olivLaw · US equity research
Exelon Corporation EXC
Electric & Other Services Combined · SIC 4931 · Vertical: Electric & Other Services Combined (SIC 4931)
Exelon is a utility holding company that operates, through six fully regulated transmission and distribution utilities, serving almost 11 million customers across the eastern US. The company matters now because of heavy grid investment, rate adjustments and 2026 earnings guidance, shaped by rising energy demand, regulatory constraints and the cost of capital. In the second quarter of 2026 adjusted earnings were 0.43 dollars per share.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Exelon Corporation (EXC) stock was 46.24 USD (+1.63% on the day), with market capitalisation 47.3 bn USD, P/E 16.9 on diluted EPS of 2.74 USD over the last 12 months, dividend yield 3.50%, beta -0.08, 52-week range 40.20–50.29 USD. Latest reported quarter (Q1 2026): revenue of 7.2 bn USD (+7.9% YoY), net income of 919.0 m USD (+1.2% YoY), diluted EPS 0.90 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 67.8
- strong (55–70)
- Bollinger (20, 2)
- 40.79 – 47.06
- in the upper half of the band · %B 0.87 · band width 14.3%
- SMA 50 / 200
- 42.97 / 45.63
- mixed trend
- MACD (12, 26, 9)
- 1.01 / 0.73
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +13.3% | −1.1% | +14.4 pp | — |
| 3 months | +1.0% | −0.5% | +1.5 pp | — |
| 6 months | +2.7% | +4.4% | −1.7 pp | — |
| Year to date | +6.1% | +12.3% | −6.2 pp | — |
| 1 year | −0.3% | +13.5% | −13.8 pp | +4.6% |
| 3 years | +14.0% | +76.4% | −62.4 pp | +40.4% |
| 5 years | +19.7% | +63.7% | −43.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2026 · 31 Mar 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5.4 bn | 6.2 bn | 5.5 bn | 6.7 bn | 5.4 bn | 6.7 bn | 5.4 bn | 7.2 bn |
| Operating income | 913.0 m | 1.2 bn | 1.1 bn | 1.5 bn | 927.0 m | 1.5 bn | 1.2 bn | 1.6 bn |
| Depreciation & amortisation | 894.0 m ≈ | 909.0 m ≈ | 913.0 m | 905.0 m | 901.0 m ≈ | 913.0 m ≈ | 924.0 m | 953.0 m |
| Pre-tax income | 494.0 m | 757.0 m | 696.0 m | 1.1 bn | 461.0 m | 1.0 bn | 721.0 m | 1.1 bn |
| Income tax | 46.0 m | 50.0 m | 49.0 m | 170.0 m | 70.0 m | 155.0 m | 127.0 m | 200.0 m |
| Net income | 448.0 m | 707.0 m | 647.0 m | 908.0 m | 391.0 m | 875.0 m | 594.0 m | 919.0 m |
| Diluted EPS | 0.45 | 0.70 | 0.64 ≈ | 0.90 | 0.39 | 0.86 | 0.59 ≈ | 0.90 |
| Operating cash flow | 1.5 bn ≈ | 1.7 bn ≈ | 1.4 bn | 1.2 bn | 1.5 bn ≈ | 2.3 bn ≈ | 1.2 bn | 1.7 bn |
| Capex | 1.7 bn ≈ | 1.7 bn ≈ | 1.9 bn | 1.9 bn | 2.0 bn ≈ | 2.1 bn ≈ | 2.4 bn | 2.4 bn |
| Dividends paid | 380.0 m ≈ | 381.0 m ≈ | 382.0 m | 403.0 m | 405.0 m ≈ | 404.0 m ≈ | 405.0 m | 430.0 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 74 percentile of its own 35-quarter history (min 7.1, median 15.0, max 29.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | ⚠ 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 36.0 bn | 34.4 bn | 16.7 bn | 17.9 bn | 19.1 bn | 21.7 bn | 23.0 bn | 24.3 bn |
| Revenue YoY | +7.2% | −4.3% | — | +7.7% | +6.4% | +13.9% | +6.0% | +5.3% |
| Net income | 2.1 bn | 3.0 bn | 2.0 bn | 1.8 bn | 2.2 bn | 2.3 bn | 2.5 bn | 2.8 bn |
| Net income YoY | −46.3% | +45.6% | — | −6.4% | +18.7% | +7.2% | +5.7% | +12.5% |
| Diluted EPS | 2.07 | 3.01 | 2.01 | 1.74 | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | −48.0% | +45.4% | — | −13.4% | unavailable | unavailable | unavailable | unavailable |
| net % | 5.8% | 8.8% | 11.7% | 10.2% | 11.4% | 10.7% | 10.7% | 11.4% |
| Free cash flow | 1.1 bn | -589.0 m | -3.8 bn | -5.0 bn | -2.3 bn | -2.7 bn | -1.5 bn | -2.3 bn |
The series breaks before 2020: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 626.0 m USD
- Financial debt
- 48.0 bn USD
- Net debt
- 47.4 bn USD
- Equity
- 28.8 bn USD
- Total assets
- 116.6 bn USD
- Debt / equity
- 1.67x
- Current ratio
- 0.92x
- ROE
- 9.9%
- ROA
- 2.5%
- FCF margin
- -9.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 16.7 bn | 17.9 bn | 19.1 bn | 21.7 bn | 23.0 bn | 24.3 bn | SEC (XBRL)· 12 Feb 2026verified |
| Operating income | 2.2 bn | 2.7 bn | 3.3 bn | 4.0 bn | 4.3 bn | 5.1 bn | SEC (XBRL)· 12 Feb 2026verified |
| Depreciation & amortisation | 2.9 bn | 3.0 bn | 3.3 bn | 3.5 bn | 3.6 bn | 3.6 bn | SEC (XBRL)· 12 Feb 2026verified |
| EBITDA | 5.1 bn ≈ | 5.7 bn ≈ | 6.6 bn ≈ | 7.5 bn ≈ | 7.9 bn ≈ | 8.8 bn ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Interest expense | 1.6 bn | — | — | — | — | — | SEC (XBRL)· 24 Feb 2021verified |
| Pre-tax income | 1.1 bn | 1.7 bn | 2.4 bn | 2.7 bn | 2.7 bn | 3.3 bn | SEC (XBRL)· 12 Feb 2026verified |
| Income tax | -7.0 m | 38.0 m | 349.0 m | 374.0 m | 207.0 m | 523.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Net income | 2.0 bn | 1.8 bn | 2.2 bn | 2.3 bn | 2.5 bn | 2.8 bn | SEC (XBRL)· 12 Feb 2026verified |
| Diluted EPS | 2.01 | 1.74 | — | — | — | — | SEC (XBRL)· 25 Feb 2022verified |
| Weighted average diluted shares | 977.0 m | 980.0 m | 987.0 m | 997.0 m | 1.0 bn | 1.0 bn | SEC (XBRL)· 12 Feb 2026verified |
| Dividend per share | 1.53 | 1.53 | 1.35 | 1.44 | 1.52 | 1.60 | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 432.0 m | 672.0 m | 407.0 m | 445.0 m | 357.0 m | 626.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Receivables | 3.2 bn | 1.9 bn | 2.2 bn | 2.3 bn | 2.7 bn | 3.3 bn | SEC (XBRL)· 12 Feb 2026verified |
| Current assets | 12.6 bn | 14.0 bn | 7.3 bn | 8.1 bn | 8.4 bn | 9.5 bn | SEC (XBRL)· 12 Feb 2026verified |
| Property, plant & equipment, net | 82.6 bn | 64.6 bn | 69.1 bn | 73.6 bn | 78.2 bn | 84.3 bn | SEC (XBRL)· 12 Feb 2026verified |
| Goodwill | 6.7 bn | 6.6 bn | 6.6 bn | 6.6 bn | 6.6 bn | 6.6 bn | SEC (XBRL)· 12 Feb 2026verified |
| Intangibles (excl. goodwill) | 172.0 m | -207.0 m | -25.0 m | — | — | — | SEC (XBRL)· 14 Feb 2023verified |
| Total assets | 129.3 bn | 133.0 bn | 95.3 bn | 101.9 bn | 107.8 bn | 116.6 bn | SEC (XBRL)· 12 Feb 2026verified |
| Accounts payable | 3.6 bn | 2.4 bn | 3.4 bn | — | — | — | SEC (XBRL)· 14 Feb 2023verified |
| Short-term debt | 2.0 bn | 1.2 bn | 2.6 bn | 2.5 bn | 1.9 bn | 612.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Long-term debt | 35.1 bn | 30.7 bn | 35.3 bn | 39.7 bn | 42.9 bn | 47.4 bn | SEC (XBRL)· 06 May 2026verified |
| Current liabilities | 12.8 bn | 16.1 bn | 10.6 bn | 9.9 bn | 9.6 bn | 10.3 bn | SEC (XBRL)· 12 Feb 2026verified |
| Total liabilities | 94.4 bn | 98.2 bn | 70.6 bn | 76.1 bn | 80.9 bn | 87.8 bn | SEC (XBRL)· 12 Feb 2026verified |
| Equity | 34.9 bn | 34.8 bn | 24.7 bn | 25.8 bn | 26.9 bn | 28.8 bn | SEC (XBRL)· 12 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 4.2 bn | 3.0 bn | 4.9 bn | 4.7 bn | 5.6 bn | 6.3 bn | SEC (XBRL)· 12 Feb 2026verified |
| Capex | 8.0 bn | 8.0 bn | 7.1 bn | 7.4 bn | 7.1 bn | 8.5 bn | SEC (XBRL)· 12 Feb 2026verified |
| Free cash flow | -3.8 bn ≈ | -5.0 bn ≈ | -2.3 bn ≈ | -2.7 bn ≈ | -1.5 bn ≈ | -2.3 bn ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Investing cash flow | -4.3 bn | -3.3 bn | -7.0 bn | -7.4 bn | -7.0 bn | -8.5 bn | SEC (XBRL)· 12 Feb 2026verified |
| Financing cash flow | 145.0 m | 758.0 m | 1.6 bn | 2.7 bn | 1.3 bn | 2.5 bn | SEC (XBRL)· 12 Feb 2026verified |
| Dividends paid | 1.5 bn | 1.5 bn | 1.3 bn | 1.4 bn | 1.5 bn | 1.6 bn | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
3 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 71 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 47.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet45
- Growth100
- Quality30
- Returns89
- Valuation89
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 21.03 – 82.44 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Dividend discount (DDM)21.03 – 28.28 (Mid 24.12)
- Peers: EV/EBITDA64.82 – 82.44 (Mid 71.62)7 companies used · median multiple 13.6x · quartiles 12.8x – 14.8xAEE, CMS, DUK, EVRG, LNT, WEC, XEL
- Peers: P/E54.17 – 61.58 (Mid 56.80)10 companies used · median multiple 20.8x · quartiles 19.8x – 22.5xAEE, CMS, DUK, ED, EVRG, LNT, NI, PEG, WEC, XEL
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 71/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.8% | 50 (vs peers) | 8% |
| Net margin · Quality | 11.2% | 10 (vs peers) | 8% |
| Revenue CAGR 3Y · Growth | 8.3% | 100 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 5.4x | 50 (vs peers) | 16% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.9x | 30 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 16.9x | 91 (vs peers) | 16% |
| EV/EBITDA · Valuation | 10.7x | 88 (vs peers) | 13% |
| Dividend yield · Returns | 3.5% | 91 (vs peers) | 18% |
| Payout ratio (EPS) · Returns | 59.2% | 85 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet45/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality30/100 · 2/2 factors with a value
- Returns89/100 · 2/2 factors with a value
- Valuation89/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
EXELON CORPORATION (EXC). Latest full fiscal year: 2025; data up to 2026-03-31.
Figures computed from the financial statements: revenue 24.3 bn USD in 2025; YoY growth 5.3%; net margin 11.2%; ROE 9.8%; net debt/EBITDA 5.4x.
The estimated value range is 54.17–61.58 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 56.80 USD, the price of 46.24 USD leaves a potential of 22.8% (value / price − 1) and a margin of safety of 18.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 71/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 8.3%
- P/E (TTM): 16.9x
- EV/EBITDA: 10.7x
- Dividend yield: 3.5%
- Payout ratio (EPS): 59.2%
- The price is below the estimated value range
What contradicts it
- Net margin: 11.2%
- Current ratio: 0.9x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Interest coverage.
Versus the vertical median
Electric & Other Services Combined (SIC 4931) · same industry (4-digit SIC) · compared with 11 companies
Only companies with a capitalisation between 5.7 bn and 367.1 bn (within 8× of the company's); 6 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DUKDuke Energy CORP | 101.0 bn | 19.8 | 9.8% | 15.8% | +5.6% | +5% / +40% |
| XELXcel Energy Inc | 51.7 bn | 18.8 | 11.4% | — | +1.2% | −2% / +32% |
| EXCExelon Corporation | 47.3 bn | 16.9 | 9.8% | 11.2% | +5.3% | −0% / +14% |
| EDConsolidated Edison Inc | 44.3 bn | 20.3 | 8.7% | 12.5% | +10.9% | +20% / +34% |
| WECWec Energy Group, Inc. | 38.9 bn | 21.4 | 12.5% | 17.6% | +14.0% | +5% / +41% |
| PEGPublic Service Enterprise Group Incorporated | 36.5 bn | 18.2 | 11.8% | 16.0% | +18.3% | −12% / +17% |
| PCGPg&E Corp | 35.9 bn | 9.6 | 9.7% | 12.3% | +2.1% | −17% / −22% |
| AEEAmeren Corp | 31.3 bn | 19.9 | 12.1% | 17.9% | +15.4% | +6% / +46% |
| CMSCms Energy Corp | 22.3 bn | 21.3 | 11.3% | 11.6% | +13.6% | −6% / +25% |
| NINiSource Inc. | 21.7 bn | 23.1 | 10.1% | 8.2% | +23.5% | +3% / +77% |
| EVRGEvergy, Inc. | 19.9 bn | 22.9 | 8.8% | 14.6% | +2.0% | +11% / +69% |
| LNTAlliant Energy Corp | 19.1 bn | 23.1 | 11.3% | 18.6% | +9.6% | +6% / +46% |
1- and 3-year price returns: for EXC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 28.19 Total return -36% · Per year -36% | 49.74 Total return 11% · Per year 11% | 74.80 Total return 66% · Per year 66% |
| 3 years | 29.50 Total return -27% · Per year -10% | 58.38 Total return 39% · Per year 11% | 96.09 Total return 123% · Per year 31% |
| 5 years | 30.89 Total return -18% · Per year -4% | 68.52 Total return 70% · Per year 11% | 123.42 Total return 196% · Per year 24% |
- Exit P/E± 14.60
- Net margin± 10.22
- Annual revenue growth± 8.09
- Annual dilution± 0.86
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (30 Oct 2026 · results).
In brief
Exelon is a utility holding company that operates, through six fully regulated transmission and distribution utilities, serving almost 11 million customers across the eastern US. The company matters now because of heavy grid investment, rate adjustments and 2026 earnings guidance, shaped by rising energy demand, regulatory constraints and the cost of capital. In the second quarter of 2026 adjusted earnings were 0.43 dollars per share 3.
SWOT
Strengths
- The company has six fully regulated transmission and distribution utilities and a large customer base, giving it predictable revenue and broad regional reach 3.
- Quarterly and half-year results show disciplined operational execution, with top quartile reliability reported across the utilities 3.
- The company has largely executed its 2026 financing plan, which supports investment without depending on favorable market conditions 3.
Weaknesses
- Dependence on regulatory decisions can delay cost recovery, and approval processes are described as lengthy and contestable 1.
- Interest and depreciation costs rose in some segments, reducing utility-level earnings 23.
- Some quarterly results were weaker than the prior year, showing sensitivity of profit to operating factors 2.
Opportunities
- Rising energy demand could support new grid investment and solutions such as storage, if regulators approve them 3.
- New rate requests could add revenue in the future, especially if investments are recognized as necessary 3.
- Federal infrastructure funding programs offer possibilities, although timing and success of funding remain uncertain 1.
Risks
- Regulatory decisionshigh
Rate decisions may fall short of requests and approvals may be delayed, affecting recovery of investments.
- Cybersecurity and physical securityhigh
Attacks on networks and information systems could cause outages, revenue losses and remediation costs.
- Compliance with reliability standardsmedium
Failure to meet mandatory reliability standards could bring additional costs and financial penalties.
- Litigation and reputationmedium
Legal proceedings and public criticism could lead to harsher regulatory decisions and increased oversight.
- Tax and federal fundingmedium
Tax changes and cancelled federal grants could affect investment plans and financial results.
Investment thesis
What would need to be true (bull case)
- If approved rates keep supporting grid investment, adjusted earnings could move toward the upper end of the long-term growth range.
- Growing energy demand may justify new regulated investment, expanding the company's rate base.
- Solid financing execution and high grid reliability could reduce execution risk in the coming period.
What would break the thesis
- If regulators approve rates lower than those requested, cost recovery could be delayed and profit affected.
- High interest costs could reduce profit margins, especially if financing becomes more expensive.
- A cyber or physical security incident could generate unexpected costs and lost revenue.
What to watch
- Maryland commission decision on the BGE electric distribution rate request2027
- Approval of the Pepco Maryland rate increase requestQ3 2026
- Trend in interest costs and the planned debt issuanceQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (30 Oct 2026 · results).
The business
Exelon Corporation, listed on Nasdaq as EXC, is a utility services holding company focused on electricity transmission and distribution and natural gas distribution. Its activity is organized into six reportable segments: ComEd, PECO, BGE, Pepco, DPL and ACE 12. Revenue is driven mainly by rates approved by regulatory commissions, and the company earns a regulated return on its grid investments 1. According to the results release, the company serves almost 11 million customers through six fully regulated utilities 3.
Market context
Exelon operates in regulated transmission and distribution markets, where revenue depends on rates approved by state and federal authorities 1. Energy demand is growing, according to the release, which makes grid investment a priority 3. Management tracks results against a regulated return on invested capital 1.
The regulatory environment remains central: if approved rates fall short of actual costs, cost recovery could be affected 1. Pending rate requests, such as the one in Maryland, show that the approval process remains a key variable for the coming period 23.
Trends
- Rising energy demandtailwind
The results release indicates that energy demand keeps growing, supporting the grid investment plan and solutions such as storage 3. If demand stays high, investments could be easier to justify before regulators.
- Approved rate increasestailwind
Approved rates at ComEd, BGE and PHI supported quarterly and half-year earnings in 2026 23. The effect, however, depends on future approvals, and new requests have uncertain timing.
- Cost of debtheadwind
Higher interest expense at PECO, PHI and the holding company emerged as a pressure on 2026 profitability 2. If interest rates stay high, profit margins could be thinner.
- Regulatory and tax uncertaintymixed
Results can be affected by regulatory decisions and tax reconciliations, including possible reductions in EDIT liabilities if the IRS methodology applies 1. The effect is mixed and depends on final decisions.
Competitive position
Exelon operates in regulated distribution zones, where direct competition between networks is limited by law. Real competition comes mainly from regulatory policy and from energy alternatives such as distributed solutions, which may change how customers use energy 1.
Comparison with other utilities depends on approved rates and service quality, and the release highlights top quartile reliability as an operational differentiator 3. The sources do not describe specific market competitors.
- Other regulated US utilities
The sources do not name direct competitors; comparison runs mainly through rates and network quality.
- Distributed energy and storage solution providers
The release mentions storage and virtual power plants as alternatives but names no specific firms.
- Regional transmission operators
Transmission activity is regulated; competition is limited by the legal framework.
- Other natural gas providers in served areas
The sources mention gas distribution in Pennsylvania, Maryland and Delaware, without other names.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Alphabet, Exelon, and Patterson-UTI Just Paid Shareholders. Here’s What They Got.Yahoo Finance — News · 16 Sept 2026 · EN
- How Is Exelon’s Stock Performance Compared to Other Regulated Utilities StocksYahoo Finance — News · 12 Sept 2026 · EN
The latest news item in our archive is from 16 Sept 2026; the newest SEC filing is from 30 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report30 Oct 2026
- Current report30 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report25 Aug 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report30 Apr 2026Shareholder vote
- Current report16 Apr 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Proxy statement18 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Exelon Corporation · 12 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Exelon Corporation · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Exelon Corporation · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.