Exelon (EXC) FY2025 10-K Annual Report
Exelon (EXC) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 12, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Exelon FY2025 10-K Analysis
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
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
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
Exelon FY2025 Key Financial MetricsXBRL
Revenue
$24.3B
▲ +5.3% YoY
Net Income
$2.8B
▲ +12.5% YoY
Operating Margin
21.2%
▲ +247bp YoY
Net Margin
11.4%
▲ +73bp YoY
ROE
9.6%
▲ +47bp YoY
Total Assets
$116.6B
▲ +8.2% YoY
Operating Cash Flow
$6.3B
▲ +12.3% YoY
Source: XBRL data from Exelon FY2025 10-K filing on SEC EDGAR. All figures in USD.
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