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
- • 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
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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