Exelon Corporation

EXC

UtilitiesLarge CapUS Equities · NYSE / NASDAQ

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Company Profile

Exelon Corporation, a utility services holding company, engages in the energy distribution and transmission businesses in the United States. The company is involved in the purchase and regulated retail sale of electricity and natural gas; transmission and distribution of electricity; and distribution of natural gas to retail customers. It serves residential, commercial, industrial, and public authorities and electric railroads customers. Exelon Corporation was incorporated in 1999 and is headquartered in Chicago, Illinois.

Valuation

Market Cap$45.7B

Current Price$46.66as of Jun 23, 2026

P/E Ratio16.50

P/B Ratio1.59

EV / EBITDA10.50

EV / Sales3.92

Profitability

Operating Margin21.2%

Net Profit Margin11.4%

EBITDA Margin37.3%

Returns

ROE9.6%

ROCE4.8%

ROIC %-

ROA2.4%

Solvency

Current Ratio0.92

Debt / Equity1.74

Debt / Assets0.43

CFO / Net Profit2.26

Price History▲ 8.01% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$24.3B▲ 5.3%

EBITDA$9.1B▲ 10.8%

Net Profit$2.8B▲ 12.5%

Cash from Ops (CFO)$6.3B▲ 12.3%

Free Cash Flow (FCF)$-2.3B▲ 48.9%

Revenue CAGR 3Y8.3%

Revenue CAGR 5Y-

Net Profit CAGR 3Y8.5%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$24.3B	$9.1B	$2.8B	$-2.3B	9.6%	5.3%	12.5%
2024	$23.0B	$8.2B	$2.5B	$-1.5B	9.1%	6.0%	5.7%
2023	$21.7B	$7.9B	$2.3B	$-2.7B	9.0%	13.9%	7.3%
2022	$19.1B	$7.2B	$2.2B	$-2.3B	8.8%	-	-
2021	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	19,078	21,727	23,028	24,258
Operating Revenue	-	19,078	21,727	23,028	24,258
Cost Of Revenue	-	11,046	12,800	13,623	13,844
Gross Profit	-	8,032	8,927	9,405	10,414
Operating Expense	-	4,715	4,914	5,098	5,269
Total Expenses	-	15,761	17,714	18,721	19,113
Operating Income	-	3,317	4,013	4,307	5,145
Total Operating Income As Reported	-	3,315	4,023	4,319	5,148
EBITDA	-	7,175	7,937	8,175	9,058
Normalized EBITDA	-	7,177	7,927	8,163	9,055
EBIT	-	3,850	4,431	4,581	5,418
Interest Expense	-	1,447	1,729	1,914	2,127
Net Interest Income	-	-1,447	-1,729	-1,914	-2,127
Other Non Operating Income Expenses	-	535	408	262	270
Other Income Expense	-	533	418	274	273
Interest Expense Non Operating	-	1,447	1,729	1,914	2,127
Net Non Operating Interest Income Expense	-	-1,447	-1,729	-1,914	-2,127
Pretax Income	-	2,403	2,702	2,667	3,291
Tax Provision	-	349	374	207	523
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	-0.29	1.38	0.93	0.48
Net Income Continuous Operations	-	2,054	2,328	2,460	2,768
Net Income From Continuing And Discontinued Operation	-	2,170	2,328	2,460	2,768
Net Income From Continuing Operation Net Minority Interest	-	2,053	2,328	2,460	2,768
Net Income	-	2,170	2,328	2,460	2,768
Net Income Common Stockholders	-	2,170	2,328	2,460	2,768
Net Income Including Noncontrolling Interests	-	2,171	2,328	2,460	2,768
Normalized Income	-	2,054.71	2,319.38	2,448.93	2,765.48
Diluted NI Availto Com Stockholders	-	2,170	2,328	2,460	2,768
Basic Average Shares	-	994	999	1,005.05	1,022.40
Diluted Average Shares	-	1,043.27	999	1,005.05	1,022.40
Reconciled Depreciation	-	2,768	2,786	2,918	3,046
Reconciled Cost Of Revenue	-	11,603	13,520	14,299	14,438
Total Unusual Items	-	-2	10	12	3
Total Unusual Items Excluding Goodwill	-	-2	10	12	3
Minority Interests	-123	-1	0	0	-
Net Income Discontinuous Operations	213	117	0	0	-
Earnings From Equity Interest Net Of Tax	-9	-	-	-	-
Special Income Charges	-	-2	10	12	3
Gain On Sale Of Business	0	-	-	-	-
Depreciation Amortization Depletion Income Statement	-	3,325	3,506	3,594	3,640
Depreciation And Amortization In Income Statement	-	3,325	3,506	3,594	3,640
Gain On Sale Of Ppe	-	-2	10	12	3
Other Taxes	-	1,390	1,408	1,504	1,629

Peer Comparison

Utilities sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Exelon Corporationthis co.	EXC	$45.7B	16.50↓ discount	1.59	9.6%	10.50
Dominion Energy, Inc.	D	$58.5B	19.51	2.08	10.7%	12.89
Vistra Corp.	VST	$51.8B	54.90	19.77	36.0%	14.07
Entergy Corporation	ETR	$50.0B	28.22	2.96	10.5%	12.86
Xcel Energy Inc.	XEL	$48.5B	24.06

Learn while you research

Hand-picked academy chapters to deepen your understanding of Exelon Corporation and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Leverage Ratios

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$24.3B

$9.1B

$2.8B

$-2.3B

9.6%

5.3%

12.5%

2024

$23.0B

$8.2B

$2.5B

$-1.5B

9.1%

6.0%

5.7%

2023

$21.7B

$7.9B

$2.3B

$-2.7B

9.0%

13.9%

7.3%

2022

$19.1B

$7.2B

$2.2B

$-2.3B

8.8%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

19,078

21,727

23,028

24,258

Operating Revenue

19,078

21,727

23,028

24,258

Cost Of Revenue

11,046

12,800

13,623

13,844

Gross Profit

8,032

8,927

9,405

10,414

Operating Expense

4,715

4,914

5,098

5,269

Total Expenses

15,761

17,714

18,721

19,113

Operating Income

3,317

4,013

4,307

5,145

Total Operating Income As Reported

3,315

4,023

4,319

5,148

EBITDA

7,175

7,937

8,175

9,058

Normalized EBITDA

7,177

7,927

8,163

9,055

EBIT

3,850

4,431

4,581

5,418

Interest Expense

1,447

1,729

1,914

2,127

Net Interest Income

-1,447

-1,729

-1,914

-2,127

Other Non Operating Income Expenses

535

408

262

270

Other Income Expense

533

418

274

273

Interest Expense Non Operating

1,447

1,729

1,914

2,127

Net Non Operating Interest Income Expense

-1,447

-1,729

-1,914

-2,127

Pretax Income

2,403

2,702

2,667

3,291

Tax Provision

349

374

207

523

Tax Rate For Calcs

Tax Effect Of Unusual Items

-0.29

1.38

0.93

0.48

Net Income Continuous Operations

2,054

2,328

2,460

2,768

Net Income From Continuing And Discontinued Operation

2,170

2,328

2,460

2,768

Net Income From Continuing Operation Net Minority Interest

2,053

2,328

2,460

2,768

Net Income

2,170

2,328

2,460

2,768

Net Income Common Stockholders

2,170

2,328

2,460

2,768

Net Income Including Noncontrolling Interests

2,171

2,328

2,460

2,768

Normalized Income

2,054.71

2,319.38

2,448.93

2,765.48

Diluted NI Availto Com Stockholders

2,170

2,328

2,460

2,768

Basic Average Shares

994

999

1,005.05

1,022.40

Diluted Average Shares

1,043.27

999

1,005.05

1,022.40

Reconciled Depreciation

2,768

2,786

2,918

3,046

Reconciled Cost Of Revenue

11,603

13,520

14,299

14,438

Total Unusual Items

-2

Total Unusual Items Excluding Goodwill

-2

Minority Interests

-123

-1

Net Income Discontinuous Operations

213

117

Earnings From Equity Interest Net Of Tax

-9

Special Income Charges

-2

Gain On Sale Of Business

Depreciation Amortization Depletion Income Statement

3,325

3,506

3,594

3,640

Depreciation And Amortization In Income Statement

3,325

3,506

3,594

3,640

Gain On Sale Of Ppe

-2

Other Taxes

1,390

1,408

1,504

1,629

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Exelon Corporationthis co.

EXC

$45.7B

16.50↓ discount

1.59

9.6%

10.50

Dominion Energy, Inc.

$58.5B

19.51

2.08

10.7%

12.89

Vistra Corp.

VST

$51.8B

54.90

19.77

36.0%

14.07

Entergy Corporation

ETR

$50.0B

28.22

2.96

10.5%

12.86

Xcel Energy Inc.

XEL

$48.5B

24.06

Exelon Corporation

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Exelon Corporation

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on