EXELON CORPORATION FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$24.3B
Gross margin	— not reported
Operating income	$5.1B
Net income	— not reported
Diluted EPS	— not reported
Cash & equivalents	$626.0M
Total assets	$116.6B
Long-term debt	$49.4B

Key takeaway

Exelon operates six regulated electric and gas utilities (ComEd, PECO, BGE, Pepco, DPL, ACE) serving over 10.7 million customers across five states and D.C.

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Beneath the surface

Cash of only $626 million against $49.4 billion of long-term debt (and $49.0 billion total debt carrying amount) leaves Exelon with a net debt position of roughly $48.8 billion, underscoring reliance on continuous capital markets access for its heavy capex program.

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