---
title: "Exelon: Business Model & Revenue Engine"
description: "Exelon revenue by business segment from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/exelon/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Exelon: Business Model & Revenue Engine

## Direct Answer

Exelon reports revenue across 6 business segments in its fiscal 2025 Form 10-K. Commonwealth Edison Co is the largest, with $7.3 billion of revenue (30% of the total), followed by Baltimore Gas and Electric Company at $5.2 billion (22%).

## How Does Exelon Make Money?

No single line supplies a majority of revenue: the largest, Commonwealth Edison Co, is 30%, which spreads Exelon's exposure across several demand drivers. Between fiscal 2024 and 2025, Baltimore Gas and Electric Company grew fastest (+18.0%) and Commonwealth Edison Co slowest (-11.6%), so the revenue mix tilts toward Baltimore Gas and Electric Company while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Commonwealth Edison Co | $7.3 billion | $8.2 billion | 30.0% | -11.6% |
| Baltimore Gas and Electric Company | $5.2 billion | $4.4 billion | 21.5% | 18.0% |
| Peco Energy Co | $4.7 billion | $4.0 billion | 19.3% | 17.9% |
| Potomac Electric Power Company | $3.5 billion | $3.0 billion | 14.2% | 13.7% |
| Delmarva Power and Light Company | $2.0 billion | $1.8 billion | 8.1% | 10.3% |
| Atlantic City Electric Company | $1.7 billion | $1.6 billion | 7.1% | 5.5% |

![Bar chart of Exelon revenue by segment for fiscal 2025: Commonwealth Edison Co 30.0%, Baltimore Gas and Electric Company 21.5%, Peco Energy Co 19.3%, Potomac Electric Power Company 14.2%, Delmarva Power and Light Company 8.1%, Atlantic City Electric Company 7.1%.](https://www.getswoopr.com/images/charts/exelon-business-model-segment-mix.webp)
*Exelon revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## What Does Exelon Sell?

Exelon also breaks revenue down by product and service line, which shows what customers pay for rather than how management organizes the business.

| Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Electricity Us Regulated | $22.7 billion | $21.3 billion | 93.4% | 6.2% |
| Natural Gas Us Regulated | $2.3 billion | $1.8 billion | 9.7% | 31.8% |

## What the Segment Figures Do Not Show

The rows above add up to 100% of Exelon's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Exelon reported in the segment note and revenue disclosures of its Form 10-K filed February 12, 2026 (accession 0001109357-26-000018), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Exelon's business segments?

In its fiscal 2025 Form 10-K, Exelon reports revenue for Commonwealth Edison Co, Baltimore Gas and Electric Company, Peco Energy Co, Potomac Electric Power Company, Delmarva Power and Light Company and Atlantic City Electric Company.

### Which part of Exelon brings in the most revenue?

Commonwealth Edison Co, with $7.3 billion of revenue in fiscal 2025, or 30% of the total.

### Where does Exelon report its segment results?

In the segment note to the financial statements in its Form 10-K, most recently filed February 12, 2026, alongside management's discussion of each segment's results.

## References

- [SEC EDGAR: EXELON CORP Form 10-K filed February 12, 2026](https://www.sec.gov/Archives/edgar/data/1109357/000110935726000018/exc-20251231.htm)
- [SEC EDGAR: EXELON CORP annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1109357&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [Exelon company dossier](https://www.getswoopr.com/stocks/companies/exelon/)
- [Exelon financial metrics](https://www.getswoopr.com/stocks/companies/exelon/metrics/)
- [Exelon financial risk indicators](https://www.getswoopr.com/stocks/companies/exelon/risks/)
- [Exelon peer comparison](https://www.getswoopr.com/stocks/companies/exelon/competitors/)
- [Exelon business model and revenue mix](https://www.getswoopr.com/stocks/companies/exelon/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).