Exelon

Utilities Electric Utilities Chicago, Illinois Last filing Feb 12, 2026 · FY2025

                    Revenue
                    FY2025
                
$24.3B
                    3y CAGR +8.3%
                    
                    P90
                    
                    +5.3%
                    
                    Net income
                    FY2025
                
$2.8B
                    Net margin +11.4%
                    
                    P29
                    
                    +12.5%
                    
                    Total assets
                    FY2025
                
$116.6B
                    ROA +2.4%
                    
                    P26
                    
                    +8.2%
                    
                    Operating cash flow
                    FY2025
                
$6.3B
                    FCF margin -9.4%
                    
                    P62
                    
                    +12.3%

21 yrs · FY1999–FY2025 6 gaps (2006–2001) 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

26 accounts · 10 years

Total assets $116.6B

Total liabilities $87.8B

Shareholders equity $28.8B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	$626.0M 75.4%	$357.0M -19.8%	$445.0M 9.3%	$407.0M -39.4%	$672.0M 55.6%	$432.0M -26.4%	$587.0M -56.5%	$1.3B 50.2%	$898.0M 41.4%	$635.0M
Accounts Receivable	$3.3B 20.4%	$2.7B 16.9%	$2.3B 5.6%	$2.2B -37.3%	$3.5B 9.5%	$3.2B -29.6%	$4.6B -0.3%	$4.6B 4.7%	$4.4B 5.8%	$4.2B
Prepaid Expenses	$523.0M 17.5%	$445.0M -5.9%	$473.0M 16.5%	$406.0M -70.6%	$1.4B -16.2%	$1.6B 31.4%	$1.3B 1.2%	$1.2B -0.3%	$1.2B 33.5%	$930.0M
Other Current Assets	$523.0M 17.5%	$445.0M -5.9%	$473.0M 16.5%	$406.0M -70.6%	$1.4B -16.2%	$1.6B 31.4%	$1.3B 1.2%	$1.2B -0.3%	$1.2B 33.5%	$930.0M
Total Current Assets	$9.5B 13.9%	$8.4B 7.8%	$7.8B 6.0%	$7.3B -47.4%	$14.0B 11.1%	$12.6B 4.4%	$12.0B -9.9%	$13.4B 12.9%	$11.8B -4.7%	$12.4B
Property,Plant and Equipment	$84.3B 7.8%	$78.2B 6.2%	$73.6B 6.5%	$69.1B -18.0%	$84.2B 2.0%	$82.6B 2.9%	$80.2B 4.6%	$76.7B 3.4%	$74.2B 3.7%	$71.6B
Goodwill	$6.6B 0.0%	$6.6B 0.0%	$6.6B 0.0%	$6.6B -0.7%	$6.7B 0.0%	$6.7B 0.0%	$6.7B 0.0%	$6.7B 0.0%	$6.7B 0.0%	$6.7B
Intangible Assets	$0	$0	$0	$0 -100.0%	$179.0M 4.1%	$172.0M -1.1%	$174.0M 47.5%	$118.0M 537.0%	$-27.0M 90.3%	$-279.0M
Long Term Investments	$312.0M 7.6%	$290.0M 15.5%	$251.0M 8.2%	$232.0M -47.6%	$443.0M 0.7%	$440.0M -5.2%	$464.0M -25.8%	$625.0M -2.3%	$640.0M 1.7%	$629.0M
Other Noncurrent Assets	$22.7B 7.0%	$21.2B 5.2%	$20.2B 1668.3%	$1.1B -56.2%	$2.6B -20.5%	$3.3B 2.5%	$3.2B 103.0%	$1.6B 19.1%	$1.3B -10.2%	$1.5B
Total Assets	$116.6B 8.2%	$107.8B 6.1%	$101.5B 6.5%	$95.3B -28.3%	$133.0B 2.9%	$129.3B 3.5%	$125.0B 4.4%	$119.7B 2.5%	$116.7B 1.6%	$114.9B
Liabilities
Accrued Liabilities	$1.6B 7.8%	$1.5B 6.8%	$1.4B 12.2%	$1.2B -37.3%	$2.0B -5.9%	$2.1B 4.9%	$2.0B -6.2%	$2.1B 15.1%	$1.8B -47.0%	$3.5B
Deferred Revenue	$119.0M -6.3%	$127.0M -4.5%	$133.0M 31.7%	$101.0M	—	—	$33.0M 22.2%	$27.0M -22.9%	$35.0M	—
Current Portion of Long Term Debt	$612.0M -57.9%	$1.5B 3.6%	$1.4B -22.1%	$1.8B -46.6%	$3.4B 85.4%	$1.8B -61.4%	$4.7B 249.1%	$1.3B -35.4%	$2.1B -14.1%	$2.4B
Other Current Liabilities	$577.0M 12.7%	$512.0M -47.1%	$968.0M -16.2%	$1.2B 8.6%	$1.1B -15.8%	$1.3B -5.0%	$1.3B 28.6%	$1.0B 5.4%	$982.0M 0.1%	$981.0M
Total Current Liabilities	$10.3B 7.5%	$9.6B 0.2%	$9.6B -9.6%	$10.6B -34.1%	$16.1B 26.2%	$12.8B -10.0%	$14.2B 24.4%	$11.4B 5.6%	$10.8B -19.8%	$13.5B
Long Term Debt	$0 -100.0%	$420.0M 26.9%	$331.0M -99.1%	$35.3B -0.1%	$35.3B 0.7%	$35.1B 12.0%	$31.3B -8.1%	$34.1B 5.9%	$32.2B 1.9%	$31.6B
Deferred Tax Liabilities	$0 -100.0%	$12.8B 7.0%	$11.9B 6.3%	$11.2B -18.4%	$13.8B 9.7%	$12.5B 207.6%	$-11.7B -10.3%	$-10.6B -1.0%	$-10.5B -160.0%	$17.5B
Other Noncurrent Liabilities	$2.2B -5.0%	$2.3B 9.3%	$2.1B 6.2%	$2.0B -28.0%	$2.7B -7.1%	$2.9B -4.0%	$3.1B 43.8%	$2.1B 1.6%	$2.1B 14.8%	$1.8B
Total Liabilities	$87.8B 8.5%	$80.9B 6.7%	$75.8B 7.3%	$70.6B -28.1%	$98.2B 4.0%	$94.4B 4.5%	$90.4B 4.4%	$86.6B 2.4%	$84.6B -3.1%	$87.3B
Equity
Common Stock	$22.1B 3.6%	$21.3B 1.1%	$21.1B 1.0%	$20.9B 2.9%	$20.3B 4.9%	$19.4B 0.5%	$19.3B 0.8%	$19.1B 0.8%	$19.0B 0.9%	$18.8B
Retained Earnings	$7.6B 17.9%	$6.4B 17.0%	$5.5B 19.4%	$4.6B -72.9%	$16.9B 1.2%	$16.7B 2.9%	$16.3B 10.2%	$14.8B 9.4%	$13.5B 12.2%	$12.0B
Treasury Stock	$123.0M 0.0%	$123.0M 0.0%	$123.0M 0.0%	$123.0M 0.0%	$123.0M 0.0%	$123.0M 0.0%	$123.0M 0.0%	$123.0M 0.0%	$123.0M -94.7%	$2.3B
Accumulated Other Comprehensive Income	$-762.0M -5.8%	$-720.0M 0.8%	$-726.0M -13.8%	$-638.0M 76.8%	$-2.8B 19.1%	$-3.4B -6.4%	$-3.2B -6.6%	$-3.0B -20.4%	$-2.5B 6.5%	$-2.7B
Total Stockholders Equity	$28.8B 7.0%	$26.9B 4.5%	$25.8B 4.1%	$24.7B -28.1%	$34.4B 5.5%	$32.6B 1.1%	$32.2B 4.7%	$30.8B 3.0%	$29.9B 15.6%	$25.8B
Total Liabilitiesand Equity	$116.6B 8.2%	$107.8B 6.1%	$101.5B 6.5%	$95.3B -28.3%	$133.0B 2.9%	$129.3B 3.5%	$125.0B 4.4%	$119.7B 2.5%	$116.7B 1.6%	$114.9B

Income Statement

Revenue, expense, and profitability

13 accounts · 10 years

Revenue $24.3B

Operating income $5.1B

Net income $2.8B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	$24.3B 5.3%	$23.0B 6.0%	$21.7B 13.9%	$19.1B 6.4%	$17.9B 7.7%	$16.7B -51.6%	$34.4B -4.3%	$36.0B 7.2%	$33.6B 7.0%	$31.4B
Expenses Cost of Revenue	$19.1B 2.1%	$18.7B 5.7%	$17.7B 12.4%	$15.8B 3.3%	$15.3B 5.3%	$14.5B -51.9%	$30.1B -6.4%	$32.1B 8.5%	$29.6B 5.4%	$28.1B
Expenses Depreciation and Amortization	$3.0B 4.6%	$2.9B 4.8%	$2.8B -16.5%	$3.3B 9.6%	$3.0B 4.9%	$2.9B -32.0%	$4.3B -2.3%	$4.4B 13.7%	$3.8B -2.7%	$3.9B
Expenses Operating Expenses	$19.1B 2.1%	$18.7B 5.7%	$17.7B 12.4%	$15.8B 3.3%	$15.3B 5.3%	$14.5B -51.9%	$30.1B -6.4%	$32.1B 8.5%	$29.6B 5.4%	$28.1B
Other Income Expense Operating Income	$5.1B 19.2%	$4.3B 7.4%	$4.0B 21.4%	$3.3B 23.6%	$2.7B 22.4%	$2.2B -49.9%	$4.4B 12.4%	$3.9B -11.3%	$4.4B 36.6%	$3.2B
Other Income Expense Interest Expense	$0	$0	$0	$0	$0 -100.0%	$1.6B 1.2%	$1.6B 4.1%	$1.5B 0.3%	$1.5B 1.9%	$1.5B
Other Income Expense Other Income/expense	$270.0M 3.1%	$262.0M -35.8%	$408.0M -23.7%	$535.0M 105.0%	$261.0M 25.5%	$208.0M -83.0%	$1.2B 1195.5%	$-112.0M -111.8%	$947.0M 218.9%	$297.0M
Other Income Expense Income Before Tax	$3.3B 23.4%	$2.7B -1.3%	$2.7B 12.4%	$2.4B 45.3%	$1.7B 51.5%	$1.1B -72.6%	$4.0B 79.1%	$2.2B -41.1%	$3.8B 91.3%	$2.0B
Income Tax Income Tax Expense	$523.0M 152.7%	$207.0M -44.7%	$374.0M 7.2%	$349.0M 818.4%	$38.0M 642.9%	$-7.0M -100.9%	$774.0M 555.9%	$118.0M 193.7%	$-126.0M -116.7%	$753.0M
net Income net Income	$2.8B 12.5%	$2.5B 5.7%	$2.3B 7.2%	$2.2B 18.7%	$1.8B -6.4%	$2.0B -35.5%	$3.0B 45.6%	$2.1B -46.3%	$3.9B 223.5%	$1.2B
net Income Comprehensive Income	$2.7B 10.5%	$2.5B 10.1%	$2.2B -0.8%	$2.3B -4.1%	$2.4B 34.1%	$1.8B -35.8%	$2.7B 33.8%	$2.0B -48.2%	$4.0B 264.2%	$1.1B
Earnings Per Share Weighted Average Shares Basic	$1.0B 0.8%	$1.0B 0.7%	$996.0M 1.0%	$986.0M 0.7%	$979.0M 0.3%	$976.0M 0.3%	$973.0M 0.6%	$967.0M 2.1%	$947.0M 2.5%	$924.0M
Earnings Per Share Weighted Average Shares Diluted	$1.0B 0.9%	$1.0B 0.6%	$997.0M 1.0%	$987.0M 0.7%	$980.0M 0.3%	$977.0M 0.3%	$974.0M 0.5%	$969.0M 2.1%	$949.0M 2.4%	$927.0M

Cash Flow Statement

Operating, investing, and financing flows

18 accounts · 10 years

Operating cash flow $6.3B

Investing cash flow $-8.5B

Financing cash flow $2.5B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	$2.8B 12.5%	$2.5B 5.7%	$2.3B 7.2%	$2.2B 18.7%	$1.8B -6.4%	$2.0B -35.5%	$3.0B 45.6%	$2.1B -46.3%	$3.9B 223.5%	$1.2B
Operating Activities Depreciation and Amortization	$3.0B 4.6%	$2.9B 4.8%	$2.8B -16.5%	$3.3B 9.6%	$3.0B 4.9%	$2.9B -32.0%	$4.3B -2.3%	$4.4B 13.7%	$3.8B -2.7%	$3.9B
Operating Activities Deferred Income Taxes	$169.0M 725.9%	$-27.0M -114.0%	$193.0M 82.1%	$106.0M 19.1%	$89.0M	—	—	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	$22.0M -60.7%	$56.0M 24.4%	$45.0M -62.8%	$121.0M -14.2%	$141.0M 65.9%	$85.0M -2.3%	$87.0M 135.1%	$37.0M -48.6%	$72.0M 1128.6%	$-7.0M
Operating Activities net Cash From Operating Activities	$6.3B 12.3%	$5.6B 18.4%	$4.7B -3.4%	$4.9B 61.7%	$3.0B -28.9%	$4.2B -36.4%	$6.7B -23.0%	$8.6B 15.6%	$7.5B -11.6%	$8.5B
Investing Activities Capital Expenditures	$8.5B 20.2%	$7.1B -4.2%	$7.4B 3.7%	$7.1B -10.4%	$8.0B -0.8%	$8.0B 11.0%	$7.2B -4.6%	$7.6B 0.1%	$7.6B -11.3%	$8.6B
Investing Activities Other Investing Activities	$0 100.0%	$-17.0M -112.5%	$-8.0M	$0 100.0%	$-26.0M -44.4%	$-18.0M -50.0%	$-12.0M 79.3%	$-58.0M -234.9%	$43.0M -71.9%	$153.0M
Investing Activities net Cash From Investing Activities	$-8.5B -21.1%	$-7.0B 4.5%	$-7.4B -5.5%	$-7.0B -110.7%	$-3.3B 23.5%	$-4.3B 40.3%	$-7.3B 7.3%	$-7.8B 1.7%	$-8.0B 48.4%	$-15.4B
Financing Activities Proceeds From Debt	$6.1B 22.1%	$5.0B -14.6%	$5.8B -7.7%	$6.3B 81.2%	$3.5B -53.6%	$7.5B 284.8%	$2.0B -37.4%	$3.1B -10.2%	$3.5B -26.4%	$4.7B
Financing Activities Repayment of Debt	$1.3B -15.8%	$1.6B -9.1%	$1.7B -17.4%	$2.1B 26.4%	$1.6B -74.5%	$6.4B 400.4%	$1.3B -27.9%	$1.8B -28.3%	$2.5B 28.6%	$1.9B
Financing Activities Dividends Paid	$1.6B 6.1%	$1.5B 6.4%	$1.4B 7.4%	$1.3B -10.9%	$1.5B 0.3%	$1.5B 6.0%	$1.4B 5.7%	$1.3B 7.8%	$1.2B 6.0%	$1.2B
Financing Activities Proceeds From Stock Issuance	$36.0M -16.3%	$43.0M 4.9%	$41.0M 4000.0%	$1.0M -97.3%	$37.0M 105.6%	$18.0M -69.5%	$59.0M 5.4%	$56.0M -47.7%	$107.0M 463.2%	$19.0M
Financing Activities Other Financing Activities	$-94.0M 13.8%	$-109.0M 4.4%	$-114.0M -11.8%	$-102.0M -27.5%	$-80.0M 41.2%	$-136.0M -65.9%	$-82.0M 24.1%	$-108.0M -30.1%	$-83.0M 2.4%	$-85.0M
Financing Activities net Cash From Financing Activities	$2.5B 93.2%	$1.3B -51.1%	$2.7B 68.6%	$1.6B 109.9%	$758.0M 422.8%	$145.0M 350.0%	$-58.0M 73.5%	$-219.0M -128.6%	$767.0M -35.6%	$1.2B
Cash Reconciliation Effect of Exchange Rate On Cash	$1.2B 27.9%	$939.0M -14.7%	$1.1B 1.0%	$1.1B -32.7%	$1.6B 38.9%	$1.2B 3.9%	$1.1B -37.0%	$1.8B 49.7%	$1.2B 30.2%	$914.0M
Cash Reconciliation net Change In Cash	$262.0M 261.7%	$-162.0M -1572.7%	$11.0M 102.1%	$-529.0M -216.8%	$453.0M 929.5%	$44.0M 106.7%	$-659.0M -211.5%	$591.0M 114.1%	$276.0M 104.8%	$-5.8B
Cash Reconciliation Cash At Beginning of Period	$1.2B 27.9%	$939.0M -14.7%	$1.1B 1.0%	$1.1B -32.7%	$1.6B 38.9%	$1.2B 3.9%	$1.1B -37.0%	$1.8B 49.7%	$1.2B 30.2%	$914.0M
Cash Reconciliation Cash At End of Period	$1.2B 27.9%	$939.0M -14.7%	$1.1B 1.0%	$1.1B -32.7%	$1.6B 38.9%	$1.2B 3.9%	$1.1B -37.0%	$1.8B 49.7%	$1.2B 30.2%	$914.0M

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+21.2%	+18.7%	+18.5%	+17.4%	+15.0%	+13.1%	+12.6%	+10.7%	+11.7%	+10.4%
Operating margin	+21.2%	+18.8%	+18.5%	+17.4%	+15.0%	+13.1%	+12.7%	+10.8%	+13.1%	+10.2%
Net margin	+11.4%	+10.7%	+10.7%	+11.4%	+10.2%	+11.7%	+8.8%	+5.8%	+11.5%	+3.8%
FCF margin	-9.4%	-6.6%	-12.4%	-11.9%	-27.7%	-22.9%	-1.7%	+2.9%	-0.3%	-0.3%
Growth
Revenue CAGR (3y)	+8.3%	+8.7%	+9.2%	-17.9%	-20.7%	-20.8%	+3.2%	+6.9%	+7.0%	+8.0%
Returns
ROE	+9.6%	+9.1%	+9.0%	+8.8%	+5.3%	+6.0%	+9.4%	+6.8%	+13.0%	+4.6%
ROA	+2.4%	+2.3%	+2.3%	+2.3%	+1.4%	+1.5%	+2.4%	+1.7%	+3.3%	+1.0%
ROIC	+15.0%	+14.0%	+12.8%	+4.6%	+3.6%	+3.2%	+5.2%	+5.7%	+6.9%	+3.4%
Liquidity
Current ratio	0.92x	0.87x	0.81x	0.69x	0.87x	0.98x	0.85x	1.17x	1.10x	0.92x
Quick ratio	0.38x	0.32x	0.29x	0.25x	0.26x	0.29x	0.37x	0.52x	0.49x	0.36x
Leverage
D/E	3.05x	3.00x	2.94x	2.85x	2.86x	2.90x	2.81x	2.81x	2.83x	3.38x
Interest coverage	—	—	—	—	—	1.36x	2.75x	2.54x	2.88x	2.15x
Efficiency
Asset turnover	0.21x	0.21x	0.21x	0.20x	0.13x	0.13x	0.28x	0.30x	0.29x	0.27x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

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Exelon

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