The company operates as a regulated utility, providing electricity and natural gas transmission and distribution services through its subsidiaries, including Commonwealth Edison, PECO Energy, Baltimore Gas and Electric, and Pepco Holdings.
Business segments
10-K
Commonwealth Edison CoPeco Energy CoBaltimore Gas And Electric CompanyPepco Holdings LLC
Recent News
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Earnings call: Q4 2025 2025
Intel
Free
2026-02-00Neutral
● Full transcript on file
Unknown (Not specified in the search results)
Key metrics
The provided search result does not include the Q4 2025 call’s reported financial metrics, only a transcript listing.[2]
Forward guidance
No transcript text is available in the search result, only a listing that Exelon’s Q4 2025 earnings call transcript exists.[2]
Notable Q&A
No Q&A details are available in the provided search result.[2]
Surprise items
Unable to determine from the supplied results because the transcript content was not included.[2]
Q1 2026 (May 06, 2026) · Cautious
Fundamentals
Signal
52-week high / low
$50.65 / $42.47
Forward P/E
15.4×
Trailing 17.2×
Dividend
$1.68 / share
Yield 3.57%
Analysts covering
18
Avg target $49.44
Beta
0.41
vs. S&P 500
Short interest
4.8%
Float shorted
Buy
18%
Hold
73%
Sell
9%
Wall Street consensus — sourced weekly via public disclosures
Analyst coverage data sourced from public filings. Xavier analyst thesis summary available after weekly Perplexity scan completes.
Financial summary — Gemini analysis
Signal
Revenue
$24,258 million
5.3% YoY
Operating margin
21.2%
Net income
$2,768 million
Free cash flow
-$2,275 million
Dividend / share
$1.60
Total debt
$49,468 million
Cash: $626 million
CapEx guidance
Approximately $41 billion over the next four years (2026-2029)
Earnings quality:MEDIUM
Recurring revenue:103%
Cash conversion:2.3x
Non-recurring items: Disallowance of $70 million of capitalized construction costs related to FERC audit findings., Derecognition of $10 million in regulatory assets and $3 million in regulatory liabilities at BGE due to the Next Generation Energy Act., Derecognition of $0.4 million in regulatory liabilities at DPL due to the Next Generation Energy Act., Charitable contribution of $30 million to the Exelon Foundation.
Confidence 5.6 / 10 · 100% model agreement ·
Scheduled Jun 07, 2026
EXC is a high-quality regulated utility with solid Q1 2026 execution — beating estimates, reaffirming full-year guidance of $2.81-$2.91/share, and targeting 5-7% EPS CAGR through 2029 — but the stock has already rallied 2.5% today and sits 7% below its 52-week high with a consensus target of $49.33, leaving only ~7.8% upside from current levels. The PECO rate case withdrawal in Pennsylvania creates a meaningful near-term cost recovery gap, and the macro backdrop (neutral-to-bearish regime) limits the re-rating catalyst for a low-beta defensive name. Valuation at ~15x forward P/E is sector-fair but not cheap enough to be a compelling entry after today's move.
Strongest bull case
A $41.7B four-year capex plan driving 7.9% rate base growth — anchored by data center load demand (ComEd projects 19 GW of incremental Illinois load by 2030) and approved rate increases at ComEd, BGE, and PHI — provides durable, visible EPS growth near the top end of the 5-7% guided range with minimal execution risk given all-regulated structure.
Strongest bear case
PECO's abrupt withdrawal of its electric and gas rate cases in Pennsylvania on April 16, 2026 — with no rescheduled filing date — leaves a significant chunk of infrastructure investment without a cost recovery mechanism, compresses near-term PECO earnings power, and signals potential friction with Pennsylvania regulators that could linger into 2027.
What the market may be missing
The $1.1B capital reallocation from distribution to higher-return transmission is a subtle but meaningful mix shift that could improve EXC's earned ROE profile faster than the rate base growth headline suggests — particularly as FERC-regulated transmission returns face less political affordability scrutiny than state-level distribution rate cases currently under fire in Illinois and Maryland.
Mr. Calvin G. Butler Jr. (CEO) · Exelon Corporation
Calvin Butler discussed Q1 2026 results and Exelon's commitment to balancing affordability with safety advancement through The Exelon Promise initiative. The company is adjusting capital spending plans to address electric affordability issues.
“"Through The Exelon Promise, we are committed to balancing affordability while advancing safety"”
CEO letter to shareholders
Signal
No shareholder letter on file for EXC
Some companies file their annual report without a separate CEO letter.
When available, Xavier extracts strategic themes, tone analysis, and
forward-looking statements to help you read between the lines.
Executive compensation
Signal
Name
Title
Total compensation
Calvin G. Butler, Jr.
President and Chief Executive Officer
15,601,905 USD
Jeanne Jones
Executive Vice President, Chief Finance Officer, Audit and Risk
4,509,381 USD
Michael Innocenzo
Executive Vice President and Chief Operating Officer
4,790,614 USD
Colette Honorable
Executive Vice President, Chief Legal Officer, Compliance and Corporate Secretary
3,198,141 USD
David Glockner
Former Executive Vice President, Compliance, Audit and Risk
2,945,003 USD
Source: DEF 14A proxy statement · 2026-03-18
Governance
Pro
Dual-class shares:No
Poison pill:No
Clawback policy:Yes
Stock ownership req.:Yes
Shareholder proposals
Election of nine Directors
FOR
Pending
Ratification of PwC as Exelon’s Independent Auditor for 2026
$900,000,000 AMENDED AND RESTATED CREDIT AGREEMENT dated as of August 29, 2024
Matures 2029-08-29 · Filed 2024-10-30
Floating · SOFR | Prime | NYFRB Rate
Unsecured. The agreement does not specify collateral for the loans. Section 6.01 outlines permitted liens, and Section 2.06(j) requires cash collateralization of LC Exposure upon an Event of Default.
Revolver$600,000,000
AMENDED AND RESTATED CREDIT AGREEMENT dated as of August 29, 2024
Matures 2029-08-29 · Filed 2024-10-30
Floating · SOFR | Prime | NYFRB Rate
Unsecured. Cash collateralization is required for LC Exposure upon an Event of Default as a remedy.
Credit$900,000,000
$900,000,000 AMENDED AND RESTATED CREDIT AGREEMENT dated as of August 29, 2024
Matures 2029-08-29 · Filed 2024-10-30
Floating · SOFR | Prime | Fed Funds
unsecured
Credit$1,000,000,000
Amended and Restated Credit Agreement
Matures 2029-08-29 · Filed 2024-10-30
Floating · SOFR | Prime | NYFRB Rate
unsecured
Credit$600,000,000
Amended and Restated Credit Agreement
Matures 2029-08-29 · Filed 2024-10-30
Floating · SOFR
Unsecured
4 additional agreements on file
Financial covenants
Maximum Consolidated Capitalization Ratio
≤ 0.65x
Consolidated Total Indebtedness / (Consolidated Total Indebtedness + Consolidated Stockholders’ Equity)
$900,000,000 AMENDED AND RESTATED CREDIT AGREEMENT
Maximum Consolidated Capitalization Ratio
≤ 0.675:1.00
Consolidated Capitalization Ratio
$900,000,000 AMENDED AND RESTATED CREDIT AGREEMENT
Maximum Consolidated Capitalization Ratio
≤ 0.65:1.00
Consolidated Total Indebtedness / (Consolidated Total Indebtedness + Consolidated Stockholders’ Equity)
Amended and Restated Credit Agreement
Interest Coverage Ratio
≥ 3.00 to 1.00
Adjusted Funds From Operations / Net Interest Expense
364-DAY TERM LOAN CREDIT AGREEMENT
Maximum Capital Coverage Deficit
≤ $0
Capital Coverage Deficit
Receivables Purchase Agreement
Maximum Days Sales Outstanding
≤ 75.0 days (Interim Period) | ≤ 60.0 days (otherwise)
Average Days Sales Outstanding (3-month average)
Receivables Purchase Agreement
Maximum Default Ratio
≤ 12.0% (Interim Period) | ≤ 7.0% (otherwise)
Average Default Ratio (3-month average)
Receivables Purchase Agreement
Maximum Dilution Ratio
≤ 2.5% (Interim Period) | ≤ 1.5% (otherwise)
Average Dilution Ratio (3-month average)
Receivables Purchase Agreement
1 additional covenant on file
CUSIP identifiers (14 on file)
30161NBM230161NBN030161NBJ930161NBK630161NBL430161NBV230161NBR130161NBS9U3002LAD430161NAZ4U3002LAE230161NBC4+2 more
Cross-default risk
8 agreements contain cross-default provisions — a covenant breach on one facility may trigger default on others.
Xavier risk radar
Pro
Covenant headroom
Moderate leverage — no covenants on file
Earnings quality
MEDIUM (cash conversion 2.3x)
Risk trend
Risk increasing — The Registrants' businesses are highly regulated, and electric and gas revenue a
Mgmt narrative
Management tone: Cautiously optimistic
Analyst drift
Consensus Hold — watch for drift
Insider sentiment
Pattern detection — 90 days needed
Signal history
Signal
Date
Direction
Conf.
Agree.
Thesis
Price
Type
Jun 07, 2026
NEUTRAL
5.6/10
100%
EXC is a high-quality regulated utility with solid Q1 2026 execution — beating estimates, reaffirmin...
$45.75
Sched.
May 31, 2026
NEUTRAL
5.8/10
100%
EXC is a high-quality regulated utility with a credible 5–7% EPS CAGR, a reaffirmed $2.81–$2.91 2026...
$45.64
Sched.
May 24, 2026
NEUTRAL
6.3/10
67%
EXC screens as reasonably valued for a regulated utility at about 17x trailing earnings, but the nea...
$46.23
Sched.
May 17, 2026
NEUTRAL
5.9/10
75%
EXC beat Q1 2026 estimates ($0.91 vs. $0.87 expected) and reaffirmed full-year guidance of $2.81–$2....
$43.38
Sched.
May 10, 2026
NEUTRAL
6.4/10
67%
EXC screens as reasonably valued for a regulated utility, with a forward P/E in the mid-teens and ma...
$43.91
Sched.
May 03, 2026
NEUTRAL
5.8/10
100%
EXC screens as reasonably valued for a regulated utility at about 17x trailing and 15x forward earni...
$46.50
Sched.
Apr 17, 2026
NEUTRAL
6.3/10
75%
EXC trades at 17x TTM P/E with a forward P/E of ~15.3x — reasonable for a regulated utility, but not...
$46.70
Event
Apr 17, 2026
NEUTRAL
5.8/10
100%
EXC trades at 17.6x TTM P/E — modest for utilities — with a constructive long-term story anchored by...
$47.59
Event
Apr 12, 2026
BULLISH
6.5/10
75%
EXC is trading ~4% below its 52-week high and roughly 6% below the consensus analyst price target of...
$48.57
Sched.
Showing last 9 signals
EXCExelon Corporation
Signal
FY2026 annual report (10-K filed 2026-02-12)
INCOME STATEMENT
?Revenue
$24,258 million5.3% YoY
Total revenue from electricity generation, transmission, and natural gas distribution. Up 5.3% from last year. Management has guided capital spending of Approximately $41 billion over the next four years (2026-2029).
?Operating income
$5,148 million
What remains after subtracting all operating costs — salaries, materials, rent, R&D — from revenue. This is the profit from actually running the business, before interest and taxes. Operating margin is 21.2%, meaning 21 cents of every dollar of revenue becomes operating profit.
?Net income
$2,768 million
The bottom line — what the company actually earned after all expenses, interest, and taxes. This is the number that gets divided by shares outstanding to calculate earnings per share (EPS), which directly affects the stock price. Net margin is 12.7%. Note: results include non-recurring items (disallowance of $70 million of capitalized construction costs related to ferc audit findings., derecognition of $10 million in regulatory assets and $3 million in regulatory liabilities at bge due to the next generation energy act.) that may not repeat.
?Free cash flow
-$2,275 million
Operating cash flow minus capital expenditure. This is the money available for dividends, share buybacks, debt repayment, or acquisitions. Free cash flow is what many professional investors consider the truest measure of financial health.
?EPS (diluted)
$0.90
Earnings per share — net income divided by total shares outstanding (including stock options and convertible bonds that could become shares). This is the single number most investors watch because it directly connects company profits to your ownership stake.
?Dividend per share
$1.60
Cash paid to shareholders each year for every share they own. Utilities are classic dividend stocks — regulated returns provide predictable, above-average yields.
BALANCE SHEET
?Total assets
$117.5B
Everything the company owns — cash, factories, equipment, patents, inventory, investments. Includes power plants, transmission lines, natural gas pipelines, and renewable energy facilities.
?Cash & equivalents
$626 million
Money available right now — bank accounts, money market funds, short-term government bonds. This is the company's financial cushion. More cash means more flexibility to invest, acquire, or survive a downturn without borrowing.
?Total debt
$49,468 million
All money the company owes — bonds, bank loans, credit facilities. Compare this to cash to understand the net debt position. The company holds $626 million in cash against this debt.
?Shares outstanding
1,022,892,585 shares
Total number of shares that exist — owned by all investors, insiders, and institutions combined. When the company reports EPS, this is the denominator. Share buybacks reduce this number, which increases EPS even without earnings growth.
?Debt-to-equity ratio
1.7%
How much debt the company uses for every dollar of shareholder equity. Under 100% means more equity than debt (conservative). Over 200% means heavy leverage. Banks and utilities naturally run higher ratios.
CASH FLOW
?Operating cash flow
$1.7B
Actual cash generated from running the business — not accounting profits, real money coming in the door. This is more trustworthy than net income because it's harder to manipulate. A company can report profits but still run out of cash.
?Capital expenditure
$2.4B
Money spent on long-term assets — power plants, transmission lines, renewable energy projects, and grid upgrades. This is the cost of maintaining and growing the business. Management has guided Approximately $41 billion over the next four years (2026-2029) for capital spending.
?Free cash flow
-$634M
Operating cash flow minus capital expenditure. This is the money available for dividends, share buybacks, debt repayment, or acquisitions. Free cash flow is what many professional investors consider the truest measure of a company's financial health.
?Depreciation & amortization
$794M
A non-cash expense that spreads the cost of power generation facilities, transmission infrastructure, and renewable installations over their useful life. This reduces reported income but no cash actually leaves the company — that's why it gets added back to calculate EBITDA and operating cash flow.
EARNINGS QUALITY
?Accrual quality
MEDIUM
Measures how well reported earnings match actual cash generation. HIGH means earnings are backed by real cash. LOW means the company may be using accounting techniques to inflate reported numbers. Professional investors check this before trusting EPS.
?Recurring revenue
103%
103% of revenue comes from repeat sources — ongoing contracts, subscriptions, or regular customer purchasing patterns rather than one-time sales. Higher recurring revenue means more predictable future earnings.
?Cash conversion
2.3x
Operating cash flow divided by net income. Above 1.0x means the company generates more cash than it reports in profits — a sign of high-quality earnings. At 2.3x, the company is generating significantly more cash than reported profits — very healthy.
?Non-recurring items
4 identified
One-time items that affect the bottom line but won't repeat: disallowance of $70 million of capitalized construction costs related to ferc audit findings., derecognition of $10 million in regulatory assets and $3 million in regulatory liabilities at bge due to the next generation energy act., derecognition of $0.4 million in regulatory liabilities at dpl due to the next generation energy act., charitable contribution of $30 million to the exelon foundation.. When evaluating the company's true earning power, investors strip these out to see what the business earns on a normal basis.
?Management tone
Cautious Optimistic
How management sounds in their SEC filings — are they confident, cautious, or defensive? This is analyzed from the actual language used in the 10-K annual report. A shift in tone from prior years can signal changing conditions before the numbers reflect it.
?Top risk factor
Increasing
The Registrants' businesses are highly regulated, and electric and gas revenue and earnings could be negatively affected by legislative and/or regulatory actions. Risk trend: increasing. This is the single biggest threat to the company's future earnings as identified in their SEC filing.
Click any row to expand the plain-English explanation. Source: SEC EDGAR XBRL filings.
Capital intelligence
Signal
Weighted Average Cost of Capital · Return on Invested Capital · Economic Value Added
ROIC
5.56%
WACC
3.63%
🟡 NEUTRAL — EVA Spread: 1.92%
?WACC
3.63%
Weighted Average Cost of Capital — the minimum return Exelon Corporation must earn on its investments to satisfy both debt holders and shareholders. Computed from a 49.73% equity / 50.27% debt capital structure. If the company earns less than 3.63% on its invested capital, it is destroying shareholder value.
?Cost of equity
6.48%
The return shareholders demand for holding EXC stock instead of a risk-free Treasury bond. Computed using the Capital Asset Pricing Model: Risk-Free Rate (4.25%) + Beta (0.41) × Equity Risk Premium (5.50%). A beta of 0.41 means EXC is less volatile than the overall market.
?Cost of debt (after-tax)
0.82%
What Exelon Corporation effectively pays on its borrowed money after the tax deduction on interest. Interest is tax-deductible, so the true cost is lower than the stated rate. Effective tax rate used: 17.87%.
?Capital structure
E: 49.73% / D: 50.27%
How Exelon Corporation finances its operations — the split between equity (stock market value: $48.0B) and debt (total borrowings: $48.5B). More debt means more leverage — higher potential returns but higher risk.
?ROIC
5.56%
Return on Invested Capital — how efficiently Exelon Corporation turns its total invested capital into after-tax operating profit. NOPAT ($4.3B) ÷ Invested Capital ($77.1B). This exceeds WACC, meaning the company creates value for shareholders.
?EVA
$1.5B
Economic Value Added — the dollar amount of value Exelon Corporation created (or destroyed) above its cost of capital. NOPAT ($4.3B) minus the capital charge (Invested Capital × WACC = $2.8B). Positive EVA means every dollar of capital is earning more than it costs.
?NOPAT
$4.3B
Net Operating Profit After Tax — operating income adjusted for taxes, ignoring how the company is financed. Operating Income ($5.2B) × (1 - Tax Rate 17.87%). This isolates the company's core business profitability from its financing decisions.
Xavier consensus signals are intelligence outputs, not investment advice. All signals are generated by a multi-model AI system and reflect public information at time of generation. Past signal accuracy does not guarantee future performance. Wall Street analyst consensus sourced from public disclosures, summarized weekly. Financial data sourced from SEC EDGAR and yfinance. Insider transactions sourced from SEC EDGAR Form 4 filings. Updated Jun 07, 2026.