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Exelon
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Latest analysis
Updated Oct 30, 2026
Exelon narrows FY2026 EPS guidance to $2.85–$2.91 and surfaces $15–$24B of incremental transmission and storage upside beyond its $41.7B base plan.
Exelon reported Q3 2026 adjusted operating earnings of $0.87 per share, beating expectations and prompting a guidance narrowing with a stated goal to deliver at the midpoint or better. The more consequential disclosure is the quantification of $12–$17 billion in incremental transmission opportunities and $3–$7 billion in utility-owned battery storage over the next decade — both incremental to the current plan and contingent on regulatory approvals. PJM's capacity market dysfunction, including the rejection of IRAS and the delayed reliability backstop auction, is accelerating Exelon's shift toward state-level utility-owned generation solutions, with the 500 MW New Jersey battery project with Invenergy as the first concrete example.
Tone: bullishRevenue
$24.3B
EXC 10-K · FY 2025
Employees
20,571
Revenue FY2024
$23B
Headquarters
Chicago, IL
Profile
EXC 10-K Item 1 · Feb 12, 2026Exelon Corporation is a utility services holding company that delivers electricity and natural gas to customers across six regulated subsidiaries: ComEd, PECO, BGE, Pepco, DPL, and ACE. It operates transmission and distribution infrastructure across Illinois, Pennsylvania, Maryland, the District of Columbia, Delaware, and New Jersey, serving approximately 10 million customers. Exelon does not own generation assets and procures power through contracts and PJM markets.
Read filing description ↓ Collapse description ↑
Exelon is a utility services holding company engaged in the energy transmission and distribution businesses through its subsidiaries, ComEd, PECO, BGE, Pepco, DPL, and ACE. The company operates across six reportable segments corresponding to its six regulated utilities. Commonwealth Edison Company serves northern Illinois including Chicago with electric transmission and distribution. PECO Energy Company serves southeastern Pennsylvania with electric and natural gas distribution. Baltimore Gas and Electric Company serves central Maryland with electric and natural gas distribution. Pepco Holdings LLC is a utility holding company operating through Pepco, DPL, and ACE. Potomac Electric Power Company serves the District of Columbia and portions of Maryland. Delmarva Power and Light Company serves portions of Delaware and Maryland with electric and natural gas distribution. Atlantic City Electric Company serves portions of southern New Jersey with electric distribution. Exelon does not generate the electricity it delivers; electric supply is procured through contracts as directed by state laws and regulatory commission actions, including purchases on PJM-operated markets. The Utility Registrants are members of PJM and provide regional transmission service pursuant to the PJM Tariff. Exelon's strategy is to improve reliability and operations, enhance the customer experience, and advance clean and affordable energy choices, while ensuring ratemaking mechanisms provide the utilities fair financial returns. The Utility Registrants anticipate investing approximately $41 billion over the next four years in electric and natural gas infrastructure improvements and modernization projects.
Primary products
- Electric transmission and distribution
- Natural gas distribution
- Default electric supply service
- Default natural gas supply service
- Energy efficiency programs
- Demand response programs
Business segments
End markets
Geographies
Named customers
Named competitors
Revenue commentary · FY 2025
Total operating revenues increased from $23,028 million in 2024 to $24,258 million in 2025, driven by higher electric revenues across PECO, BGE, and PHI segments and growth in natural gas revenues, partially offset by a decline in ComEd electric revenues.
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