EXELON CORP（EXC）の決算・業績分析
EXELON CORPの2025年有価証券報告書をAI分析。売上高$24.3B(+5.3%)。営業利益$5.1B。Utilities。
目次
EXELON CORPの2025年度 業績サマリー
EXELON CORP（証券コード: EXC）の2025年度決算・業績分析。売上高は$24.3B（前年比+5.3%）。営業利益は$5.1B（前年比+19.2%）。純利益は$2.8B（前年比+12.5%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
EXELON CORPの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Operating income surged 23.6% YoY to $3.3B (XBRL), driven by improved efficiency and regulatory rate recovery.
- Net debt reached $44.0B (7.3x EBITDA) (XBRL), reflecting aggressive capital spending and high leverage.
- Revenue grew 6.4% YoY to $19.1B (XBRL), but 5-year CAGR remains negative at -9.6% (XBRL).
- Payout ratio of 61.5% (XBRL) highlights strong shareholder returns despite negative free cash flow (-$2.3B).
EXELON CORPの売上高変化の要因
- •Revenue increased 6.4% YoY to $19.1B (XBRL), recovering from a 5-year CAGR of -9.6% (XBRL). Historical data shows a sharp decline from $36.0B (FY2020) to $16.7B (FY2022), followed by a modest rebound to $19.1B (FY2024). No segment-specific revenue data is available (XBRL). Growth drivers include regulatory rate approvals and infrastructure modernization, though long-term revenue trends remain challenged by market saturation and regulatory constraints.
EXELON CORPの営業利益変化の要因
- •Operating income rose 23.6% YoY to $3.3B (XBRL), with operating margin expanding to 17.4% (XBRL). EBITDA of $6.0B (31.5% margin) reflects strong cost control. Net income grew 18.7% YoY to $2.2B (XBRL), with net margin at 11.4% (XBRL). However, 5-year operating income CAGR is flat at +0.7% (XBRL), and net income CAGR is +2.3% (XBRL), indicating long-term profitability pressures.
EXELON CORPの事業リスクと対応
Regulatory uncertainty affecting rate recovery and profitability (10-K).
Compliance risks with NERC/FERC reliability standards (10-K).
Environmental regulations increasing operational costs (10-K).
Lengthy rate approval proceedings with uncertain outcomes (10-K).
Inability to recover costs through regulatory processes (10-K).
High net debt ($44.0B) and leverage (7.3x EBITDA) (XBRL).
EXELON CORPの事業内容
Exelon Corp operates as a utility services holding company, providing regulated retail electricity and natural gas distribution through subsidiaries like ComEd, PECO, and BGE (10-K). Its primary revenue model involves transmitting and distributing electricity/natural gas to residential, commercial, and industrial customers in Illinois, Pennsylvania, Maryland, Delaware, and New Jersey (10-K). Key competitive advantages include long-term franchises (e.g., ComEd's Chicago franchise since 1992) and exclusive rights in certain regions (10-K). Customer concentration data is not disclosed (N/A).
EXELON CORPのAI業績分析レポート（2024年度）
Exelon Corp (EXC) FY2024 Annual Report Analysis
Highlights
Business Overview
Exelon Corp operates as a utility services holding company, providing regulated retail electricity and natural gas distribution through subsidiaries like ComEd, PECO, and BGE (10-K). Its primary revenue model involves transmitting and distributing electricity/natural gas to residential, commercial, and industrial customers in Illinois, Pennsylvania, Maryland, Delaware, and New Jersey (10-K). Key competitive advantages include long-term franchises (e.g., ComEd's Chicago franchise since 1992) and exclusive rights in certain regions (10-K). Customer concentration data is not disclosed (N/A).
Revenue Analysis
Revenue increased 6.4% YoY to $19.1B (XBRL), recovering from a 5-year CAGR of -9.6% (XBRL). Historical data shows a sharp decline from $36.0B (FY2020) to $16.7B (FY2022), followed by a modest rebound to $19.1B (FY2024). No segment-specific revenue data is available (XBRL). Growth drivers include regulatory rate approvals and infrastructure modernization, though long-term revenue trends remain challenged by market saturation and regulatory constraints.
Profitability Analysis
Operating income rose 23.6% YoY to $3.3B (XBRL), with operating margin expanding to 17.4% (XBRL). EBITDA of $6.0B (31.5% margin) reflects strong cost control. Net income grew 18.7% YoY to $2.2B (XBRL), with net margin at 11.4% (XBRL). However, 5-year operating income CAGR is flat at +0.7% (XBRL), and net income CAGR is +2.3% (XBRL), indicating long-term profitability pressures.
Balance Sheet Analysis
Equity ratio of 25.3% (XBRL) and D/E ratio of 2.95x (XBRL) highlight high leverage. Current ratio of 0.82x (XBRL) suggests short-term liquidity challenges. Total assets declined from $133.0B (FY2022) to $101.9B (FY2024) (XBRL), while total equity increased slightly to $25.8B (XBRL). Net debt of $44.0B (7.3x EBITDA) (XBRL) underscores significant financial risk.
Cash Flow Analysis
Operating cash flow of $4.9B (XBRL) was offset by $7.1B in CapEx, resulting in negative free cash flow (-$2.3B) (XBRL). Dividends paid totaled $1.3B (XBRL), with a payout ratio of 61.5% (XBRL). CapEx intensity of 37.5% (XBRL) reflects heavy investment in infrastructure, though this strains liquidity.
Working Capital Analysis
Receivables Days: 45 days (XBRL). Asset Turnover: 0.19x (XBRL). No data available for cash conversion cycle (CCC) or inventory/payables days (N/A).
Risks
Outlook
N/A. Management guidance and forward-looking trends are not explicitly mentioned in the 10-K or XBRL data.
Historical Time Series
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | 36.0B | 34.4B | 16.7B | 17.9B | 19.1B | 21.7B |
| Operating Income | 3.9B | 4.4B | 2.2B | 2.7B | 3.3B | 4.0B |
| Net Income | 2.1B | 3.0B | 2.0B | 1.8B | 2.2B | 2.3B |
| Total Assets | 125.0B | 129.3B | 133.0B | 95.3B | 101.9B | 107.8B |
| Total Equity | 32.2B | 32.6B | 34.4B | 24.7B | 25.8B | 26.9B |
| Operating Cash Flow | 8.6B | 6.7B | 4.2B | 3.0B | 4.9B | 4.7B |
Utilitiesの企業一覧
EXELON CORPと同じ「Utilities」セクターの企業