# Exelon Corporation (EXC)

> Source: Nexqual · https://nexqual.com/EXC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Exelon Corporation (EXC), nexqual.com/EXC" · informational, not investment advice.

**Price:** USD 44.85 (+4.18% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 43.05 · day 43.12–44.88 · 52w 39.73–50.65 · market cap $46.2B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $25.3B, net income $2.78B (11.0% margin), free cash flow -$1.92B (SEC filings).
- Valuation: P/E 16.6x (avg 15.5x at the last 3 fiscal year-ends), EV/EBITDA 10.6x, net debt $49.7B.
- Earnings quality: non-operating income -$1.90B vs operating income $5.27B over the last four quarters; P/E excluding non-operating income ≈10.6x (estimate: non-operating income taxed at the company's 17.3% effective rate).
- Analysts: Hold (mean 2.86 on a 1–5 scale) (22 analysts), mean target USD 48 (range 44–58).
- Total return with dividends: 1Y -2.3% vs S&P 500 +14.9%; 5Y +46.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-30, EPS estimate USD 0.8, revenue estimate $6.82B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $17.9B | $19.1B | $21.7B | $23.0B | $24.3B | $25.3B |
| Operating income | $2.68B | $3.31B | $4.02B | $4.32B | $5.15B | $5.27B |
| Net income | $1.83B | $2.17B | $2.33B | $2.46B | $2.77B | $2.78B |
| EPS (diluted) | $1.74 | — | — | — | — | — |
| Free cash flow | -$4.97B | -$2.28B | -$2.71B | -$1.53B | -$2.27B | -$1.92B |
| Operating margin | 15.0% | 17.4% | 18.5% | 18.8% | 21.2% | 20.8% |
| Net margin | 10.2% | 11.4% | 10.7% | 10.7% | 11.4% | 11.0% |
| Revenue growth | +7.7% | +6.4% | +13.9% | +6.0% | +5.3% | — |
| Cash + short-term investments | $672M | $407M | $445M | $357M | $626M | — |
| Total debt | $38.8B | $37.2B | $41.3B | $44.7B | $49.4B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 16.6x · P/E ex non-operating (est.) ≈10.6x · P/S 1.8x · EV/EBITDA 10.6x · EV/Sales 3.8x · P/B 1.6x · FCF yield -4.15% · Earnings yield 6.03% · Dividend yield (paid, TTM) 3.61% · Net debt $49.7B · EV $95.9B
P/E at fiscal year-ends: Dec 2025 15.9x, Dec 2024 15.3x, Dec 2023 15.4x.

## Analysts
Consensus Hold (mean 2.86 on a 1–5 scale), 22 analysts; mean target USD 48 (low 44, high 58).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | HSBC | Initiated | Hold | $44 |
| 2026-10-21 | Morgan Stanley | Target lowered | Equal-Weight | $50 → $49 |
| 2026-10-19 | JP Morgan | Target lowered | Neutral | $47 → $46 |
| 2026-10-19 | Barclays | Target lowered | Equal-Weight | $49 → $44 |
| 2026-10-16 | Truist Securities | Target lowered | Hold | $48 → $46 |
| 2026-10-13 | Keybanc | Upgrade | Underweight → Sector Weight |  |
| 2026-09-22 | Argus Research | Target lowered | Buy | $52 → $49 |
| 2026-09-18 | Morgan Stanley | Target lowered | Equal-Weight | $53 → $50 |
| 2026-08-21 | Morgan Stanley | Target lowered | Equal-Weight | $55 → $53 |
| 2026-08-13 | Truist Securities | Target lowered | Hold | $50 → $48 |
| 2026-07-16 | Truist Securities | Target raised | Hold | $49 → $50 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -2.3% | +46.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -2.3% | +7.9% |
| Volatility (annualized) | 19.9% | 21.5% |
| Max drawdown | -18.5% (Mar 2026→Sep 2026) | -28.5% (May 2022→Feb 2024) |

## Peers (Utilities - Regulated Electric)
XEL (Xcel Energy Inc.) USD 78.9 +2.76% · ED (Consolidated Edison, Inc.) USD 116.26 +3.97% · ETR (Entergy Corporation) USD 108.19 +1.99% · PCG (Pacific Gas & Electric Co.) USD 12.98 -1.29% · D (Dominion Energy, Inc.) USD 65.4 +4.93% · WEC (WEC Energy Group, Inc.) USD 112.15 +3.36%

## More
Full page: https://nexqual.com/EXC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Commonwealth Edison Co | $1.99B | 33.3% | +8.1% |
| Pepco Holdings LLC | $1.71B | 28.7% | +8.4% |
| — Potomac Electric Power Company (part of Pepco Holdings LLC) | $859.0M | 14.4% | +10.7% |
| — Delmarva Power and Light Company (part of Pepco Holdings LLC) | $454.0M | 7.6% | +7.8% |
| — Atlantic City Electric Company (part of Pepco Holdings LLC) | $401.0M | 6.7% | +4.4% |
| Baltimore Gas and Electric Company | $1.22B | 20.4% | +18.4% |
| PECO Energy Co | $1.06B | 17.8% | +6.2% |
| Total revenue | $5.97B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Rate-regulated electric revenues | $5.71B | 95.7% | +6.4% |
| Rate-regulated natural gas revenues | $327.0M | 5.5% | -3.0% |
| Total revenue | $5.97B | 100% | — |

## Company outlook (8-K filed 2026-07-30)

- "(1) Reflects the adjustment to state deferred income taxes due to changes in forecasted apportionment."
- "(2) Reflects the adjustment to state deferred income taxes due to changes in forecasted apportionment."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.80 | $0.87 | -9.1% | $6.82B | 13 |
| Next quarter (ends 2026-12-31) | $0.81 | $0.63 | +28.1% | $5.70B | 4 |
| Current fiscal year (ends 2026-12-31) | $2.86 | $2.86 | -0.0% | $25.50B | 19 |
| Next fiscal year (ends 2027-12-31) | $3.03 | $3.04 | -0.2% | $26.29B | 20 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-30): ±4.6%; last 8 reports averaged ±2.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 19.5% | ±4.6% |
| 2026-12-18 | 56 | 20.8% | ±6.6% |
| 2027-01-15 | 84 | 19.6% | ±7.6% |
| 2027-03-19 | 147 | 21.1% | ±10.8% |
| 2027-04-16 | 175 | 20.6% | ±11.5% |
| 2027-06-17 | 237 | 21.7% | ±13.9% |
| 2027-09-17 | 329 | 21.6% | ±16.1% |