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Exelon (EXC) stock

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NASDAQ: EXC Nasdaq Electric Utilities Next results ~February 11, 2027

C Fundamentals grade

Exelon is a US-listed company in the electric utilities industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$46

Valuation models combined (5)

Base case. Range ~$37–$53. Weighted average of 5 models (utility earnings model, forward price-to-earnings vs peers, justified price-to-book, residual income, dividend discount (two-stage)), the utility earnings model counting double.

Price vs value

Modestly overvalued

The price is inside our value range, 2% above our base value.

Price used: $46.45, November 2, 2026

Exelon valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds682 adding, 467 cuttingOf 81 active managers that changed their stake, 41 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Exelon files

10-Q filed October 30: Exelon

Model value −4.9%

Exelon's revenue for the twelve months to September 2026 reached $25.9bn, a 6.7% rise on the year before and little changed from the pace seen a quarter earlier. Cash generation has weakened, though: the free-cash-flow margin slipped to -10.0%, from -6.6% a year earlier. Our model value has moved lower as a result, falling from $47.97 to $45.60 a share. That now sits just below the current share price of $46.16, leaving little room for upside on our numbers. Given this, the rating stays at Hold, reflecting steady top-line growth set against deteriorating cash conversion and a valuation that offers no clear margin of safety at present levels.

Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Exelon stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $25.3bn, up 6.6% on a year earlier, faster than 4.6% a quarter earlier. That puts it 10 of 12 for growth among the electric utilities companies we cover. Free-cash-flow margin held at -7.6%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 1 of our 6 financial-health checks. Our valuation models combined value is $48.62 a share, against a share price of $43.07.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 11, 2027 (estimated)

Exelon's trailing-twelve-month revenue grew 6.7% year on year, with a free-cash-flow margin of -10.0%.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 62.1% while net income fell 6.5%: a 56pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Exelon's latest figures clears our strength thresholds.

Things to watch

  • Burning cash. Free cash flow was -10.0% of revenue over the last 12 months.
  • High debt. Long-term debt exceeds cash by $49.3bn, more than 1.5 times annual revenue.
  • Weak cash conversion. Free cash flow was -98% of net income over the last 12 months.
  • Below peers: net margin. Net margin of 10.2% ranks 20 of 25 electric utilities companies we cover (median 13.3%).

Latest results: FY2026 Q3

Filed October 30, 2026
Earnings per share
$0.87 against an average estimate of $0.79: beat by 10.3%
Revenue
$7.32bn, up 9.2% on a year earlier
Share reaction
+1.2% in the first session after the results on October 30, 2026, against -2.2% for the S&P 500
Guidance given
adjusted (non-GAAP) operating earnings per share $2.85 to $2.91 (full-year 2026); annualized (compounded) operating EPS growth growth 5% to 7% (2025 through 2029)
Next report
October 30, 2026; average EPS estimate $0.74

Exelon's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.6%
  • 1 week+4.3%
  • 1 month+14.0%
  • This year+9.5%
  • 1 year+4.4%
  • 5 years+43.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$25.9B
Operating margin
19.8%
Net margin
10.2%
EPS (TTM, diluted)
$2.57

Growth

Revenue growth
+6.7%
Change in growth rate
+0.1 pts
Share count change
+1.6%

Cash

Free cash flow (TTM)
-$2.6B
FCF margin
-10.0%

Earnings

Last results
October 30, 2026
Next results (est.)
February 11, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Leadership
  4. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Exelon valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$46
Price used
$45.88close November 3, 2026
Implied change
▲ +0%
Uncertainty
Low

How we got here: the combined value of 5 valuation models built for a business like Exelon (see the models table below and how they are combined) , with a 7% cost of equity. The models span ~$37–~$53; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Valuation models

We value Exelon as an utility or power producer, with every model that fits that kind of business. Cost of equity 7%: the 10-year Treasury yield (4.9%) plus a beta of 0.4 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Utility earnings model Net income growing 3% a year, discounted at 8%: for regulated investment that makes free cash flow negative. ~$53 ~$44–$66 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$47 ~$47–$59 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$43 ~$34–$57 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$37 ~$26–$54 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$42 ~$34–$57 Included
Combined value Weighted average of the models that apply: the primary model (utility earnings model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$46 ~$37–$53 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Exelon with utilities and power producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$13.55$17.98$20.69$24.49$25.53$24.55$34.73$37.61$32.36$35.34$42.41$46.45
Market value$12.1bn$16.7bn$19.6bn$23.7bn$24.9bn$24.0bn$34.0bn$37.1bn$32.3bn$35.4bn$42.9bn$47.7bn
+ Net debt (− = net cash)$19.8bn$34.6bn$34.3bn$34.8bn$36.8bn$38.5bn$39.3bn$39.3bn$43.4bn$46.2bn$49.4bn$51.3bn
Enterprise value$31.9bn$51.3bn$53.9bn$58.5bn$61.7bn$62.5bn$73.4bn$76.5bn$75.6bn$81.6bn$92.3bn$99.0bn
Multiples
Price / sales 0.4x0.5x0.6x0.7x0.7x1.4x1.9x1.9x1.5x1.5x1.8x1.8x
Price / earnings 5.3x14.9x5.2x11.8x8.5x12.2x19.9x17.1x13.9x14.4x15.5x18.1x
Price / free cash flow ———22.6x————————
EV / EBITDA 4.6x7.2x6.6x7.1x7.2x12.3x12.8x11.5x10.0x10.3x10.5x11.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

39 /100

Weak moat

How hard Exelon's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 2.2% of total assets over 10 years.

  • Durability 14 / 20

    Operating margin has been a median 17.0%; its worst year was 10.6%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 2 of 10 years, at a median -6.5% of revenue.

  • Discipline 15 / 20

    The diluted share count rose 4.8% over five years; stock-based pay has been a median 0.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.86 +3% $25.5bn +5%
Next $3.03 +6% $26.3bn +3%

Next year's EPS estimate has moved −0.2% in 90 days, across 20 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.0% on 90 days ago. In the last 30 days, 3 analysts raised Exelon's forecast and 3 cut it.

Consensus EPS forecast Exelon, last 90 days
$2.85 $2.90 $2.95 $3.00 $3.05 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.86 Current fiscal year, 60 days ago: $2.86 Current fiscal year, 30 days ago: $2.86 Current fiscal year, 7 days ago: $2.86 Current fiscal year, Now: $2.86 $2.86 Next fiscal year, 90 days ago: $3.04 Next fiscal year, 60 days ago: $3.04 Next fiscal year, 30 days ago: $3.04 Next fiscal year, 7 days ago: $3.04 Next fiscal year, Now: $3.03 $3.03

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.86$3.04
60 days ago $2.86$3.04
30 days ago $2.86$3.04
7 days ago $2.86$3.04
Now $2.86$3.03

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.79 $0.87 +10.3%
Jun 2026 $0.45 $0.43 −3.9%
Mar 2026 $0.89 $0.91 +2.6%
Dec 2025 $0.55 $0.59 +8.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 30, 2026
  • Adjusted (non-GAAP) operating earnings per share full-year 2026 $2.85 to $2.91 Non-GAAP Narrowed
    “we are narrowing our full-year 2026 guidance range to $2.85 to $2.91 per share, and affirming annualized earnings growth near the top end of 5% to 7% from 2025 through 2029.” source
  • annualized (compounded) operating EPS growth 2025 through 2029 5% growth to 7% growth Non-GAAP Maintained
    “we are narrowing our full-year 2026 guidance range to $2.85 to $2.91 per share, and affirming annualized earnings growth near the top end of 5% to 7% from 2025 through 2029.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

22 analysts, Oct 2026
Buy418%
Hold1777%
Sell15%

Monthly trend

  1. Oct 202641722
  2. Sep 2026414221
  3. Aug 2026415221
  4. Jul 2026416222

Counts of recommendations published by analysts covering Exelon, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.6%
of tradable shares
Days to cover
4.09
at average volume
Short interest, 1 month
−4%
to October 15, 2026
Held by institutions
96%
of shares
Held by insiders
0.1%
of shares
Employees
20,571
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +4.4%

$44.49 on October 31, 2025 to $46.45

ThenNowEffect
Revenue (last 12 months) $23.8bn $25.3bn +6.6%
Net margin 11.2% 11.0% −1.5%
P/E multiple 16.9x 17.0x +0.7%
Share count 1008m 1020m −1.2%

Biggest factor: revenue.

Last 3 years +28.3%

$36.22 on November 3, 2023 to $46.45

ThenNowEffect
Revenue (last 12 months) $19.9bn $25.3bn +27.3%
Net margin 10.7% 11.0% +3.1%
P/E multiple 17.0x 17.0x +0.2%
Share count 994m 1020m −2.5%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
EXC+42%+8%−14%+9%+20%+10%
Industry peers (median)+18%−1%−4%+16%+16%+4%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
EXC58%67%42%67%67%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
EXC−12%−28%−19%−12%−10%−19%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 40% from February 18, 2020 to March 23, 2020. Getting back needed a 67% gain, reached on August 5, 2021, 500 days after the low.

Price behaviour

52-week range
$40.20 – $49.35
From 52-week high
−5.9%
vs 50-day average
+8.4%
vs 200-day average
+3.2%
Volatility (1 year)
20%
Beta vs S&P 500
-0.28

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±2.5%
After a week
6 up, 5 down
typical move ±3.0%
After a month
5 up, 6 down
typical move ±4.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 30, 2026 +1.2% −2.2% — —
July 30, 2026 −2.6% +2.4% −3.6% −6.6%
May 6, 2026 −3.8% +1.1% −4.1% 0.0%
February 12, 2026 +9.1% −1.5% +7.5% +14.1%
November 4, 2025 −0.1% −0.8% −0.8% −4.1%
July 31, 2025 +0.9% −2.0% +2.9% −0.4%
May 1, 2025 −0.9% +2.2% −3.8% −5.8%
February 12, 2025 +1.4% +0.7% +1.9% +5.3%
October 30, 2024 −0.6% −2.3% −3.1% +1.0%
August 1, 2024 +4.2% −3.3% +0.9% +3.4%
May 2, 2024 −1.1% +2.2% +1.3% −0.7%
February 21, 2024 +3.7% +2.2% +3.1% +7.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Exelon’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Exelon in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Exelon
$20B $22B $24B $26B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $21.7B Revenue (TTM), FY24 Q1: $22.2B Revenue (TTM), FY24 Q2: $22.8B Revenue (TTM), FY24 Q3: $22.9B Revenue (TTM), FY24 Q4: $23B Revenue (TTM), FY25 Q1: $23.7B Revenue (TTM), FY25 Q2: $23.8B Revenue (TTM), FY25 Q3: $24.3B Revenue (TTM), FY25 Q4: $24.3B Revenue (TTM), FY26 Q1: $24.8B Revenue (TTM), FY26 Q2: $25.3B Revenue (TTM), FY26 Q3: $25.9B $25.9B

Source: SEC EDGAR filings. Retrieved October 31, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $21.7B
FY24 Q1 $22.2B
FY24 Q2 $22.8B
FY24 Q3 $22.9B
FY24 Q4 $23B
FY25 Q1 $23.7B
FY25 Q2 $23.8B
FY25 Q3 $24.3B
FY25 Q4 $24.3B
FY26 Q1 $24.8B
FY26 Q2 $25.3B
FY26 Q3 $25.9B
Revenue growth, TTM YoY Exelon
0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 13.9% Revenue growth, TTM YoY, FY24 Q1: 15.0% Revenue growth, TTM YoY, FY24 Q2: 14.4% Revenue growth, TTM YoY, FY24 Q3: 9.0% Revenue growth, TTM YoY, FY24 Q4: 6.0% Revenue growth, TTM YoY, FY25 Q1: 6.7% Revenue growth, TTM YoY, FY25 Q2: 4.5% Revenue growth, TTM YoY, FY25 Q3: 6.1% Revenue growth, TTM YoY, FY25 Q4: 5.3% Revenue growth, TTM YoY, FY26 Q1: 4.6% Revenue growth, TTM YoY, FY26 Q2: 6.6% Revenue growth, TTM YoY, FY26 Q3: 6.7% 6.7%

Source: SEC EDGAR filings. Retrieved October 31, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 13.9%
FY24 Q1 15.0%
FY24 Q2 14.4%
FY24 Q3 9.0%
FY24 Q4 6.0%
FY25 Q1 6.7%
FY25 Q2 4.5%
FY25 Q3 6.1%
FY25 Q4 5.3%
FY26 Q1 4.6%
FY26 Q2 6.6%
FY26 Q3 6.7%
Operating margin (TTM) Exelon
18% 19% 20% 21% 22% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 18.5% Operating margin (TTM), FY24 Q1: 18.2% Operating margin (TTM), FY24 Q2: 18.6% Operating margin (TTM), FY24 Q3: 18.8% Operating margin (TTM), FY24 Q4: 18.8% Operating margin (TTM), FY25 Q1: 20.0% Operating margin (TTM), FY25 Q2: 20.0% Operating margin (TTM), FY25 Q3: 20.8% Operating margin (TTM), FY25 Q4: 21.2% Operating margin (TTM), FY26 Q1: 21.0% Operating margin (TTM), FY26 Q2: 20.8% Operating margin (TTM), FY26 Q3: 19.8% 19.8%

Source: SEC EDGAR filings. Retrieved October 31, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 18.5%
FY24 Q1 18.2%
FY24 Q2 18.6%
FY24 Q3 18.8%
FY24 Q4 18.8%
FY25 Q1 20.0%
FY25 Q2 20.0%
FY25 Q3 20.8%
FY25 Q4 21.2%
FY26 Q1 21.0%
FY26 Q2 20.8%
FY26 Q3 19.8%
FCF margin (TTM) Exelon
-15% -10% -5% 0% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -12.4% FCF margin (TTM), FY24 Q1: -9.4% FCF margin (TTM), FY24 Q2: -7.9% FCF margin (TTM), FY24 Q3: -6.4% FCF margin (TTM), FY24 Q4: -6.6% FCF margin (TTM), FY25 Q1: -6.3% FCF margin (TTM), FY25 Q2: -7.4% FCF margin (TTM), FY25 Q3: -6.6% FCF margin (TTM), FY25 Q4: -9.4% FCF margin (TTM), FY26 Q1: -8.7% FCF margin (TTM), FY26 Q2: -7.6% FCF margin (TTM), FY26 Q3: -10.0% -10.0%

Source: SEC EDGAR filings. Retrieved October 31, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -12.4%
FY24 Q1 -9.4%
FY24 Q2 -7.9%
FY24 Q3 -6.4%
FY24 Q4 -6.6%
FY25 Q1 -6.3%
FY25 Q2 -7.4%
FY25 Q3 -6.6%
FY25 Q4 -9.4%
FY26 Q1 -8.7%
FY26 Q2 -7.6%
FY26 Q3 -10.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Exelon took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $24.3B
  2. Other operating costs $19.1B · 78.8%
  3. Operating income $5.1B · 21.2%
  4. Income tax $523M · 2.2%
  5. Interest and other $1.9B · 7.7%
  6. Net income $2.8B · 11.4%

Shares of revenue. Source: Exelon's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 17.3 18.6 19.1 23.5 24.9 27.4 29.4 31.4 33.6 36.0 34.4 16.7 17.9 19.1 21.7 23.0 24.3 25.9
EBITDA 6.6 6.8 5.8 4.3 5.8 5.4 6.9 7.1 8.2 8.2 8.6 5.1 5.7 6.6 7.5 7.9 8.8 9.0
Operating income 4.8 4.7 4.5 2.4 3.7 3.1 4.4 3.2 4.4 3.9 4.4 2.2 2.7 3.3 4.0 4.3 5.1 5.1
Net income 2.7 2.6 2.5 1.2 1.7 1.6 2.3 1.1 3.8 2.0 2.9 2.0 1.7 2.2 2.3 2.5 2.8 2.6
Diluted EPS $4.09 $3.87 $3.75 $1.42 $2.00 $1.88 $2.54 $1.21 $3.98 $2.07 $3.01 $2.01 $1.74 — — — — $2.57
Growth (year on year)
Revenue −8.2% +7.7% +2.2% +23.2% +6.0% +10.2% +7.4% +6.5% +7.0% +7.2% −4.3% −51.6% +7.7% +6.4% +13.9% +6.0% +5.3% +6.7%
EBITDA −13.4% +3.3% −14.3% −27.0% +36.9% −7.1% +26.8% +4.2% +14.9% +0.3% +4.6% −41.1% +12.5% +16.2% +13.4% +5.1% +11.1% +3.3%
Operating income −10.4% −0.5% −5.2% −47.0% +54.6% −15.6% +42.4% −27.1% +36.6% −11.3% +12.4% −49.9% +22.4% +23.6% +21.4% +7.4% +19.2% +1.7%
Net income −1.1% −5.3% −2.5% −53.1% +46.8% −5.6% +39.8% −50.6% +237.1% −46.9% +46.4% −33.1% −13.1% +27.2% +7.3% +5.7% +12.5% −6.5%
Diluted EPS −1.0% −5.4% −3.1% −62.1% +40.8% −6.0% +35.1% −52.4% +228.9% −48.0% +45.4% −33.2% −13.4% — — — — −8.0%
Margins
EBITDA margin 38.0% 36.5% 30.6% 18.1% 23.4% 19.7% 23.3% 22.8% 24.5% 22.9% 25.0% 30.5% 31.9% 34.8% 34.7% 34.4% 36.2% 34.6%
Operating margin 27.4% 25.3% 23.5% 10.1% 14.7% 11.3% 15.0% 10.2% 13.1% 10.8% 12.7% 13.1% 15.0% 17.4% 18.5% 18.8% 21.2% 19.8%
Net margin 15.6% 13.7% 13.1% 5.0% 6.9% 5.9% 7.7% 3.6% 11.3% 5.6% 8.5% 11.8% 9.5% 11.4% 10.7% 10.7% 11.4% 10.2%
Free-cash-flow margin 16.3% 10.3% 4.3% 1.5% 3.8% −5.9% −0.0% −0.3% −0.3% 2.9% −1.7% −22.9% −27.7% −11.9% −12.4% −6.6% −9.4% −10.0%
Cash flow
Cash from operations 6.1 5.2 4.9 6.1 6.3 4.5 7.6 8.5 7.5 8.6 6.7 4.2 3.0 4.9 4.7 5.6 6.3 6.6
Capital spending 3.3 3.3 4.0 5.8 5.4 6.1 7.6 8.6 7.6 7.6 7.2 8.0 8.0 7.1 7.4 7.1 8.5 9.2
Free cash flow 2.8 1.9 0.8 0.3 0.9 −1.6 −0.0 −0.1 −0.1 1.1 −0.6 −3.8 −5.0 −2.3 −2.7 −1.5 −2.3 −2.6
Stock-based pay 0.1 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 — — — — — — — —
Free cash flow after stock pay 2.8 1.9 0.7 0.2 0.8 −1.7 −0.1 −0.2 −0.2 1.0 — — — — — — — —
Balance sheet
Cash 2.0 1.6 1.0 1.5 1.6 1.9 6.5 0.6 0.9 1.3 0.6 0.4 0.7 0.4 0.4 0.4 0.6 1.5
Total debt 11.8 12.6 13.2 18.9 19.7 21.9 26.3 35.3 35.2 36.1 37.4 38.9 40.0 39.8 43.8 46.5 50.0 52.8
Net debt (negative = net cash) 9.8 11.0 12.2 17.5 18.1 20.0 19.8 34.6 34.3 34.8 36.8 38.5 39.3 39.3 43.4 46.2 49.4 51.3
Diluted shares 662m 663m 665m 819m 860m 864m 893m 927m 949m 969m 974m 977m 980m 987m 997m 1,003m 1,012m 1,026m
Returned to shareholders
Dividends 1.4 1.4 1.4 1.7 1.2 1.1 1.1 1.2 1.2 1.3 1.4 1.5 1.5 1.3 1.4 1.5 1.6 1.7
Buybacks 0.0 0.0 0.0 0.0 — — — — — — — — — — — — — —
Total returned 1.4 1.4 1.4 1.7 1.2 1.1 1.1 1.2 1.2 1.3 1.4 1.5 1.5 1.3 1.4 1.5 1.6 1.7

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 6 checks passed · September 30, 2026
What it owns · $122.2bn
Short-term assets $9.9bnLonger-term assets $112.3bn
What it owes, and who funded it · $122.2bn
Short-term liabilities $9.6bnLonger-term liabilities $82.5bnShareholders' equity $30.1bn
  • Short-term assets cover short-term liabilities $9.9bn of assets due within a year against $9.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $9.9bn short-term assets against $82.5bn of longer-dated liabilities.
  • More cash than debt $1.5bn of cash against $51.7bn of debt.
  • Debt below 40% of shareholders' equity Debt is 172% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 149% to 172% over five years.
  • A year's operating cash flow covers at least 20% of debt $6.6bn of operating cash flow against $51.7bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Exelon's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$1.7B
Returned to shareholders
-66%
of free cash flow
Diluted share count
+1.6%
year over year
Total shareholder yield
3.5%
dividends 3.5% + buybacks 0.0% of market value
Dividend payout ratio
64%
of net income paid out
Days sales outstanding
44 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in electric utilities
Last 12 months unless stated EXC AEP SO CEG DUK VST Median
Revenue, last 12 months $25.9bn $22.8bn $30.2bn $31.3bn $33.3bn $19.2bn $9.4bn
Revenue growth, last 12 months 6.7% 10.3% 6.4% 26.0% 6.3% 3.8% 6.4%
Revenue growth, 3-year average 7.3% 5.4% 3.0% 5.8% 4.6% 4.9% 3.7%
Revenue growth, latest quarter 9.2% 7.0% 0.1% 23.0% 1.1% −5.5% 4.3%
Operating margin 19.8% 23.0% 24.2% 14.7% 27.8% 18.5% 22.3%
Operating margin, 3-year average 19.8% 22.5% 25.4% 14.1% 26.7% 17.0% 22.4%
Net margin 10.2% 13.8% 15.4% 11.1% 15.8% 11.6% 13.3%
Cash from operations / revenue 25.6% 33.8% 35.3% 13.5% 34.8% 26.7% 27.0%
Free-cash-flow margin −10.0% 18.8% −10.8% 1.0% −12.9% 11.7% −10.0%
Free-cash-flow margin, 3-year average −7.7% 22.6% −5.7% −14.0% −6.0% 12.2% −8.2%
Stock pay / revenue 0.2% — 0.3% 0.5% 0.3% 0.7% 0.4%
Change in share count 1.6% 1.8% 1.7% 7.0% 0.4% −1.0% 1.7%

Median of all 25 companies we cover in electric utilities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

25 electric utilities companies
Measure Company Peer median Rank
Revenue growth Growth 6.7% 6.4% 12 of 25
Change in growth rate Growth +0.1pp -0.1pp 11 of 25
Operating margin Profitability 19.8% 22.5% 17 of 24
Net margin Profitability 10.2% 13.3% 20 of 25
Free-cash-flow margin Cash generation -10.0% -10.0% 12 of 24
Long-term debt as % of assets Balance sheet 41.6% 40.9% 16 of 24
Change in share count Balance sheet 1.6% 1.7% 9 of 23
Days sales outstanding Balance sheet 44 days 45 days 8 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Electricity Us Regulated $22.7B ▲ 6.2%
Natural Gas Us Regulated $2.3B ▲ 31.8%

These categories overlap or exclude eliminations, so shares aren't shown.

From Exelon's 10-K filed February 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$44.3B
Institutions reporting
1,282
Shares held vs prior quarter
▲ 3.2%
Positions opened / closed
102 / 94

Top buyers and sellers, Q2 2026: 682 institutions bought and 467 sold ; the biggest buyer was Capital World Investors (+11.2M shares) and the biggest seller FMR LLC (−13.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $5.6B 119.8M 12.6% ▲ 6.2%
State Street Corp $3.1B 67.5M 7.1% ▼ 0.2%
Vanguard Capital Management LLC $3.1B 66.8M 7.0% ▲ 1.2%
Vanguard Portfolio Management LLC $2.6B 56.2M 5.9% ▲ 2.9%
Capital World Investors $2.4B 51.3M 5.4% ▲ 27.9%
Invesco Ltd. $1.8B 38.1M 4.0% ▲ 1.8%
Geode Capital Management, LLC $1.5B 32.4M 3.4% ▲ 2.1%
Lazard Asset Management LLC $1.5B 32.2M 3.4% ▲ 30.7%
Wellington Management Group LLP $939M 20.1M 2.1% ▼ 1.4%
GQG Partners LLC $923M 19.8M 2.1% ▼ 11.1%
Morgan Stanley $751M 16.1M 1.7% ▲ 1.1%
Northern Trust Corp $685M 14.7M 1.5% ▲ 0.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Exelon's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 22 trades and filings

No trades in Exelon disclosed in the last 12 months; 22 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 31, 2025, filed November 21, 2025
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 30, 2025, filed November 21, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded October 30, 2025, filed November 21, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 11, 2027 estimated from the company's past filing pattern, not announced

  • October 30, 2026
  • July 30, 2026
  • May 6, 2026
  • February 12, 2026
  • November 4, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Exelon was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Exelon in brief

What does Exelon do?
Exelon is a US-listed company in the electric utilities industry. Its financial year ends in December.
What is Exelon's stock ticker?
Exelon trades under the ticker EXC on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Exelon's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Exelon reported revenue of $25.9B, 6.7% higher than a year earlier, according to its SEC filings.
What is Exelon's free cash flow?
Exelon's free-cash-flow margin is -10.0% of revenue over the trailing twelve months, ranking 12 of the 24 electric utilities companies we cover.
Who are Exelon's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., State Street Corp and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Exelon's market cap?
On November 2, 2026, Exelon's market capitalisation was about $47.7B, with a price-to-earnings ratio of 18.1 and net debt of $51.3B. Market figures come from third-party market data and may be delayed.
Does Exelon pay a dividend?
Yes: Exelon paid $1.7B in dividends over the trailing twelve months, a dividend yield of 3.53% and a payout ratio of 64.4%.
How much debt does Exelon have?
Exelon's debt-to-equity ratio is 171.7%, from its latest balance sheet (149.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Exelon's competitors?
In our Electric Utilities peer group, the companies closest to Exelon are American Electric Power, Southern Company, Constellation Energy, Duke Energy and Vistra Corp. The side-by-side comparison below sets their revenue, margins and growth against Exelon's.
When is Exelon's next earnings date?
Around February 11, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Exelon announces its own schedule.