EXELON CORP (EXC)

Nasdaq · Common Stock · Electric & Other Services Combined

One email a week from me: what it filed, which 13F holders added or cut, where its scores stand. Free.

energy company headquartered in Chicago

Corporate structure

60 entities across 9 jurisdictions. Read directly from the company’s own 10-K EX-21 filed 2026-02-12 — see the exhibit.

Which other public companies file entities in the same places:

Delaware46 New Jersey3 Illinois3 Pennsylvania3 Maryland1 Indiana1 Florida1 New York1 Nevada1

Subsidiaries of EXELON CORP as disclosed in its SEC filing
Entity	Jurisdiction	Note
AMP Funding, L.L.C.	Delaware
Atlantic City Electric Company	New Jersey
Atlantic City Electric Transition Funding LLC	Delaware
Atlantic Generation, Inc.	New Jersey
Atlantic Southern Properties, Inc.	New Jersey
ATNP Finance Company	Delaware
Baltimore Gas and Electric Company	Maryland
Clean Jobs for Pennsylvania, LLC	Delaware
ComEd Financing III	Delaware
Commonwealth Edison Company	Illinois
Commonwealth Edison Company of Indiana, Inc.	Indiana
Conectiv Communications, Inc.	Delaware
Conectiv Energy Supply, Inc.	Delaware
Conectiv Properties and Investments, Inc.	Delaware
Conectiv Solutions LLC	Delaware
Conectiv, LLC	Delaware
Data Center Enterprise, LLC	Delaware
Delaware Operating Services Company, LLC	Delaware
E&W Development Corporation	Florida
EdiSun, LLC	Delaware
Exelon Business Services Company, LLC	Delaware
Exelon Energy Delivery Company, LLC	Delaware
Exelon Enterprises Company, LLC	Pennsylvania
Exelon Genesis, LLC	Delaware
Exelon InQB8R, LLC	Delaware
Exelon Mechanical, LLC	Delaware
Exelon Microgrid, LLC	Delaware
Exelon Transmission Company, LLC	Delaware
Exelorate Enterprises, LLC	Delaware
Ex-FM, Inc.	New York
Ex-FME, Inc.	Delaware
ExTel Corporation, LLC	Delaware
F & M Holdings Company, L.L.C.	Delaware
Millennium Account Services, LLC	Delaware
PCI - BT Investing, L.L.C.	Delaware
PCI Air Management Corporation	Nevada
PCI Air Management Partners, L.L.C.	Delaware
PEC Financial Services, LLC	Pennsylvania
PECO Energy Capital Corp.	Delaware
PECO Energy Capital Trust III	Delaware
PECO Energy Capital Trust IV	Delaware
PECO Energy Capital, L.P.	Delaware
PECO Energy Company	Pennsylvania
PECO Wireless, LLC	Delaware
Pepco Holdings LLC	Delaware
PH Holdco LLC	Delaware
PHI Service Company	Delaware
Potomac Capital Investment Corporation	Delaware
Potomac Delaware Leasing Corporation	Delaware
Potomac Leasing Associates, L.P.	Delaware
Ramp Investments, L.L.C.	Delaware
RF HoldCo LLC	Delaware
RITELine Illinois, LLC	Illinois
RITELine Transmission Development, LLC	Delaware
Scherer Holdings 1, LLC	Delaware
Scherer Holdings 2, LLC	Delaware
Scherer Holdings 3, LLC	Delaware
UII, LLC	Illinois
Wansley Holdings 1, LLC	Delaware
Wansley Holdings 2, LLC	Delaware

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

5 / 8

PASSReturn on assets positiveROA 2.4%
PASSOperating cash flow positiveOCF 6.3B
PASSReturn on assets improving2.3% → 2.4%
PASSCash flow exceeds earningsOCF 6.3B vs NI 2.8B
FAILLong-term debt ratio falling41.4% → 42.4% of assets
PASSCurrent ratio improving0.87 → 0.92
FAILNo share dilution1.0B → 1.0B shares
FAILGross margin improvingno gross profit reported
FAILAsset turnover improving0.21× → 0.21×

Altman Z-score

0.73distress

Bankruptcy-risk screen combining working capital, retained earnings, operating income, market value against liabilities, and asset turnover. Above 2.99 is the safe zone; below 1.81 is distress.

Cash conversion: 225.9%
Share count change: 0.9%

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2020	$33.0B	$2.0B	−$3.8B	—	977,000,000
FY2021	$36.3B	$1.8B	−$5.0B	—	980,000,000
FY2022	$19.1B	$2.2B	−$2.3B	—	987,000,000
FY2023	$21.7B	$2.3B	−$2.7B	—	997,000,000
FY2024	$23.0B	$2.5B	−$1.5B	—	1,003,000,000
FY2025	$24.3B	$2.8B	−$2.3B	—	1,012,000,000

Ownership flow

17 institutions tracked — 9 added, 6 reduced, 2 opened a new position, 1 sold out. Index money added 7,564,052 shares while active managers cut 1,376,180.

Institutional holders of EXELON CORP and their share-count change
Manager	Kind	Shares	Change	Value
FMR LLC	Active fund	9,855,590	−13,172,275	$459.5M
Capital World Investors	Active fund	51,262,524	+11,187,932	$2.4B
BlackRock, Inc.	Index	119,770,685	+7,021,076	$5.6B
CITADEL ADVISORS LLC	Hedge fund	1,521,816	−2,199,197	$70.9M
JPMORGAN CHASE & CO	Active fund	4,947,703	+1,322,488	$233.3M
BANK OF AMERICA CORP /DE/	Active fund	7,126,908	+789,999	$332.3M
GEODE CAPITAL MANAGEMENT, LLC	Index	32,376,504	+650,765	$1.5B
AQR CAPITAL MANAGEMENT LLC	Hedge fund	3,589,650	+541,137	$167.3M
Bridgewater Associates, LP	Hedge fund	366,296	+349,431	$17.1M
WELLINGTON MANAGEMENT GROUP LLP	Active fund	20,145,585	−283,580	$939.2M
MORGAN STANLEY	Active fund	16,111,485	+171,413	$751.1M
BAILLIE GIFFORD & CO	Value	86,157	−131,712	$4.0M
STATE STREET CORP	Index	67,464,176	−107,789	$3.1B
PRICE T ROWE ASSOCIATES INC /MD/	Active fund	1,644,347	+80,084	$76.7M
Point72 Asset Management, L.P.	Hedge fund	7,100	−31,900	$331,002

NORGES BANK, RENAISSANCE TECHNOLOGIES LLC hold a position with no prior filing to compare against, so their change is unknown rather than zero — and they are left out of the totals above.

From 13F filings, which cover institutions managing over $100m and are filed up to 45 days after the quarter ends — so this is a considered position, not a live one, and it is not the whole shareholder register.

Capital returned

What the company actually paid out and bought back, as reported — the record behind any yield figure.

Dividend per share

2026Q1: $0.42
2025Q3: $0.40
2025Q2: $0.40
2025Q1: $0.40
2024Q3: $0.38
2024Q2: $0.38

Identity

CIK: 0001109357
FIGI: BBG000J6XT05
SIC: 4931 · Electric & Other Services Combined
Incorporated: PA
Headquarters: CHICAGO, IL
Employees: 34,000
Founded: 2000-00-00

Ownership

Institutional: 95.7%
Institutions: 1,782
Insiders: 0.1%

Ownership percentages are a vendor aggregate, not a filing — unlike everything else on this page.

Other electric & other services combined companies

EXELON CORP files under SIC 4931 — all 8 electric & other services combined companies compared on assets and F-score.

Duke Energy CORPDUK XCEL ENERGY INCXEL WEC ENERGY GROUP, INC.WEC AMEREN CORPAEE CMS ENERGY CORPCMS NISOURCE INC.NI

Questions about EXELON CORP

How many subsidiaries does EXELON CORP file with the SEC?: 60, listed in its most recent exhibit 21. They are incorporated across 9 jurisdictions, led by Delaware, New Jersey, Maryland. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.
Is EXELON CORP financially healthy?: EXELON CORP scores 5 out of 8 on the Piotroski F-score. Only 8 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Its Altman Z-score puts it in the distress zone. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.
Who are the largest institutional holders of EXELON CORP?: Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are BlackRock, Inc. (adding), STATE STREET CORP (trimming), Capital World Investors (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.

This page is one panel of the terminal

The structure map above is the Corporate Blueprint, and in the desktop it is interactive — click any entity to re-centre the map on it and walk the ownership chain. It sits alongside the screener, the scorecard and the filings lab on one desk, on your machine.

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Sourced from SEC EDGAR primary filings. Figures are as reported by the company and are not investment advice. Scores are standard published screens computed from those filings; every input is shown above so you can check the arithmetic.

Corporate structure

60 entities across 9 jurisdictions. Read directly from the company’s own 10-K EX-21 filed 2026-02-12 — see the exhibit.

Entity

Jurisdiction

Note

AMP Funding, L.L.C.

Delaware

Atlantic City Electric Company

New Jersey

Atlantic City Electric Transition Funding LLC

Delaware

Atlantic Generation, Inc.

New Jersey

Atlantic Southern Properties, Inc.

New Jersey

ATNP Finance Company

Delaware

Baltimore Gas and Electric Company

Maryland

Clean Jobs for Pennsylvania, LLC

Delaware

ComEd Financing III

Delaware

Commonwealth Edison Company

Illinois

Commonwealth Edison Company of Indiana, Inc.

Indiana

Conectiv Communications, Inc.

Delaware

Conectiv Energy Supply, Inc.

Delaware

Conectiv Properties and Investments, Inc.

Delaware

Conectiv Solutions LLC

Delaware

Conectiv, LLC

Delaware

Data Center Enterprise, LLC

Delaware

Delaware Operating Services Company, LLC

Delaware

E&W Development Corporation

Florida

EdiSun, LLC

Delaware

Exelon Business Services Company, LLC

Delaware

Exelon Energy Delivery Company, LLC

Delaware

Exelon Enterprises Company, LLC

Pennsylvania

Exelon Genesis, LLC

Delaware

Exelon InQB8R, LLC

Delaware

Exelon Mechanical, LLC

Delaware

Exelon Microgrid, LLC

Delaware

Exelon Transmission Company, LLC

Delaware

Exelorate Enterprises, LLC

Delaware

Ex-FM, Inc.

New York

Ex-FME, Inc.

Delaware

ExTel Corporation, LLC

Delaware

F & M Holdings Company, L.L.C.

Delaware

Millennium Account Services, LLC

Delaware

PCI - BT Investing, L.L.C.

Delaware

PCI Air Management Corporation

Nevada

PCI Air Management Partners, L.L.C.

Delaware

PEC Financial Services, LLC

Pennsylvania

PECO Energy Capital Corp.

Delaware

PECO Energy Capital Trust III

Delaware

PECO Energy Capital Trust IV

Delaware

PECO Energy Capital, L.P.

Delaware

PECO Energy Company

Pennsylvania

PECO Wireless, LLC

Delaware

Pepco Holdings LLC

Delaware

PH Holdco LLC

Delaware

PHI Service Company

Delaware

Potomac Capital Investment Corporation

Delaware

Potomac Delaware Leasing Corporation

Delaware

Potomac Leasing Associates, L.P.

Delaware

Ramp Investments, L.L.C.

Delaware

RF HoldCo LLC

Delaware

RITELine Illinois, LLC

Illinois

RITELine Transmission Development, LLC

Delaware

Scherer Holdings 1, LLC

Delaware

Scherer Holdings 2, LLC

Delaware

Scherer Holdings 3, LLC

Delaware

UII, LLC

Illinois

Wansley Holdings 1, LLC

Delaware

Wansley Holdings 2, LLC

Delaware

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

5 / 8

PASSReturn on assets positiveROA 2.4%
PASSOperating cash flow positiveOCF 6.3B
PASSReturn on assets improving2.3% → 2.4%
PASSCash flow exceeds earningsOCF 6.3B vs NI 2.8B
FAILLong-term debt ratio falling41.4% → 42.4% of assets
PASSCurrent ratio improving0.87 → 0.92
FAILNo share dilution1.0B → 1.0B shares
FAILGross margin improvingno gross profit reported
FAILAsset turnover improving0.21× → 0.21×

Altman Z-score

0.73distress

Bankruptcy-risk screen combining working capital, retained earnings, operating income, market value against liabilities, and asset turnover. Above 2.99 is the safe zone; below 1.81 is distress.

Cash conversion: 225.9%
Share count change: 0.9%

Year

Revenue

Net income

Free cash flow

Gross margin

FY2020

$33.0B

$2.0B

−$3.8B

—

977,000,000

FY2021

$36.3B

$1.8B

−$5.0B

—

980,000,000

FY2022

$19.1B

$2.2B

−$2.3B

—

987,000,000

FY2023

$21.7B

$2.3B

−$2.7B

—

997,000,000

FY2024

$23.0B

$2.5B

−$1.5B

—

1,003,000,000

FY2025

$24.3B

$2.8B

−$2.3B

—

1,012,000,000

Ownership flow

17 institutions tracked — 9 added, 6 reduced, 2 opened a new position, 1 sold out. Index money added 7,564,052 shares while active managers cut 1,376,180.

Institutional holders of EXELON CORP and their share-count change
Manager	Kind	Shares	Change	Value
FMR LLC	Active fund	9,855,590	−13,172,275	$459.5M
Capital World Investors	Active fund	51,262,524	+11,187,932	$2.4B
BlackRock, Inc.	Index	119,770,685	+7,021,076	$5.6B
CITADEL ADVISORS LLC	Hedge fund	1,521,816	−2,199,197	$70.9M
JPMORGAN CHASE & CO	Active fund	4,947,703	+1,322,488	$233.3M
BANK OF AMERICA CORP /DE/	Active fund	7,126,908	+789,999	$332.3M
GEODE CAPITAL MANAGEMENT, LLC	Index	32,376,504	+650,765	$1.5B
AQR CAPITAL MANAGEMENT LLC	Hedge fund	3,589,650	+541,137	$167.3M
Bridgewater Associates, LP	Hedge fund	366,296	+349,431	$17.1M
WELLINGTON MANAGEMENT GROUP LLP	Active fund	20,145,585	−283,580	$939.2M
MORGAN STANLEY	Active fund	16,111,485	+171,413	$751.1M
BAILLIE GIFFORD & CO	Value	86,157	−131,712	$4.0M
STATE STREET CORP	Index	67,464,176	−107,789	$3.1B
PRICE T ROWE ASSOCIATES INC /MD/	Active fund	1,644,347	+80,084	$76.7M
Point72 Asset Management, L.P.	Hedge fund	7,100	−31,900	$331,002

NORGES BANK, RENAISSANCE TECHNOLOGIES LLC hold a position with no prior filing to compare against, so their change is unknown rather than zero — and they are left out of the totals above.

Questions about EXELON CORP

How many subsidiaries does EXELON CORP file with the SEC?

60, listed in its most recent exhibit 21. They are incorporated across 9 jurisdictions, led by Delaware, New Jersey, Maryland. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.

Is EXELON CORP financially healthy?

EXELON CORP scores 5 out of 8 on the Piotroski F-score. Only 8 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Its Altman Z-score puts it in the distress zone. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

Who are the largest institutional holders of EXELON CORP?

Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are BlackRock, Inc. (adding), STATE STREET CORP (trimming), Capital World Investors (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.