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Exelon vs PG&E: revenue, profit, margins and growth compared

Exelon brought in $24.3B of revenue in fiscal 2025, PG&E $24.9B in fiscal 2025. Revenue changed by +5.3% at Exelon and +2.1% at PG&E on the year before, so Exelon grew faster. Exelon kept 11.4% of its revenue as net profit, PG&E 10.4%. Free cash flow was -$2.3B at Exelon and -$3.1B at PG&E.

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Side by side, latest fiscal year

EXCPCG
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$24.3B$24.9B
Revenue growth+5.3%+2.1%
Net income$2.8B$2.6B
Net margin11.4%10.4%
Free cash flow-$2.3B-$3.1B
Free cash flow margin-9.4%-12.3%
Earnings per share (diluted)n/a$1.18
Cash$626M$713M
Debt$49.4B$57.4B
Price to earningsn/a10.5
Market value$41.6B$33.1B
Dividend yield3.97%n/a
Rank by revenue in sector#10 of 109 · Utilities#9 of 109 · Utilities

Over the years

Revenue
EXC FY2018: $36BEXC FY2019: $34.4BEXC FY2020: $16.7BEXC FY2021: $17.9BEXC FY2022: $19.1BEXC FY2023: $21.7BEXC FY2024: $23BEXC FY2025: $24.3BPCG FY2018: $16.8BPCG FY2019: $17.1BPCG FY2020: $18.5BPCG FY2021: $20.6BPCG FY2022: $21.7BPCG FY2023: $24.4BPCG FY2024: $24.4BPCG FY2025: $24.9BFY18FY19FY20FY21FY22FY23FY24FY25
EXC $24.3BPCG $24.9B
Net income
EXC FY2018: $2BEXC FY2019: $2.9BEXC FY2020: $2BEXC FY2021: $1.7BEXC FY2022: $2.2BEXC FY2023: $2.3BEXC FY2024: $2.5BEXC FY2025: $2.8BPCG FY2018: -$6.9BPCG FY2019: -$7.7BPCG FY2020: -$1.3BPCG FY2021: -$102MPCG FY2022: $1.8BPCG FY2023: $2.2BPCG FY2024: $2.5BPCG FY2025: $2.6BFY18FY19FY20FY21FY22FY23FY24FY25
EXC $2.8BPCG $2.6B
Net margin
EXC FY2018: 5.6%EXC FY2019: 8.5%EXC FY2020: 11.8%EXC FY2021: 9.5%EXC FY2022: 11.4%EXC FY2023: 10.7%EXC FY2024: 10.7%EXC FY2025: 11.4%PCG FY2018: -40.9%PCG FY2019: -44.7%PCG FY2020: -7.1%PCG FY2021: -0.5%PCG FY2022: 8.3%PCG FY2023: 9.2%PCG FY2024: 10.1%PCG FY2025: 10.4%FY18FY19FY20FY21FY22FY23FY24FY25
EXC 11.4%PCG 10.4%
Revenue growth
EXC FY2019: -4.3%EXC FY2020: -51.6%EXC FY2021: +7.7%EXC FY2022: +6.4%EXC FY2023: +13.9%EXC FY2024: +6.0%EXC FY2025: +5.3%PCG FY2019: +2.2%PCG FY2020: +7.8%PCG FY2021: +11.8%PCG FY2022: +5.0%PCG FY2023: +12.7%PCG FY2024: -0.0%PCG FY2025: +2.1%FY19FY20FY21FY22FY23FY24FY25
EXC +5.3%PCG +2.1%
Free cash flow
EXC FY2018: $1.1BEXC FY2019: -$589MEXC FY2020: -$3.8BEXC FY2021: -$5BEXC FY2022: -$2.3BEXC FY2023: -$2.7BEXC FY2024: -$1.5BEXC FY2025: -$2.3BPCG FY2018: -$1.8BPCG FY2019: -$1.5BPCG FY2020: -$26.8BPCG FY2021: -$5.4BPCG FY2022: -$5.9BPCG FY2023: -$5BPCG FY2024: -$2.3BPCG FY2025: -$3.1BFY18FY19FY20FY21FY22FY23FY24FY25
EXC -$2.3BPCG -$3.1B

Fiscal years as each company reports them; the two may end in different months.

Questions about Exelon and PG&E

Which is bigger by revenue, Exelon or PG&E?

PG&E is bigger by revenue: $24.9B in fiscal 2025, against $24.3B for Exelon in fiscal 2025.

Which keeps more of its revenue as profit, Exelon or PG&E?

Exelon had a net margin of 11.4% in fiscal 2025; PG&E had 10.4% in fiscal 2025.

Which grew revenue faster, Exelon or PG&E?

In their latest fiscal years revenue changed by +5.3% at Exelon and +2.1% at PG&E.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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