Filing Flows › Exelon (EXC) › Q4 2025 › vs Q3 2025
Exelon (EXC) Q4 2025 vs Q3 2025 (quarter over quarter)
Exelon's revenue fell $1.3B (-19%) from $6.7B in Q3 2025 to $5.4B in Q4 2025. Operating margin 21.9% against 22.4% (-0.5 pts).
Exelon, Q4 2025: revenue $5.4B (-1% year over year), operating margin 21.9%, net earnings $594M, operating cash flow $1.2B. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q4 2025 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 21.9% | 22.4% | -0.5 pts |
| Net margin | 11.0% | 13.0% | -2.1 pts |
Every line
| Line | Q4 2025 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $5.4B | $6.7B | −$1.3B | -19% |
| Operating profit | $1.2B | $1.5B | −$315M | -21% |
| Costs & expenses | $4.2B | $5.2B | −$978M | -19% |
| Pre-tax earnings | $721M | $1.0B | −$309M | -30% |
| Other expense, net | $464M | $470M | −$6.0M | -1% |
| Net earnings | $594M | $875M | −$281M | -32% |
| Income tax | $127M | $155M | −$28.0M | -18% |
| Depreciation & amortization | $924M | $913M | $11.0M | +1% |
| Working capital & other | $274M | −$511M | $785M | — |
| Operating cash flow | $1.2B | $2.3B | −$1.1B | -46% |
| Capital expenditures | $2.4B | $2.1B | $298M | +14% |
| Negative free cash flow (OCF − capex) | $1.2B | −$163M | $1.4B | — |
Questions
How much did Exelon's revenue grow quarter over quarter in Q4 2025?
Exelon's revenue fell $1.3B (-19%) from $6.7B in Q3 2025 to $5.4B in Q4 2025. Operating margin 21.9% against 22.4% (-0.5 pts).