Exelon Corp (EXC) financial statements: income statement, balance sheet and cash flow

Exelon Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Exelon Corp reported revenue of $25.0B (+8.1% year on year) and net income of $2.8B (+12.5% year on year).

Income statement

Exelon Corp income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Operating revenues	$25.0B	$23.1B	$21.0B	$16.9B
Revenues from alternative revenue programs	($746.0M)	($92.0M)	$696.0M	$161.0M
Total operating revenues	$24.3B	$23.0B	$21.7B	$19.1B
Purchased power and/or fuel	$8.7B	$8.7B	$8.2B	$6.2B
Operating and maintenance	$5.2B	$4.9B	$4.6B	$4.7B
Depreciation and amortization	$3.6B	$3.6B	$3.5B	$3.3B
Taxes other than income taxes	$1.6B	$1.5B	$1.4B	$1.4B
Total operating expenses	$19.1B	$18.7B	$17.7B	$15.8B
Gain on sale of assets	$3.0M	$12.0M	$10.0M	($2.0M)
Operating income (loss)	$5.1B	$4.3B	$4.0B	$3.3B
Interest expense, net	($2.1B)	($1.9B)	($1.7B)	($1.4B)
Interest expense to affiliates, net	($25.0M)	($25.0M)	$25.0M	—
Other, net	$270.0M	$262.0M	$408.0M	$535.0M
Total other income and (deductions)	($1.9B)	($1.7B)	($1.3B)	($912.0M)
Income (loss) before income taxes	$3.3B	$2.7B	$2.7B	$2.4B
Income taxes	$523.0M	$207.0M	$374.0M	$349.0M
Net Income (Loss) Available to Common Stockholders, Basic, Total	$2.8B	$2.5B	$2.3B	$2.2B
Net income	$2.8B	$2.5B	$2.3B	$2.2B
Actuarial losses reclassified to periodic benefit cost	$22.0M	$28.0M	$26.0M	$42.0M
Pension and non-pension postretirement benefit plans valuation adjustments	($52.0M)	($70.0M)	($109.0M)	$46.0M
Unrealized (loss) gain on cash flow hedges	($12.0M)	$48.0M	($5.0M)	$2.0M
Other comprehensive income (loss)	($42.0M)	$6.0M	($88.0M)	$89.0M
Comprehensive income (loss)	$3.4B	$2.5B	$2.2B	$2.3B
Comprehensive income attributable to common shareholders	$2.7B	$2.5B	$2.2B	$2.3B
Basic average number of shares outstanding (in shares)	1.0B	1.0B	996.0M	986.0M
Assumed exercise and/or distributions of stock-based awards (in shares)	1.0M	0	1.0M	1.0M
Diluted average number of shares outstanding (in shares)	1.0B	1.0B	997.0M	987.0M
Income (loss) from continuing operations, per basic share (in dollars per share)	$2.74	$2.45	$2.34	$2.08
Income (loss) from continuing operations, per diluted share (in dollars per share)	$2.73	$2.45	$2.34	$2.08

Exelon Corp income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Operating revenues	$6.0B	$7.3B	$6.9B	$5.7B
Revenues from alternative revenue programs	($70.0M)	($32.0M)	($220.0M)	($275.0M)
Total operating revenues	$6.0B	$7.2B	$6.7B	$5.4B
Purchased power and/or fuel	$2.2B	$2.8B	$2.7B	$1.9B
Operating and maintenance	$1.4B	$1.5B	$1.2B	$1.3B
Depreciation and amortization	$968.0M	$952.0M	$912.0M	$902.0M
Taxes other than income taxes	$423.0M	$443.0M	$429.0M	$383.0M
Total operating expenses	$5.0B	$5.6B	$5.2B	$4.5B
Gain on sale of assets	$0	$0	$0	$2.0M
Operating income	$979.0M	$1.6B	$1.5B	$927.0M
Interest expense, net	($568.0M)	($548.0M)	($531.0M)	($524.0M)
Interest expense to affiliates, net	($6.0M)	($7.0M)	($7.0M)	($7.0M)
Other, net	$90.0M	$69.0M	$68.0M	$65.0M
Total other income and (deductions)	($484.0M)	($486.0M)	($470.0M)	($466.0M)
Income (Loss) before income taxes	$495.0M	$1.1B	$1.0B	$461.0M
Income taxes	$99.0M	$200.0M	$155.0M	$70.0M
Net income attributable to common shareholders	$396.0M	$919.0M	$875.0M	$391.0M
Net income	$396.0M	$919.0M	$875.0M	$391.0M
Actuarial losses reclassified to periodic benefit cost	$7.0M	$7.0M	$5.0M	$5.0M
Pension and non-pension postretirement benefit plans valuation adjustments	($1.0M)	$4.0M	$0	$1.0M
Unrealized (loss) on cash flow hedges	$0	($5.0M)	($2.0M)	($6.0M)
Other comprehensive income	$6.0M	$6.0M	$3.0M	$0
Comprehensive income	$402.0M	$925.0M	$878.0M	$391.0M
Basic average shares of common stock outstanding (in shares)	1.0B	1.0B	1.0B	1.0B
Assumed exercise and/or distributions of stock-based awards (in shares)	3.0M	2.0M	2.0M	2.0M
Diluted average shares of common stock outstanding (in shares)	1.0B	1.0B	1.0B	1.0B
Earnings Per Share, Basic	$0.39	$0.90	$0.87	$0.39
Earnings Per Share, Diluted	$0.39	$0.90	$0.86	$0.39
Comprehensive income	$536.0M	—	—	—

Balance sheet

Exelon Corp balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$626.0M	$357.0M	$445.0M	$407.0M
Restricted cash and cash equivalents	$525.0M	$541.0M	$482.0M	$566.0M
Customer accounts receivable	$3.7B	$3.1B	$2.7B	$2.5B
Customer allowance for credit losses	($435.0M)	($406.0M)	($317.0M)	($327.0M)
Customer accounts receivable, net	$3.3B	$2.7B	$2.3B	$2.2B
Other accounts receivable	$1.9B	$1.1B	$1.1B	$1.4B
Other allowance for credit losses	($94.0M)	($107.0M)	($82.0M)	($82.0M)
Other accounts receivable, net	$1.8B	$1.0B	$1.0B	$1.3B
Fossil fuel	$88.0M	$72.0M	$94.0M	$208.0M
Materials and supplies	$780.0M	$781.0M	$707.0M	$547.0M
Inventories, net	$174.0M	$523.0M	$493.0M	$374.0M
Regulatory assets	$1.4B	$1.9B	$2.2B	$1.6B
Prepaid renewable energy credits	$563.0M	$494.0M	—	—
Other	$523.0M	$445.0M	$473.0M	$406.0M
Total current assets	$9.5B	$8.4B	$7.8B	$7.3B
Property, plant and equipment, net	$84.3B	$78.2B	$73.6B	$69.1B
Regulatory assets	$9.2B	$8.7B	$8.7B	$8.0B
Goodwill	$6.6B	$6.6B	$6.6B	$6.6B
Receivable related to Regulatory Agreement Units	$4.8B	$4.0B	$3.2B	$2.9B
Investments	$312.0M	$290.0M	$251.0M	$232.0M
Prepaid pension asset	$635.0M	$2.4B	$2.5B	$2.7B
Other	$44.0M	$357.0M	$401.0M	$1.1B
Total deferred debits and other assets	$22.7B	$21.2B	$20.2B	$18.9B
Total assets	$116.6B	$107.8B	$101.5B	$95.3B
Short-term borrowings	$612.0M	$1.9B	$2.5B	$2.6B
Long-term debt due within one year	$1.7B	$1.5B	$1.4B	$1.8B
Accounts payable	$3.7B	$3.0B	$2.9B	$3.4B
Customer deposits	$533.0M	$446.0M	—	$453.0M
Accrued expenses	$1.6B	$1.5B	$1.4B	$1.2B
Regulatory liabilities	$1.1B	$411.0M	$389.0M	$437.0M
Mark-to-market derivative liabilities	$30.0M	$29.0M	$74.0M	$8.0M
Unamortized energy contract liabilities	$5.0M	$5.0M	$8.0M	$10.0M
Merger related obligation	$20.0M	$22.0M	—	$26.0M
Renewable energy credit obligations	$473.0M	$429.0M	—	—
Other	$577.0M	$512.0M	$968.0M	$1.2B
Total current liabilities	$10.3B	$9.6B	$9.6B	$10.6B
Long-term debt	$11.0B	$39.8B	$36.3B	$35.3B
Long-term debt to financing trust	$390.0M	$390.0M	$390.0M	—
Deferred income taxes and unamortized investment tax credits	$13.7B	$12.8B	$12.0B	$11.3B
Regulatory liabilities	$11.0B	$10.2B	$9.6B	$9.1B
Pension obligations	$1.7B	$1.7B	$1.6B	$1.1B
Non-pension postretirement benefit obligations	$546.0M	$472.0M	$527.0M	$507.0M
Asset retirement obligations	$321.0M	$301.0M	$267.0M	$269.0M
Mark-to-market derivative liabilities	$106.0M	$103.0M	$106.0M	$83.0M
Unamortized energy contract liabilities	$16.0M	$21.0M	$27.0M	$35.0M

Exelon Corp balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$1.8B	$713.0M	$1.5B	$724.0M
Restricted cash and cash equivalents	$608.0M	$560.0M	$516.0M	$478.0M
Customer accounts receivable	$3.6B	$3.6B	$3.4B	$3.5B
Customer allowance for credit losses	($508.0M)	($522.0M)	($451.0M)	($465.0M)
Customer accounts receivable, net	$3.1B	$3.1B	$2.9B	$3.1B
Other accounts receivable	$1.3B	$1.7B	$1.2B	$1.2B
Other allowance for credit losses	($94.0M)	($102.0M)	($98.0M)	($107.0M)
Other accounts receivable, net	$1.2B	$1.6B	$1.1B	$1.0B
Fossil fuel	$62.0M	$35.0M	$100.0M	$59.0M
Materials and supplies	$832.0M	$811.0M	$788.0M	$809.0M
Inventories, net	$548.0M	$540.0M	$527.0M	$539.0M
Regulatory assets	$1.4B	$1.4B	$1.5B	$1.7B
Prepaid renewable energy credits	$381.0M	$314.0M	$445.0M	$349.0M
Other	$490.0M	$504.0M	$359.0M	$476.0M
Total current assets	$9.8B	$9.0B	$9.2B	$8.7B
Property, plant and equipment, net	$87.1B	$85.6B	$82.1B	$80.6B
Regulatory assets	$9.4B	$9.3B	$8.9B	$8.8B
Goodwill	$6.6B	$6.6B	$6.6B	$6.6B
Receivable related to Regulatory Agreement Units	$5.3B	$4.8B	$4.7B	$4.4B
Prepaid pension asset	$2.5B	$2.6B	$2.5B	$2.5B
Investments	$327.0M	$317.0M	$307.0M	$297.0M
Other	$1.9B	$1.9B	$1.7B	$1.7B
Total deferred debits and other assets	$23.6B	$23.0B	$22.2B	$21.9B
Total assets	$120.5B	$117.5B	$113.5B	$111.1B
Short-term borrowings	$1.2B	$665.0M	$1.1B	$1.1B
Long-term debt due within one year	$727.0M	$2.3B	$2.2B	$1.8B
Accounts payable	$3.5B	$3.1B	$3.2B	$3.0B
Accrued expenses	$1.4B	$1.2B	$1.4B	$1.3B
Customer deposits	$589.0M	$565.0M	$507.0M	$486.0M
Regulatory liabilities	$573.0M	$910.0M	$507.0M	$485.0M
Mark-to-market derivative liabilities	$23.0M	$21.0M	$28.0M	$24.0M
Unamortized energy contract liabilities	$4.0M	$5.0M	$5.0M	$5.0M
Renewable energy credit obligations	$332.0M	$222.0M	$352.0M	$327.0M
Other	$590.0M	$547.0M	$519.0M	$536.0M
Total current liabilities	$9.0B	$9.6B	$9.8B	$9.2B
Long-term debt	$50.3B	$47.9B	$46.3B	$45.5B
Long-term debt to financing trusts	$390.0M	$390.0M	$390.0M	$390.0M
Deferred income taxes and unamortized investment tax credits	$14.3B	$14.2B	$13.5B	$13.2B
Regulatory liabilities	$11.7B	$11.2B	$10.9B	$10.6B
Pension obligations	$1.4B	$1.4B	$1.5B	$1.5B
Non-pension postretirement benefit obligations	$564.0M	$558.0M	$493.0M	$486.0M
Asset retirement obligations	$322.0M	$321.0M	$303.0M	$308.0M
Mark-to-market derivative liabilities	$105.0M	$112.0M	$109.0M	$119.0M
Unamortized energy contract liabilities	$14.0M	$16.0M	$18.0M	$18.0M
Other	$2.6B	$2.6B	$2.1B	$2.2B

Cash flow statement

Exelon Corp cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$2.8B	$2.5B	$2.3B	$2.2B
Depreciation, amortization, and accretion	$3.6B	$3.6B	$3.5B	$3.5B
Gain on sales of assets and businesses	($3.0M)	($12.0M)	($10.0M)	($8.0M)
Deferred income taxes and amortization of investment tax credits	$391.0M	$128.0M	$319.0M	$255.0M
Net fair value changes related to derivatives	$0	$0	$22.0M	($53.0M)
Other non-cash operating activities	$1.3B	$592.0M	($335.0M)	$370.0M
Accounts receivable	($1.7B)	($644.0M)	($37.0M)	($1.2B)
Inventories	($22.0M)	($56.0M)	($45.0M)	($121.0M)
Accounts payable and accrued expenses	$260.0M	($37.0M)	($191.0M)	$1.3B
Collateral received (paid), net	($10.0M)	$33.0M	($146.0M)	$1.2B
Income taxes	$121.0M	($4.0M)	$48.0M	($4.0M)
Regulatory assets and liabilities, net	$156.0M	($50.0M)	$439.0M	($1.3B)
Pension and non-pension postretirement benefit contributions	($342.0M)	($180.0M)	($129.0M)	($616.0M)
Other assets and liabilities	($348.0M)	($257.0M)	($188.0M)	($905.0M)
Net cash flows provided by operating activities	$6.3B	$5.6B	$4.7B	$4.9B
Capital expenditures	($8.5B)	($7.1B)	($7.4B)	($7.1B)
Proceeds from sales of assets	$4.0M	$38.0M	$25.0M	$16.0M
Other investing activities	$0	$17.0M	$8.0M	$0
Net cash flows used in investing activities	($8.5B)	($7.0B)	($7.4B)	($7.0B)
Changes in short-term borrowings	($747.0M)	($265.0M)	($313.0M)	$986.0M
Proceeds from short-term borrowings with maturities greater than 90 days	$0	$150.0M	$400.0M	$1.3B
Repayments on short-term borrowings with maturities greater than 90 days	($500.0M)	($549.0M)	($150.0M)	($1.5B)
Issuance of long-term debt	$6.1B	$5.0B	$5.8B	$6.3B
Retirement of long-term debt	($1.3B)	($1.6B)	($1.7B)	($2.1B)
Issuance of common stock	$691.0M	$148.0M	$140.0M	$563.0M
Dividends paid on common stock	($1.6B)	($1.5B)	($1.4B)	($1.3B)
Proceeds from employee stock plans	$36.0M	$43.0M	$41.0M	$36.0M
Other financing activities	($94.0M)	($109.0M)	($114.0M)	($102.0M)
Net cash flows provided by (used in) financing activities	$2.5B	$1.3B	$2.7B	$1.6B
Increase (decrease) in cash, restricted cash, and cash equivalents	$262.0M	($162.0M)	$11.0M	($529.0M)
Cash, restricted cash, and cash equivalents at beginning of period	$939.0M	$1.1B	$1.1B	$1.6B
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$1.2B	$939.0M	—	—
Increase (decrease) in capital expenditures not paid	$553.0M	$301.0M	($215.0M)	$36.0M
(Decrease) Increase in PP&E Related to ARO Update	$13.0M	$16.0M	($13.0M)	—

Exelon Corp cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net income	$1.3B	$919.0M	$2.2B	$1.3B
Depreciation, amortization, and accretion	$1.9B	$953.0M	$2.7B	$1.8B
Deferred income taxes and amortization of investment tax credits	$432.0M	$345.0M	$293.0M	$165.0M
Net fair value changes related to derivatives	$0	$0	$3.0M	$3.0M
Other non-cash operating activities	$464.0M	$222.0M	$1.1B	$734.0M
Accounts receivable	$787.0M	$395.0M	($422.0M)	($460.0M)
Inventories	($29.0M)	$20.0M	($41.0M)	($20.0M)
Accounts payable and accrued expenses	($210.0M)	($632.0M)	$165.0M	($38.0M)
Collateral (paid) received, net	$72.0M	$45.0M	($25.0M)	$14.0M
Income taxes	($140.0M)	($144.0M)	$19.0M	($3.0M)
Regulatory assets and liabilities, net	($874.0M)	($329.0M)	($390.0M)	($294.0M)
Pension and non-pension postretirement benefit contributions	($356.0M)	($346.0M)	($313.0M)	($302.0M)
Other assets and liabilities	$287.0M	$276.0M	($259.0M)	($194.0M)
Net cash flows provided by operating activities	$3.7B	$1.7B	$5.0B	$2.7B
Capital expenditures	($4.6B)	($2.4B)	($6.1B)	($4.0B)
Proceeds from sales of assets	$0	—	$2.0M	$2.0M
Other investing activities	($2.0M)	$2.0M	($7.0M)	($5.0M)
Net cash flows used in investing activities	($4.6B)	($2.4B)	($6.1B)	($4.0B)
Changes in short-term borrowings	$131.0M	($447.0M)	($779.0M)	($750.0M)
Proceeds from short-term borrowings with maturities greater than 90 days	$500.0M	$500.0M	$0	$0
Issuance of long-term debt	$3.6B	$1.1B	$4.9B	$3.8B
Retirement of long-term debt	($1.6B)	—	($807.0M)	($807.0M)
Issuance of common stock	$382.0M	$0	$173.0M	$173.0M
Dividends paid on common stock	($860.0M)	($430.0M)	($1.2B)	($808.0M)
Proceeds from employee stock plans	$24.0M	$12.0M	$24.0M	$11.0M
Other financing activities	($57.0M)	($27.0M)	($75.0M)	($56.0M)
Net cash flows provided by financing activities	$2.1B	$728.0M	$2.2B	$1.6B
Increase in cash, restricted cash, and cash equivalents	$1.2B	$96.0M	$1.2B	$312.0M
Cash, restricted cash, and cash equivalents at beginning of period	$1.2B	$1.2B	$939.0M	$939.0M
Cash, restricted cash, and cash equivalents at end of period	$2.4B	$1.3B	$2.1B	$1.3B
Decrease in capital expenditures not paid	($253.0M)	($373.0M)	($12.0M)	($100.0M)

Exelon Corp score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.