Exelon Corp

exeloncorp.com

What Do They Do?

Delivers electricity and natural gas through transmission and distribution networks to households, businesses and public agencies.

How Do They Make Money?

For regulated electric service, customers pay for electricity and delivery within the month after delivery; PJM pays weekly for transmission service. Natural-gas customers pay within the month after delivery.

revenue

Segment	Share	How money arrives
Electricity, US Regulated Usage-based	91%	Usage-based
Natural Gas, US Regulated Usage-based	9.5% FY2022: 100%	Usage-based
Service, Other	0.0%

Who Are Their Customers?

Households, businesses and government customers receive delivery service through Exelon’s utilities. They can buy electricity or gas supply from a competitive supplier or the utility; when they choose a competitor, the utility bills as agent.

Do Revenues Turn Into Profits?

Yes. It kept 11 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$2.3B.

Operating income, FY2025

21% of revenue

▲ +19% vs FY2024 ($4.3B, 19%)

Net income, FY2025

11% of revenue

▲ +13% vs FY2024 ($2.5B, 11%)

Free cash flow, FY2025

−9% of revenue

▲ +49% (Loss) vs FY2024 (−$1.5B, −7%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +10%; vs $5.4B in Q2 FY2025
Net income: ▲ +1%; vs $391M in Q2 FY2025

Rate-regulated electric revenues share of operating revenues vs 93.9% in Q2 FY2025

Aug 25, 2026 Michael Innocenzo will depart; Robert Kleczynski will become Exelon CFO Innocenzo is set to leave Exelon and PECO in 2027; Kleczynski will become Exelon CFO effective October 5, 2026.

Growing. Revenue grew 35% in 4 years, from $17.9B in FY2021 to $24.3B in FY2025, about 8% a year.

Revenue over time

Electricity, US Regulated Natural Gas, US Regulated Service, Other

$25B$12.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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