AI Takeaway
Exelon (EXC) delivered solid FY2025 results with revenue growing 5.3% to $24.3B and operating income surging 19.2% to $5.1B, reflecting improved operating efficiency and continued infrastructure investment.
Revenue
$24.26B
++5.34% YoY
Operating Income
$5.15B
++19.19% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
Total revenue increased 5.3% year-over-year to $24.3B in FY2025 (from $23.0B in the prior year), consistent with Exelon's regulated utility model where rate base growth and approved rate increases are primary revenue drivers.
Source: Source: 10-K Income Statement
Operating margin expanded approximately 245 basis points to 21.2% in FY2025 from 18.8% in the prior year, as operating income grew 19.2% to $5.1B — outpacing revenue growth and signaling improved cost discipline across the utility operations.
Source: Source: 10-K Income Statement & Key Ratios
Investing cash outflows reached -$8.5B in FY2025 (vs. -$7.0B prior year), a 21.1% increase, reflecting Exelon's ongoing capital expenditure program to modernize and expand its regulated electric and gas distribution infrastructure.
Source: Source: 10-K Cash Flow Statement
2 more insights available
Upgrade to unlockLong-term debt rose 10.7% to $49.4B in FY2025, and the debt-to-equity ratio stands at a elevated 3.05x. In a rising or sustained high interest rate environment, refinancing costs could pressure earnings and limit financial flexibility for future capital investment.
Source: Source: 10-K Balance Sheet, Key Ratios
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $0.59 versus the $0.55 analyst consensus — a +6.8% beat for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $24.26B | $23.03B | +5.34% |
Operating Income | $5.15B | $4.32B | +19.19% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $116.57B | $107.78B | +8.15% |
Current Assets | $9.55B | $8.38B | +13.86% |
Total Liabilities | $87.77B | $80.86B | +8.54% |
Current Liabilities | $10.33B | $9.61B | +7.49% |
Stockholders' Equity | $28.8B | $26.92B | +6.97% |
Cash & Equivalents | $626M | $357M | +75.35% |
Long-Term Debt | $49.43B | $44.67B | +10.66% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $6.25B | $5.57B | +12.30% |
Investing Cash Flow | $-8.53B | $-7.04B | -21.06% |
Financing Cash Flow | $2.53B | $1.31B | +93.21% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | 21.2% | 18.8% | +2.47% |
Current Ratio | $0.924 | — | — |
Debt to Equity | $3.048 | — | — |
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Exelon's revenue grew 5.3% year-over-year to $24.3B in FY2025, up from $23.0B in the prior year. This growth is consistent with Exelon's regulated utility model, where rate base expansion and regulator-approved rate increases drive top-line growth.
The standout result in EXC's FY2025 earnings was the 19.2% surge in operating income to $5.1B, which drove operating margin expansion to 21.2% from 18.8%. However, capital spending of $8.5B resulted in negative free cash flow, and long-term debt climbed 10.7% to $49.4B to help fund the infrastructure investment program.
Based on the financial data, key risks for Exelon include its elevated debt-to-equity ratio of 3.05x and $49.4B in long-term debt, which create refinancing risk in a high interest rate environment. Additionally, the company's current ratio of 0.924 signals tight short-term liquidity, and its negative free cash flow position means continued reliance on capital markets to fund operations.
Exelon shows strong operational health with $6.3B in operating cash flow and improving margins, but its balance sheet carries significant leverage with $49.4B in long-term debt and a debt-to-equity ratio of 3.05x. The company's current ratio of 0.924 is slightly below 1.0, which is manageable for a regulated utility with reliable cash flows but leaves limited short-term liquidity cushion.
Exelon's investing cash outflows totaled $8.5B in FY2025, up 21.1% from $7.0B in the prior year, reflecting an accelerating infrastructure modernization and grid investment program. This level of capital spending exceeded operating cash flow of $6.3B, resulting in negative free cash flow and requiring $2.5B in net financing activities to bridge the gap.