EXELON CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data EXELON CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	31,366	33,558	35,978	34,438	16,663	17,938	19,078	21,727	23,028	24,258
Operating expenses	28,106	29,619	32,143	30,096	14,485	15,256	15,761
Operating income	3,212	4,388	3,891	4,374	2,191	2,682	3,315	4,023	4,319	5,148
Interest expense	1,495	1,524	1,529	1,591	1,610
Interest income	17	8	43
Other non-operating income	-1,239	-613	-1,666	-389	-1,099	-1,028	-912	-1,321	-1,652	-1,857
Pre-tax income	1,973	3,775	2,225	3,985	1,092	1,654	2,403	2,702	2,667	3,291
Income tax	753	-126	118	774	-7	38	349	374	207	523
Net income to minority interests	70		74	92	-9	123	1	0	0
Net income	1,121	3,779	2,005	2,936	1,963	1,706	2,170	2,328	2,460	2,768
EBITDA	7,148	8,216	8,244	8,626	5,082	5,715	6,640	7,529	7,915	8,791
EPS, basic	1.21	3.99	2.07	3.02	2.01	1.74
EPS, diluted	1.21	3.98	2.07	3.01	2.01	1.74
Shares, basic (weighted)	924	947	967	973	976	979	986	996	1,003	1,011
Shares, diluted (weighted)	927	949	969	974	977	980	987	997	1,003	1,012
Dividend per share	1.26	1.31	1.38	1.45	1.53	1.53	1.35	1.44	1.52	1.60

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	635	898	1,349	587	432	672	407	445	357	626
Receivables	4,158	4,445	4,607	4,592	3,231	1,869	2,217	2,342	2,738	3,297
Other current assets	930	1,260	1,238	905	1,647	387	406	370	445	523
Total current assets	12,412	11,896	13,328	12,037	12,562	13,957	7,336	8,087	8,384	9,546
Property, plant and equipment	71,555	74,202	76,707	80,233	82,584	64,558	69,076	73,593	78,182	84,318
Lease right-of-use assets									224	139
Goodwill	6,677	6,677	6,677	6,677	6,677	6,630	6,630	6,630	6,630	6,630
Intangible assets	-258	-27	118	174	172	-207	-25
Long-term investments	629	640	625	464	440	250	232	251	290	312
Other non-current assets	1,472	1,330	1,575	3,197	3,276	885	1,141	1,365	1,562	1,795
Total assets	114,904	116,770	119,634	124,977	129,317	133,013	95,349	101,856	107,784	116,570
Accounts payable	3,441	3,532	3,800	3,560	3,562	2,379	3,382
Accrued liabilities	3,460	1,837	2,112	1,981	2,078	1,137	1,226	1,375	1,468	1,582
Deferred revenue		35	27	33	118	109	101	133	127	119
Short-term debt	2,430	2,088	1,349	-4,710	1,819	2,153	1,802	1,403	1,453	1,665
Total current liabilities	13,457	10,798	11,404	14,185	12,771	16,111	10,611	9,901	9,611	10,331
Long-term debt	31,575	32,176	34,075	31,329	35,093	30,749	35,272	39,692	42,947	47,413
Other non-current liabilities	1,827	2,097	2,130	3,064	2,942	1,573	1,967	2,088	2,282	2,169
Total liabilities	87,292	84,583	86,587	90,404	94,449	98,218	70,605	76,101	80,863	87,772
Total debt	33,959	34,047	35,301	35,950	36,906	38,756	37,169	41,279	44,668	49,428
Retained earnings	12,030	14,081	14,743	16,267	16,735	16,942	4,597	5,490	6,426	7,577
Treasury stock	-2,327	-123	-123	-123	-123	-123	-123	-123	-123	-123
Other comprehensive income	-2,660	-3,026	-2,995	-3,194	-3,400	-2,750	-638	-726	-720	-762
Shareholders' equity	25,837	29,896	30,741	32,224	32,585	34,393	24,744	25,755	26,921	28,798
Minority interests	1,775	2,291	2,306	2,349	2,283	402	0
Total equity	27,629	32,169	33,047	34,573	34,868	34,795	24,744	25,755	26,921	28,798
Total liabilities and equity	114,904	116,770	119,634	124,977	129,317	133,013	95,349	101,856	107,784	116,570
Shares outstanding	923	963	968	973	976	979	994	999	1,005	1,023

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,196	3,869	2,079	3,028	1,954	1,829	2,171	2,328	2,460	2,768
Depreciation and amortization	3,936	3,828	4,353	4,252	2,891	3,033	3,325	3,506	3,596	3,643
Stock-based compensation	111	88	75
Deferred income tax	656	-362	-108	681	309	18	255	319	128	391
Change in receivables	-432	-470	-565	-243	697	-703	-1,222	-37	-644	-1,691
Change in inventory	7	-72	-37	-87	-85	-141	-121	-45	-56	-22
Change in payables	771	-388	551	-425	-129	440	1,318	-191	-37	260
Cash from operations	8,461	7,480	8,644	6,659	4,235	3,012	4,870	4,703	5,569	6,254
Capital expenditures	-8,553	-7,584	-7,594	-7,248	-8,048	-7,981	-7,147	-7,408	-7,097	-8,529
Acquisitions	6,962	-208	-154	-41	0	0
Purchases of investments	0
Sales and maturities of investments	0
Cash from investing	-15,450	-7,971	-7,834	-7,260	-4,336	-3,317	-6,990	-7,375	-7,042	-8,525
Debt issued	4,716	3,470	3,115	1,951	7,507	3,481	6,309	5,825	4,974	6,075
Debt repaid	-1,936	-2,490	-1,786	-1,287	-6,440	-1,640	-2,073	-1,713	-1,557	-1,311
Stock issued	0	1,150	0	0	0	0	563	140	148	691
Dividends paid	-1,166	-1,236	-1,332	-1,408	-1,492	-1,497	-1,334	-1,433	-1,524	-1,617
Cash from financing	1,191	767	-219	-58	145	758	1,591	2,683	1,311	2,533
Net change in cash	-5,798	276	591	-659	44	453	-529	11	-162	262
Free cash flow	-92	-104	1,050	-589	-3,813	-4,969	-2,277	-2,705	-1,528	-2,275
Interest paid	1,340	2,430	1,421	1,470	1,521	1,505	1,434	1,616	1,849	2,021
Income taxes paid	-441	540	95	265	10	281	73	10	81	12

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $40.34 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	21.0%	Operating income / revenue.
EBITDA margin	35.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	13.4%	Pre-tax income / revenue.
Net margin	11.2%	Net income / revenue.
FCF margin	-8.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	27.3%	Cash from operations / revenue.
Effective tax rate	16.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	9.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.4%	Net income / average total assets.
Return on invested capital (ROIC)	5.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	36.1%	Capital expenditures / revenue.
D&A / revenue	14.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	19.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	15.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	18.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	11.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	9.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	11.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	12.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	8.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	7.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	12.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	8.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	8.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	5.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	5.8%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	0.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	7.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-2.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	8.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-2.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.94x	Current assets / current liabilities.
Quick ratio	0.40x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.07x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.63x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	40.7%	Total debt / total assets.
Liabilities / assets	75.1%	Total liabilities / total assets.
Net debt	$47.15B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.29x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$586.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	5.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$22.69B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.21x	Revenue / average total assets.
Fixed asset turnover	0.29x	Revenue / average property, plant and equipment.
Receivables turnover	7.96x	Revenue / average receivables.
Days sales outstanding	46 days	365 x average receivables / revenue.
FCF conversion	-77.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	131.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.71	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$24.16	Revenue / diluted weighted shares.
FCF per share	-$2.11	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.61	Cash from operations / diluted weighted shares.
Book value per share	$28.66	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$22.18	Tangible book value / shares outstanding.
Cash per share	$0.70	(Cash + short-term investments) / shares outstanding.
Payout ratio	59.2%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$41.64B	Share price x shares outstanding.
Enterprise value	$88.79B	Market cap + total debt - cash - short-term investments.
P/E	15.0x	Market cap / net income. Only when net income is positive.
P/S	1.68x	Market cap / revenue.
P/B	1.42x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.84x	Market cap / tangible book value, when positive.
P/OCF	6.14x	Market cap / cash from operations, when positive.
EV/Sales	3.58x	Enterprise value / revenue.
EV/EBIT	17.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.97x	Enterprise value / EBITDA, when both are positive.
FCF yield	-5.2%	Free cash flow / market cap.
Earnings yield	6.7%	Net income / market cap (the inverse of P/E).
Dividend yield	3.9%	Dividends paid over the period / market cap.
Shareholder yield	3.9%	(Dividends paid + share buybacks) / market cap.

What was EXELON CORP's revenue in fiscal 2025?

EXELON CORP reported revenue of $24.26B for fiscal 2025, 5.3% higher than the year before.

Was EXELON CORP profitable in fiscal 2025?

Yes. Net income was $2.77B, a net margin of 11.4%.

How much free cash flow did EXELON CORP generate in fiscal 2025?

Cash from operations of $6.25B minus capital expenditures of $8.53B left free cash flow of -$2.28B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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