Exelon
EXC · NasdaqElectric & Other Services Combined · Fiscal year ends Dec 31
Exelon reported revenue of $24.3B in the fiscal year ended Dec 2025, up 5.3% from the year before. Operating income was $5.1B, an operating margin of 21.2%, and net income was $2.8B. Operating cash flow of $6.3B less capital expenditure of $8.5B left free cash flow of −$2.3B. Net debt was $48.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $17.9B | $19.1B | $21.7B | $23B | $24.3B |
| Operating income | $2.7B | $3.3B | $4B | $4.3B | $5.1B |
| Pre-tax income | $1.7B | $2.4B | $2.7B | $2.7B | $3.3B |
| Income tax | $38M | $349M | $374M | $207M | $523M |
| Net income | $1.8B | $2.2B | $2.3B | $2.5B | $2.8B |
| Diluted EPS | 1.74 | – | – | – | – |
| Diluted shares | 980M | 987M | 997M | 1,003M | 1,012M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $672M | $407M | $445M | $357M | $626M |
| Receivables | $1.9B | $2.2B | $2.3B | $2.7B | $3.3B |
| Current assets | $14B | $7.3B | $8.1B | $8.4B | $9.5B |
| Net PP&E | $64.6B | $69.1B | $73.6B | $78.2B | $84.3B |
| Goodwill | $6.6B | $6.6B | $6.6B | $6.6B | $6.6B |
| Total assets | $133B | $95.3B | $102B | $108B | $117B |
| Payables | $2.4B | $3.4B | – | – | – |
| Deferred revenue | $109M | $101M | $133M | $127M | $119M |
| Current liabilities | $16.1B | $10.6B | $9.9B | $9.6B | $10.3B |
| Short-term debt | $2.2B | $1.8B | $1.4B | $1.5B | $1.7B |
| Long-term debt | $30.7B | $35.3B | $39.7B | $42.9B | $47.4B |
| Total liabilities | $98.2B | $70.6B | $76.1B | $80.9B | $87.8B |
| Shareholders' equity | $34.4B | $24.7B | $25.8B | $26.9B | $28.8B |
| Backlog (remaining obligations) | $488M | $101M | $133M | $127M | $119M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $3B | $4.9B | $4.7B | $5.6B | $6.3B |
| Capital expenditure | $8B | $7.1B | $7.4B | $7.1B | $8.5B |
| Free cash flow | −$5B | −$2.3B | −$2.7B | −$1.5B | −$2.3B |
| Depreciation & amortisation | $3B | $3.3B | $3.5B | $3.6B | $3.6B |
| Dividends paid | $1.5B | $1.3B | $1.4B | $1.5B | $1.6B |
| Dividend per share | 1.53 | 1.35 | 1.44 | 1.52 | 1.60 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 6.4% | 13.9% | 6.0% | 5.3% |
| Operating income growth (YoY) | – | 23.6% | 21.4% | 7.4% | 19.2% |
| Operating margin | 15.0% | 17.4% | 18.5% | 18.8% | 21.2% |
| Net margin | 10.2% | 11.4% | 10.7% | 10.7% | 11.4% |
| Return on equityBlank when equity is negative | 5.3% | 8.8% | 9.0% | 9.1% | 9.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 2.3% | 3.9% | 4.4% | 4.4% | 4.8% |
| Free cash flow margin | −27.7% | −11.9% | −12.4% | −6.6% | −9.4% |
| Cash conversion (CFO ÷ net income) | 1.65x | 2.24x | 2.02x | 2.26x | 2.26x |
| Receivable days | 38 | 42 | 39 | 43 | 50 |
| Debt ÷ equity | 0.96x | 1.50x | 1.60x | 1.65x | 1.70x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $32.2B | $36.7B | $40.7B | $44B | $48.5B |
| Current ratio | 0.87x | 0.69x | 0.82x | 0.87x | 0.92x |
Recent filings
More in Electric & Other Services Combined
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.