Exelon (EXC)
Market Price (9/23/2026): $41.81 | Market Cap: $42.9 BilInvestor Relations Sector: Utilities | Industry: Electric Utilities
Exelon (EXC)
Market Price (9/23/2026): $41.81Market Cap: $42.9 BilSector: UtilitiesIndustry: Electric Utilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, Dividend Yield is 3.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.4% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28%, CFO LTM is 7.2 Bil Low stock price volatilityVol 12M is 19% Megatrend and thematic driversMegatrends include Sustainable Infrastructure, Smart Grids & Grid Modernization, and Electrification of Everything. Themes include Smart Grid Technologies, Show more. | Weak multi-year price returns2Y Excs Rtn is -26%, 3Y Excs Rtn is -62% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 119% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -7.6% Key risksEXC key risks include [1] unfavorable regulatory rulings in Illinois from the Illinois Commerce Commission that have resulted in below-average returns on equity. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, Dividend Yield is 3.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.4% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28%, CFO LTM is 7.2 Bil |
| Low stock price volatilityVol 12M is 19% |
| Megatrend and thematic driversMegatrends include Sustainable Infrastructure, Smart Grids & Grid Modernization, and Electrification of Everything. Themes include Smart Grid Technologies, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -26%, 3Y Excs Rtn is -62% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 119% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -7.6% |
| Key risksEXC key risks include [1] unfavorable regulatory rulings in Illinois from the Illinois Commerce Commission that have resulted in below-average returns on equity. |
Qualitative Assessment
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Exelon (EXC) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Exelon (EXC) reported a slight miss on adjusted operating earnings per share (EPS) for fiscal Q2 2026. The company announced on July 30, 2026, that it achieved an adjusted EPS of $0.43, falling short of analysts' consensus estimates of $0.44 by $0.01. While revenue for the quarter increased 10.0% year-over-year to $5.97 billion, surpassing analyst estimates of $5.44 billion, the EPS miss likely contributed to negative sentiment.
2. Several analysts lowered their price targets and ratings for Exelon during the period, reflecting a cautious outlook from the financial community. Morgan Stanley, for instance, reduced its price target from $55.00 to $53.00 on August 21, 2026, maintaining an "equal weight" rating. Similarly, Truist Financial cut its price objective from $50.00 to $48.00 on August 13, 2026, reiterating a "hold" rating. Overall, the average analyst rating as of late August 2026 was "Hold," with only 4 out of 18 analysts recommending a "Buy."
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Exelon (EXC) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Exelon (EXC) reported a slight miss on adjusted operating earnings per share (EPS) for fiscal Q2 2026. The company announced on July 30, 2026, that it achieved an adjusted EPS of $0.43, falling short of analysts' consensus estimates of $0.44 by $0.01. While revenue for the quarter increased 10.0% year-over-year to $5.97 billion, surpassing analyst estimates of $5.44 billion, the EPS miss likely contributed to negative sentiment.
2. Several analysts lowered their price targets and ratings for Exelon during the period, reflecting a cautious outlook from the financial community. Morgan Stanley, for instance, reduced its price target from $55.00 to $53.00 on August 21, 2026, maintaining an "equal weight" rating. Similarly, Truist Financial cut its price objective from $50.00 to $48.00 on August 13, 2026, reiterating a "hold" rating. Overall, the average analyst rating as of late August 2026 was "Hold," with only 4 out of 18 analysts recommending a "Buy."
3. Increasing expectations for Federal Reserve interest rate hikes created headwinds for utility stocks. Throughout June and August 2026, Federal Reserve Chair Kevin Warsh signaled that further interest rate increases might be necessary to combat persistent inflation. By late August, financial markets were pricing in a higher probability of a rate hike, with some estimates suggesting a 51% chance in October and a 70% chance of higher rates by December 2026. Rising interest rates generally make the dividends of utility companies like Exelon, which often rely on debt financing, less attractive compared to higher-yielding fixed-income alternatives and can increase their borrowing costs.
4. A significant executive leadership transition introduced uncertainty, despite reaffirmed company guidance. On August 25, 2026, Exelon announced that its Chief Operating Officer, Michael Innocenzo, would depart in 2027, and its Chief Financial Officer, Jeanne Jones, would transition to an expanded finance and strategy role. Robert Kleczynski was simultaneously promoted to Executive Vice President and Chief Financial Officer, effective October 5, 2026. While Exelon reaffirmed its 2026 adjusted operating earnings guidance of $2.81 to $2.91 per share and long-term growth expectations, such changes in key leadership positions can sometimes lead to investor apprehension.
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Stock Movement Drivers
Fundamental Drivers
The -6.7% change in EXC stock from 5/31/2026 to 9/22/2026 was primarily driven by a -6.7% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 44.79 | 41.80 | -6.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 24,786 | 25,326 | 2.2% |
| Net Income Margin (%) | 11.2% | 11.0% | -2.0% |
| P/E Multiple | 16.5 | 15.4 | -6.7% |
| Shares Outstanding (Mil) | 1,024 | 1,025 | -0.1% |
| Cumulative Contribution | -6.7% |
Market Drivers
5/31/2026 to 9/22/2026| Return | Correlation | |
|---|---|---|
| EXC | -6.7% | |
| Market (SPY) | 2.5% | -23.0% |
| Sector (XLU) | -8.2% | 80.5% |
Fundamental Drivers
The -13.2% change in EXC stock from 2/28/2026 to 9/22/2026 was primarily driven by a -12.7% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 48.13 | 41.80 | -13.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 24,258 | 25,326 | 4.4% |
| Net Income Margin (%) | 11.4% | 11.0% | -3.7% |
| P/E Multiple | 17.6 | 15.4 | -12.7% |
| Shares Outstanding (Mil) | 1,014 | 1,025 | -1.1% |
| Cumulative Contribution | -13.2% |
Market Drivers
2/28/2026 to 9/22/2026| Return | Correlation | |
|---|---|---|
| EXC | -13.2% | |
| Market (SPY) | 13.3% | -14.9% |
| Sector (XLU) | -13.9% | 71.9% |
Fundamental Drivers
The -0.8% change in EXC stock from 8/31/2025 to 9/22/2026 was primarily driven by a -4.1% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 42.13 | 41.80 | -0.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 23,766 | 25,326 | 6.6% |
| Net Income Margin (%) | 11.2% | 11.0% | -1.5% |
| P/E Multiple | 16.0 | 15.4 | -4.1% |
| Shares Outstanding (Mil) | 1,010 | 1,025 | -1.5% |
| Cumulative Contribution | -0.8% |
Market Drivers
8/31/2025 to 9/22/2026| Return | Correlation | |
|---|---|---|
| EXC | -0.8% | |
| Market (SPY) | 21.2% | -15.4% |
| Sector (XLU) | -1.2% | 68.5% |
Fundamental Drivers
The 16.7% change in EXC stock from 8/31/2023 to 9/22/2026 was primarily driven by a 27.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312023 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.82 | 41.80 | 16.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 19,892 | 25,326 | 27.3% |
| Net Income Margin (%) | 10.7% | 11.0% | 3.1% |
| P/E Multiple | 16.8 | 15.4 | -8.5% |
| Shares Outstanding (Mil) | 995 | 1,025 | -2.9% |
| Cumulative Contribution | 16.7% |
Market Drivers
8/31/2023 to 9/22/2026| Return | Correlation | |
|---|---|---|
| EXC | 16.7% | |
| Market (SPY) | 78.3% | 0.6% |
| Sector (XLU) | 40.9% | 69.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| EXC Return | 41% | 9% | -14% | 9% | 20% | -1% | 71% |
| Peers Return | 16% | -1% | -11% | 19% | 16% | 4% | 47% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| EXC Win Rate | 58% | 67% | 42% | 67% | 67% | 33% | |
| Peers Win Rate | 58% | 60% | 53% | 58% | 63% | 49% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| EXC Max Drawdown | -12% | -28% | -19% | -12% | -10% | -15% | |
| Peers Max Drawdown | -12% | -26% | -27% | -13% | -13% | -13% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NEE, DUK, SO, AEP, D. See EXC Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/22/2026 (YTD)
How Low Can It Go
| Event | EXC | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -14.1% | -9.5% |
| % Gain to Breakeven | 16.5% | 10.5% |
| Time to Breakeven | 380 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -10.5% | -24.5% |
| % Gain to Breakeven | 11.7% | 32.4% |
| Time to Breakeven | 33 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -39.6% | -33.7% |
| % Gain to Breakeven | 65.4% | 50.9% |
| Time to Breakeven | 493 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -10.9% | -3.7% |
| % Gain to Breakeven | 12.2% | 3.9% |
| Time to Breakeven | 27 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -23.0% | -12.2% |
| % Gain to Breakeven | 29.8% | 13.9% |
| Time to Breakeven | 80 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -20.2% | -6.8% |
| % Gain to Breakeven | 25.2% | 7.3% |
| Time to Breakeven | 52 days | 15 days |
In The Past
Exelon's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | EXC | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -39.6% | -33.7% |
| % Gain to Breakeven | 65.4% | 50.9% |
| Time to Breakeven | 493 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -23.0% | -12.2% |
| % Gain to Breakeven | 29.8% | 13.9% |
| Time to Breakeven | 80 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -20.2% | -6.8% |
| % Gain to Breakeven | 25.2% | 7.3% |
| Time to Breakeven | 52 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -25.4% | -0.2% |
| % Gain to Breakeven | 34.0% | 0.2% |
| Time to Breakeven | 95 days | 1 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -49.0% | -53.4% |
| % Gain to Breakeven | 96.2% | 114.4% |
| Time to Breakeven | 3996 days | 1085 days |
In The Past
Exelon's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Exelon (EXC)
Exelon Corporation (EXC) operates as a major utility services holding company with a comprehensive footprint in the energy sector across the United States and Canada. Its primary activities span energy generation, delivery, and marketing. The company generates electricity from a diverse array of sources, including nuclear, fossil fuels, wind, hydroelectric, biomass, and solar facilities, ensuring a robust and varied power supply.
Beyond generation, Exelon sells electricity to wholesale and retail customers, and also markets natural gas, renewable energy, and other energy-related products and services. A key part of its business involves the regulated retail sale and distribution of both electricity and natural gas to a wide range of clients. Exelon serves distribution utilities, municipalities, cooperatives, financial institutions, as well as commercial, industrial, governmental, and residential customers, acting as a critical provider in the energy value chain.
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Here are 1-3 brief analogies for Exelon (EXC):
- A giant integrated energy provider, similar to Southern Company or Duke Energy, that both generates electricity and natural gas and delivers it to customers.
- Think of them as a diversified utility giant, like a broader version of Con Edison or Pacific Gas & Electric, but one that also owns a vast portfolio of power plants, from nuclear to solar.
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- Electricity Generation: Producing electricity from a diverse portfolio of nuclear, fossil, wind, hydroelectric, biomass, and solar facilities.
- Electricity Transmission & Distribution: Transporting and delivering electricity through regulated networks from generation sources to wholesale and retail customers.
- Natural Gas Distribution: Delivering natural gas through regulated networks to residential, commercial, and industrial customers.
- Energy Sales & Marketing: Selling electricity, natural gas, renewable energy, and other energy-related products and services to wholesale and retail customers.
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Exelon Corporation serves a diverse range of customers, encompassing both wholesale and retail segments. As the company description provides categories rather than specific named companies for its major customers, the following are the primary customer categories:
- Wholesale and Institutional Buyers: This category includes distribution utilities, municipalities, cooperatives, and financial institutions. These entities purchase electricity and other energy products from Exelon's generation and marketing businesses, often for redistribution or energy-related transactions.
- Commercial, Industrial, and Governmental Customers: These are non-residential customers, ranging from large businesses and industrial facilities to government agencies. They purchase electricity and natural gas directly from Exelon for their operational needs.
- Residential Customers: These are individual households that receive electricity and natural gas services directly from Exelon through its regulated transmission and distribution operations.
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Calvin Butler, President and Chief Executive Officer
Calvin Butler was appointed President and Chief Executive Officer of Exelon at the end of 2022. Prior to this, he held the roles of President and Chief Operating Officer of Exelon. From 2014 to 2019, he served as CEO of BGE (Baltimore Gas and Electric). Before joining Exelon in 2008, Butler held senior leadership positions at R.R. Donnelley, a company specializing in print, digital, and supply chain solutions. His early career included working in government affairs, legal, and strategy at Central Illinois Light Company (CILCORP, Inc.).
Jeanne Jones, Executive Vice President and Chief Financial Officer
Jeanne Jones has served as Exelon's Executive Vice President and Chief Financial Officer since October 17, 2022. She joined Exelon in 2007, starting as a principal analyst in the controller's department. Before becoming CFO of Exelon, she was the chief financial officer for ComEd, an Exelon subsidiary. Her experience also includes serving as Vice President of Finance for Exelon Nuclear and as CFO of Constellation Energy Nuclear Group, LLC. Prior to her tenure at Exelon, Jones was a manager in the audit practice at EY (Ernst & Young).
Mike Innocenzo, Executive Vice President and Chief Operating Officer
Mike Innocenzo was promoted to Executive Vice President and Chief Operating Officer of Exelon in February 2024, with the role becoming effective April 1, 2024. Previously, he was the President and Chief Executive Officer of Exelon's subsidiary, PECO. Innocenzo joined the company in 1988 and has held various roles, including those in Electric and Gas Distribution Operations, Energy Management, Smart Grid, Process Improvement, and Project Management.
Colette D. Honorable, Executive Vice President, Public Policy and Chief Legal Officer
Colette D. Honorable leads Exelon's legal, public policy, legislative and regulatory affairs, compliance, and corporate giving efforts. She was promoted to Chief Legal Officer on January 1, 2025, having joined Exelon in September 2023 as Executive Vice President and Chief External Affairs Officer. Before joining Exelon, Honorable was an equity partner at the global law firm Reed Smith LLP, where she led the firm's energy regulatory group. She was nominated by President Barack Obama and unanimously confirmed by the U.S. Senate to serve as a Commissioner at the Federal Energy Regulatory Commission (FERC). Her career also includes serving on the Arkansas Public Service Commission, where she held roles including commissioner, interim chairman, and chairman, and as chief of staff to the Arkansas Attorney General.
Tim Peterson, Executive Vice President and Chief Customer and Technology Officer
Tim Peterson holds the position of Executive Vice President and Chief Customer and Technology Officer at Exelon. In this role, he is responsible for the company's enterprise-wide customer strategy and experience, as well as information technology and cybersecurity. Prior to joining Exelon, Peterson worked at Xcel Energy, where he was responsible for the company's customer and employee experience, IT, and digital functions. He has over two decades of experience and has previously served as Chief Information Officer at several customer-focused organizations, including Optum, Wellmark, and TruStage Financial Group.
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Here are the key risks to Exelon's business:
- Regulatory and Legal Challenges: Exelon operates within a highly regulated environment, making it susceptible to significant risks stemming from evolving legislative and regulatory actions. Changes in energy policies, such as those related to conservation or emission standards, could impose additional costs or operational constraints, negatively impacting the company's financial performance and strategic plans. The uncertainty surrounding regulatory approval proceedings also poses a risk to Exelon's investments and growth opportunities.
- Operational Risks, including Extreme Weather and Cybersecurity Threats: The company faces substantial operational risks, including the potential for disruptions caused by extreme weather events and natural disasters such as wildfires or natural gas explosions. These events can adversely affect operations, energy demand, and commodity prices, potentially requiring significant resources to meet contractual obligations. Furthermore, cybersecurity threats represent a material risk that could lead to operational disruptions, financial losses, and reputational damage.
- Market and Technological Disruptions: The energy industry is characterized by rapid changes driven by technological advancements and shifting customer expectations. Emerging technologies, such as distributed generation and energy storage, could challenge Exelon's traditional business model and affect its market position over time. Additionally, the company is exposed to market volatility and broader economic downturns that could threaten its operational stability and financial health.
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The increasing proliferation and affordability of distributed energy resources (DERs), such as rooftop solar panels and battery storage systems, represent a clear emerging threat. As customers generate more of their own electricity and store it, their reliance on power purchased from Exelon's generation facilities and delivered via its grid diminishes. This directly impacts Exelon's revenue streams from both energy sales and transmission/distribution charges.
The growing development and deployment of microgrids and other localized energy solutions pose another clear emerging threat. Commercial, industrial, and even community-level customers are increasingly investing in self-sufficient or highly resilient local energy systems that can operate independently or with minimal reliance on the broader utility grid. This trend threatens to erode Exelon's customer base and associated revenue by allowing significant load to bypass or entirely disconnect from its traditional services.
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Exelon Corporation (EXC) operates in the energy generation, delivery, and marketing sectors across the United States and Canada. The addressable markets for its main products and services are substantial within these regions.
Electricity Generation and Delivery
- The overall U.S. power market, encompassing electricity generation, was valued at approximately USD 380.33 billion in 2025 and is projected to reach USD 397.67 billion in 2026. This market is expected to grow to USD 568.13 billion by 2034. Separately, the U.S. electricity sector generated revenues of $491 billion in 2023.
- In Canada, the power generation industry recorded total revenues of $44.7 billion in 2022. The Canadian electrical distribution market closed the 2025 reporting period with $17.6 billion in sales.
- The U.S. retail electricity market is estimated at USD 575.49 billion in 2025 and is projected to reach USD 741.50 billion by 2030.
Renewable Energy
- The North American renewable energy market was valued at USD 296.4 billion in 2025. Another source indicates a value of USD 341.32 billion in 2024. This market is anticipated to grow significantly, with projections reaching US$803.0 billion by 2033.
Natural Gas Distribution and Sales
- The U.S. natural gas distribution market was valued at USD 170.0 billion in 2024 and is forecast to increase to USD 186.0 billion by 2032. Another estimate places the U.S. natural gas distribution market at $222.5 billion in 2025, growing to $225.5 billion in 2026.
- For Canada, the natural gas distribution market was valued at $17.1 billion in 2025. In 2022, the natural gas distribution sector contributed over $5.1 billion to Canada's GDP.
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Exelon Corporation (EXC) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:
- Grid Modernization and Infrastructure Investments: Exelon plans substantial capital expenditures for grid modernization, transmission upgrades, and renewable infrastructure. The company projected investments of $35 billion over four years from 2024-2027, which is expected to result in a 7.5% rate base growth. Similarly, it outlined plans for $38 billion in investments from 2025-2028, aiming for a 7.4% annualized rate base growth. These investments are crucial as regulated utilities generate revenue based on their rate base.
- Rate Increases and Regulatory Approvals: As a regulated utility, Exelon's revenue growth is significantly influenced by successful rate cases and multi-year rate plans across its operating companies like ComEd, PECO, BGE, and PHI. Recent approvals for rate increases and final orders on multi-year plans are expected to lead to increased revenue and recovery of investments.
- Growth in Data Center Load and Electrification: Exelon anticipates revenue growth from an increasing demand for electricity, particularly from large load opportunities such as data centers. Northern Illinois, one of Exelon's service territories, has shown significant growth in data center load. Additionally, initiatives like ComEd's Beneficial Electrification Plan support the adoption of electric vehicles and other electrification efforts, further increasing electricity consumption.
- Transmission Infrastructure Expansion: The company has identified a significant pipeline of $10 billion to $15 billion in transmission projects. These projects are expected to lead to substantial capital investments that will expand Exelon's regulated asset base and contribute to long-term earnings growth.
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Share Issuance
- Exelon’s updated four-year financing plan for 2026-2029 includes $3.4 billion of equity to fund capital expenditures, implying annualized equity needs of $850 million per year.
- The previous four-year financing plan (2025-2028) included $1.4 billion of additional equity to fund incremental capital expenditures, implying total annual equity needs of $700 million per year.
- Exelon's shares outstanding have shown an increasing trend, from 0.997 billion in 2023 to 1.003 billion in 2024, and 1.014 billion in 2025.
Capital Expenditures
- Exelon plans to invest $41.3 billion over the next four years (2026-2029) primarily to enhance customer services and grid reliability, with over 70% of the increase dedicated to transmission investments.
- The company projected $38 billion in capital expenditures from 2025 to 2028, focusing on grid modernization, transmission upgrades, and renewable infrastructure.
- Annual capital expenditures averaged $7.632 billion from fiscal years ending December 2021 to 2025, peaking at $8.529 billion in December 2025.
Peer Outperformance in Electric Utilities
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| EXC | Exelon | 8.5% | 15.4x | -0.2% | 16.4% | 41.3% | — |
| VST | Vistra | 6.7% | 21.3x | -35.2% | 333.6% | 768.8% | +727pp |
| AEP | American Electric Power | 5.5% | 20.8x | 15.8% | 69.3% | 74.9% | +34pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Independent Power Producers & Energy Traders | 6 | -26.5% | 37.6% | 100.4% | HNRG 536% · OKLO 311% · NRG 174% |
| Gas Utilities | 10 | 2.3% | 43.3% | 41.2% | ATO 102% · NFG 82% · NJR 79% |
| Multi-Utilities | 18 | 4.4% | 34.6% | 40.3% | NI 96% · MDU 96% · CNP 73% |
| Electric Utilities ← | 24 | 3.8% | 39.5% | 40.1% | VST 769% · GNE 178% · ETR 137% |
| Water Utilities | 11 | 5.7% | 5.7% | -11.3% | CWCO 170% · HTO 9% · AWR 8% |
| Renewable Electricity | 5 | -40.2% | -67.7% | -94.4% | ORA 46% · CWEN 25% · AGIG -94% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Exelon Stock 5-Day Winning Spree: Stock Climbs 6.6% | 05/23/2026 | |
| Exelon Earnings Notes | 05/05/2026 | |
| How Low Can Exelon Stock Really Go? | 10/17/2025 | |
| Exelon vs Eversource Energy: Which Is A Better Investment? | 08/18/2025 | |
| How Does Exelon Stock Stack Up Against Its Peers? | 08/13/2025 | |
| Better Bet Than EXC Stock: Pay Less Than Exelon To Get More From OKE, CCL | 08/12/2025 | |
| ARTICLES | ||
| 5-Day Rally Sends Exelon Stock Up 6.6% | 05/23/2026 | |
| How Will Exelon Stock React To Its Upcoming Earnings? | 05/05/2026 | |
| S&P 500 Stocks Trading At 52-Week High | 03/14/2026 | |
| Large Cap Stocks Trading At 52-Week High | 03/14/2026 | |
| Better Bet Than Duke Energy Stock: Pay Less To Get More From EXC | 08/09/2025 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 82.21 |
| Mkt Cap | 78.0 |
| Rev LTM | 27,014 |
| Op Inc LTM | 6,322 |
| FCF LTM | -2,853 |
| FCF 3Y Avg | -1,889 |
| CFO LTM | 9,172 |
| CFO 3Y Avg | 8,137 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.4% |
| Rev Chg 3Y Avg | 5.0% |
| Rev Chg Q | 8.5% |
| QoQ Delta Rev Chg LTM | 1.9% |
| Op Inc Chg LTM | 5.9% |
| Op Inc Chg 3Y Avg | 12.5% |
| Op Mgn LTM | 25.4% |
| Op Mgn 3Y Avg | 25.9% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 34.3% |
| CFO/Rev 3Y Avg | 33.8% |
| FCF/Rev LTM | -10.8% |
| FCF/Rev 3Y Avg | -6.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 78.0 |
| P/S | 3.0 |
| P/Op Inc | 11.5 |
| P/EBIT | 10.6 |
| P/E | 19.3 |
| P/CFO | 8.8 |
| Total Yield | 8.3% |
| Dividend Yield | 3.3% |
| FCF Yield 3Y Avg | -2.8% |
| D/E | 0.9 |
| Net D/E | 0.9 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -3.9% |
| 3M Rtn | -8.6% |
| 6M Rtn | -7.5% |
| 12M Rtn | 4.3% |
| 3Y Rtn | 37.8% |
| 1M Excs Rtn | -5.1% |
| 3M Excs Rtn | -14.1% |
| 6M Excs Rtn | -25.3% |
| 12M Excs Rtn | -12.2% |
| 3Y Excs Rtn | -39.7% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Commonwealth Edison Company (ComEd) | 7,267 | 8,219 | 7,844 | 5,761 | 6,406 |
| Baltimore Gas and Electric Company (BGE) | 5,222 | 4,426 | 4,027 | 3,895 | 3,341 |
| PECO Energy Company (PECO) | 4,684 | 3,973 | 3,894 | 3,903 | 3,198 |
| Potomac Electric Power Company (Pepco) | 3,454 | 3,039 | 2,824 | 2,531 | 2,274 |
| Delmarva Power & Light Company (DPL) | 1,971 | 1,787 | 1,688 | 1,595 | 1,380 |
| Other | 1,900 | 1,865 | 1,759 | 1,823 | 2,213 |
| Atlantic City Electric Company (ACE) | 1,718 | 1,628 | 1,522 | 1,431 | 1,388 |
| Other-Pepco Holdings LLC (PHI) | 424 | 438 | 423 | 391 | 379 |
| Intersegment Eliminations-Pepco Holdings LLC (PHI) | -432 | -444 | -431 | -383 | -380 |
| Intersegment Eliminations | -1,950 | -1,903 | -1,823 | -1,869 | -2,261 |
| Total | 24,258 | 23,028 | 21,727 | 19,078 | 17,938 |
| $ Mil | 2016 | 2004 | 2001 | 2000 |
|---|---|---|---|---|
| Commonwealth Edison Company (ComEd) | 1,205 | |||
| Exelon Generation Company, LLC (Generation) | 836 | |||
| PECO Energy Company (PECO) | 702 | |||
| Baltimore Gas and Electric Company (BGE) | 550 | |||
| Pepco Holdings LLC (PHI) | 93 | |||
| Other | -274 | |||
| Energy Delivery | 2,631 | 2,623 | 1,602 | |
| Generation | 1,030 | 962 | 474 | |
| Enterprises | -107 | -71 | ||
| Total | 3,112 | 3,661 | 3,478 | 2,005 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Commonwealth Edison Company (ComEd) | 1,147 | 1,066 | 1,090 | 917 | 742 |
| PECO Energy Company (PECO) | 814 | 551 | 563 | 576 | 504 |
| Baltimore Gas and Electric Company (BGE) | 578 | 527 | 485 | 380 | 408 |
| Potomac Electric Power Company (Pepco) | 401 | 390 | 306 | 305 | 296 |
| Delmarva Power & Light Company (DPL) | 224 | 209 | 177 | 169 | 128 |
| Atlantic City Electric Company (ACE) | 188 | 155 | 120 | 148 | 146 |
| Intersegment Eliminations | 0 | 0 | -20 | -34 | -443 |
| Intersegment Eliminations-Pepco Holdings LLC (PHI) | 0 | 0 | 0 | 0 | 0 |
| Other-Pepco Holdings LLC (PHI) | -14 | -13 | -13 | -14 | -9 |
| Other | -570 | -425 | -380 | -393 | -156 |
| Total | 2,768 | 2,460 | 2,328 | 2,054 | 1,616 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Commonwealth Edison Company (ComEd) | 48,285 | 44,750 | 42,827 | 39,661 | 36,470 |
| PECO Energy Company (PECO) | 19,362 | 17,123 | 15,595 | 14,502 | 13,824 |
| Baltimore Gas and Electric Company (BGE) | 17,184 | 15,542 | 14,184 | 13,350 | 12,324 |
| Potomac Electric Power Company (Pepco) | 12,728 | 12,000 | 11,194 | 10,657 | 9,903 |
| Delmarva Power & Light Company (DPL) | 6,789 | 6,421 | 5,966 | 5,802 | 5,412 |
| Other | 6,170 | 6,012 | 6,374 | 6,014 | 7,727 |
| Atlantic City Electric Company (ACE) | 5,632 | 5,349 | 5,157 | 4,979 | 4,556 |
| Other-Pepco Holdings LLC (PHI) | 4,602 | 4,567 | 4,627 | 4,677 | 4,933 |
| Intersegment Eliminations-Pepco Holdings LLC (PHI) | -36 | -40 | -41 | -33 | -60 |
| Intersegment Eliminations | -4,146 | -3,940 | -4,337 | -4,260 | -10,162 |
| Exelon Generation Company, LLC (Generation) | 48,086 | ||||
| Total | 116,570 | 107,784 | 101,546 | 95,349 | 133,013 |
Price Behavior
| Market Price | $41.80 | |
| Market Cap ($ Bil) | 42.8 | |
| First Trading Date | 01/02/1980 | |
| Distance from 52W High | -15.3% | |
| 50 Days | 200 Days | |
| DMA Price | $44.51 | $44.99 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -6.1% | -7.1% |
| 3M | 1YR | |
| Volatility | 18.7% | 19.3% |
| Downside Capture | -3.63 | -29.57 |
| Upside Capture | -51.29 | -24.18 |
| Correlation (SPY) | -22.2% | -15.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.11 | -0.49 | -0.46 | -0.26 | -0.26 | 0.00 |
| Up Beta | 0.15 | -0.63 | -0.24 | -0.24 | -0.12 | 0.04 |
| Down Beta | -0.49 | 0.24 | -0.36 | -0.12 | -0.25 | -0.07 |
| Up Capture | -22% | -68% | -54% | -27% | -14% | 1% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 8 | 18 | 30 | 61 | 130 | 385 |
| Down Capture | 87% | -45% | -60% | -27% | -56% | -4% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 13 | 24 | 34 | 66 | 120 | 360 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EXC | |
|---|---|---|---|---|
| EXC | -0.2% | 19.3% | -0.14 | - |
| Sector ETF (XLU) | -1.9% | 15.2% | -0.33 | 68.5% |
| Equity (SPY) | 17.6% | 13.0% | 0.98 | -15.8% |
| Gold (GLD) | 18.0% | 29.3% | 0.56 | -5.5% |
| Commodities (DBC) | 46.6% | 20.7% | 1.75 | -9.0% |
| Real Estate (VNQ) | 5.2% | 13.6% | 0.12 | 40.3% |
| Bitcoin (BTCUSD) | -26.0% | 44.9% | -0.54 | -6.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EXC | |
|---|---|---|---|---|
| EXC | 6.9% | 20.8% | 0.24 | - |
| Sector ETF (XLU) | 6.7% | 17.4% | 0.24 | 76.2% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 23.7% |
| Gold (GLD) | 18.9% | 18.8% | 0.81 | 10.6% |
| Commodities (DBC) | 10.8% | 19.6% | 0.43 | 5.0% |
| Real Estate (VNQ) | 1.0% | 18.9% | -0.05 | 51.3% |
| Bitcoin (BTCUSD) | 12.7% | 52.6% | 0.42 | 7.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EXC | |
|---|---|---|---|---|
| EXC | 9.5% | 23.9% | 0.38 | - |
| Sector ETF (XLU) | 8.5% | 19.2% | 0.37 | 83.1% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 47.2% |
| Gold (GLD) | 12.2% | 16.4% | 0.61 | 11.9% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 14.7% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 64.4% |
| Bitcoin (BTCUSD) | 64.0% | 66.2% | 1.04 | 9.3% |
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Returns Analyses
Earnings Returns History
Updated 9/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | -3.1% | -2.7% | -6.5% |
| 5/6/2026 | -2.5% | -2.6% | -2.4% |
| 2/12/2026 | 7.0% | 6.5% | 13.0% |
| 11/4/2025 | 0.4% | -0.7% | -4.1% |
| 7/31/2025 | 1.5% | 1.8% | -0.2% |
| 5/1/2025 | -0.6% | -1.2% | -5.7% |
| 2/12/2025 | 1.3% | 0.7% | 3.6% |
| 10/30/2024 | 0.4% | -2.7% | 0.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 12 | 13 |
| # Negative | 10 | 11 | 10 |
| Median Positive | 1.5% | 1.2% | 3.6% |
| Median Negative | -2.0% | -1.2% | -3.0% |
| Max Positive | 7.0% | 6.5% | 13.0% |
| Max Negative | -3.3% | -3.7% | -6.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | -3.1% | -2.7% | -6.5% |
| 5/6/2026 | -2.5% | -2.6% | -2.4% |
| 2/12/2026 | 7.0% | 6.5% | 13.0% |
| 11/4/2025 | 0.4% | -0.7% | -4.1% |
| 7/31/2025 | 1.5% | 1.8% | -0.2% |
| 5/1/2025 | -0.6% | -1.2% | -5.7% |
| 2/12/2025 | 1.3% | 0.7% | 3.6% |
| 10/30/2024 | 0.4% | -2.7% | 0.9% |
| 8/1/2024 | 2.8% | 1.7% | 3.3% |
| 5/2/2024 | 0.1% | -0.1% | 0.2% |
| 2/21/2024 | 4.3% | 4.3% | 6.4% |
| 11/2/2023 | 3.0% | 0.1% | -0.4% |
| 8/2/2023 | 0.1% | -3.4% | -1.7% |
| 5/3/2023 | -0.6% | 0.1% | -6.5% |
| 2/14/2023 | 2.0% | 2.5% | 2.5% |
| 11/3/2022 | -2.8% | -0.9% | 9.9% |
| 8/3/2022 | -3.3% | -0.9% | -3.5% |
| 5/9/2022 | -0.7% | 0.0% | 5.0% |
| 11/3/2021 | 0.6% | 0.7% | -0.8% |
| 8/4/2021 | -1.3% | 0.4% | 5.5% |
| 5/5/2021 | -2.8% | -0.8% | 3.1% |
| 2/24/2021 | -1.5% | -3.7% | 6.2% |
| 11/3/2020 | 3.7% | 5.8% | 2.4% |
| SUMMARY STATS | |||
| # Positive | 13 | 12 | 13 |
| # Negative | 10 | 11 | 10 |
| Median Positive | 1.5% | 1.2% | 3.6% |
| Median Negative | -2.0% | -1.2% | -3.0% |
| Max Positive | 7.0% | 6.5% | 13.0% |
| Max Negative | -3.3% | -3.7% | -6.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/12/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/12/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/24/2021 | 10-K |
| 09/30/2020 | 11/03/2020 | 10-Q |
| 06/30/2020 | 08/04/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/11/2020 | 10-K |
| 09/30/2019 | 10/31/2019 | 10-Q |
Recent Forward Guidance
Updated 7/31/2026Latest: Q2 2026 Earnings Reported 7/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted Operating Earnings | Reported | 2.81 | 2.86 | 2.91 | 0 | Affirmed | Guidance: 2.86 for 2026 | |
| 2029 Operating EPS Compounded Annual Growth | Reported | 5.0% | 7.0% | 7.0% | 0 | Affirmed | Guidance: 7.0% for 2029 | |
Prior: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted (non-GAAP) operating earnings | Reported | 2.81 | 2.86 | 2.91 | 0 | Affirmed | Guidance: 2.86 for 2026 | |
| 2029 Rate base growth | Reported | 7.9% | ||||||
| 2029 Equity needs | Reported | 3.40 Bil | ||||||
| 2029 Operating EPS compounded annual growth | Reported | 5.0% | 7.0% | 7.0% | 1.0% | Raised | Guidance: 6.0% for 2029 | |
| 2029 Capital Expenditures | Reported | 41.70 Bil | ||||||
Q4 2025 Earnings Reported 2/12/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted (non-GAAP) operating earnings | Reported | 2.81 | 2.86 | 2.91 | 6.3% | Higher New | Actual: 2.69 for 2025 | |
| 2026 Annualized Equity Needs | Reported | 850.00 Mil | ||||||
| 2026 Capital Expenditures | Reported | 41.30 Bil | ||||||
| 2029 Operating EPS Compounded Annual Growth | Reported | 5.0% | 6.0% | 7.0% | 0.0% | Same New | Actual: 6.0% for 2028 | |
Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Adjusted Operating Earnings | Reported | 2.64 | 2.69 | 2.74 | 0 | Affirmed | Guidance: 2.69 for 2025 | |
| 2028 Operating EPS Compounded Annual Growth | Reported | 5.0% | 6.0% | 7.0% | 0 | Affirmed | Guidance: 6.0% for 2028 | |
| 2029 Capital Expenditures | Reported | 38.00 Bil | ||||||
Industry Resources
| Utilities Resources |
| Data.gov Energy Infrastructure |
| Data.gov Energy Resources |
| Utility Dive |
| Electric Utilities Resources |
| T&D World |
| Edison Electric Institute (EEI) |
| Smart Energy International |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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