Exelon Financials
This page shows Exelon (EXC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Exelon’s earnings improvement is being absorbed by an asset-heavy reinvestment cycle, leaving free cash flow persistently negative despite materially better operations.
In FY2025, operating cash flow reached$6.3B while net income was$2.8B , a sign that reported profit is turning into real cash before reinvestment. But capital spending still left free cash flow at-$2.3B , so the business generates cash only to send most of it straight back into the asset base.
Leverage is rising alongside that spending cycle: long-term debt increased from
Liquidity is managed tightly rather than stockpiled, with a current ratio of 0.9x and only
Financial Health Signals
Scored against utilities for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Exelon's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Exelon scores 0.77, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Exelon passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Exelon generates $2.26 in operating cash flow ($6.3B OCF vs $2.8B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Exelon generated $24.3B in revenue in fiscal year 2025. This represents an increase of 5.3% from the prior year.
Exelon's EBITDA was $8.8B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 11.1% from the prior year.
Exelon reported $2.8B in net income in fiscal year 2025. This represents an increase of 12.5% from the prior year.
Exelon earned $2.73 per diluted share (EPS) in fiscal year 2025. This represents an increase of 11.4% from the prior year.
Cash & Balance Sheet
Exelon generated -$2.3B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 48.9% from the prior year.
Exelon held $626.0M in cash against $47.4B in long-term debt as of fiscal year 2025.
Exelon paid $1.60 per share in dividends in fiscal year 2025. This represents an increase of 5.3% from the prior year.
Exelon had 1.02B shares outstanding in fiscal year 2025. This represents an increase of 1.8% from the prior year.
Margins & Returns
Exelon's operating margin was 21.2% in fiscal year 2025, reflecting core business profitability. This is up 2.5 percentage points from the prior year.
Exelon's net profit margin was 11.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.7 percentage points from the prior year.
Exelon's ROE was 9.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.5 percentage points from the prior year.
Capital Allocation
Exelon invested $8.5B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 20.2% from the prior year.
EXC Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.2B+33.8% | $5.4B-19.3% | $6.7B+23.5% | $5.4B-19.2% | $6.7B+22.7% | $5.5B-11.1% | $6.2B+14.8% | $5.4B |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | $1.6B+35.4% | $1.2B-21.0% | $1.5B+61.8% | $927.0M-39.6% | $1.5B+40.1% | $1.1B-8.4% | $1.2B+31.0% | $913.0M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $200.0M+56.3% | $128.0M-17.4% | $155.0M+121.4% | $70.0M-58.8% | $170.0M+254.2% | $48.0M-4.0% | $50.0M+8.7% | $46.0M |
| Net Income | $919.0M+54.7% | $594.0M-32.1% | $875.0M+123.8% | $391.0M-56.9% | $908.0M+40.3% | $647.0M-8.5% | $707.0M+57.8% | $448.0M |
| EPS (Diluted) | $0.90 | N/A | $0.86+120.5% | $0.39-56.7% | $0.90 | N/A | $0.70+55.6% | $0.45 |
EXC Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $117.5B+0.8% | $116.6B+2.7% | $113.5B+2.2% | $111.1B+1.5% | $109.5B+1.6% | $107.8B+1.6% | $106.1B+0.9% | $105.1B |
| Current Assets | $9.0B-5.7% | $9.5B+3.4% | $9.2B+6.4% | $8.7B-1.4% | $8.8B+4.9% | $8.4B+4.5% | $8.0B-6.2% | $8.6B |
| Cash & Equivalents | $713.0M+13.9% | $626.0M-59.2% | $1.5B+111.7% | $724.0M-27.9% | $1.0B+181.2% | $357.0M-42.0% | $616.0M-34.0% | $934.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $3.1B-5.6% | $3.3B+13.5% | $2.9B-5.2% | $3.1B+2.1% | $3.0B+9.6% | $2.7B+7.6% | $2.5B-5.1% | $2.7B |
| Goodwill | $6.6B0.0% | $6.6B0.0% | $6.6B0.0% | $6.6B0.0% | $6.6B0.0% | $6.6B0.0% | $6.6B0.0% | $6.6B |
| Total Liabilities | $88.2B+0.5% | $87.8B+2.7% | $85.4B+2.3% | $83.5B+2.0% | $81.9B+1.3% | $80.9B+1.8% | $79.4B+0.6% | $79.0B |
| Current Liabilities | $9.6B-7.2% | $10.3B+5.2% | $9.8B+7.3% | $9.2B+13.0% | $8.1B-15.7% | $9.6B+30.2% | $7.4B-10.8% | $8.3B |
| Long-Term Debt | $47.9B+0.9% | $47.4B+2.4% | $46.3B+1.7% | $45.5B+0.4% | $45.3B+5.6% | $42.9B-1.7% | $43.7B+1.5% | $43.0B |
| Total Equity | $29.3B+1.8% | $28.8B+2.4% | $28.1B+1.8% | $27.6B0.0% | $27.6B+2.5% | $26.9B+1.1% | $26.6B+1.8% | $26.2B |
| Retained Earnings | $8.1B+6.4% | $7.6B+2.6% | $7.4B+6.8% | $6.9B-0.2% | $6.9B+7.9% | $6.4B+4.3% | $6.2B+5.6% | $5.8B |
EXC Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.7B+38.6% | $1.2B-45.9% | $2.3B+52.2% | $1.5B+25.9% | $1.2B-15.8% | $1.4B-15.6% | $1.7B+15.5% | $1.5B |
| Capital Expenditures | $2.4B-3.1% | $2.4B+14.0% | $2.1B+6.1% | $2.0B+3.4% | $1.9B+0.5% | $1.9B+14.2% | $1.7B-0.2% | $1.7B |
| Free Cash Flow | -$634.0M+46.7% | -$1.2B-830.1% | $163.0M+132.5% | -$502.0M+32.7% | -$746.0M-46.3% | -$510.0M-8400.0% | -$6.0M+97.5% | -$237.0M |
| Investing Cash Flow | -$2.4B+2.8% | -$2.4B-13.4% | -$2.1B-5.8% | -$2.0B-4.0% | -$1.9B-0.7% | -$1.9B-17.1% | -$1.6B+3.1% | -$1.7B |
| Financing Cash Flow | $728.0M+156.3% | $284.0M-58.6% | $686.0M+285.4% | $178.0M-87.1% | $1.4B+565.9% | $208.0M+160.5% | -$344.0M-174.0% | $465.0M |
| Dividends Paid | $430.0M+6.2% | $405.0M+0.2% | $404.0M-0.2% | $405.0M+0.5% | $403.0M+5.5% | $382.0M+0.3% | $381.0M+0.3% | $380.0M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
EXC Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 22.2%+0.3pp | 21.9%-0.5pp | 22.4%+5.3pp | 17.1%-5.8pp | 22.9%+2.8pp | 20.0%+0.6pp | 19.4%+2.4pp | 17.0% |
| Net Margin | 12.7%+1.7pp | 11.0%-2.1pp | 13.1%+5.9pp | 7.2%-6.3pp | 13.5%+1.7pp | 11.8%+0.3pp | 11.5%+3.1pp | 8.4% |
| Return on Equity | 3.1%+1.1pp | 2.1%-1.0pp | 3.1%+1.7pp | 1.4%-1.9pp | 3.3%+0.9pp | 2.4%-0.3pp | 2.7%+0.9pp | 1.7% |
| Return on Assets | 0.8%+0.3pp | 0.5%-0.3pp | 0.8%+0.4pp | 0.4%-0.5pp | 0.8%+0.2pp | 0.6%-0.1pp | 0.7%+0.2pp | 0.4% |
| Current Ratio | 0.94+0.0 | 0.92-0.0 | 0.940.0 | 0.95-0.1 | 1.09+0.2 | 0.87-0.2 | 1.09+0.1 | 1.03 |
| Debt-to-Equity | 1.63-0.0 | 1.650.0 | 1.650.0 | 1.650.0 | 1.64+0.0 | 1.60-0.0 | 1.640.0 | 1.65 |
| FCF Margin | -8.8%+13.2pp | -22.0%-24.4pp | 2.4%+11.7pp | -9.3%+1.9pp | -11.1%-1.8pp | -9.3%-9.2pp | -0.1%+4.3pp | -4.4% |
Note: The current ratio is below 1.0 (0.92), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Exelon's annual revenue?
Exelon (EXC) reported $24.3B in total revenue for fiscal year 2025. This represents a 5.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Exelon's revenue growing?
Exelon (EXC) revenue grew by 5.3% year-over-year, from $23.0B to $24.3B in fiscal year 2025.
Is Exelon profitable?
Yes, Exelon (EXC) reported a net income of $2.8B in fiscal year 2025, with a net profit margin of 11.4%.
What is Exelon's EBITDA?
Exelon (EXC) had EBITDA of $8.8B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Exelon have?
As of fiscal year 2025, Exelon (EXC) had $626.0M in cash and equivalents against $47.4B in long-term debt.
What is Exelon's operating margin?
Exelon (EXC) had an operating margin of 21.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Exelon's net profit margin?
Exelon (EXC) had a net profit margin of 11.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Exelon pay dividends?
Yes, Exelon (EXC) paid $1.60 per share in dividends during fiscal year 2025.
What is Exelon's return on equity (ROE)?
Exelon (EXC) has a return on equity of 9.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Exelon's free cash flow?
Exelon (EXC) generated -$2.3B in free cash flow during fiscal year 2025. This represents a -48.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Exelon's operating cash flow?
Exelon (EXC) generated $6.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Exelon's total assets?
Exelon (EXC) had $116.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Exelon's capital expenditures?
Exelon (EXC) invested $8.5B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Exelon's current ratio?
Exelon (EXC) had a current ratio of 0.92 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Exelon's debt-to-equity ratio?
Exelon (EXC) had a debt-to-equity ratio of 1.65 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Exelon's return on assets (ROA)?
Exelon (EXC) had a return on assets of 2.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Exelon's Altman Z-Score?
Exelon (EXC) has an Altman Z-Score of 0.77, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Exelon's Piotroski F-Score?
Exelon (EXC) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Exelon's earnings high quality?
Exelon (EXC) has an earnings quality ratio of 2.26x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Exelon?
Exelon (EXC) scores 50 out of 100 on our Financial Health Score, indicating moderate standing within its utilities peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.