Aggressive infrastructure investment is evidenced by a 136.8% CapEx-to-OCF ratio in 2026Q1, which necessitates ongoing access to capital markets to sustain operations.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 6.78B | 6.25B | 5.57B | 4.7B | 4.87B | 3.01B | 4.24B | 6.66B | 8.64B | 7.49B | 8.43B | 7.63B | 4.46B | 6.34B | 6.13B | 4.85B | 5.24B | 6.09B | 6.55B | 4.5B | 4.83B | 2.15B | 4.4B | 3.38B | 3.61B | 3.62B | 1.1B | 888.4M | 1.43B | 1.04B | 1.17B |
| Operating CF Growth % | 70.37% | 12.3% | 18.41% | -3.43% | 61.69% | -28.88% | -36.4% | -22.96% | 15.38% | -11.17% | 10.48% | 71.28% | -29.73% | 3.44% | 26.35% | -7.46% | -13.95% | -6.98% | 45.71% | -7.01% | 125.2% | -51.18% | 29.96% | -6.36% | -0.03% | 229.84% | 23.37% | -38% | 38.02% | -11.43% | -7.27% |
| Operating CF / Revenue % | 27.35% | 25.78% | 24.18% | 21.65% | 25.53% | 16.79% | 12.82% | 19.34% | 24.02% | 22.34% | 26.89% | 25.92% | 16.25% | 25.47% | 26.11% | 25.3% | 28.13% | 35.19% | 34.74% | 23.77% | 30.88% | 13.98% | 30.3% | 21.4% | 24.17% | 23.88% | 14.62% | 16.34% | 27.5% | 22.48% | 27.36% |
| Net Income | 2.78B | 2.77B | 2.46B | 2.33B | 2.17B | 1.62B | 1.95B | 2.94B | 2B | 3.78B | 1.2B | 2.27B | 1.62B | 1.72B | 1.16B | 2.5B | 2.56B | 2.71B | 2.74B | 2.74B | 1.59B | 951M | 1.86B | 905M | 486M | 1.43B | 586M | 619M | 532.4M | 336.6M | 517.2M |
| Depreciation & Amortization | 3.54B | 3.64B | 2.92B | 2.79B | 3.53B | 7.57B | 6.53B | 5.55B | 5.38B | 5.43B | 5.58B | 3.99B | 3.87B | 3.78B | 4.07B | 1.33B | 2.94B | 1.83B | 2.31B | 2.18B | 2.13B | 1.97B | 1.93B | 386M | 456M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 443M | 0 | 0 | 319M | 255M | 18M | 309M | 681M | -106M | -361M | 664M | 752M | 502M | 119M | 547M | 1.46B | 981M | 756M | 374M | -104M | 73M | 493M | 202M | -337M | 278M | -68M | 193M | 7.5M | -115.6M | -17.2M | 166.8M |
| Other Non-Cash Items | 1.47B | 1.72B | 1.39B | 122M | 1.13B | -725M | 244M | 590M | 2.18B | -93M | 1.77B | 771M | 1.71B | 28M | 912M | 2.06B | 416M | 1.34B | 732M | 766M | 1.01B | 1.42B | 139M | 2.68B | 2.76B | 2.13B | 827M | 624.3M | 923M | 827.4M | 549M |
| Working Capital Changes | -1.46B | -1.88B | -1.2B | -852M | -2.26B | -5.57B | -4.8B | -3.18B | -1.02B | -1.26B | -960M | -264M | -3.25B | 698M | -628M | -2.49B | -1.66B | -543M | 400M | -1.08B | 30M | -2.69B | 260M | -248M | 5M | 128M | -510M | -362.4M | 93.1M | -108.6M | -60.8M |
| Capital Expenditures | -8.94B | -8.53B | -7.1B | -7.41B | -7.15B | -7.98B | -8.05B | -7.25B | -7.59B | -7.58B | -15.49B | -7.62B | -6.08B | -5.39B | -5.79B | -4.04B | -3.33B | -3.27B | -3.12B | -2.67B | -2.42B | -2.17B | -1.92B | -1.95B | -2.15B | -2.04B | -1.2B | -885.4M | -415.3M | -490.2M | -548.9M |
| CapEx / Revenue % | 36.07% | 35.16% | 30.82% | 34.1% | 37.46% | 44.49% | 24.36% | 21.05% | 21.1% | 22.62% | 49.4% | 25.89% | 22.16% | 21.67% | 24.65% | 21.07% | 17.84% | 18.9% | 16.53% | 14.14% | 15.45% | 14.1% | 13.23% | 12.36% | 14.38% | 13.48% | 16.04% | 16.29% | 7.97% | 10.62% | 12.81% |
| CapEx / D&A | 2.53x | 2.34x | 2.43x | 2.66x | 2.02x | 1.05x | 1.23x | 1.31x | 1.41x | 1.40x | 2.78x | 1.91x | 1.57x | 1.43x | 1.42x | 3.03x | 1.13x | 1.78x | 1.35x | 1.22x | 1.13x | 1.10x | 0.99x | 5.06x | 4.71x | - | - | - | - | - | - |
| CapEx Coverage (OCF/CapEx) | 0.76x | 0.73x | 0.78x | 0.63x | 0.68x | 0.38x | 0.53x | 0.92x | 1.14x | 0.99x | 0.54x | 1.00x | 0.73x | 1.18x | 1.06x | 1.20x | 1.58x | 1.86x | 2.10x | 1.68x | 2.00x | 0.99x | 2.29x | 1.73x | 1.68x | 1.77x | 0.91x | 1.00x | 3.45x | 2.12x | 2.14x |
| Cash from Investing | -8.94B | -8.53B | -7.04B | -7.38B | -6.99B | -3.32B | -4.34B | -7.26B | -7.83B | -7.95B | -15.49B | -7.84B | -4.6B | -5.39B | -4.58B | -4.6B | -3.89B | -3.46B | -3.38B | -2.91B | -2.76B | -2.49B | -1.74B | -2.11B | -2.54B | -2.39B | -1.2B | -885.4M | -462.1M | -573.5M | -663M |
| Acquisitions | 0 | 0 | 0 | 0 | 16M | 7.98B | 8.05B | -41M | -154M | -208M | -6.93B | -40M | -386M | 115M | 371M | -387M | -893M | 0 | 0 | 0 | 0 | -97M | 0 | -272M | -445M | -30M | -752M | -222.5M | 0 | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | -516M | -6.67B | -3.46B | -10.09B | -9B | -8.11B | -9.74B | -7.15B | -7.55B | -4.45B | -7.5B | -6.34B | -3.93B | -23.17B | -17.49B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -66.5M | -46.7M | -83.3M | -114.1M |
| Sale of Investments | 0 | 0 | 0 | 0 | 488M | 6.53B | 3.34B | 10.05B | 8.76B | 7.84B | 9.86B | 6.89B | 7.74B | 4.24B | 7.29B | 6.14B | 3.79B | 22.95B | 17.2B | 95M | 2M | 0 | 329M | 263M | 287M | 0 | 0 | 12.2M | 0 | 0 | 0 |
| Other Investing | 2M | 4M | 55M | 33M | 169M | -3.18B | -4.21B | 65M | 149M | 114M | -111M | 76M | 1.68B | 101M | 1.05B | 17M | 462M | 41M | 24M | -330M | -346M | -225M | -144M | -146M | -230M | -321M | 301M | -117.5M | -100K | 0 | 0 |
| Cash from Financing | 1.88B | 2.53B | 1.31B | 2.68B | 1.59B | 758M | 145M | -58M | -219M | 767M | 1.19B | 4.83B | 411M | -826M | -1.09B | -846M | -1.75B | -1.9B | -2.21B | -1.5B | -1.99B | -19M | -2.63B | -1.24B | -1.09B | -1.26B | -255M | 177.2M | -956.2M | -460.5M | -500.6M |
| Dividends Paid | -1.64B | -1.62B | -1.52B | -1.43B | -1.33B | -1.5B | -1.49B | -1.41B | -1.33B | -1.24B | -1.17B | -1.1B | -1.06B | -1.25B | -1.72B | -1.39B | -1.39B | -1.39B | -1.33B | -1.18B | -1.07B | -1.07B | -831M | -620M | -563M | -583M | -157M | -208.1M | -236.3M | -422.8M | -409.9M |
| Dividend Payout Ratio % | - | 58.42% | 31.54% | 61.56% | 61.47% | 87.75% | 76.01% | 47.96% | 66.27% | 32.79% | 102.82% | 48.7% | 65.62% | 72.66% | 147.93% | 55.83% | 54.19% | 51.16% | 48.78% | 43.13% | 67.27% | 115.93% | 44.58% | 68.51% | 39.1% | 40.83% | 26.79% | 33.65% | 46.03% | - | 79.25% |
| Debt Issuance (Net) | 4M | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K |
| Stock Issued | 566M | 727M | 191M | 140M | 563M | 80M | 45M | 112M | 105M | 1.15B | 55M | 1.87B | 35M | 47M | 72M | 38M | 48M | 42M | 130M | 215M | 184M | 222M | 240M | 381M | 78M | 39M | 0 | 14M | 128.8M | 50.1M | 11.3M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -190M | 0 | 0 | -93M | 0 | 0 | 0 | 0 | -500M | -1.29B | -186M | -362M | -82M | -300M | -18M | -17M | -515M | -1.96B | -80.8M | -61.9M | 0 |
| Other Financing | -86M | -94M | -109M | -73M | -2.66B | -965M | -136M | -82M | -108M | 463M | 342M | -35M | -599M | -72M | -113M | -62M | -16M | -3M | 198M | 238M | 11M | -54M | 34M | -96M | 1M | -100M | 51M | 36.2M | -69.9M | -46.6M | -30.4M |
| Net Change in Cash | -285M | 262M | -162M | 11M | -529M | 453M | 44M | -659M | 591M | 276M | -5.87B | 4.62B | 269M | 123M | 470M | -596M | -398M | 739M | 960M | 87M | 84M | -359M | 35M | 35M | -16M | -41M | -362M | 180.1M | 14.7M | 4.2M | 8.6M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K | 100K | 0 | 0 |
| Cash at Beginning | 1.2B | 939M | 1.1B | 1.09B | 1.62B | 1.17B | 1.12B | 1.78B | 1.19B | 635M | 6.5B | 1.88B | 1.61B | 1.49B | 1.02B | 1.61B | 2.01B | 1.27B | 311M | 224M | 140M | 499M | 493M | 469M | 485M | 526M | 1.2B | 48.1M | 33.4M | 29.2M | 20.6M |
| Cash at End | 1.3B | 1.2B | 939M | 1.1B | 1.09B | 1.62B | 1.17B | 1.12B | 1.78B | 898M | 635M | 6.5B | 1.88B | 1.61B | 1.49B | 1.02B | 1.61B | 2.01B | 1.27B | 311M | 224M | 140M | 528M | 504M | 469M | 485M | 840M | 228.2M | 48.1M | 33.4M | 29.2M |
| Free Cash Flow | -2.16B | -2.27B | -1.53B | -2.71B | -2.28B | -4.97B | -3.81B | -589M | 1.05B | -92M | -7.06B | 10M | -1.62B | 948M | 343M | 811M | 1.92B | 2.82B | 3.43B | 1.82B | 2.42B | -18M | 2.48B | 1.43B | 1.46B | 1.57B | -107M | 3M | 1.02B | 548M | 623.3M |
| FCF Growth % | -44.3% | -48.89% | 43.51% | -18.8% | 54.18% | -30.32% | -547.37% | -156.1% | 1241.3% | 98.7% | -70680% | 100.62% | -270.89% | 176.38% | -57.71% | -57.72% | -32.01% | -17.85% | 88.47% | -24.62% | 13527.78% | -100.73% | 73.22% | -2.32% | -6.99% | 1571.03% | -3666.67% | -99.71% | 85.69% | -12.08% | -9.17% |
| FCF Margin % | -8.73% | -9.38% | -6.64% | -12.45% | -11.94% | -27.7% | -11.54% | -1.71% | 2.92% | -0.27% | -22.51% | 0.03% | -5.91% | 3.81% | 1.46% | 4.23% | 10.29% | 16.29% | 18.21% | 9.63% | 15.44% | -0.12% | 17.07% | 9.04% | 9.79% | 10.4% | -1.43% | 0.06% | 19.53% | 11.87% | 14.55% |
| FCF / Net Income % | -77.83% | -82.19% | -62.11% | -116.19% | -104.93% | -291.27% | -194.24% | -20.06% | 52.24% | -2.44% | -622.4% | 0.44% | -99.82% | 55.15% | 29.57% | 32.51% | 74.83% | 104.21% | 125.47% | 66.59% | 151.82% | -1.95% | 132.89% | 158.01% | 101.67% | 110.22% | -18.26% | 0.52% | 198.48% | -36.6% | 120.51% |
Regulatory lag and political scrutiny
As reported in quarterly financial statements, Exelon consistently maintains a high CapEx-to-OCF ratio, peaking at 195.7% in 2025Q4, which underscores the company's commitment to aggressive grid modernization and infrastructure expansion across its regulated utility subsidiaries in the Midwest and Mid-Atlantic regions.
The persistent negative free cash flow is a structural feature of the company's current growth phase rather than an operational failure. This level of investment suggests that management is prioritizing long-term rate base expansion, which is essential for capturing future earnings growth within the regulated framework.
Based on the provided cash flow data, the company frequently relies on external financing to bridge the gap between operating cash flow and capital requirements, as evidenced by the $530 million net stock issuance observed during the 2025Q4 period to support its ongoing infrastructure investment program.
The consistent need for capital market access highlights the importance of maintaining investment-grade credit ratings to ensure reasonable financing terms. Investors should monitor whether the company's reliance on equity and debt markets remains balanced to avoid excessive dilution or leverage pressure during periods of high capital intensity.
According to recent quarterly filings, the company maintains a healthy OCF-to-dividend coverage ratio, which reached a peak of 5.7x in 2025Q3, indicating that core regulated operations generate sufficient cash to sustain dividend payments despite the significant capital expenditure requirements inherent in the utility business model.
The ability to cover dividends while simultaneously funding massive infrastructure projects suggests a disciplined approach to capital allocation. This coverage provides a buffer for shareholders, though the sustainability of this trend remains contingent on the timely recovery of capital investments through future rate case proceedings.
As indicated by the discrepancy between net income and operating cash flow in 2026Q1, the company's financial statements may obscure the impact of regulatory lag, where significant capital outlays are not immediately reflected in customer rates, potentially creating temporary liquidity pressure that warrants further investigation by analysts.
The reliance on formulaic rate adjustments in jurisdictions like Illinois may lead to timing differences that complicate the interpretation of cash flow quality. Investors should be cautious of the potential for reconciliation delays to impact short-term cash availability, even if the long-term recovery of these investments remains highly probable.
Quick answers to the most common questions about buying EXC stock.
Exelon Corporation (EXC) generated $6.25B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Exelon Corporation (EXC) reported negative free cash flow of $2.27B in 2025, indicating capital requirements exceeded cash from operations.
Exelon Corporation (EXC) spent $8.53B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Exelon Corporation (EXC) returned $1.62B to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.