Exelon Corporation
- Open
- 43.73
- Day high
- 43.82
- Day low
- 43.04
- Prev close
- 43.93
- Volume
- 9.0M
- Mkt cap
- $45.1B
- P/E (TTM)
- 16.0
- EPS (TTM)
- $2.74
- P/B
- 1.5
- P/S
- 1.8
- Yield
- 2.84%
- Per share
- $1.24
Exelon Corporation (EXC) is a Utilities company listed on NASDAQ. The stock is up 1% over the past year. Drillr has 1 published research article covering EXC.
Exelon Corporation (EXC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
EXC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $0.44 | $0.43 | -1.3% | $6.0B | +9.6% |
| May 6, 2026 | $0.88 | $0.91 | +2.9% | $7.2B | +4.6% |
| Feb 12, 2026 | $0.55 | $0.59 | +7.9% | $5.4B | +0.4% |
| Jul 31, 2025 | $0.37 | $0.39 | +5.1% | $5.4B | +0.6% |
| May 1, 2025 | $0.87 | $0.92 | +5.3% | $6.7B | +3.1% |
| Feb 12, 2025 | $0.59 | $0.64 | +7.7% | $5.5B | +19.5% |
| Oct 30, 2024 | $0.67 | $0.71 | +5.8% | $6.2B | +4.2% |
| Aug 1, 2024 | $0.40 | $0.47 | +17.5% | $5.4B | +14.7% |
| May 2, 2024 | $0.70 | $0.68 | -2.7% | $6.0B | +8.9% |
| Feb 21, 2024 | $0.58 | $0.60 | +3.4% | $5.4B | +38.8% |
| Nov 2, 2023 | $0.67 | $0.67 | +0.0% | $6.0B | +18.3% |
| Aug 2, 2023 | $0.41 | $0.41 | +0.0% | $4.8B | +14.3% |
EXC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 1, 2026 | BOWERS WILLIAM Pdirector | Grant | 925 | — |
| Jul 1, 2026 | Lillie Charisse Rdirector | Grant | 5 | — |
| Jul 1, 2026 | Rogers Matthew Cdirector | Grant | 778 | — |
| Jul 1, 2026 | Cheshire Marjorie Rodgersdirector | Grant | 442 | — |
| Apr 29, 2026 | Cheshire Marjorie Rodgersdirector | Grant | 3,720 | — |
| Apr 29, 2026 | Lillie Charisse Rdirector | Grant | 3,720 | — |
| Apr 29, 2026 | Rogers Matthew Cdirector | Grant | 3,720 | — |
| Apr 29, 2026 | RICHO ANNAdirector | Grant | 3,720 | — |
| Apr 29, 2026 | Segedi Bryan Kdirector | Grant | 3,720 | — |
| Apr 29, 2026 | Jojo Linda Pdirector | Grant | 3,720 | — |
| Apr 29, 2026 | BOWERS WILLIAM Pdirector | Grant | 3,720 | — |
| Apr 29, 2026 | DEWALT DAVID Gdirector | Grant | 3,720 | — |
| Feb 4, 2026 | Kleczynski Robert Aofficer: SVP, Controller & Tax | Option | 7,019 | — |
| Feb 4, 2026 | Honorable Colette Dofficer: EVP CLO Compliance & Corp Sec | Tax | 3,184 | $43.91 |
| Feb 4, 2026 | Jones Jeanne Mofficer: EVP, CFO, Audit & Risk | Tax | 16,051 | $43.91 |
Source: EXC SEC Form 4 filings, latest Jul 1, 2026. For informational purposes only — not investment advice.
See the full EXC insider & 13F page →Exelon Corporation company profile
Overview
Exelon Corporation (NASDAQ:EXC) is one of the largest regulated electric utilities in the United States, serving approximately 10 million customers across six states and the District of Columbia. Founded in 1999 through the merger of PECO Energy and Commonwealth Edison, Exelon has evolved from a diversified energy company into a pure-play regulated utility following its 2022 separation from Constellation Energy, which took over its competitive generation business. Today, Exelon operates as a transmission and distribution utility holding company headquartered in Chicago, Illinois, focusing exclusively on delivering reliable electricity and natural gas to residential, commercial, and industrial customers through its four main operating subsidiaries.
Business
Exelon operates as a regulated electric and gas utility, meaning it provides essential energy services under government oversight with approved rates and service standards. The company's core business involves the transmission and distribution of electricity and natural gas to end customers, rather than generating power itself. The company operates through four main utility subsidiaries that serve distinct geographic regions: 1. Commonwealth Edison (ComEd) serves northern Illinois including Chicago, delivering electricity to approximately 4 million customers. This represents roughly 40% of Exelon's customer base and is the company's largest operating subsidiary. 2. PECO Energy provides both electricity and natural gas services to southeastern Pennsylvania, including Philadelphia, serving about 1.7 million electric customers and 500,000 gas customers. 3. Baltimore Gas and Electric (BGE) delivers electricity and natural gas throughout central Maryland, including Baltimore, serving approximately 1.3 million electric and 700,000 gas customers. 4. Pepco Holdings includes three utilities: Potomac Electric Power Company (serving Washington D.C. and Maryland), Delmarva Power (serving Delaware and Maryland's Eastern Shore), and Atlantic City Electric (serving southern New Jersey). Combined, these serve about 2.2 million customers. The electric transmission business involves operating high-voltage power lines that carry electricity from power plants to local distribution networks, while distribution involves the lower-voltage lines and infrastructure that deliver electricity directly to homes and businesses. For natural gas, the company operates pipeline networks that transport gas from interstate pipelines to end customers. This regulated utility model means Exelon earns returns on its invested capital in grid infrastructure, with rates set by state public utility commissions to ensure fair returns while maintaining affordable service.
Revenue model
Exelon generates revenue through regulated rate-based returns on its transmission and distribution infrastructure investments. As a regulated utility, the company earns money by investing capital in grid infrastructure and earning an approved return on equity (typically 9-10%) on that invested capital, with rates set by state utility commissions. The company's revenue streams include: 1. Electricity delivery charges paid by customers for transmission and distribution services, 2. Natural gas distribution fees for transporting gas to customers, and 3. Connection and service fees for new customer hookups and maintenance services. Unlike competitive energy companies, Exelon does not sell the actual electricity or gas commodity - it only charges for delivering these services through its grid infrastructure. The primary customers are residential homeowners, commercial businesses, and industrial facilities within Exelon's service territories. The company serves approximately 10 million customers across its four utility subsidiaries, with residential customers typically representing 60-70% of customer count but contributing roughly 40-50% of revenues, while commercial and industrial customers provide higher per-customer revenue contributions. Several factors influence Exelon's profitability margins: Regulatory approval processes directly impact allowed returns, with multi-year rate plans providing more predictable earnings growth compared to traditional annual rate cases. Capital investment levels drive future earnings since utilities earn returns on invested capital - higher infrastructure spending typically leads to higher rate bases and earnings. Weather patterns affect customer usage, with extreme temperatures increasing electricity demand for heating and cooling. Economic growth in service territories, particularly data center development, drives load growth and infrastructure investment needs. Interest rates impact financing costs for capital projects, while regulatory lag between making investments and receiving rate recovery can temporarily compress margins. The company's margins also benefit from operational efficiency improvements and cost management initiatives across its utility platform.
Competitive moat
Exelon operates with a strong regulatory moat typical of regulated utilities, though not impenetrable. The company holds exclusive franchises to provide electricity transmission and distribution services in its defined service territories, creating natural monopolies that are difficult for competitors to challenge. These franchises are granted by state governments and are rarely revoked, providing long-term revenue stability. The company's moat is strengthened by several factors: High barriers to entry exist due to the massive capital requirements to build competing transmission and distribution infrastructure - constructing parallel electric grids would be economically unfeasible and politically unlikely. Essential service provision means customers cannot easily substitute away from grid-delivered electricity, creating inelastic demand. Regulatory relationships built over decades with state utility commissions provide operational expertise and stakeholder trust that new entrants would struggle to replicate. However, the moat faces some vulnerabilities: Regulatory risk remains significant, as state utility commissions can reduce allowed returns, reject rate increases, or impose additional requirements that compress margins. Distributed energy resources like rooftop solar and battery storage could potentially reduce customer dependence on the grid over time, though this threat remains limited for transmission services. Political pressure around utility rates and service quality can lead to adverse regulatory decisions, particularly during periods of economic stress. The company's moat is moderately strong but not absolute. While the regulated utility model provides predictable cash flows and limited direct competition, regulatory oversight means returns are capped and subject to political and economic pressures. The emergence of new technologies and changing energy consumption patterns could gradually weaken traditional utility advantages, though this process is likely to unfold over decades rather than years.
Risks & safety
Exelon demonstrates a moderate margin of safety with some areas of concern regarding leverage and cash flow generation. • Solvency and Liquidity: Current ratio of 1.09 indicates adequate short-term liquidity, though this has fluctuated below 1.0 in recent quarters. The company maintains access to credit facilities and has manageable near-term debt maturities. • Debt Levels: Debt-to-equity ratio of 1.75 indicates high leverage typical of capital-intensive utilities, but remains within acceptable ranges for the sector. Interest coverage appears adequate based on EBITDA levels. • Cash Flow Concerns: Free cash flow has been consistently negative over recent years (-$746M in Q1 2025, -$1.5B for FY 2024), reflecting heavy capital investment program. Operating cash flow of $5.6B annually provides some cushion, but the company relies on external financing for growth. • Valuation Metrics: Trading at P/E of 12.8x and EV/EBITDA of 9.4x, which appears reasonable for a utility. Price-to-book ratio of 1.68x suggests modest premium to book value. • Other Considerations: The company's $38 billion four-year capital plan requires significant external financing, creating execution risk. Regulatory approval processes introduce earnings uncertainty, though the regulated model provides some downside protection.
Recent development
Over the past few years, Exelon has undergone significant strategic transformation and positioned itself for substantial growth driven by grid modernization and emerging load opportunities. The most significant development was the 2022 separation from Constellation Energy, which transformed Exelon from a diversified energy company into a pure-play regulated transmission and distribution utility. The company has dramatically expanded its capital investment program, increasing from $31 billion to $38 billion over the 2025-2028 period, with over 80% focused on transmission infrastructure. This represents a strategic pivot toward transmission-heavy growth, driven by grid reliability needs, clean energy integration, and new load connections. A major growth catalyst has emerged from data center development across Exelon's service territories. The company reports a 17 gigawatt pipeline of data center opportunities, with load expected to grow 10% by 2028, 33% by 2030, and 75% by 2034. This represents unprecedented load growth for a mature utility market and is driving additional transmission investment needs. Exelon has also focused on regulatory strategy improvements, pursuing multi-year rate plans that provide more predictable earnings growth compared to traditional annual rate cases. While experiencing mixed success - with positive outcomes in Maryland and challenges in Illinois - the company continues advocating for these mechanisms across its jurisdictions. The company has strengthened its focus on customer affordability initiatives, implementing proactive measures including suspended disconnections, extended payment plans, and community engagement programs. This strategic emphasis on customer relations aims to maintain regulatory support during periods of significant rate increases driven by capacity market changes and infrastructure investments. Recent regulatory developments include active engagement in resource adequacy discussions as traditional generation retires, positioning Exelon as a key stakeholder in regional grid planning and potential state-level energy procurement initiatives.
EXC company profile · for informational purposes only — not investment advice.
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