FirmAtlas
Company handbook · EXC · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
EXC · CIK 1109357 · LATEST FILING: 10-Q JUN '26 · FILED JUL 30, 2026
EXELON CORPORATION
$43.50
+1.02 (+2.40%)
Close, Oct 16, 2026 · 52-week $40–51
Last fiscal year
EXELON CORPORATION reported revenue of $24.3B for the year ended Dec 31, 2025 (FY25), up 5.3% from FY24. Net income was $2.8B, operating cash flow $6.3B and free cash flow −$2.3B. Source: 10-K filed Feb 12, 2026.
Market cap
$44.5B
P/E
16.0
EV/EBITDA
11.4x
P/B
1.5
Div yield
3.82%
ROIC
5.8%
Revenue 1Y
5.3%/yr
EPS 1Y
10.5%/yr
Shares 1Y
+2%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOCalvin G. Butler, Jr.
HQChicago, IL
AuditorPricewaterhouseCoopers LLP
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
2.9%
−2.7%
2.7%
−8.2%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$18.8B deployed
Capex
$15.6B
83.3%
Dividends
$3.1B
16.7%
Operating cash flow over the period: $11.8B. Total debt changed by +$3.5B.
Capex was more than operating cash flow in FY25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Mar '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
23,028
24,258+5.3%
24,786
YoY
+5.3%
Operating income
4,319
5,148+19.2%
5,217
Operating margin
18.8%
21.2%+2.5 pp
—
EBITDA
7,229
8,191+13.3%
—
EBITDA margin
31.4%
33.8%+2.4 pp
—
Interest expense
1,849
2,021+9.3%
—
Interest coverage
3.91x
4.05x+0.14x
—
Net income
2,460
2,768+12.5%
2,779
YoY
+12.5%
Net margin
10.7%
11.4%+0.7 pp
—
EPS (diluted, $)
2.45
2.71+10.5%
2.73
YoY
+10.5%
Balance sheet
Total assets
107,784
116,570+8.2%
117,545
Cash & short-term investments
939
1,201+27.9%
—
Accounts receivable
2,738
3,297+20.4%
—
Net PP&E
78,182
84,318+7.8%
—
Other assets
25,925
27,754+7.1%
—
Total liabilities
80,863
87,772+8.5%
88,230
Total debt
46,527
50,040+7.6%
48,524
Other liabilities
34,336
37,732+9.9%
—
Shareholders’ equity
26,921
28,798+7.0%
29,315
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
5,569
6,254+12.3%
6,778
Net income
2,460
2,768+12.5%
—
Depreciation & amortization
2,910
3,043+4.6%
—
Working capital & other
199
443+122.6%
—
Cash from investing
(7,042)
(8,525)n/m
—
Capex
(7,097)
(8,529)n/m
—
Other investing
55
4−92.7%
—
Cash from financing
1,311
2,533+93.2%
—
Debt raised
4,974
6,075+22.1%
—
Debt repaid
(1,557)
(1,311)n/m
—
Dividends
(1,524)
(1,617)n/m
—
Shares issued
148
691+366.9%
—
Other financing
(730)
(1,305)n/m
—
Net change in cash
(162)
262n/m
—
Free cash flow (OCF − capex)
(1,528)
(2,275)n/m
(2,163)
Where the cash went
Operating cash flow
5,569
6,254+12.3%
6,778
Reinvested in the business
7,097
8,529+20.2%
—
% of operating cash flow
127.4%
136.4%
Capex
7,097
8,529+20.2%
8,941
Free cash flow
(1,528)
(2,275)n/m
(2,163)
YoY
n/m
Returned to shareholders
1,524
1,617+6.1%
—
% of free cash flow
—
—
Dividends
1,524
1,617+6.1%
—
Change in total debt
—
3,513
—
Cash left over
—
(379)
—
FCF conversion (FCF ÷ net income)
−62.1%
−82.2%−20.1 pp
—
Owner earnings
—
(3,277)
—
Owner earnings margin
—
−13.5%
—
Returns & ratios
ROIC (all capital)
5.5%
5.8%+0.3 pp
—
ROIC (operating)
4.9%
5.1%+0.2 pp
—
Net debt / EBITDA
6.31x
5.96x−0.34x
—
Debt / equity
1.73x
1.74x+0.01x
—
ROE
9.1%
9.6%+0.5 pp
—
ROA
2.3%
2.4%+0.1 pp
—
ROCE
4.4%
4.8%+0.4 pp
—
NOPAT
3,984
4,330+8.7%
—
Invested capital (operating)
80,920
87,615+8.3%
—
Invested capital (all)
72,509
77,637+7.1%
—
Reinvestment rate
—
154.6%
—
Net debt is 6.0x EBITDA (FY25).
Income
Jun '25
Sep '25
Dec '25
Mar '26
Revenue
5,427
6,705
5,412
7,242
vs year-ago quarter
Operating income
927
1,500
1,185
1,605
Net income
391
875
594
919
vs year-ago quarter
Net margin
7.2%
13.0%
11.0%
12.7%
EPS (diluted, $)
0.39
0.86
0.58
0.90
vs year-ago quarter
Balance sheet
Jun '25
Sep '25
Dec '25
Mar '26
Total assets
111,147
113,539
116,570
117,545
Cash & equivalents
1,251
2,098
1,201
1,297
Total debt
46,636
47,363
50,040
48,524
Shareholders’ equity
27,620
28,113
28,798
29,315
Cash flow
Jun '25
Sep '25
Dec '25
Mar '26
Operating cash flow
1,511
2,299
1,244
1,724
Capex
2,013
2,136
2,434
2,358
Free cash flow
(502)
163
(1,190)
(634)
vs year-ago quarter