NASDAQ : EXC
Exelon Corporation — Financial statements
Utilities · Utilities - Regulated Electric · United States
Last price 45.91 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 47.39B
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Financial statements
Exelon Corporation (EXC) reported revenue of 25.94B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 25.94B | 24.26B | 23.03B | 21.73B | 19.08B | 17.94B |
| Fuel & Purchased Power | 9.46B | 8.67B | 8.68B | 8.24B | 6.37B | 6.38B |
| Operations & Maintenance | 5.71B | 5.14B | 4.91B | 4.54B | 4.58B | 4.45B |
| Depreciation & Amortization | 3.83B | 3.64B | 3.59B | 3.51B | 3.33B | 3.03B |
| Other Operating Expenses | 1.84B | 1.72B | 1.58B | 1.45B | 1.37B | 1.29B |
| Total Operating Expenses | 20.85B | 19.16B | 18.76B | 17.73B | 15.65B | 15.16B |
| Operating Income | 5.09B | 5.09B | 4.27B | 4.00B | 3.43B | 2.77B |
| Interest Expense | -2.27B | -2.13B | -1.94B | -1.73B | -1.45B | -1.29B |
| Net Interest Expense | -2.27B | -2.13B | -1.94B | -1.73B | -1.45B | -1.29B |
| Allowance for Equity Funds for Construction | 183.00M | 183.00M | 157.00M | 151.00M | 150.00M | 136.00M |
| Other Non-Operating Income (Expenses) | 210.00M | 139.00M | 143.00M | 275.00M | 322.00M | 34.00M |
| EBT Excluding Unusual Items | 3.22B | 3.29B | 2.63B | 2.69B | 2.45B | 1.65B |
| Gain (Loss) on Sale of Assets | 2.00M | 3.00M | 12.00M | 10.00M | -2.00M | |
| Asset Writedown | -48.00M | |||||
| Other Unusual Items | 28.00M | |||||
| Pretax Income | 3.22B | 3.29B | 2.67B | 2.70B | 2.40B | 1.65B |
| Income Tax Expense | 581.00M | 523.00M | 207.00M | 374.00M | 349.00M | 38.00M |
| Earnings From Continuing Ops. | 2.64B | 2.77B | 2.46B | 2.33B | 2.05B | 1.62B |
| Earnings From Discontinued Ops. | 117.00M | 213.00M | ||||
| Net Income to Company | 2.64B | 2.77B | 2.46B | 2.33B | 2.17B | 1.83B |
| Minority Interest in Earnings | -1.00M | -123.00M | ||||
| Net Income | 2.64B | 2.77B | 2.46B | 2.33B | 2.17B | 1.71B |
| Net Income to Common | 2.64B | 2.77B | 2.46B | 2.33B | 2.17B | 1.71B |
| Shares Outstanding (Basic) | 1.03B | 1.01B | 1.00B | 996.00M | 986.00M | 979.00M |
| Shares Outstanding (Diluted) | 1.03B | 1.01B | 1.00B | 997.00M | 987.00M | 980.00M |
| EPS (Basic) | 2.57 | 2.74 | 2.45 | 2.34 | 2.20 | 1.74 |
| EPS (Diluted) | 2.56 | 2.73 | 2.45 | 2.34 | 2.20 | 1.74 |
| Free Cash Flow | -2.58B | -2.27B | -1.53B | -2.71B | -2.28B | -4.97B |
| Free Cash Flow Per Share | -2.52 | -2.25 | -1.52 | -2.71 | -2.31 | -5.07 |
| Dividend Per Share | 1.66 | 1.60 | 1.52 | 1.44 | 1.35 | 1.53 |
| Profit Margin | 10.17% | 11.41% | 10.68% | 10.71% | 11.37% | 9.51% |
| Free Cash Flow Margin | -9.96% | -9.38% | -6.64% | -12.45% | -11.94% | -27.70% |
| EBITDA | 8.34B | 8.14B | 7.19B | 6.78B | 6.24B | 9.75B |
| EBITDA Margin | 32.14% | 33.56% | 31.22% | 31.21% | 32.72% | 54.36% |
| D&A For EBITDA | 3.24B | 3.05B | 2.92B | 2.79B | 2.81B | 6.98B |
| EBIT | 5.09B | 5.09B | 4.27B | 4.00B | 3.43B | 2.77B |
| EBIT Margin | 19.64% | 21.00% | 18.54% | 18.39% | 17.97% | 15.46% |
| Effective Tax Rate | 18.05% | 15.89% | 7.76% | 13.84% | 14.52% | 2.30% |
| Revenue as Reported | 24.26B | 24.26B | 23.03B | 21.73B | 19.08B | 17.94B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.47B | 626.00M | 357.00M | 445.00M | 407.00M | 672.00M |
| Trading Asset Securities | 3.00M | 14.00M | 12.00M | |||
| Accounts Receivable | 3.16B | 3.30B | 2.74B | 2.34B | 2.22B | 1.87B |
| Other Receivables | 1.94B | 2.35B | 1.51B | 1.43B | 1.34B | 996.00M |
| Inventory | 962.00M | 868.00M | 853.00M | 801.00M | 755.00M | 581.00M |
| Restricted Cash | 602.00M | 525.00M | 541.00M | 482.00M | 566.00M | 321.00M |
| Other Current Assets | 1.80B | 1.88B | 2.37B | 2.57B | 2.05B | 1.68B |
| Total Current Assets | 9.94B | 9.55B | 8.38B | 8.09B | 7.34B | 13.96B |
| Property, Plant & Equipment | 88.56B | 84.46B | 78.41B | 73.85B | 69.34B | 64.83B |
| Regulatory Assets | 9.56B | 9.21B | 8.71B | 8.70B | 8.04B | 8.22B |
| Goodwill | 6.63B | 6.63B | 6.63B | 6.63B | 6.63B | 6.63B |
| Long-Term Investments | 336.00M | 34.00M | 42.00M | 20.00M | 27.00M | 15.00M |
| Other Long-Term Assets | 7.21B | 6.69B | 5.61B | 4.57B | 3.98B | 849.00M |
| Total Assets | 122.24B | 116.57B | 107.78B | 101.86B | 95.35B | 133.01B |
| Accounts Payable | 3.71B | 3.72B | 2.99B | 2.85B | 3.38B | 2.38B |
| Accrued Expenses | 1.69B | 1.37B | 1.29B | 1.20B | 1.09B | 1.18B |
| Short-Term Debt | 934.00M | 612.00M | 1.86B | 2.52B | 2.59B | 1.25B |
| Current Portion of Long-Term Debt | 1.08B | 1.67B | 1.45B | 1.45B | 1.80B | 2.15B |
| Current Unearned Revenue | 5.00M | |||||
| Current Portion of Leases | 19.00M | 38.00M | 38.00M | 40.00M | 52.00M | |
| Current Income Taxes Payable | 242.00M | 217.00M | 221.00M | 211.00M | ||
| Other Current Liabilities | 2.23B | 2.69B | 1.76B | 1.63B | 1.50B | 9.10B |
| Total Current Liabilities | 9.64B | 10.33B | 9.61B | 9.90B | 10.61B | 16.11B |
| Long-Term Debt | 50.79B | 47.41B | 42.95B | 39.69B | 35.28B | 30.75B |
| Long-Term Leases | 146.00M | 217.00M | 248.00M | 266.00M | 263.00M | |
| Long-Term Unearned Revenue | 114.00M | |||||
| Trust Preferred Securities | 390.00M | 390.00M | 390.00M | 390.00M | 390.00M | 390.00M |
| Pension & Post-Retirement Benefits | 2.00B | 2.29B | 2.22B | 2.10B | 1.62B | 2.86B |
| Long-Term Deferred Tax Liabilities | 14.60B | 13.71B | 12.79B | 11.96B | 11.25B | 10.61B |
| Other Long-Term Liabilities | 14.68B | 13.37B | 12.69B | 11.82B | 11.20B | 37.23B |
| Total Liabilities | 92.11B | 87.77B | 80.86B | 76.10B | 70.61B | 98.22B |
| Common Stock | 22.66B | 22.11B | 21.34B | 21.11B | 20.91B | 20.32B |
| Retained Earnings | 8.32B | 7.58B | 6.43B | 5.49B | 4.60B | 16.94B |
| Treasury Stock | -123.00M | -123.00M | -123.00M | -123.00M | -123.00M | -123.00M |
| Comprehensive Income & Other | -733.00M | -762.00M | -720.00M | -726.00M | -638.00M | -2.75B |
| Total Common Equity | 30.13B | 28.80B | 26.92B | 25.75B | 24.74B | 34.39B |
| Minority Interest | 402.00M | |||||
| Shareholders' Equity | 30.13B | 28.80B | 26.92B | 25.75B | 24.74B | 34.80B |
| Total Liabilities & Equity | 122.24B | 116.57B | 107.78B | 101.86B | 95.35B | 133.01B |
| Total Debt | 53.19B | 50.25B | 46.91B | 44.34B | 40.36B | 34.85B |
| Net Cash (Debt) | -51.72B | -49.62B | -46.53B | -43.88B | -39.96B | -34.18B |
| Net Cash Per Share | -50.32 | -49.03 | -46.39 | -44.02 | -40.48 | -34.88 |
| Filing Date Shares Outstanding | 1.04B | 1.02B | 1.01B | 999.54M | 994.13M | 980.14M |
| Total Common Shares Outstanding | 1.04B | 1.02B | 1.00B | 999.00M | 994.00M | 979.00M |
| Working Capital | 296.00M | -785.00M | -1.23B | -1.81B | -3.27B | -2.15B |
| Book Value Per Share | 29.19 | 28.16 | 26.79 | 25.78 | 24.89 | 35.13 |
| Tangible Book Value | 23.50B | 22.17B | 20.29B | 19.12B | 18.11B | 27.76B |
| Tangible Book Value Per Share | 22.77 | 21.68 | 20.19 | 19.14 | 18.22 | 28.36 |
| Machinery | 97.73B | 91.51B | 85.43B | 79.68B | 74.53B | |
| Construction In Progress | 5.75B | 4.31B | 4.59B | 4.53B | 3.70B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 2.64B | 2.77B | 2.46B | 2.33B | 2.17B | 1.71B |
| Depreciation & Amortization | 3.24B | 3.05B | 2.92B | 2.79B | 2.81B | 6.98B |
| Other Amortization | 594.00M | 594.00M | 676.00M | 720.00M | 718.00M | 594.00M |
| Loss (Gain) on Sale of Assets | -2.00M | -3.00M | -12.00M | -10.00M | -8.00M | |
| Loss (Gain) on Sale of Investments | 221.00M | -426.00M | ||||
| Asset Writedown | 48.00M | 552.00M | ||||
| Change in Accounts Receivable | -890.00M | -1.69B | -644.00M | -37.00M | -1.22B | -703.00M |
| Change in Inventory | -77.00M | -22.00M | -56.00M | -45.00M | -121.00M | -141.00M |
| Change in Accounts Payable | 94.00M | 260.00M | -37.00M | -191.00M | 1.32B | 440.00M |
| Change in Income Taxes | -34.00M | 121.00M | -4.00M | 48.00M | -4.00M | 327.00M |
| Change in Other Net Operating Assets | -645.00M | -544.00M | -454.00M | -902.00M | -1.64B | -5.49B |
| Other Operating Activities | 1.73B | 1.72B | 720.00M | 6.00M | 573.00M | -627.00M |
| Net Cash from Discontinued Operations | -201.00M | |||||
| Operating Cash Flow | 6.65B | 6.25B | 5.57B | 4.70B | 4.87B | 3.01B |
| Capital Expenditures | -9.23B | -8.53B | -7.10B | -7.41B | -7.15B | -7.98B |
| Sale of Property, Plant & Equipment | 2.00M | 4.00M | 38.00M | 25.00M | 16.00M | 877.00M |
| Contributions to Nuclear Demissioning Trust | -516.00M | -6.67B | ||||
| Other Investing Activities | 19.00M | 17.00M | 8.00M | 657.00M | 10.46B | |
| Investing Cash Flow | -9.21B | -8.53B | -7.04B | -7.38B | -6.99B | -3.32B |
| Short-Term Debt Issued | 150.00M | 400.00M | 2.29B | 1.65B | ||
| Long-Term Debt Issued | 6.08B | 4.97B | 5.83B | 6.31B | 3.48B | |
| Total Debt Issued | 6.08B | 6.08B | 5.12B | 6.22B | 8.60B | 5.13B |
| Short-Term Debt Repaid | -1.25B | -814.00M | -463.00M | -1.50B | -350.00M | |
| Long-Term Debt Repaid | -1.31B | -1.56B | -1.71B | -2.07B | -1.64B | |
| Total Debt Repaid | -2.75B | -2.56B | -2.37B | -2.18B | -3.57B | -1.99B |
| Net Debt Issued (Repaid) | 3.33B | 3.52B | 2.75B | 4.05B | 5.02B | 3.14B |
| Issuance of Common Stock | 1.05B | 727.00M | 191.00M | 181.00M | 599.00M | 80.00M |
| Common Dividends Paid | -1.70B | -1.62B | -1.52B | -1.43B | -1.33B | -1.50B |
| Other Financing Activities | -90.00M | -94.00M | -109.00M | -114.00M | -2.70B | -965.00M |
| Financing Cash Flow | 2.59B | 2.53B | 1.31B | 2.68B | 1.59B | 758.00M |
| Net Cash Flow | 22.00M | 262.00M | -162.00M | 11.00M | -529.00M | 453.00M |
| Free Cash Flow | -2.58B | -2.27B | -1.53B | -2.71B | -2.28B | -4.97B |
| Free Cash Flow Margin | -9.96% | -9.38% | -6.64% | -12.45% | -11.94% | -27.70% |
| Free Cash Flow Per Share | -2.52 | -2.25 | -1.52 | -2.71 | -2.31 | -5.07 |
| Levered Free Cash Flow | -3.31B | -2.12B | -2.03B | -3.45B | -2.46B | 3.18B |
| Unlevered Free Cash Flow | -1.89B | -794.88M | -812.88M | -2.37B | -1.55B | 3.98B |
| Cash Interest Paid | 2.02B | 2.02B | 1.85B | 1.62B | 1.43B | 1.50B |
| Cash Income Tax Paid | 12.00M | 12.00M | 81.00M | 10.00M | 73.00M | 281.00M |
| Change in Working Capital | -1.55B | -1.88B | -1.20B | -1.13B | -1.67B | -5.57B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 47.86B | 44.04B | 37.82B | 35.74B | 42.96B | 56.51B |
| Enterprise Value | 99.59B | 92.43B | 83.32B | 78.65B | 81.18B | 95.66B |
| PE Ratio | 18.06 | 15.91 | 15.38 | 15.35 | 19.80 | 33.12 |
| PS Ratio | 1.84 | 1.81 | 1.64 | 1.65 | 2.25 | 3.15 |
| PB Ratio | 1.58 | 1.53 | 1.41 | 1.39 | 1.74 | 1.62 |
| P/OCF Ratio | 7.18 | 7.04 | 6.79 | 7.60 | 8.82 | 18.76 |
| EV/Sales Ratio | 3.83 | 3.81 | 3.62 | 3.62 | 4.25 | 5.33 |
| EV/EBITDA Ratio | 11.93 | 11.35 | 11.59 | 11.60 | 13.00 | 9.81 |
| EV/EBIT Ratio | 19.52 | 18.15 | 19.52 | 19.69 | 23.68 | 34.50 |
| Debt / Equity Ratio | 1.76 | 1.75 | 1.74 | 1.72 | 1.63 | 1.00 |
| Debt / EBITDA Ratio | 6.34 | 6.13 | 6.47 | 6.47 | 6.39 | 3.54 |
| Net Debt / Equity Ratio | 1.72 | 1.72 | 1.73 | 1.70 | 1.61 | 0.98 |
| Net Debt / EBITDA Ratio | 6.21 | 6.09 | 6.47 | 6.47 | 6.40 | 3.50 |
| Net Debt / FCF Ratio | -20.01 | -21.81 | -30.45 | -16.22 | -17.55 | -6.88 |
| Quick Ratio | 0.68 | 0.61 | 0.48 | 0.43 | 0.37 | 0.22 |
| Current Ratio | 1.03 | 0.92 | 0.87 | 0.82 | 0.69 | 0.87 |
| Asset Turnover | 0.22 | 0.22 | 0.22 | 0.22 | 0.17 | 0.14 |
| Return on Equity (ROE) | 9.06% | 9.94% | 9.34% | 9.22% | 6.90% | 4.64% |
| Return on Assets (ROA) | 2.70% | 2.84% | 2.54% | 2.53% | 1.88% | 1.32% |
| Return on Capital Employed (ROCE) | 4.50% | 4.80% | 4.30% | 4.30% | 4.00% | 2.40% |
| Earnings Yield | 5.54% | 6.29% | 6.50% | 6.51% | 5.05% | 3.02% |
| FCF Yield | -5.42% | -5.17% | -4.04% | -7.57% | -5.30% | -8.79% |
| Dividend Yield | 3.63% | 3.72% | 4.04% | 4.03% | 3.12% | 2.65% |
| Payout Ratio | 65.60% | 58.42% | 61.95% | 61.56% | 61.48% | 87.75% |
| Buyback Yield / Dilution | -1.76% | -0.90% | -0.60% | -1.01% | -0.71% | -0.31% |
| Total Shareholder Return | 1.90% | 2.82% | 3.44% | 3.01% | 2.41% | 2.34% |