greeksoup/ stock research
Stock research / United States / EXC / FY2025

Exelon (EXC) FY2025 results: revenue $24.3 billion, up 5.3% on the year

Exelon Corp. (EXC) reported revenue of $24.3 billion for fiscal 2025, the year ended 31 December 2025, up 5.3% on the year before. Net income was $2.8 billion, up 12.5%. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.

Revenue
$24.3 billion
+5.3% on the year
FY2018FY2025
Operating margin
21.2%
18.8% a year earlier
FY2018FY2025
Net income
$2.8 billion
+12.5% on the year
FY2018FY2025
Diluted EPS
n/a
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 raised, 2 new, 1 kept.

  • Full-year adjusted EPS rose to $2.77: Full-year Adjusted operating earnings were $2.77 per share, up from $2.50 in 2024. GAAP net income was $2.73 per share, up from $2.45.
  • Fourth-quarter EPS declined year on year: Fourth-quarter Adjusted operating earnings were $0.59 per share, down from $0.64. GAAP net income was $0.58 per share, down from $0.64.
  • Utility rates drove most of the gain: Full-year utility earnings rose mainly on distribution and transmission rates, which added $554 million. Weather at PECO and other energy delivery items also contributed.
  • PECO earnings fell on taxes and costs: PECO Adjusted operating earnings were $162 million, down from $196 million. Higher income taxes from tax repairs, an absence of a storm deferral, and higher contracting and depreciation costs drove the decline.
  • Reliability rankings were top tier: All utilities reached first quartile SAIDI performance. ComEd ranked in the top decile for both SAIDI and the System Average Interruption Frequency Index.
Read the Q4 FY2025 earnings call summary

From this 10-K

Exelon is a utility services holding company engaged in the energy transmission and distribution businesses through six reportable segments: ComEd, PECO, BGE, Pepco, DPL and ACE. Its consolidated results include seven separate operating subsidiary registrants, those six plus PHI, each of which files its own management discussion inside the same annual report. The utilities deliver electricity, and in some cases natural gas, in Illinois, Pennsylvania, Maryland, the District of Columbia, Delaware and New Jersey.

Exelon Corp., the 10-K for 2025

Exelon is a utility services holding company engaged in the energy transmission and distribution businesses through six reportable segments: ComEd, PECO, BGE, Pepco, DPL and ACE. Its consolidated results include seven separate operating subsidiary registrants, those six plus PHI, each of which files its own management discussion inside the same annual report. The utilities deliver electricity, and in some cases natural gas, in Illinois, Pennsylvania, Maryland, the District of Columbia, Delaware and New Jersey.

The utilities, and how large each one is

PECO, in Pennsylvania, served 1,710,217 electric customers and 556,281 natural gas customers at the end of 2025. Electric retail deliveries were 35,976 GWh during the year, of which 14,078 GWh went to residential customers, 13,683 GWh to large commercial and industrial customers, 7,537 GWh to small commercial and industrial customers and 678 GWh to public authorities and electric railroads. Natural gas deliveries were 91,117 mmcf, split 43,189 mmcf residential, 24,204 mmcf transportation and 23,709 mmcf small commercial and industrial.

BGE, in Maryland, served 1,351,291 electric customers and 705,162 natural gas customers. Pepco served 610,109 electric customers in Maryland, and also operates in the District of Columbia. DPL served 562,661 electric customers across Maryland and Delaware, delivering 7,827 GWh in the year, and also distributes natural gas in Delaware. ACE served 576,595 electric customers in New Jersey. ComEd distributes electricity in Illinois.

Distribution, whoever supplies the power

Delivery volumes cover customers buying electricity directly from the utility and customers buying from a competitive electric generation supplier, because all customers are assessed distribution charges either way. ACE remains the distribution service provider for every customer in its territory and charges a regulated distribution rate; where a customer buys generation from a competitive supplier, ACE acts as the billing agent, and where a customer buys from ACE, it is permitted to recover the electricity and the associated environmental credit procurement costs without mark-up.

At BGE, a monthly rate adjustment provides a fixed distribution amount per customer by customer class, so abnormal weather or usage per customer does not change what it collects, though the number of customers does.

How the rates get set

The utilities file rate cases with their regulatory commissions seeking increases or decreases to their electric transmission and distribution and gas distribution rates, to recover costs and earn a return on their investments. Recent completed cases cover ComEd's electric rates in Illinois, PECO's electric and natural gas rates in Pennsylvania, BGE's electric and natural gas rates in Maryland, Pepco's electric rates in both the District of Columbia and Maryland, DPL's electric rates in Maryland and its electric and natural gas rates in Delaware, and ACE's electric rates in New Jersey. Cases were pending for Pepco in Maryland, filed in October 2025, and for DPL in Delaware, filed in December 2025.

Transmission is set separately, under federal energy regulator formula rates updated annually and effective from 1 June each year, subject to review by interested parties under each utility's tariff protocols. At ComEd the formula varies with underlying costs, the capital investments being recovered, and the highest daily peak load, which is updated each January from the prior calendar year. ComEd's energy efficiency charges run on a performance-based formula rate requiring an annual reconciliation against the costs the Illinois regulator determines were prudently and reasonably incurred in a given year.

Maryland's new law

On 20 May 2025 the Governor of Maryland signed legislation addressing several matters for electric and gas utilities, including affirming that the state regulator may approve multi-year rate plans that demonstrate customer benefits, and prohibiting utilities from filing after 1 January 2025 for the reconciliation of actual costs against the amounts approved within those plans. The filing says reconciliations filed before that date remain lawful and will be resolved in their respective proceedings. Under the same act the regulator implemented a relief programme in June 2025 distributing bill credits to residential customers based on their consumption of electricity supply subject to the renewable energy portfolio standard.

Federal grants terminated and declined

A January 2025 presidential executive order required an immediate pause in disbursing funds appropriated through federal infrastructure and climate legislation pending a federal energy department review. In October 2025 Exelon, ComEd and BGE received termination notices for three awarded grid and storage projects, and in the fourth quarter Exelon, ComEd and BGE declined one previously awarded grant while Exelon and PECO declined another. The filing says there are no material financial statement impacts from the terminations and that the companies will continue to evaluate whether to move forward with the projects.

From Exelon's annual report on Form 10-K for the year ended 31 December 2025. This company's Form 10-K carries no business section that names its service territories, so this description is drawn from the management discussion alone. The filing

Written from the 10-K filed 12 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue24,25823,02821,727+5.3%
Operating income5,1484,3194,023+19.2%
Operating margin21.2%18.8%18.5%
Pre-tax income3,2912,6672,702+23.4%
Income tax523207374+152.7%
Effective tax rate15.9%7.8%13.8%
Net income2,7682,4602,328+12.5%
Net margin11.4%10.7%10.7%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow6,2545,5694,703+12.3%
Capital expenditure8,5297,0977,408+20.2%
Free cash flow-2,275-1,528-2,705
Free cash flow margin-9.4%-6.6%-12.4%
Cash from investing-8,525-7,042-7,375
Cash from financing2,5331,3112,683+93.2%
Depreciation and amortisation3,6433,5963,506+1.3%
Dividends paid1,6171,5241,433+6.1%
Dividend per share$1.60$1.52$1.44+5.3%
Diluted shares, weighted1,012m1,003m997m+0.9%
Shares outstanding at period end1,023m1,005m999m+1.8%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity28,79826,92125,755+7.0%
Debt50,08046,64944,008+7.4%
Other liabilities37,69234,21432,093+10.2%
Total liabilities and equity116,570107,784101,856+8.2%
Fixed assets84,31878,18273,593+7.8%
Goodwill6,6306,6306,6300.0%
Investments312290251+7.6%
Cash and equivalents626357445+75.4%
Receivables3,2972,7382,342+20.4%
Other assets21,38719,58718,595+9.2%
Total assets116,570107,784101,856+8.2%

10-K for the year ended 31 December 2025, filed 12 February 2026: the filing.