Last Updated: 22 June 2026
Exelon Corporation is the largest regulated electricity and gas transmission-and-distribution (T&D) utility holding company in the United States, serving roughly 10.7 million customers across the mid-Atlantic and Midwest through six regulated subsidiaries. Since spinning off its competitive generation arm, Constellation Energy, in February 2022, Exelon has been a pure-play "wires" business: it owns the poles, lines, substations and pipes that deliver energy, and earns a regulated return on that infrastructure rather than betting on power prices. This research note examines Exelon's financial health, valuation, segments and risks using only its public filings and primary disclosures. For live pricing and technicals, see our Live Charts page.
1. Company Snapshot
| Field | Value |
|---|---|
| Ticker / Exchange | EXC (NASDAQ) |
| Headquarters | Chicago, Illinois, USA |
| Sector / Industry | Utilities — regulated electric & gas distribution |
| President & CEO | Calvin G. Butler Jr. |
| Employees | Approximately 20,000 |
| Market capitalisation | ~$46.9bn (mid-June 2026) |
| Share price (18 Jun 2026) | ~$45.81 |
| FY2025 revenue | $24.26bn |
| FY2025 net income (GAAP) | ~$2.75bn |
| FY2025 GAAP diluted EPS | $2.73 |
| FY2025 adjusted operating EPS | $2.77 |
| Annualised dividend | $1.68 ($0.42 quarterly) |
2. Bull & Bear Case
Bull Case
- Pure-play regulated visibility: Post-Constellation, 100% of earnings come from rate-regulated T&D utilities, giving Exelon some of the most predictable, weather-and-commodity-insulated cash flows in the sector.
- Large, funded capital plan: Management is deploying a $41.7bn four-year capital programme that supports roughly 7.9% annual rate-base growth — the engine behind its 5–7% adjusted EPS growth target through 2029.
- Data-centre demand tailwind: Exelon's service territories (northern Illinois, the mid-Atlantic) sit in some of the fastest-growing data-centre load corridors, creating a multi-year pipeline of transmission and distribution investment.
- Consistent dividend: The board raised the quarterly dividend to $0.42 in early 2026 and targets dividend growth toward the lower end of its EPS-growth range, offering a yield near 3.7%.
- Constructive regulation: Recent rate orders at ComEd, PHI and BGE, plus Maryland's Utility RELIEF Act, have generally supported timely cost recovery.
Bear Case
- Negative free cash flow: Heavy capex ($8.5bn in FY2025) exceeds operating cash flow, so the build-out is funded by continuous debt and equity issuance — a structural feature of utilities but a real dilution and leverage risk.
- Rising rates and affordability politics: Higher customer bills invite regulatory and political pushback, which can slow recovery or compress allowed returns.
- Interest-rate sensitivity: With ~$49bn of debt and a capital-intensive model, higher-for-longer rates raise financing costs at the holding-company level.
- Limited upside surprise: A regulated wires business is engineered for steadiness, not outperformance; the 5–7% EPS algorithm caps realistic growth expectations.
- Regulatory lag: Earnings depend on the timing and outcome of multi-jurisdiction rate cases across Illinois, Pennsylvania, Maryland, DC, Delaware and New Jersey.
3. Business Segments
Exelon operates through four reportable business units built from six regulated utilities. All revenue is regulated T&D — there is no merchant generation. The approximate share of 2025 utility net income is shown below.
| Segment | % of revenue | What it is |
|---|---|---|
| ComEd | ~32% | Electricity transmission & distribution for ~9 million people in northern Illinois (Chicago); the single largest earnings contributor. |
| PHI (Pepco Holdings) | ~26% | Electric T&D in Washington DC and parts of Maryland, Delaware and New Jersey (Pepco, Delmarva Power, Atlantic City Electric), plus gas in northern Delaware. |
| BGE | ~21% | Baltimore Gas & Electric — electricity and natural-gas distribution across central Maryland. |
| PECO | ~21% | Electricity T&D and retail natural-gas distribution in south-eastern Pennsylvania (greater Philadelphia). |
4. Business Model & Strategy
Exelon makes money by investing capital into regulated energy-delivery infrastructure and earning an authorised rate of return on that "rate base." The more it prudently invests in poles, wires, substations, smart meters and pipes — and recovers through state and federal rate cases — the more its earnings base grows.
Rate-base growth as the core driver. Management's plan centres on a $41.7bn capital investment programme over 2026–2029, targeting roughly 7.9% annual rate-base growth. This translates directly into the company's 5–7% compound annual adjusted operating EPS growth target through 2029.
Grid modernisation and electrification. Spending is weighted toward reliability, grid hardening, storm resilience and accommodating new load — particularly the surge in data-centre and electrification demand across its territories. Exelon positions itself as the enabler of the energy transition rather than a taker of commodity risk.
Balance-sheet discipline. Because the model is cash-flow-negative after capex, funding strategy matters: Exelon relies on a mix of operating cash flow, long-term debt and equity (including at-the-market issuance) to fund growth while defending its credit ratings.
5. Financial Health
All figures below are drawn from Exelon's audited filings and SEC XBRL data (continuing operations following the February 2022 Constellation separation). Revenue and earnings reflect the regulated utility only.
| Fiscal Year | Revenue | YoY % | GAAP EPS | Adjusted EPS | Dividend/share | Long-term debt (YE) |
|---|---|---|---|---|---|---|
| 2021 | $17.94bn | +7.7% | n/a* | n/a* | $1.53 | $30.75bn |
| 2022 | $19.08bn | +6.4% | $2.08 | $2.27 | $1.35 | $35.27bn |
| 2023 | $21.73bn | +13.9% | $2.34 | $2.38 | $1.44 | — |
| 2024 | $23.03bn | +6.0% | $2.45 | $2.50 | $1.52 | $42.95bn |
| 2025 | $24.26bn | +5.3% | $2.73 | $2.77 | $1.60 | $47.41bn |
*Constellation Energy was separated in February 2022; clean utility-only GAAP and adjusted EPS comparatives begin with FY2022. Dividend/share is the amount declared per calendar year.
Quarterly detail (most recent first):
| Quarter | Revenue | Adjusted EPS | GAAP EPS |
|---|---|---|---|
| Q1 2026 | $7.24bn | $0.91 | $0.90 |
| Q4 2025 | $5.41bn | $0.59 | $0.58 |
| Q3 2025 | $6.71bn | $0.86 | $0.86 |
| Q2 2025 | $5.43bn | $0.39 | $0.39 |
| Q1 2025 | $6.71bn | $0.92 | $0.90 |
| FY2025 total | $24.26bn | $2.77 | $2.73 |
FY2025 operating cash flow was $6.25bn against $8.53bn of capital expenditure, leaving free cash flow negative at roughly −$2.28bn — the expected signature of a utility in a heavy investment cycle, funded through debt and equity issuance. Depreciation & amortisation was $3.64bn and GAAP operating income was $5.15bn.
6. Valuation
Raw metrics, June 2026. Not opinions on whether the stock is cheap or expensive.
| Metric | Value |
|---|---|
| Market cap | ~$46.9bn |
| Enterprise value | ~$95.3bn (market cap $46.9bn + total debt ~$49.1bn − cash $0.63bn per FY2025 balance sheet; total debt = $47.41bn long-term + $1.67bn current portion) |
| Trailing P/E (GAAP) | ~16.8x ($45.81 / $2.73 FY2025 GAAP EPS) |
| P/E (forward) | ~16.0x ($45.81 / $2.86 midpoint of 2026 adjusted operating EPS guidance $2.81–$2.91) |
| P/S (TTM) | ~1.93x ($46.9bn / $24.26bn revenue) |
| EV/EBITDA (TTM) | ~10.8x (EV ~$95.3bn / EBITDA ~$8.79bn; EBITDA = operating income $5.15bn + D&A $3.64bn per FY2025 filings) |
| P/FCF | n/m — FCF negative: operating cash flow $6.25bn − capex $8.53bn = −$2.28bn (FY2025 cash flow statement) |
| 52-week high | $50.65 |
| 52-week low | $42.18 |
| Short interest (% of float) | ~4.13% (most recent published settlement, late November 2025; verify on Nasdaq/MarketBeat) |
| Days to cover | ~4.41 |
7. Growth Drivers
Exelon's growth is mechanical rather than cyclical: it comes from expanding the regulated rate base and recovering that investment through rate cases. The $41.7bn 2026–2029 capital plan underpins ~7.9% rate-base growth and the 5–7% adjusted EPS CAGR target through 2029.
The most important emerging driver is electricity-demand growth after two decades of flat load. Data-centre development, manufacturing reshoring and broad electrification are lifting projected load across ComEd and PHI territories, which supports incremental transmission and distribution spending. Constructive regulatory frameworks — including Maryland's Utility RELIEF Act, which adjusts cost-recovery rules for BGE, Pepco and Delmarva — help convert that investment into earnings with less lag.
8. Competitive Landscape
Exelon competes for capital against other large US regulated utilities. As a pure-play T&D operator it carries no merchant-generation risk, distinguishing it from more vertically integrated peers. Market caps below are as of mid-June 2026.
| Peer | Market cap (June 2026) | Key 2025 metric |
|---|---|---|
| NextEra Energy (NEE) | ~$202bn | Largest US utility by market cap; regulated Florida utility plus large renewables arm |
| Southern Company (SO) | ~$106bn | Vertically integrated south-eastern utility with regulated generation |
| Duke Energy (DUK) | ~$96.5bn | Large integrated utility serving the Carolinas, Florida and Midwest |
| American Electric Power (AEP) | ~$74bn | Transmission-heavy integrated utility across 11 states |
| Dominion Energy (D) | ~$60bn | Mid-Atlantic utility; announced a combination with NextEra in May 2026 |
9. Insider & Institutional Activity
A review of Exelon's 2026 SEC Form 4 filings shows no material insider transactions — only routine equity-compensation activity such as restricted-stock vesting and tax-withholding share dispositions, rather than open-market purchases or sales of significant size. Chief Executive Calvin G. Butler Jr. and the other named officers and directors made no material open-market trades in the period reviewed. Exelon is predominantly institutionally owned, with major index and utility-focused funds among its largest holders. Verify the latest filings directly on SEC EDGAR.
10. Key Risks
- Regulatory risk: Earnings depend on rate-case outcomes and allowed returns across six jurisdictions (Illinois, Pennsylvania, Maryland, DC, Delaware, New Jersey); adverse orders or delays directly reduce recoverable earnings.
- Financing and interest-rate risk: With roughly $49bn of debt and persistent negative free cash flow, Exelon must continually raise capital; higher rates increase holding-company financing costs and can pressure credit metrics.
- Affordability and political risk: Rising customer bills create political pressure that can constrain rate increases or trigger unfavourable legislative intervention.
- Capital-execution risk: The 5–7% EPS algorithm assumes the $41.7bn capital plan is deployed on time and recovered; cost overruns or delays would undermine the growth thesis.
- Operational and weather risk: Storms, grid failures and reliability events carry restoration costs, potential penalties and reputational consequences.
- Equity-dilution risk: Ongoing equity issuance to fund growth can dilute per-share earnings if not matched by rate-base returns.
11. Recent Developments
- 06 May 2026 — Q1 2026 results. Exelon reported GAAP EPS of $0.90 and adjusted operating EPS of $0.91 on revenue of $7.24bn, and reaffirmed full-year 2026 adjusted operating EPS guidance of $2.81–$2.91.
- 28 Apr 2026 — Dividend declared. The board declared a regular quarterly dividend of $0.42 per share, payable 15 June 2026 to holders of record on 4 June 2026.
- 12 Feb 2026 — Full-year 2025 results. Exelon reported FY2025 GAAP EPS of $2.73 and adjusted operating EPS of $2.77, initiated 2026 guidance of $2.81–$2.91, and outlined a $41.7bn four-year capital plan supporting ~7.9% rate-base growth and a 5–7% EPS CAGR through 2029.
- 18 Mar 2026 — Executive compensation disclosed. A proxy filing showed CEO Calvin Butler's 2025 compensation at approximately $15.6m, up about 6% year on year.
12. Key Dates to Watch
- 04 Jun 2026 — Ex-dividend date for the $0.42 quarterly dividend (already passed; included for reference)
- 15 Jun 2026 — Q2 2026 dividend payment date
- 05 Aug 2026 — Expected Q2 2026 earnings release (date to be confirmed; based on prior-year timing)
- 04 Nov 2026 — Expected Q3 2026 earnings release (date to be confirmed; based on prior-year timing)
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