Exelon Marketcap, Competitors, Revenue, Net Worth 2026

Exelon Corporation stands as the largest regulated electric utility in the United States by customer count and revenue. Headquartered in Chicago, Illinois, and incorporated in Pennsylvania, the company serves approximately 10 million customers through six regulated utilities.

The utility holding company focuses on energy distribution and transmission across Delaware, the District of Columbia, Illinois, Maryland, New Jersey, and Pennsylvania. Its operations span electricity and natural gas delivery to residential, commercial, industrial, and governmental customers.

Exelon owns Atlantic City Electric, Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power, PECO Energy Company, and Pepco. These subsidiaries make it a dominant force in the Mid-Atlantic and Midwest energy markets, similar to how Duke Energy operates in the Southeast.

Exelon Corporation History

Exelon Corporation Co-founders

Exelon Corporation Revenue

Exelon Corporation generated $23.76 billion in trailing twelve-month revenue as of late 2025. The company reported $23.03 billion in annual revenue for 2024, representing nearly 6% growth from the prior year.

Revenue figures before 2022 included the power generation business that was later spun off as Constellation Energy. The company reached peak revenue of $36.3 billion in 2021 when it still operated nuclear and other generation assets. Similar revenue patterns can be observed in other major utilities like NextEra Energy and Southern Company.

Exelon Corporation Acquisitions

Exelon Corporation built its current footprint through strategic acquisitions that expanded its regulated utility operations across the Mid-Atlantic region. The company pursued deals that aligned with its focus on transmission and distribution infrastructure.

The 2012 acquisition of Constellation Energy marked a transformative moment for the company. Exelon paid $7.9 billion to acquire the Baltimore-based energy company, adding Baltimore Gas and Electric to its utility portfolio. The deal also significantly expanded Exelon’s power generation capacity to more than 34 gigawatts, including substantial nuclear assets.

Pepco Holdings represented another major acquisition in 2016. Exelon announced the proposed purchase in April 2014 for $6.8 billion in an all-cash transaction. The merger faced opposition from community groups and initially was rejected by D.C. regulators in August 2015. After company concessions, the District of Columbia Public Service Commission approved the deal in March 2016.

The Pepco acquisition added three utilities to the Exelon family: Atlantic City Electric in New Jersey, Delmarva Power in Delaware and Maryland, and Pepco in Washington D.C. and Maryland. This deal made Exelon the largest regulated utility by customer count in the United States. The acquisition strategy mirrors approaches taken by Dominion Energy in expanding its regulated footprint.

In February 2022, Exelon completed a different type of transaction by spinning off Constellation Energy. This separated the power generation business from the regulated utility operations, allowing each company to pursue distinct strategies. Constellation became the largest operator of nuclear power plants in the United States following the separation.

Exelon Corporation Market Cap

Exelon Corporation holds a market capitalization of approximately $44.71 billion as of December 2025. This valuation places the company among the top utility companies globally and reflects investor confidence in its regulated business model.

The market cap dropped notably in 2022 following the Constellation Energy spin-off, which removed the generation business from the company. Since then, the pure-play utility focus has driven steady valuation recovery as investors appreciate the predictable earnings from regulated operations.

Exelon Corporation Competitors

Exelon competes with major regulated utilities and diversified energy companies across the United States. The competitive landscape includes regional players and national utility holding companies that operate in similar markets.

Primary competitors include Duke Energy in the Southeast, Southern Company in the Gulf states, and FirstEnergy in the Midwest and Mid-Atlantic regions. NextEra Energy leads in renewable generation while maintaining substantial regulated operations in Florida. The utility sector also includes American Electric Power and Edison International as significant players.

FAQs

When was Exelon Corporation founded?

Exelon Corporation was formed on October 20, 2000, through the merger of PECO Energy Company and Unicom Corporation in a $31.8 billion deal.

What utilities does Exelon own?

Exelon owns six regulated utilities: Atlantic City Electric, Baltimore Gas and Electric, Commonwealth Edison, Delmarva Power, PECO Energy Company, and Pepco.

Where is Exelon Corporation headquartered?

Exelon Corporation is headquartered in Chicago, Illinois, and incorporated in Pennsylvania. Chicago became the headquarters when Unicom merged with PECO in 2000.

How many customers does Exelon serve?

Exelon serves approximately 10 million electric and natural gas customers across Delaware, the District of Columbia, Illinois, Maryland, New Jersey, and Pennsylvania.

What happened to Exelon’s power generation business?

Exelon spun off its power generation business as Constellation Energy in February 2022. Constellation became the largest U.S. nuclear plant operator as a separate public company.