Revenue growth of 7.9% in 2026Q1, coupled with a 22.2% operating margin, suggests that the company is successfully leveraging its regulated utility model to maintain stable profitability.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 24.79B | 24.26B | 23.03B | 21.73B | 19.08B | 17.94B | 33.04B | 34.44B | 35.98B | 33.53B | 31.36B | 29.45B | 27.43B | 24.9B | 23.49B | 19.18B | 18.64B | 17.32B | 18.86B | 18.92B | 15.65B | 15.36B | 14.52B | 15.81B | 14.96B | 15.14B | 7.5B | 5.44B | 5.21B | 4.62B | 4.28B |
| Revenue Growth % | 4.58% | 5.34% | 5.99% | 13.89% | 6.36% | -45.71% | -4.06% | -4.3% | 7.32% | 6.92% | 6.5% | 7.36% | 10.15% | 6.01% | 22.44% | 2.9% | 7.66% | -8.17% | -0.3% | 20.83% | 1.94% | 5.8% | -8.2% | 5.73% | -1.22% | 101.89% | 37.93% | 4.35% | 12.83% | 7.8% | 2.33% |
| Cost of Revenue | 18.81B | 17.48B | 13.62B | 12.8B | 11.05B | 10.93B | 23.51B | 24.11B | 26.01B | 24.16B | 22.69B | 21.41B | 21.57B | 18.01B | 18.12B | 7.39B | 6.43B | 5.28B | 6.58B | 7.64B | 5.23B | 5.65B | 5.08B | 6.38B | 5.26B | 5.31B | 2.61B | 2.15B | 1.75B | 1.29B | 972.4M |
| Gross Profit | 5.98B | 6.77B | 9.4B | 8.93B | 8.03B | 7.01B | 9.53B | 10.33B | 9.98B | 9.37B | 8.67B | 8.04B | 5.86B | 6.89B | 5.37B | 11.8B | 12.21B | 12.04B | 12.28B | 11.27B | 10.42B | 9.71B | 9.43B | 9.44B | 9.69B | 9.83B | 4.89B | 3.29B | 3.46B | 3.33B | 3.31B |
| Gross Margin % | 24.11% | 27.92% | 40.84% | 41.09% | 42.1% | 39.06% | 28.84% | 29.98% | 27.73% | 27.94% | 27.65% | 27.31% | 21.36% | 27.69% | 22.87% | 61.49% | 65.48% | 69.51% | 65.1% | 59.6% | 66.58% | 63.24% | 64.99% | 59.68% | 64.81% | 64.91% | 65.25% | 60.54% | 66.38% | 72.06% | 77.3% |
| Gross Profit Growth % | - | -27.99% | 5.35% | 11.14% | 14.64% | -26.46% | -7.74% | 3.49% | 6.49% | 8.05% | 7.85% | 37.27% | -15.03% | 28.36% | -54.47% | -3.38% | 1.43% | -1.95% | 8.9% | 8.16% | 7.33% | 2.95% | -0.04% | -2.64% | -1.36% | 100.84% | 48.65% | -4.83% | 3.93% | 0.5% | -3.27% |
| Operating Expenses | 763M | 1.63B | 5.09B | 4.9B | 4.72B | 4.32B | 6.7B | 5.95B | 6.08B | 5.11B | 5.56B | 3.63B | 2.76B | 3.23B | 3B | 2.13B | 2.88B | 7.29B | 6.98B | 6.61B | 6.82B | 6.99B | 5.71B | 6.54B | 6.39B | 6.47B | 3.37B | 1.95B | 2.25B | 2.25B | 2.06B |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 8.9B | 8.79B | 7.91B | 7.53B | 6.64B | 9.12B | 9.35B | 10.15B | 9.86B | 9.81B | 8.79B | 8.4B | 6.96B | 7.45B | 6.45B | 6.79B | 7.67B | 7.35B | 7.61B | 6.85B | 5.74B | 4.69B | 5.43B | 4.13B | 5B | 5.2B | 2.13B | 1.73B | 2.02B | 1.76B | 1.85B |
| EBITDA Margin % | 35.92% | 36.22% | 34.36% | 34.65% | 34.8% | 50.82% | 28.3% | 29.48% | 27.41% | 29.27% | 28.02% | 28.51% | 25.39% | 29.91% | 27.47% | 35.42% | 41.13% | 42.45% | 40.34% | 36.22% | 36.65% | 30.55% | 37.42% | 26.1% | 33.43% | 34.32% | 28.46% | 31.84% | 38.67% | 38.13% | 43.1% |
| EBITDA Growth % | 6.47% | 11.05% | 5.1% | 13.39% | -27.16% | -2.5% | -7.92% | 2.96% | 0.48% | 11.69% | 4.67% | 20.56% | -6.5% | 15.44% | -5.05% | -11.4% | 4.33% | -3.37% | 11.03% | 19.4% | 22.32% | -13.64% | 31.62% | -17.46% | -3.77% | 143.49% | 23.28% | -14.09% | 14.45% | -4.64% | -9.21% |
| Depreciation & Amortization | 3.69B | 3.64B | 3.59B | 3.51B | 3.33B | 6.43B | 6.53B | 5.78B | 5.97B | 5.43B | 5.58B | 3.99B | 3.87B | 3.78B | 4.08B | 2.32B | 2.94B | 2.6B | 2.31B | 2.18B | 2.13B | 1.97B | 1.93B | 1.72B | 1.7B | 1.83B | 607M | 358M | 747M | 0 | 0 |
| D&A / Revenue % | 14.89% | 15.02% | 15.61% | 16.14% | 17.43% | 35.87% | 19.76% | 16.78% | 16.59% | 16.19% | 17.78% | 13.54% | 14.1% | 15.18% | 17.37% | 12.07% | 15.79% | 15.02% | 12.24% | 11.54% | 13.62% | 12.81% | 13.32% | 10.87% | 11.37% | 12.11% | 8.09% | 6.58% | 14.34% | 0% | 0% |
| Operating Income (EBIT) | 5.21B | 5.14B | 4.32B | 4.02B | 3.31B | 2.68B | 2.82B | 4.37B | 3.89B | 4.39B | 3.21B | 4.41B | 3.1B | 3.67B | 2.37B | 4.48B | 4.73B | 4.75B | 5.3B | 4.67B | 3.61B | 2.72B | 3.5B | 2.41B | 3.3B | 3.36B | 1.53B | 1.37B | 1.27B | 1.08B | 1.25B |
| Operating Margin % | 21.03% | 21.21% | 18.76% | 18.52% | 17.38% | 14.95% | 8.54% | 12.7% | 10.81% | 13.09% | 10.24% | 14.97% | 11.29% | 14.73% | 10.1% | 23.35% | 25.35% | 27.43% | 28.1% | 24.68% | 23.03% | 17.74% | 24.11% | 15.24% | 22.06% | 22.21% | 20.36% | 25.25% | 24.34% | 23.29% | 29.15% |
| Operating Income Growth % | - | 19.1% | 7.36% | 21.36% | 23.6% | -4.99% | -35.46% | 12.41% | -11.33% | 36.61% | -27.15% | 42.41% | -15.62% | 54.61% | -47.02% | -5.23% | -0.51% | -10.36% | 13.52% | 29.45% | 32.38% | -22.15% | 45.25% | -26.98% | -1.87% | 120.17% | 11.22% | 8.28% | 17.91% | -13.86% | -14.45% |
| Interest Expense | 4M | 2.13B | 1.91B | 1.73B | 1.45B | 1.29B | 1.64B | 1.62B | 1.55B | 1.56B | 1.54B | 1.03B | 1.06B | 1.36B | 928M | 726M | 817M | 731M | 832M | 850M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 2.42x | 2.39x | 2.56x | 2.66x | 2.28x | 2.43x | 3.47x | 2.43x | 3.42x | 2.28x | 4.22x | 3.33x | 3.04x | 2.94x | 6.45x | 6.17x | 7.05x | 5.85x | 5.91x | - | - | - | - | - | - | - | - | - | - | - |
| Interest / Revenue % | 0.02% | 8.77% | 8.31% | 7.96% | 7.58% | 7.19% | 4.95% | 4.69% | 4.32% | 4.65% | 4.9% | 3.51% | 3.88% | 5.45% | 3.95% | 3.78% | 4.38% | 4.22% | 4.41% | 4.49% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Non-Operating Income | -4M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K |
| Pretax Income | 3.33B | 3.29B | 2.67B | 2.7B | 2.4B | 1.65B | 2.33B | 3.8B | 2.23B | 3.77B | 1.97B | 3.33B | 2.49B | 2.77B | 1.8B | 3.96B | 4.22B | 4.42B | 4.03B | 4.17B | 2.8B | 1.9B | 2.58B | 1.28B | 2.67B | 2.35B | 901M | 965M | 840M | 629.4M | 857.3M |
| Pretax Margin % | 13.44% | 13.57% | 11.58% | 12.44% | 12.6% | 9.22% | 7.06% | 11.04% | 6.18% | 11.26% | 6.29% | 11.31% | 9.06% | 11.14% | 7.65% | 20.62% | 22.64% | 25.52% | 21.39% | 22.06% | 17.86% | 12.34% | 17.8% | 8.1% | 17.84% | 15.5% | 12.01% | 17.75% | 16.12% | 13.63% | 20.01% |
| Income Tax | 553M | 523M | 207M | 374M | 349M | 38M | 379M | 774M | 118M | -126M | 753M | 1.07B | 666M | 1.04B | 627M | 1.46B | 1.66B | 1.71B | 1.32B | 1.45B | 1.21B | 944M | 713M | 389M | 998M | 931M | 339M | 358M | 320M | 292.8M | 340.1M |
| Effective Tax Rate % | 16.6% | 15.89% | 7.76% | 13.84% | 14.52% | 2.3% | 16.25% | 20.36% | 5.3% | -3.34% | 38.17% | 32.22% | 26.79% | 37.65% | 34.87% | 36.83% | 39.28% | 38.74% | 32.65% | 34.66% | 43.13% | 49.82% | 27.6% | 30.37% | 37.41% | 39.67% | 37.62% | 37.1% | 38.1% | 46.52% | 39.67% |
| Net Income | 2.78B | 2.77B | 2.46B | 2.33B | 2.17B | 1.71B | 1.96B | 2.94B | 2.01B | 3.77B | 1.13B | 2.27B | 1.62B | 1.72B | 1.16B | 2.5B | 2.56B | 2.71B | 2.74B | 2.74B | 1.59B | 923M | 1.86B | 905M | 1.44B | 1.43B | 586M | 582.4M | 512.7M | -1.5B | 517.2M |
| Net Margin % | 11.21% | 11.41% | 10.68% | 10.71% | 11.37% | 9.51% | 5.94% | 8.53% | 5.59% | 11.24% | 3.62% | 7.71% | 5.92% | 6.9% | 4.94% | 13.01% | 13.75% | 15.63% | 14.51% | 14.46% | 10.17% | 6.01% | 12.84% | 5.72% | 9.63% | 9.43% | 7.81% | 10.71% | 9.84% | -32.42% | 12.07% |
| Net Income Growth % | 2.55% | 12.52% | 5.67% | 7.28% | 27.2% | -13.09% | -33.14% | 46.07% | -46.68% | 232.45% | -50.02% | 39.8% | -5.58% | 48.19% | -53.51% | -2.65% | -5.32% | -1.1% | 0.04% | 71.86% | 72.48% | -50.48% | 105.97% | -37.15% | 0.84% | 143.69% | 0.62% | 13.59% | 134.25% | -389.46% | -15.17% |
| EPS (Diluted) | 2.71 | 2.74 | 2.45 | 2.34 | 2.08 | 1.74 | 2.01 | 3.01 | 2.07 | 3.97 | 1.22 | 2.54 | 1.88 | 2.00 | 1.42 | 3.75 | 3.87 | 4.09 | 4.13 | 4.05 | 2.35 | 1.36 | 2.78 | 1.38 | 2.22 | 2.21 | 0.92 | 1.45 | 1.12 | -3.36 | 1.12 |
| EPS Growth % | 1.86% | 11.84% | 4.7% | 12.5% | 19.54% | -13.43% | -33.22% | 45.41% | -47.86% | 225.41% | -51.97% | 35.11% | -6% | 40.85% | -62.13% | -3.1% | -5.38% | -0.97% | 1.98% | 72.34% | 72.79% | -51.08% | 101.45% | -37.84% | 0.45% | 140.22% | -36.55% | 29.46% | 133.33% | -400% | -15.15% |
| EPS (Basic) | - | 2.74 | 2.45 | 2.34 | 2.20 | 1.74 | 2.01 | 3.02 | 2.08 | 3.98 | 1.23 | 2.55 | 1.89 | 2.01 | 1.42 | 3.76 | 3.88 | 4.10 | 4.16 | 4.08 | 2.37 | 1.38 | 2.82 | 1.38 | 2.23 | 2.22 | 0.92 | 1.46 | 1.12 | -3.36 | 1.12 |
| Diluted Shares Outstanding | 1.03B | 1.01B | 1B | 997M | 987M | 980M | 977M | 974M | 969M | 949M | 927M | 893M | 864M | 860M | 819M | 665M | 663M | 662M | 662M | 676M | 677.45M | 678.68M | 670.5M | 657M | 649M | 645M | 408M | 392M | 436.77M | 445.26M | 445.71M |
Regulatory and political sensitivity in Illinois remains the primary risk factor for long-term earnings predictability.
As reported in recent financial filings, Exelon’s revenue trajectory shows a 7.9% year-over-year increase in 2026Q1, reflecting the ongoing deployment of capital into grid modernization projects across its regulated utility subsidiaries, which effectively offsets the inherent volatility of seasonal volumetric demand patterns in its urban service territories.
Revenue growth appears primarily tied to the successful execution of rate base investments rather than organic consumption trends. The company's reliance on decoupling mechanisms suggests that revenue is increasingly insulated from weather-related fluctuations, though this stability remains contingent on the continued support of state-level regulatory commissions.
Based on the provided income statement data, Exelon maintained an operating margin of 22.2% in 2026Q1, suggesting that the company is successfully navigating the transition toward performance-based ratemaking while managing the inherent regulatory lag associated with its extensive capital expenditure programs in the Midwest and Mid-Atlantic regions.
The consistency in operating margins indicates that the utility is effectively recovering costs through its established rate structures. However, investors should monitor whether future performance-based metrics in Illinois might compress these margins if the company fails to meet specific grid reliability or decarbonization targets set by regulators.
According to historical financial statements, Exelon’s cost structure is heavily influenced by pass-through fuel and purchased power expenses, which are typically recovered through automatic adjustment mechanisms that shield the company's core earnings power from the inflationary pressures often seen in broader energy commodity markets.
While these pass-through items inflate the top line, they do not fundamentally alter the company's profitability, which is driven by the allowed return on invested capital. The primary concern remains the potential for working capital strain if regulatory recovery of these costs experiences significant delays during periods of extreme price volatility.
As indicated by the 2026Q1 EPS of $0.90, Exelon’s earnings quality appears supported by its pure-play regulated utility model, which has successfully eliminated the historical volatility associated with its former generation business, allowing for a more predictable translation of rate base growth into sustainable bottom-line performance.
The reported EPS figures suggest a shift toward higher-quality, recurring earnings that are less susceptible to market-based commodity risks. Analysts should remain cautious regarding the impact of non-recurring regulatory reconciliations, which can occasionally obscure the underlying growth rate of the core regulated business.
Based on the consistent capital expenditure levels observed in recent quarters, Exelon is leveraging its grid modernization initiatives to expand its rate base, a strategy that appears to be the primary engine for its targeted 5-8% annual earnings growth profile in the current regulatory environment.
The company's ability to translate incremental capital investment into earnings growth is a testament to its disciplined regulatory strategy. However, the long-term success of this model depends on the company's ability to secure timely rate increases that reflect the rising costs of infrastructure maintenance and grid hardening.
As noted in recent corporate disclosures, the 2022 divestiture of the generation business represents the most significant inflection point for Exelon, fundamentally altering its risk profile and valuation multiple by focusing exclusively on the stable, regulated transmission and distribution assets that define its current operational structure.
This strategic shift has effectively removed the company from the volatility of competitive power markets, positioning it as a defensive play for institutional investors. The durability of this new profile is now entirely dependent on the company's ability to maintain constructive relationships with state regulators across its diverse jurisdictions.
While the income statement reflects steady growth, it potentially masks the long-term political risk associated with customer affordability in high-cost urban markets, where future rate hikes may face increasing scrutiny that could compress earned ROE below authorized levels in the coming years.
The reliance on formulaic rate recovery in Illinois may provide a false sense of security, as these mechanisms are subject to legislative and regulatory review. Investors should be wary of the potential for political pressure to force a reduction in authorized returns, which would directly impact the company's long-term earnings trajectory.
Quick answers to the most common questions about buying EXC stock.
For fiscal year 2025, Exelon Corporation (EXC) reported total revenue of $24.26B. This represents a 466.3% increase compared to $4.28B in 1996.
Exelon Corporation (EXC) is profitable, generating $2.77B in net income for the fiscal year ending 2025 with a net profit margin of 11.4%.
Exelon Corporation (EXC) reported an operating income of $5.14B, resulting in an operating profit margin of 21.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Exelon Corporation (EXC) generated $6.77B in gross profit for the year, representing a gross profit margin of 27.9%. This demonstrates the company's core pricing power and production efficiency.