Exelon Corporation (EXC)

Exelon's stock (EXC) has increased by 9.19% in the past six months, 15.84% year-to-date, and 20.60% over the last year. In Q1 2025, Exelon reported strong operating earnings of $0.92 per share, surpassing expectations due to new distribution and transmission rates. Strategic rate increases for infrastructure upgrades, driven by harsh weather and rising demand from industrial electrification and AI data centers, have positively influenced revenue and profits. Exelon is investing $38 billion over the next four years in capital projects, primarily transmission, aiming for a 7.4% rate base growth and 5% to 7% annualized earnings growth through 2028. On February 21, 2025, Exelon issued $1.0 billion in notes to partly repay commercial paper borrowings. In June 2025, ComEd announced a $10 million relief fund for customers with rising summer energy bills, and Exelon committed $50 million to a customer relief fund for those struggling with higher energy supply costs. Exelon announced executive leadership appointments in governmental, external, and regulatory affairs in July 2025. ComEd unveiled new power infrastructure upgrades at its Itasca Substation in July 2025.

Demand for Exelon's electricity and natural gas is seasonal. Natural gas usage peaks during the winter heating season. Electricity demand is influenced by weather patterns, with harsh weather increasing demand. Rising demand from industrial electrification and the expansion of AI data centers are intensifying electricity demand, particularly during seasonal peaks, necessitating infrastructure upgrades and potentially leading to rate adjustments.

Exelon Corporation is a major American public utility holding company based in Chicago, Illinois, recognized as one of the largest in the U.S. by customer count and revenue. Its core business is energy delivery through six regulated electric and gas utility subsidiaries. Exelon primarily operates within the Utilities sector, focusing on Electric Utilities, and has a market share in Electric Power Transmission, Nuclear Power, and Coal & Natural Gas Power. It spun off its power generation business, Constellation Energy, in early 2022 to concentrate on transmission and distribution. Exelon distributes and transmits electricity and natural gas to approximately 10.7 million customers, also providing retail energy services, energy efficiency solutions, and utility and energy management services.

Exelon's operational geographic footprint spans across six primary states and the District of Columbia: Illinois, Pennsylvania, Maryland, New Jersey, Delaware, and Washington, D.C. Its subsidiaries serve specific regions within these areas, including northern Illinois (ComEd), southeastern Pennsylvania (PECO), central Maryland (BGE), Washington, D.C. and suburban Maryland (Pepco), Delaware and Maryland (Delmarva Power), and southern New Jersey (Atlantic City Electric).

Exelon maintains a strong brand reputation, service reliability, and an emphasis on modernization. The company has been recognized for its corporate sustainability performance, being named to the Dow Jones Sustainability North America Index for 19 consecutive years (2006-2024). In 2023, Exelon's utilities continued to perform at high levels in terms of outage frequency and duration compared to peers, supported by substantial infrastructure investments. The company is committed to reducing operations-driven greenhouse gas emissions by 50% by 2030 and achieving net zero by 2050. There is no specific information in the past year indicating new negative events that have significantly affected its brand reputation, although the potential for adverse impact from past legal issues is noted.

Institutional investors hold approximately 85% of Exelon's shares as of July 3, 2025. The Vanguard Group, Inc. is the largest shareholder with 13%, followed by BlackRock, Inc. with 11%, and State Street Global Advisors, Inc. with about 6.1%. Other major institutional owners include Geode Capital Management, Llc, Fmr Llc, and Lazard Asset Management Llc. The general public holds a 15% stake, while insiders own less than 1%.