6%	5.3%	1.8%	4.0%	3.6%	10.8%	10.2%	8.1%	9.9%	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	0.92×	0.87×	0.82×	0.69×	0.87×	0.98×	0.85×	1.17×	1.10×	0.92×	1.68×	1.35×	1.31×	1.30×	1.11×	1.51×	1.28×	1.32×	0.84×	0.86×	0.71×	0.80×	0.81×	0.69×	0.86×	0.90×	0.93×	0.33×	0.62×	0.38×	0.45×	0.52×	–	–	–	–	–	–	–	–	–
Debt / equity	1.67×	1.66×	1.64×	1.53×	0.93×	0.94×	1.01×	1.13×	1.11×	1.27×	0.94×	0.87×	0.79×	0.80×	0.83×	0.86×	0.88×	1.05×	1.35×	1.30×	1.53×	1.30×	1.85×	1.79×	1.81×	2.11×	3.53×	1.19×	1.54×	0.92×	0.97×	1.08×	–	–	–	–	–	–	–	–	–
Effective tax rate	15.9%	7.8%	13.8%	14.5%	2.3%	(0.6%)	9.3%	5.3%	(3.3%)	38.2%	32.2%	26.8%	37.6%	34.9%	36.8%	39.3%	38.7%	32.6%	34.7%	43.1%	49.8%	27.6%	30.4%	37.4%	39.7%	37.6%	37.1%	38.1%	46.5%	39.7%	41.5%	36.9%	–	–	–	–	–	–	–	–	–
Share count
Diluted shares outstanding	1,012	1,003	997	987	980	977	974	969	949	927	893	864	860	819	665	663	662	662	676	677	679	671	657	649	645	408	392	437	445	446	444	442	442	440	436	443	419	402	385	365	340

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$25,326	$24,258	$23,028	$21,727	$19,078	$17,938	$16,663	$16,725	$35,978	$33,558	$31,366	$29,447	$27,429	$24,888	$23,489	$19,063	$18,644	$17,318	$18,859	$18,916	$15,655	$15,357	$14,515	$15,812	$14,955	$15,140	$7,499	$5,437	$5,210	$4,618	$4,284	$4,186	$4,041	$3,988	$3,962	$3,976	$3,705	$3,406	$3,229	$3,182	$3,091	$3,014
Cost of revenue	($19,111)	($17,485)	($13,623)	($12,800)	($11,046)	($10,932)	($5,721)	–	($26,007)	($24,161)	($22,688)	($21,406)	($21,571)	($18,007)	($18,118)	($7,388)	($6,435)	($5,281)	($6,582)	($7,642)	($5,232)	($5,646)	($5,082)	($6,375)	($5,262)	($5,313)	($2,606)	($2,145)	($1,752)	($1,290)	($972)	($763)	($704)	–	–	–	–	–	–	–	–	–
Gross profit	$6,215	$6,773	$9,405	$8,927	$8,032	$7,006	$10,942	–	$9,978	$9,370	$8,672	$8,041	$5,858	$6,894	$5,371	$11,796	$12,209	$12,037	$12,277	$11,274	$10,423	$9,711	$9,433	$9,437	$9,693	$9,827	$4,893	$3,292	$3,459	$3,328	$3,311	$3,423	$3,337	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	–	–	–	–	–	–	–	($8,615)	($9,337)	($10,025)	($9,954)	($8,322)	($9,099)	($8,526)	($7,961)	($5,184)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Total operating expenses	($946)	($1,625)	($5,086)	($4,904)	($4,717)	($4,324)	($8,751)	–	($6,087)	($4,982)	($5,460)	($3,632)	($2,762)	($3,225)	($2,998)	($7,317)	($7,483)	($7,287)	($6,978)	($6,606)	($6,817)	($6,987)	($5,934)	($7,028)	($6,394)	($6,465)	($3,366)	($1,919)	($2,191)	($2,252)	($2,063)	($1,964)	($2,274)	–	–	–	–	–	–	–	–	–
Total costs and expenses	($20,057)	($19,110)	($18,709)	($17,704)	($15,763)	($15,256)	($14,472)	($14,069)	($32,087)	($29,170)	($28,154)	($25,038)	($24,333)	($21,219)	($21,116)	($14,584)	($13,918)	($12,568)	($13,560)	($14,248)	($12,049)	($12,633)	($11,016)	($13,403)	($11,656)	($11,778)	($5,972)	($4,064)	($3,942)	($3,542)	($3,035)	($2,727)	($2,977)	–	–	–	–	–	–	–	–	–
Operating income	$5,269	$5,148	$4,319	$4,023	$3,315	$2,682	$2,191	$2,656	$3,891	$4,388	$3,212	$4,409	$3,096	$3,669	$2,373	$4,479	$4,726	$4,750	$5,299	$4,668	$3,606	$2,724	$3,499	$2,409	$3,299	$3,362	$1,527	$1,373	$1,268	$1,075	$1,248	$1,459	$1,064	$3,988	$3,962	$3,976	$3,705	$3,406	$3,229	$3,182	$3,091	$3,014
Earnings
EBITDA	$9,027	$8,791	$7,915	$7,529	$6,848	$10,255	$8,718	$8,436	$9,862	$9,815	$8,788	$8,396	$6,964	$7,448	$6,452	$6,795	$7,669	$7,351	$7,607	$6,851	$5,738	$4,691	$5,432	$2,795	$5,000	$5,196	$2,134	$1,731	$2,015	–	–	$2,034	–	–	–	–	–	–	–	–	–	–
Interest income	–	–	–	–	–	–	–	–	$43	$8	$17	$8	$1	$8	$20	$10	$1	$5	$10	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($2,216)	($2,127)	($1,914)	($1,729)	($1,447)	($1,289)	($1,610)	($1,591)	($1,529)	($1,524)	($1,495)	($992)	($1,024)	($1,315)	($891)	($701)	($792)	($654)	($699)	($850)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$3,365	$3,291	$2,667	$2,702	$2,403	$1,654	$1,092	$1,638	$2,225	$3,775	$1,973	$3,330	$2,486	$2,773	$1,798	$3,956	$4,221	$4,419	$4,034	$4,172	$2,796	$1,895	$2,583	$1,281	$2,668	$2,347	$901	$965	$840	$629	$857	$1,041	$676	–	–	–	–	–	–	–	–	–
Income tax expense	($581)	($523)	($207)	($374)	($349)	($38)	$7	($153)	($118)	$126	($753)	($1,073)	($666)	($1,044)	($627)	($1,457)	($1,658)	($1,712)	($1,317)	($1,446)	($1,206)	($944)	($713)	($389)	($998)	($931)	($339)	($358)	($320)	($293)	($340)	($432)	($249)	–	–	–	–	–	–	–	–	–
Net income	$2,784	$2,768	$2,460	$2,328	$2,170	$1,706	$1,963	$2,936	$2,005	$3,869	$1,196	$2,250	$1,623	$1,729	$1,171	$2,499	$2,563	$2,707	$2,737	$2,736	$1,592	$923	$1,864	$905	$1,440	$1,428	$586	$582	$513	($1,497)	$517	$610	$427	$591	$479	$535	$106	$590	$566	$542	$566	$525
Per share
Diluted EPS (GAAP)	$2.74	$2.73	$2.45	$2.34	$2.20	$1.74	$2.01	$3.01	$2.07	$3.98	$1.21	$2.54	$1.88	$2.00	$1.42	$3.75	$3.87	$4.09	$4.13	$4.05	$2.35	$1.36	$2.78	$1.38	$2.22	$2.21	$0.92	$1.45	$1.12	($3.36)	$1.12	$1.32	$0.88	$1.23	$0.95	$1.08	$0.035	$1.18	$1.17	$1.17	$1.30	$1.28
Basic EPS (GAAP)	$2.74	$2.74	$2.45	$2.34	$2.20	$1.74	$2.01	$3.02	$2.07	$3.99	$1.21	$2.55	$1.89	$2.01	$1.42	$3.76	$3.88	$4.10	$4.16	$4.08	$2.37	$1.38	$2.82	$1.38	$2.23	$2.22	$0.92	$1.46	$1.12	($3.36)	$1.12	$1.32	$0.88	$1.23	$0.95	$1.08	$0.035	$1.18	$1.17	$1.17	$1.30	$1.28
Basic shares outstanding	1,018	1,011	1,003	996	986	979	976	973	967	947	924	890	860	856	816	663	661	659	658	670	672	669	661	650	644	640	350	392	435	445	446	444	442	442	440	436	443	419	402	385	365	340
Margins
Gross margin	24.5%	27.9%	40.8%	41.1%	42.1%	39.1%	65.7%	–	27.7%	27.9%	27.6%	27.3%	21.4%	27.7%	22.9%	61.9%	65.5%	69.5%	65.1%	59.6%	66.6%	63.2%	65.0%	59.7%	64.8%	64.9%	65.2%	60.5%	66.4%	72.1%	77.3%	81.8%	82.6%	–	–	–	–	–	–	–	–	–
Operating margin	20.8%	21.2%	18.8%	18.5%	17.4%	15.0%	13.1%	15.9%	10.8%	13.1%	10.2%	15.0%	11.3%	14.7%	10.1%	23.5%	25.3%	27.4%	28.1%	24.7%	23.0%	17.7%	24.1%	15.2%	22.1%	22.2%	20.4%	25.3%	24.3%	23.3%	29.1%	34.9%	26.3%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Net margin	11.0%	11.4%	10.7%	10.7%	11.4%	9.5%	11.8%	17.6%	5.6%	11.5%	3.8%	7.6%	5.9%	6.9%	5.0%	13.1%	13.7%	15.6%	14.5%	14.5%	10.2%	6.0%	12.8%	5.7%	9.6%	9.4%	7.8%	10.7%	9.8%	(32.4%)	12.1%	14.6%	10.6%	14.8%	12.1%	13.4%	2.9%	17.3%	17.5%	17.0%	18.3%	17.4%

Analyst consensus

Hold37 analysts

Bearish · 1 · Hold · 22 · Bullish · 14

Earnings history

	EPS	Estimate
Q3 2024	$0.71	$0.67	Beat
Q4 2024	$0.64	$0.59	Beat
Q1 2025	$0.92	$0.88	Beat
Q2 2025	$0.39	$0.37	Beat
Q3 2025	$0.86	$0.78	Beat
Q4 2025	$0.59	$0.55	Beat
Q1 2026	$0.91	$0.88	Beat
Q2 2026	$0.43	$0.44	Miss

Peers

Company overview

IPO dateMay 2, 1973

CEOCalvin G. Butler Jr.

Employees20,571

SectorUtilities

IndustryRegulated Electric

CountryUS

ExchangeNASDAQ Global Select

Websitewww.exeloncorp.com

Exelon Corporation, a utility holding company established in 1999 and headquartered in Chicago, Illinois, operates across the United States and Canada. The company primarily focuses on the generation, delivery, and marketing of energy. It maintains a diverse portfolio of power production facilities, utilizing nuclear, fossil fuel, wind, hydroelectric, biomass, and solar technologies. Exelon engages in the sale of electricity to both wholesale and retail clients, while also providing natural gas, renewable energy solutions, and various other energy-related products and services. Beyond generation, the corporation manages the regulated procurement and direct sale of electricity and natural gas to consumers, alongside overseeing the essential transmission and distribution infrastructure for both power and natural gas. To support its extensive operations, Exelon provides a wide array of internal services, including legal counsel, human resources, information technology, financial management, supply chain, accounting, engineering, customer support, infrastructure planning, asset management, system operations, and power acquisition. The company caters to a broad customer base, which includes distribution utilities, municipal entities, cooperatives, financial institutions, and commercial, industrial, governmental, and residential sectors.

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