At a glance
Exelon Corporation is worth $48.07B. Revenue grew 5.3% to $24.26B in fiscal 2025, with 11.4% kept as profit; over 5 years it has grown 7.8% a year. It pays a 3.57% dividend yield, raised every year for at least 3 years, and returned $7.41B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +4.4% over the past year with dividends reinvested and +8.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 39.9% in the 2020 crash (S&P 500: 33.7%) and 27.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 16 months and 29 months after the lows.
The business in plain English
Exelon is a holding company for six regulated utilities. They deliver electricity, and in some areas natural gas, to homes and businesses in Northern Illinois and the Mid-Atlantic. Exelon does not generate power. Its utilities buy electricity under contracts or on the PJM wholesale market, which is run by the regional grid operator. They then carry that power over their own wires. Customers may buy power from a competing supplier, but Exelon still delivers it and charges a regulated delivery fee.
State utility commissions set those fees. The utilities recover reasonable costs and earn a return on approved spending on poles, wires and pipes. So profit growth depends mainly on new investment and on winning rate approvals. The cost of the energy itself is passed to customers with little or no markup. Most of the utilities use "decoupling," which separates delivery revenue from how much customers use, so weather matters less. PECO and Delmarva Power's Delaware business are the exceptions.
Revenue was about $24.3 billion for the year ended December 31, 2025. ComEd (Northern Illinois, including Chicago) brought in 30%. BGE (central Maryland) brought in 21.5%, PECO (Philadelphia area) 19.3% and Pepco (Washington, D.C., and nearby Maryland) 14.2%. Delmarva Power (Delaware and Maryland) added 8.1% and Atlantic City Electric (southern New Jersey) 7.1%. Natural gas brought in about $2.3 billion. One drawback: either side can end ComEd's Chicago franchise agreement with one year's notice, and the city has an option to buy the system.
Price history
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EXC +4.4% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Electricity, US Regulated | $22.66B | 93.4% |
| Natural Gas, US Regulated | $2.35B | 9.7% |
By business segment
| Commonwealth Edison Co | $7.27B | 30% |
| Baltimore Gas and Electric Company | $5.22B | 21.5% |
| PECO Energy Co | $4.68B | 19.3% |
| Potomac Electric Power Company | $3.45B | 14.2% |
| Delmarva Power & Light Company | $1.97B | 8.1% |
| Atlantic City Electric Company | $1.72B | 7.1% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $7.32B, up 9.2% from a year earlier, and net income was $729.0M (-16.7%).
- For fiscal 2025, revenue was $24.26B (+5.3% year over year; +7.8% a year from FY2020 to FY2025) with a 11.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +7.8% good |
|---|---|
| Operating margin | 21.2% good |
| Free cash flow margin | -9.4% weak |
| Return on equity (FY2025) | 9.6% watch |
| Return on assets (FY2025) | 2.4% weak |
| Net cash (cash minus debt) | $-51.00B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $16.66B | $1.96B | $-3.81B |
| FY2021 | $17.94B | $1.71B | $-4.97B |
| FY2022 | $19.08B | $2.17B | $-2.28B |
| FY2023 | $21.73B | $2.33B | $-2.71B |
| FY2024 | $23.03B | $2.46B | $-1.53B |
| FY2025 | $24.26B | $2.77B | $-2.27B |
Valuation snapshot
| Market value | $48.07B |
|---|---|
| P/E ratio | — |
| Dividend yield | 3.57% |
Rank among 1514 US companies
Market value at each year end
Exelon’s market value went from $23.40B at the end of 2016 to $48.07B on Nov 2, 2026, about 2.1 times as much; since the end of 2025 it is up 9%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $48.07B | +9.2% |
| 2025 | $44.04B | +16.4% |
| 2024 | $37.82B | +5.8% |
| 2023 | $35.74B | -16.8% |
| 2022 | $42.96B | +6.4% |
| 2021 | $40.36B | +37.2% |
| 2020 | $29.42B | -7.1% |
| 2019 | $31.66B | +1.6% |
| 2018 | $31.15B | +15.2% |
| 2017 | $27.05B | +15.6% |
| 2016 | $23.40B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| EXC price data to Nov 2, 2026 | +9.5% | +4.4% | +8.9% | +8.1% | +11.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +9.5% |
| 2025 | +20.1% |
| 2024 | +10.3% |
| 2023 | -13.2% |
| 2022 | +8.2% |
| 2021 | +41.4% |
| 2020 | -3.9% |
| 2019 | +4.3% |
| 2018 | +18.4% |
| 2017 | +15.1% |
| 2016 | +32.8% |
| 2015 | -22.2% |
| 2014 | +40.6% |
| 2013 | -3.5% |
| 2012 | -27.3% |
| 2011 | +9.5% |
| 2010 | -10.4% |
| 2009 | -8.4% |
| 2008 | -29.9% |
| 2007 | +34.7% |
| 2006 | +18.8% |
| 2005 | +23.4% |
| 2004 | +36.5% |
| 2003 | +30.2% |
| 2002 | +14.1% |
| 2001 | -29.6% |
| 2000 | +106.9% |
| 1999 | -14.7% |
| 1998 | +78.4% |
| 1997 | +4.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 41.4% over that stretch · deepest drop along the way 50.9%, back to its old high 151.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 39.6% over that stretch · deepest drop along the way 39.9%, back to its old high 16.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 9.7% over that stretch · deepest drop along the way 27.4%, back to its old high 28.7 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.1% | Jun 30, 2026 |
| Vanguard Capital Management | 7.51% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.36% | Mar 31, 2026 |
| Wellington Management Group LLP | 3.4% | Dec 31, 2024 |
ETFs with the most weight in EXC
| ZAP Global X U.S. Electrification ETF | 4.87% |
| QQLV Invesco QQQ Low Volatility ETF | 4.81% |
| INFR ClearBridge Sustainable Infrastructure ETF | 4.07% |
| XLU Utilities Select Sector SPDR Fund | 3.81% |
| FUTY Fidelity MSCI Utilities Index ETF | 3.59% |
| RSPU Invesco S&P 500 Equal Weight Utilities ETF | 3.51% |
| IDU iShares U.S. Utilities ETF | 3.39% |
| BILD Macquarie Global Listed Infrastructure ETF | 3.37% |
What could go wrong
- Chicago franchise and city takeover risk. ComEd's franchise agreement with Chicago has been in place since 1992 and can be ended on one year's notice. The city also has an option to purchase ComEd's system. ComEd produced 30% of 2025 revenue.
- Relies on others to generate power. Exelon does not generate electricity. If power plants and storage in its region fall short of demand, or neighboring grids fail, customers could face outages and higher bills. Local economic growth could also suffer.
- Regulators may limit rates and returns. Six utility commissions set Exelon's delivery rates through formal reviews that can be long, contentious and appealed. Regulators may approve lower returns than requested or disallow costs, which would squeeze earnings.
- Heavy spending funded with debt. Cash from operations fell short of capital spending every year from 2020 to 2025. Debt reached about $52.8 billion by September 30, 2026. A downgrade below investment grade would raise borrowing costs and collateral demands.
- Storms, gas accidents and cyberattacks. Extreme weather can damage the grid and cause long outages. PECO, BGE and DPL also run natural gas systems, where leaks or explosions could hurt people and bring large costs. Cyberattacks are another threat.
- Rising bills and unpaid accounts. A weak economy or higher rates could reduce energy use and leave more bills unpaid. Customer anger over costs or outages can also bring tougher oversight from regulators.
Recent events
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Investor presentation or announcement; Other company announcement
- Major agreement signed; New debt or financial obligation
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation; Unregistered sale of shares; Other company announcement
- Executive or board change
For income and retirement investors
Exelon pays a dividend, but the record is mixed. Dividends per share were $1.53 in 2020 and 2021 and dropped to $1.35 in 2022. They then rose three years in a row to $1.60 in 2025. That works out to growth of about 0.9% a year since 2020. The 2025 dividend used 58.4% of earnings. But free cash flow (cash left after capital spending) was negative every year from 2020 to 2025, so dividends and grid spending relied partly on borrowing and new shares. There were no buybacks from 2021 to 2025, and the share count grew 5.6% between January 2022 and September 2026. The dividend yield was 3.57% as of November 2, 2026.
The share price dropped about 51% in the 2008 financial crisis and did not recover until November 2021. It fell about 40% in the 2020 COVID crash and recovered in 16 months. It also fell about 27% in 2022 and regained that level by March 2025. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Exelon make money?
Exelon makes money by delivering electricity and natural gas through six regulated utilities: ComEd, PECO, BGE, Pepco, DPL and ACE. Regulators set delivery rates that let the utilities recover reasonable costs and earn a return on approved investment in their networks. The cost of the energy itself is passed through with little or no mark-up. In the year ended December 31, 2025, revenue was about $24.3 billion and net income about $2.8 billion. ComEd was the largest contributor at 30% of revenue.
Does Exelon generate its own electricity?
No. Exelon's 10-K annual report for 2025 says it does not generate the electricity it delivers. Its utilities purchase supply through contracts with approved bidders or on PJM's regional wholesale markets, as state laws and regulators direct. Many customers can choose a competitive supplier instead. Exelon still delivers that power and acts as the billing agent. The drawback is that it depends on others: the 10-K warns that a shortage of generation could cause outages and raise costs for customers.
Does Exelon raise its dividend every year?
No. Dividends per share fell from $1.53 in 2021 to $1.35 in 2022. Exelon has raised the dividend in each of the three years since, reaching $1.60 per share in 2025. From 2020 to 2025, growth averaged only about 0.9% a year. The dividend yield, which is the yearly dividend as a share of the stock price, was 3.57% as of November 2, 2026.
Is Exelon's dividend covered by its cash flow?
Earnings cover it, but free cash flow does not. The 2025 dividend used 58.4% of earnings. Free cash flow, the cash left after capital spending, was negative every year from 2020 to 2025. In 2025 the shortfall was about $2.3 billion, and dividends paid came to about $1.6 billion on top of that. Outside financing has filled the gap. Total debt was about $52.8 billion as of September 30, 2026, and the share count rose 5.6% from January 2022. Exelon made no buybacks from 2021 to 2025.
Which ETFs hold Exelon stock?
Exelon is held by 251 ETFs. The funds that give it the largest weights include the Global X U.S. Electrification ETF (ZAP) at about 4.9% and the Invesco QQQ Low Volatility ETF (QQLV) at 4.8%. The ClearBridge Sustainable Infrastructure ETF (INFR) holds about 4.1% and the Utilities Select Sector SPDR Fund (XLU) about 3.8%. Utility funds such as the Fidelity MSCI Utilities Index ETF (FUTY) and the iShares U.S. Utilities ETF (IDU) also hold it. Weights shift as prices move and funds rebalance.