EXC
Updated: 24/09/2026, 23:46:53
Exelon Corporation, a utility holding company established in 1999 and headquartered in Chicago, Illinois, operates across the United States and Canada. The company primarily focuses on the generation, delivery, and marketing of energy. It maintains a diverse portfolio of power production facilities, utilizing nuclear, fossil fuel, wind, hydroelectric, biomass, and solar technologies. Exelon engages in the sale of electricity to both wholesale and retail clients, while also providing natural gas, renewable energy solutions, and various other energy-related products and services. Beyond generation, the corporation manages the regulated procurement and direct sale of electricity and natural gas to consumers, alongside overseeing the essential transmission and distribution infrastructure for both power and natural gas. To support its extensive operations, Exelon provides a wide array of internal services, including legal counsel, human resources, information technology, financial management, supply chain, accounting, engineering, customer support, infrastructure planning, asset management, system operations, and power acquisition. The company caters to a broad customer base, which includes distribution utilities, municipal entities, cooperatives, financial institutions, and commercial, industrial, governmental, and residential sectors.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
N/A
FY — · Reported
Net income
$2.8B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
$-2.3B
FY 2025 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
N/A
FY — · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Exelon business description
Utility services holding company engaged in energy transmission and distribution through ComEd, PECO, BGE, Pepco, DPL, and ACE
“Exelon is a utility services holding company engaged in the energy transmission and distribution businesses through its subsidiaries, ComEd, PECO, BGE, Pepco, DPL, and ACE.”
Utility registrant service territories and customers (Dec 31, 2025)
Six utility segments serving ~9.5M electric customers total: ComEd 4.2M, PECO 1.7M, BGE 1.4M, Pepco 1.0M, DPL 0.6M, ACE 0.6M electric customers; gas customers PECO 0.6M, BGE 0.7M, DPL 0.1M
“Number of Customers (in millions) Electric4.2 1.7 1.4 1 0.6 0.6 Natural GasN/A0.6 0.7 N/A0.1N/A”
Customer choice / competitive supplier structure
Retail choice for electricity at all utilities; gas choice at PECO/BGE and for certain DPL C&I customers; utilities retain default service obligations
“ComEd, Pepco, DPL and ACE customers have the choice to purchase electricity, and PECO and BGE customers have the choice to purchase electricity and natural gas from competitive electric generation and natural gas suppliers.”
Regulated default-supply procurement via full requirements contracts
Utilities procure electric and gas supply via state-approved competitive procurement (NPNS); ComEd swaps cover ~1.3 million MWhs/year; PECO hedges ~10% of planned gas purchases; DPL futures up to 50% of monthly gas purchases.
“20-year floating-to-fixed energy swap contracts beginning June 2012 based on the renewable energy resource procurement requirements in the Illinois Settlement Legislation of approximately 1.3 million MWhs per year.”
Electric and natural gas transmission and distribution services
Regulated electric T&D at all utilities; natural gas distribution at PECO, BGE, DPL; default service and billing agent roles for customer-choice markets
“Purchase and regulated retail sale of electricity and natural gasSoutheastern Pennsylvania, including the City of Philadelphia (electricity)”
ComEd results of operations 2025 vs 2024
ComEd 2025 operating revenues $7,267M (down $952M), net income $1,147M (up $81M) vs 2024
“Operating revenues$7,267 $8,219 $(952)”
Electricity procurement via PJM markets and approved bidders
Electric supply procured from approved bidders or PJM-operated markets; no self-generation
“Exelon does not generate the electricity it delivers. The Utility Registrants' electric supply for its customers is primarily procured through contracts as directed by their respective state laws and regulatory commission actions.”
Natural gas procurement and firm transportation contracts
Gas purchased from multiple suppliers under terms not exceeding three years; annual firm transportation of 437,000/258,000/44,000 mmcf (PECO/BGE/DPL); underground storage 27%/44%/33% of pipeline capacity
“PECO, BGE, and DPL each have annual firm transportation contracts of 437,000 mmcf, 258,000 mmcf, and 44,000 mmcf, respectively, for delivery of gas.”
Weather drives demand; degree-day data for DPL Delaware
Delaware 2025 heating degree-days 4,500 (+9.8% vs 2024); cooling degree-days 1,309 (+2.5%); weather drove gas deliveries +15.9% residential
“Heating Degree-Days4,500 4,100 4,477 9.8 %0.5 %”
ComEd net income drivers
ComEd net income +$81M on higher rate base from incremental investments and higher AFUDC, offset by lower transmission peak load
“Net income increased by $81 million primarily due to higher distribution and transmission rate base driven by incremental investments to serve customers”
Interest rate hedge notional and Feb 2025 swap termination
Total floating-to-fixed swap notional $700M (12/31/25) vs $1,315M (12/31/24); $765M terminated Feb 2025 with $16M cash receipt; $30M new 10-yr swaps in Q4 2025; AOCI loss $(9)M net of tax in 2025.
“In February 2025, Exelon terminated the previously issued floating-to-fixed swaps with a total notional of $765 million upon issuance of $1 billion of debt.”
Fixed-rate debt profile
Interest rate risk significantly reduced as substantially all outstanding debt has fixed interest rates; refinancing maturing debt is an inherent risk.
“This risk is significantly reduced as substantially all of the Registrants’ outstanding debt has fixed interest rates.”
Exelon Corporate interest rate swaps
Exelon Corporate uses interest rate swaps on existing and planned future debt, primarily Level 2 fair value
“Exelon Corporate utilizes interest rate swaps to manage interest rate risk on existing and planned future debt issuances.”
Rate regulation by state commissions and FERC
Regulated by state commissions (ICC, PAPUC, MDPSC, DCPSC, DEPSC, NJBPU) for distribution rates and by FERC for transmission; also DOT pipeline safety, TSA cyber directives, NERC standards
“The Utility Registrants are public utilities under the Federal Power Act subject to regulation by FERC related to transmission rates and certain other aspects of the utilities' business.”
Cost-based rate regulation and full recovery of hedging costs
Hedging programs have no direct earnings impacts as costs are fully recovered through regulatory-approved recovery mechanisms.
“Hedging programs are utilized to reduce exposure to energy and natural gas price volatility and have no direct earnings impacts as the costs are fully recovered through regulatory-approved recovery mechanisms.”
Market risk exposures
Commodity price risk; counterparty credit risk (PJM default-sharing); pension/OPEB equity and interest rate risk; long-term debt interest rate risk (mitigated as substantially all debt is fixed-rate).
“The Registrants hold commodity and financial instruments that are exposed to the following market risks: •Commodity price risk... •Counterparty credit risk... •Equity price and interest rate risk associated with Exelon’s pension and OPEB plan trusts.”
Highly regulated business; revenue dependent on cost recovery
Earnings heavily dependent on regulatory recovery of power and gas costs; adverse legislative/regulatory actions could materially affect results
“The Utility Registrants' consolidated financial statements are heavily dependent on the ability of the Utility Registrants to recover their costs associated with the retail purchase, transmission, and distribution of power and natural gas to their customers.”
PJM counterparty credit risk including default sharing
PJM credit policies may require losses from a defaulting member's spot energy transactions to be shared by remaining participants.
“The credit policies of PJM may, under certain circumstances, require that losses arising from the default of one member on spot energy market transactions be shared by the remaining participants.”
Derivative accounting judgment and NPNS election
Registrants use derivatives for commodity and interest rate risk; NPNS contracts recorded on accrual basis when physical delivery probable
“The Registrants use derivative instruments to manage commodity price risk and interest rate risk related to ongoing business operations.”
All operations and revenues are from regulated electric and gas T&D in Illinois, Pennsylvania, Maryland, Delaware, New Jersey, and DC.
“Commonwealth Edison CompanyPurchase and regulated retail sale of electricityNorthern Illinois, including the City of Chicago”
Distribution rates set by state commissions and transmission by FERC; recovery of costs and return on capex subject to commission approval drives revenue.
“The Utility Registrants are allowed to recover reasonable costs and fair and prudent capital expenditures associated with electric and natural gas distribution services and earn a return on those capital expenditures, subject to commission approval.”
Distribution rate increases (e.g., ACE base rate case, DPL DSIC and gas rates, Pepco Maryland filing) are primary revenue and earnings drivers.
“Net income increased by $33 million primarily due to favorable impacts of the ACE Electric Distribution Base Rate Case”
Incremental customer-serving investments drive rate base growth, higher return on regulatory assets, and AFUDC, supporting net income growth.
“higher distribution and transmission rate base driven by incremental investments to serve customers, higher return on regulatory assets due to an increase in asset balances, and higher AFUDC”
Customer growth drove volume increases (DPL total electric customers 562,661 vs 557,300); retail customer classes (residential, small/large C&I, public authorities) determine delivery revenues.
“Volume, exclusive of the effects of weather, increased for the year ended December 31, 2025 compared to the same period in 2024 primarily due to an increase in customer growth.”
Cost-based rate regulation limits market risk exposure and enables full recovery of hedging costs from customers.
“The Utility Registrants operate primarily under cost-based rate regulation limiting exposure to the effects of market risk.”
Weather extremes drive electric and gas delivery volumes; partially mitigated by decoupling at ComEd, BGE, Pepco, DPL Maryland, ACE but not at PECO and DPL Delaware.
“PECO's and DPL Delaware's electric distribution revenues and natural gas distribution revenues are impacted by delivery volumes.”
Electricity procurement contracts and ComEd floating-to-fixed swaps expose the utilities to commodity price movements; costs are recovered via regulatory mechanisms.
“To the extent the total amount of energy Exelon purchases differs from the amount of energy it has contracted to sell, Exelon is exposed to market fluctuations in commodity prices.”
Participation in PJM spot markets creates counterparty credit risk, including potential shared losses from a member default.
“The credit policies of PJM may, under certain circumstances, require that losses arising from the default of one member on spot energy market transactions be shared by the remaining participants.”
Refinancing maturing fixed-rate debt at new long-term rates is an inherent risk; managed with fixed/variable mix and cash flow hedges.
“There is inherent interest rate risk related to refinancing maturing debt by issuing new long-term debt.”
PECO, BGE, DPL depend on interstate pipeline firm transportation contracts and underground storage, LNG, and propane-air peaking sources for winter gas supply.
“Natural gas from underground storage represents approximately 27%, 44%, and 33% of PECO's, BGE’s, and DPL's 2025-2026 heating season pipeline capacity, respectively.”
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