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% |
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.