# Exelon Corporation (EXC) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/EXC/thesis · /stocks/EXC/memo

## Financial Snapshot

---
ticker: EXC
step: 04
generated: 2026-05-12
source: quick-research
---

### Exelon Corporation (EXC) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$19.2B | $21.7B | $23.0B | +6.0% |
| Gross Margin | ~45% | ~43% | ~42% | -1pp |
| Operating Margin | ~12% | ~13% | ~13% | flat |
| Net Income | ~$2.1B | ~$2.3B | ~$2.5B | +9% |
| EPS (adj. operating) | $2.27 | $2.38 | $2.50 | +5.0% |

*Note: Exelon spun off Constellation Energy (generation business) in February 2022; FY2022 revenue reflects the T&D-only utility business for most of the year. Revenue includes pass-through energy costs (fluctuate with commodity prices) that do not affect earnings. Adjusted operating EPS is the primary management metric, excluding one-time items. GAAP EPS: FY2022 $2.08, FY2023 $2.34, FY2024 $2.45.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$4.5B |
| Capital Expenditures | ~$7.5B |
| Free Cash Flow | ~-$3.0B (negative; heavy capex investment phase) |
| Rate Base (2024) | ~$43B |
| Total Debt | ~$40B |

*Note: FCF is structurally negative due to the large capex investment program ($41.3B through 2029). This is funded through debt issuance and equity — standard for regulated utilities in high-investment phases. Debt is supported by the regulatory compact (capex earns authorized returns).*

#### Key Ratios (approximate)
- P/E: ~17x (FY2024 adj.) | EV/EBITDA: ~13x | Dividend Yield: ~3.7%
- Revenue Growth (FY2024): +6.0% | EPS Growth (FY2024): +5.0%
- Rate Base CAGR (target): ~8% through 2028

#### Growth Profile
Exelon's earnings grow at the regulated rate of return on incremental capex added to the rate base, supplemented by periodic rate case increases and load growth. Management targets 5–7% annual adjusted operating EPS growth through 2028, driven by the $41.3B capital investment plan. A significant incremental opportunity has emerged: 19 GW of new load in the pipeline (45% secured through Transmission Security Agreements), with data center load in northern Illinois growing at 26% CAGR. Favorable regulatory environments in Illinois, Pennsylvania, and Maryland support constructive rate case outcomes.

#### Forward Estimates
- FY2025E EPS: $2.64–$2.74 (company guidance, +6–9% growth)
- FY2026E EPS: ~$2.80–$2.95 (consensus, assuming 5–7% growth continuation)
- Citi bull case: EPS accelerating toward $3.20+ by 2028 on AI data center load + transmission investment

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/EXC/fundamental

## Navigation

- Overview: /stocks/EXC
- Financials (this page): /stocks/EXC/financials
- Thesis: /stocks/EXC/thesis
- Investment Memo: /stocks/EXC/memo
- Coverage universe: /stocks