Exelon (EXC) financial statements
Exelon reported revenue of $24.3B in fiscal 2025, up 99.7% a year over 9 years.
Net income was $2.8B and the operating margin 21.2%, against 6691.7% in 2016.
Free cash flow was -$2.3B, and the company returned $1.6B in dividends.
The diluted share count rose 9% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Exelon's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $48M | $207M | -$62M | $34.4B | $16.7B | $17.9B | $19.1B | $21.7B | $23.0B | $24.3B |
| Operating income | $3.2B | $4.4B | $3.9B | $4.4B | $2.2B | $2.7B | $3.3B | $4.0B | $4.3B | $5.1B |
| Interest expense | $1.5B | $1.5B | $1.5B | $1.6B | $1.6B | — | — | — | — | — |
| Pre-tax income | $2.0B | $3.8B | $2.2B | $4.0B | $1.1B | $1.7B | $2.4B | $2.7B | $2.7B | $3.3B |
| Income tax | $753M | -$126M | $118M | $774M | -$7M | $38M | $349M | $374M | $207M | $523M |
| Net income | $1.1B | $3.8B | $2.0B | $2.9B | $2.0B | $1.7B | $2.2B | $2.3B | $2.5B | $2.8B |
| EPS (diluted) | $1.21 | $3.98 | $2.07 | $3.01 | $2.01 | $1.74 | — | — | — | — |
| Diluted shares | 927M | 949M | 969M | 974M | 977M | 980M | 987M | 997M | 1.00B | 1.01B |
| Operating margin | 6691.7% | 2119.8% | -6275.8% | 12.7% | 13.1% | 15.0% | 17.4% | 18.5% | 18.8% | 21.2% |
| Net margin | 2335.4% | 1825.6% | -3233.9% | 8.5% | 11.8% | 9.5% | 11.4% | 10.7% | 10.7% | 11.4% |
Balance sheet
Fiscal years, from Exelon's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $635M | $898M | $1.3B | $587M | $432M | $672M | $407M | $445M | $357M | $626M |
| Receivables | $4.2B | $4.4B | $4.6B | $4.6B | $3.2B | $1.9B | $2.2B | $2.3B | $2.7B | $3.3B |
| Total current assets | $12.4B | $11.9B | $13.3B | $12.0B | $12.6B | $14.0B | $7.3B | $8.1B | $8.4B | $9.5B |
| Property, plant and equipment | $71.6B | $74.2B | $76.7B | $80.2B | $82.6B | $64.6B | $69.1B | $73.6B | $78.2B | $84.3B |
| Goodwill | $6.7B | $6.7B | $6.7B | $6.7B | $6.7B | $6.6B | $6.6B | $6.6B | $6.6B | $6.6B |
| Total assets | $114.9B | $116.8B | $119.6B | $125.0B | $129.3B | $133.0B | $95.3B | $101.9B | $107.8B | $116.6B |
| Total current liabilities | $13.5B | $10.8B | $11.4B | $14.2B | $12.8B | $16.1B | $10.6B | $9.9B | $9.6B | $10.3B |
| Long-term debt | $31.6B | $32.2B | $34.1B | $31.3B | $35.1B | $30.7B | $35.3B | $39.7B | $42.9B | $47.4B |
| Total liabilities | $87.3B | $84.6B | $86.6B | $90.4B | $94.4B | $98.2B | $70.6B | $76.1B | $80.9B | $87.8B |
| Shareholders' equity | $25.8B | $29.9B | $30.7B | $32.2B | $32.6B | $34.4B | $24.7B | $25.8B | $26.9B | $28.8B |
| Net debt | $33.4B | $33.4B | $34.1B | $26.0B | $36.5B | $32.2B | $36.7B | $40.6B | $44.0B | $48.5B |
Cash flow
Fiscal years, from Exelon's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $8.5B | $7.5B | $8.6B | $6.7B | $4.2B | $3.0B | $4.9B | $4.7B | $5.6B | $6.3B |
| Capital spending | $8.6B | $7.6B | $7.6B | $7.2B | $8.0B | $8.0B | $7.1B | $7.4B | $7.1B | $8.5B |
| Free cash flow | -$92M | -$104M | $1.1B | -$589M | -$3.8B | -$5.0B | -$2.3B | -$2.7B | -$1.5B | -$2.3B |
| Stock-based compensation | $111M | $88M | $75M | — | — | — | — | — | — | — |
| Dividends paid | $1.2B | $1.2B | $1.3B | $1.4B | $1.5B | $1.5B | $1.3B | $1.4B | $1.5B | $1.6B |
| Net borrowing | $2.4B | $719M | $1.3B | $664M | $1.1B | $1.8B | $4.2B | $4.1B | $3.4B | $4.8B |
| Free cash flow margin | -191.7% | -50.2% | -1693.5% | -1.7% | -22.9% | -27.7% | -11.9% | -12.4% | -6.6% | -9.4% |
| Dividends per share | $1.26 | $1.30 | $1.37 | $1.45 | $1.53 | $1.53 | $1.35 | $1.44 | $1.52 | $1.60 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for EXC.
Open EXC in InvestinglyQuestions
What was Exelon's revenue in 2025?
$24.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Exelon generate?
-$2.3B in fiscal 2025 (operating cash flow minus capital spending).
From Exelon's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.