Short answer
Exelon (EXC) filed its fiscal 2025 10-K annual report with the SEC on Feb 12, 2026. It reported revenue of $24.3B (+5.3% year over year) and net income of $2.8B.
- Top risk flagged: Regulatory risk: Need FERC renewal for short-term financing; approvals granted for most utilities starting Jan 1, 2026, but dependencies remain on ICC, PAPUC, MDPSC, DCPSC, DEPSC, NJBPU
FY2025 key financial metrics · XBRL
- Revenue
- $24.3B
- +5.3% YoY
- Net income
- $2.8B
- +12.5% YoY
- Operating margin
- 21.2%
- +2.5 pp YoY
- ROE
- 9.6%
- +0.5 pp YoY
- Operating cash flow
- $6.3B
- +12.3% YoY
Source: XBRL data from the Exelon (EXC) FY2025 10-K on SEC EDGAR. USD.
Exelon FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Holding company conducting energy generation, transmission, and distribution through subsidiaries including ComEd, PECO, BGE, and PHI
- New financing: Issued $1 billion of 3.25% Convertible Senior Notes due 2029 with conversion price ~$57.11 per share
- Strategic shift: Significant increase in investments in affiliates to $43.7 billion from $40.7 billion in prior year
- Quantitative metric: Net income rose to $2.768 billion in 2025 from $2.460 billion in 2024; long-term debt increased to $14.288 billion from $12.095 billion
- Noteworthy fact: Made a $30 million unconditional donation to Exelon Foundation recorded in 2025 operating expenses
Management Discussion & Analysis
- Net income $2,768M in 2025, up $308M from $2,460M in 2024; diluted EPS $2.73 vs $2.45
- Adjusted operating earnings $2,801M in 2025, up $294M from $2,507M in 2024; adjusted EPS $2.77 vs $2.50
- Best segment PECO net income $814M ($263M increase YoY); worst Other segment loss $(570)M (worsened by $145M)
- Issued 16M shares, raised $691M for general purposes; no specific buyback or dividend data disclosed
- Management notes ongoing regulatory risks, rate case proceedings, tax policy changes, and federal infrastructure funding uncertainties impacting future results
Risk Factors
- Regulatory risk: Need FERC renewal for short-term financing; approvals granted for most utilities starting Jan 1, 2026, but dependencies remain on ICC, PAPUC, MDPSC, DCPSC, DEPSC, NJBPU
- Macroeconomic threat: Incremental collateral requirements at ComEd $27M, PECO $58M, BGE $43M, DPL $14M if downgraded from investment grade credit rating as of Dec 31, 2025
- Operational vulnerability: Projected capital expenditures $9.95B in 2026 and $31.3B beyond 2026 for improvements and capacity additions, subject to economic and regulatory changes
- Competitive risk: No direct competitor named; potential market disruptions tied to regulatory-driven renewable energy and REC commitments totaling $8.0B through 2044
- Financial risk: Long-term debt $49.4B with interest payments $33.7B through 2055, high leverage noted with up to 62% long-term debt ratio in Exelon consolidated capital structure
Generated from the filing text; verify against the original. How to read a 10-K
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