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Exelon cash flow, quarter by quarter

Latest: Q1 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$634M in Q1 2026 · −$2.2B over twelve months

Operating cash flow$1.7B
Capital spending−$2.4B
Free cash flow−$634M
Cash / net income1.9×

Analysis

In Q1 2026, Exelon generated $1.7B of operating cash flow and spent $2.4B on capital projects, leaving free cash flow of −$634M. That is $112M more than in Q1 2025 (−$746M).

Over the twelve months to Mar 31, 2026, operating cash flow was $6.8B; the largest uses were capital spending ($8.9B), other financing ($1.9B), dividends ($1.6B); besides operations, cash came from net borrowing (+) / repaid (−) ($4.9B), shares issued ($566M); the cash balance fell by $285M.

Operating cash flow was $1.7B against net income of $919M — 1.9× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$953M, payables −$632M, receivables +$395M.

Free cash flow

Exelon: free cash flow by quarterExelon: free cash flow by quarter−$237MQ2 2024−$6.0MQ3 2024−$510MQ4 2024−$746MQ1 2025−$502MQ2 2025$163MQ3 2025−$1.2BQ4 2025−$634MQ1 2026
Operating cash flow less capital spending.
Exelon: operating cash flow against capital spendingExelon: operating cash flow against capital spendingOperating cash flowCapital spending$1.5B$1.7BQ2 2024$1.7B$1.7BQ3 2024$1.4B$1.9BQ4 2024$1.2B$1.9BQ1 2025$1.5B$2.0BQ2 2025$2.3B$2.1BQ3 2025$1.2B$2.4BQ4 2025$1.7B$2.4BQ1 2026
Latest (Q1 2026): Operating cash flow $1.7B, Capital spending $2.4B.

Capital allocation, year by year

Exelon: where the cash came from (up) and went (down), by fiscal yearExelon: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingDividendsFY2021: Operating cash flow $3.0BFY2021: Net borrowing $3.1BFY2021: Shares issued $37.0MFY2021: Asset sales $877MFY2021: Capital spending −$8.0BFY2021: Dividends −$1.5B$7.1BFY2021FY2022: Operating cash flow $4.9BFY2022: Net borrowing $5.0BFY2022: Shares issued $564MFY2022: Asset sales $16.0MFY2022: Capital spending −$7.1BFY2022: Dividends −$1.3B$10.5BFY2022FY2023: Operating cash flow $4.7BFY2023: Net borrowing $4.0BFY2023: Shares issued $181MFY2023: Asset sales $25.0MFY2023: Capital spending −$7.4BFY2023: Dividends −$1.4B$9.0BFY2023FY2024: Operating cash flow $5.6BFY2024: Net borrowing $2.8BFY2024: Shares issued $191MFY2024: Asset sales $38.0MFY2024: Capital spending −$7.1BFY2024: Dividends −$1.5B$8.6BFY2024FY2025: Operating cash flow $6.3BFY2025: Net borrowing $3.5BFY2025: Shares issued $727MFY2025: Asset sales $4.0MFY2025: Capital spending −$8.5BFY2025: Dividends −$1.6B$10.5BFY2025
Over these 5 years operating cash flow totalled $24.4B; the largest uses were capital spending ($38.2B) and dividends ($7.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$713M
Debt$50.1B
Net debt$49.4B
Due within a year$1.7B

Exelon's operations bring cash in ($6.8B over twelve months), and it spends more than that on capital projects: a gap of $2.2B funded from its $713M of cash and investments and from borrowing ($50.1B of debt, $1.7B due within a year). That is a choice to invest, not a cash runway running down.

Exelon: debt maturities by year (FY2025)Exelon: debt maturities by year (FY2025)$1.7BYear 1$1.0BYear 2$2.0BYear 3$1.9BYear 4$1.9BYear 5$41.0BAfter year 5
Principal due in each year as disclosed in the annual report, against $713M of cash and investments now.

Where the cash came from and went

Exelon: sources (+) and uses (−) of cash, Q1 2026Exelon: sources (+) and uses (−) of cash, Q1 2026Capital spending−$2.4BOperating cash flow$1.7BNet borrowing (+) / repaid (−)$1.2BDividends−$430MCash drawn (+) / kept (−)−$96.0MOther financing−$27.0MShares issued$12.0MOther investing$2.0M
Exelon: sources (+) and uses (−) of cash, TTM to Q1 2026Exelon: sources (+) and uses (−) of cash, TTM to Q1 2026Capital spending−$8.9BOperating cash flow$6.8BNet borrowing (+) / repaid (−)$4.9BOther financing−$1.9BDividends−$1.6BShares issued$566MCash drawn (+) / kept (−)$285MOther investing$2.0M

From profit to cash

Exelon: net income to operating cash flow, Q1 2026Exelon: net income to operating cash flow, Q1 2026Net income$919MDepreciation & amortization$953MDeferred taxes$345MOther non-cash$222MReceivables$395MInventory$20.0MPayables−$632MIncome taxes payable−$144MOther operating capital$276MOperating cash flow$1.7B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q1 2026$1.7B−$2.4B−$430M$1.2B$12.0M−$96.0M−$634M
Q4 2025$1.2B−$2.4B−$405M$178M$530M$897M−$1.2B
Q3 2025$2.3B−$2.1B−$404M$1.1B$13.0M−$847M$163M
Q2 2025$1.5B−$2.0B−$405M$593M$11.0M$331M−$502M
Q1 2025$1.2B−$1.9B−$403M$1.6B$173M−$643M−$746M
Q4 2024$1.4B−$1.9B−$382M$606M$10.0M$294M−$510M
Q3 2024$1.7B−$1.7B−$381M−$106M$159M$302M−$6.0M
Q2 2024$1.5B−$1.7B−$380M$846M$11.0M−$227M−$237M

Exelon: income statement and cash flow

Exelon, Q1 2026: revenue $7.2B (+8% year over year), operating margin 22.2%. The chart follows the revenue to costs, profit and cash.

Exelon: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.