{"schemaVersion":1,"research":true,"symbol":"exc","name":"Exelon","topic":"moat","path":"/stock/exc/moat","status":"published","version":4,"updatedAt":"2026-10-18T00:01:31.967Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Exelon has a narrow moat in regulated energy delivery: customers can switch energy suppliers while its utilities retain distribution service and regulated delivery charges. Approved rate increases and cost recovery support returns, but pricing freedom is limited. Actual regulatory disallowances, unfavorable reconciliations and external financing needs constrain durability. The passages support an existing distribution advantage, but do not establish exceptional long-term protection.","advantages":[{"mechanism":"efficient_scale","claim":"The incumbent distribution infrastructure retains delivery business when customers switch energy suppliers. This protection is disclosed across ComEd, BGE, PECO, Pepco and DPL. Regulated cost recovery supports the economics of that position; it does not confer unrestricted pricing power.","durability":"Repeated disclosures across the 2025 annual filing and June 2026 quarterly filing demonstrate a current advantage. Approved rates and recovery mechanisms support persistence, but the supplied passages do not establish franchise duration or guarantee adequate future returns.","risks":"Regulators approve prices and can reject recovery requests. Completed rate cases often granted less than requested; ComEd experienced a rejected reconciliation adjustment, and Pepco disclosed an unfavorable reconciliation. Storm costs, financing requirements and potential technological changes could further weaken returns.","invalidation":"The thesis would fail if supplier switching began removing distribution customers or delivery charges, or if repeated material disallowances and unrecovered investment prevented adequate returns on the retained distribution business. Sustained deterioration in weather-normalized deliveries and customer counts would challenge customer dependency.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7","e8","e9"],"counterEvidenceIds":["e10","e11","e12","e13","e14"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"ComEd results of operations: customer choice and distribution service","excerpt":"Customer choice programs do not impact the volume of deliveries as ComEd remains the distribution service provider for all customers and charges a regulated rate for distribution service, which is recorded in Operating revenues."},{"id":"e2","sourceId":"filing-1","location":"BGE results of operations: customer choice and distribution service","excerpt":"Customer choice programs do not impact the volume of deliveries as BGE remains the distribution service provider for all customers and charges a regulated rate for distribution service, which is recorded in Operating revenues."},{"id":"e3","sourceId":"filing-2","location":"PECO results of operations: customer choice and distribution service","excerpt":"Customer choice programs do not impact the volume of deliveries as PECO remains the distribution service provider for all customers and charges a regulated rate for distribution service."},{"id":"e4","sourceId":"filing-2","location":"Pepco results of operations: customer choice and distribution service","excerpt":"Customer choice programs do not impact the volume of deliveries as Pepco remains the distribution service provider for all customers and charges a regulated rate for distribution service."},{"id":"e5","sourceId":"filing-2","location":"DPL results of operations: customer choice and distribution service","excerpt":"Customer choice programs do not impact the volume of deliveries as DPL remains the distribution service provider for all customers and charges a regulated rate for distribution service."},{"id":"e6","sourceId":"filing-1","location":"Completed and pending distribution base rate case proceedings","excerpt":"41 Table of Contents Completed Distribution Base Rate Case Proceedings Registrant/Jurisdiction Filing Date Service Requested Revenue Requirement Increase Approved Revenue Requirement Increase Approved ROE Approval Date Rate Effective Date ComEd - Illinois January 17, 2023 Electric $ 1,487 $ 1,045 8.905% December 19, 2024 January 1, 2024 April 26, 2024 (amended on September 11, 2024) Electric $ 624 $ 623 9.89% October 31, 2024 January 1, 2025 PECO - Pennsylvania March 28, 2024 Electric $ 464 $ 354 N/A December 12, 2024 January 1, 2025 Natural Gas $ 111 $ 78 BGE - Maryland February 17, 2023 Electric $ 313 $ 179 9.50% December 14, 2023 January 1, 2024 Natural Gas $ 289 $ 229 9.45% Pepco - District of Columbia April 13, 2023 (amended February 27, 2024) Electric $ 186 $ 123 9.50% November 26, 2024 January 1, 2025 Pepco - Maryland May 16, 2023 (amended February 23, 2024) Electric $ 111 $ 45 9.50% June 10, 2024 April 1, 2024 DPL - Maryland May 19, 2022 Electric $ 38 $ 29 9.60% December 14, 2022 January 1, 2023 DPL - Delaware December 15, 2022 (amended September 29, 2023) Electric $ 39 $ 28 9.60% April 18, 2024 July 15, 2023 September 20, 2024 (amended September 5, 2025) Natural Gas $ 37 $ 22 9.60% December 17, 2025 January 1, 2026 ACE - New Jersey February 15, 2023 (amended August 21, 2023) Electric $ 92 $ 45 9.60% November 17, 2023 December 1, 2023 November 21, 2024 Electric $ 109 $ 54 9.60% November 21, 2025 December 1, 2025 42 Table of Contents Pending Distribution Base Rate Case Proceedings Registrant/Jurisdiction Filing Date Service Requested Revenue Requirement Increase Requested ROE Expected Approval Timing Pepco - Maryland October 14, 2025 Electric $ 133 10.50% Third quarter of 2026 DPL - Delaware December 9, 2025 Electric $ 45 10.50% Third quarter of 2027 Transmission Formula Rates The following total increases/(decreases) were included in the Utility Registrants' 2025 annual electric transmission formula rate updates."},{"id":"e7","sourceId":"filing-2","location":"PECO results of operations: realized procurement cost offsets","excerpt":"The increase of $50 million and $160 million for the three and six months ended June 30, 2026, compared to the same period in 2025, in Purchased power and fuel expense is fully offset in Operating revenues as part of regulatory required programs."},{"id":"e8","sourceId":"filing-2","location":"PECO results of operations: FERC-approved transmission revenue formula","excerpt":"Transmission Revenue. Under a FERC-approved formula, transmission revenue varies from year to year based upon fluctuations in the underlying costs and capital investments being recovered."},{"id":"e9","sourceId":"filing-1","location":"Weather risk: revenue decoupling coverage","excerpt":"Due to revenue decoupling, operating revenues from electric distribution at ComEd, BGE, Pepco, DPL Maryland, and ACE and gas distribution at BGE are not intended to be affected by abnormal weather."},{"id":"e10","sourceId":"filing-1","location":"Distribution base rate case proceedings: regulatory approval framework","excerpt":"Distribution Base Rate Case Proceedings The Utility Registrants file base rate cases with their regulatory commissions seeking increases or decreases to their electric transmission and distribution, and gas distribution rates to recover their costs and earn a fair return on their investments."},{"id":"e11","sourceId":"filing-2","location":"Note 2, regulatory matters: ICC rejection of ComEd reconciliation adjustment","excerpt":"While both Staff and the Administrative Law Judge's proposed order supported ComEd’s proposed reconciliation adjustment, on September 4, 2025, the ICC issued its final order rejecting the proposed reconciliation adjustment."},{"id":"e12","sourceId":"filing-2","location":"Pepco operating and maintenance expense: unfavorable Maryland reconciliation","excerpt":"The changes in Operating and maintenance expense consisted of the following: Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 (Decrease) Increase Increase (Decrease) Maryland multi-year plan reconciliation(a) $ — $ 26 Labor, other benefits, contracting, and materials(b) 14 25 BSC and PHISCO costs 9 13 Credit loss expense (3) (3) Pension and non-pension postretirement benefits expense — (1) Storm-related costs (3) (1) Other 4 2 21 61 Regulatory required programs(c) 14 35 Total increase $ 35 $ 96 _________ 129 Table of Contents Pepco (a)Reflects unfavorable impacts of the Pepco Maryland multi-year plan reconciliation."},{"id":"e13","sourceId":"filing-1","location":"Risk factors: extreme weather and infrastructure costs","excerpt":"Extreme weather conditions or damage resulting from storms could stress the Utility Registrants' transmission and distribution systems, communication systems, and technology, resulting in increased maintenance and capital costs and limiting each Utility Registrant's ability to meet peak customer demand."},{"id":"e14","sourceId":"filing-3","location":"Forward-looking statement qualifications: regulatory, technology and financing risks","excerpt":"Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to: unfavorable legislative and/or regulatory actions; uncertainty as to outcomes and timing of regulatory approval proceedings and/or negotiated settlements thereof; environmental liabilities and remediation costs; state and federal legislation requiring use of low-emission, renewable, and/or alternate fuel sources and/or mandating implementation of energy conservation programs requiring implementation of new technologies; challenges to tax positions taken, tax law changes, and difficulty in quantifying potential tax effects of business decisions; negative outcomes in legal proceedings; physical security and cybersecurity risks; extreme weather events, natural disasters, operational accidents such as wildfires or natural gas explosions, war, acts and threats of terrorism, public health crises, epidemics, pandemics, or other significant events; disruptions or cost increases in the supply chain, including shortages in labor, materials or parts, or significant increases in relevant tariffs; lack of sufficient capacity to meet actual or forecasted demand or disruptions at power generation facilities owned by third parties; emerging technologies that could affect or transform the energy industry; instability in capital and credit markets; a downgrade of Exelon’s or any of its subsidiaries’ credit ratings or other failure to satisfy the credit standards in Exelon’s or any of its subsidiaries’ agreements or regulatory financial requirements; significant economic downturns or increases in customer rates; impacts of climate change and weather on energy usage and maintenance and capital costs; and impairment of long-lived assets, goodwill, and other assets."},{"id":"e15","sourceId":"filing-2","location":"PECO natural gas deliveries and customer counts","excerpt":"121 Table of Contents PECO Natural Gas Deliveries to Customers (in mmcf) Three Months Ended June 30, % Change Weather - Normal % Change(b) Six Months Ended June 30, % Change Weather - Normal % Change(b) 2026 2025 2026 2025 Residential 4,525 4,571 (1.0) % 1.9 % 26,961 26,405 2.1 % (-0.4)% Small commercial & industrial 3,072 3,398 (9.6) % (9.0) % 14,423 13,803 4.5 % 2.3 % Large commercial & industrial 1 2 (50.0) % 2.3 % (9) 14 (164.3) % (10.5) % Transportation 6,578 5,436 21.0 % 25.6 % 13,720 12,678 8.2 % 9.2 % Total natural gas deliveries(a) 14,176 13,407 5.7 % 8.1 % 55,095 52,900 4.1 % 2.5 % At June 30, Number of Natural Gas Customers 2026 2025 Residential 511,121 509,671 Small commercial & industrial 44,494 44,646 Large commercial & industrial 7 7 Transportation 605 623 Total 556,227 554,947 __________ (a)Reflects delivery volumes from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges."},{"id":"e16","sourceId":"filing-2","location":"PECO results of operations: observed pricing consistency","excerpt":"Pricing for the three and six months ended June 30, 2026, compared to the same period in 2025, remained relatively consistent."},{"id":"e17","sourceId":"filing-1","location":"ComEd electricity procurement: recovery without markup","excerpt":"For customers that choose to purchase electric generation from ComEd, ComEd is permitted to recover the electricity, ZEC, CMC, and REC procurement costs without mark-up and therefore records equal and offsetting amounts in Operating revenues and Purchased power expense related to the electricity, ZECs, CMCs, and RECs."},{"id":"e18","sourceId":"filing-1","location":"Note 17, shareholders' equity: actual common stock issuances","excerpt":"Exelon issued the following shares of Common stock in the years ended December 31, 2025, 2024, and 2023: Effective Period Shares Issued (in millions) Weighted-Average Price (a) Net Proceeds (b) (in millions) 2025 (c) 16.0 $ 43.24 $ 691 2024 4.0 $ 37.60 $ 148 2023 3.6 $ 39.58 $ 140 _________ (a)The 2025 weighted-average price is a net weighted-average price."},{"id":"e19","sourceId":"filing-1","location":"Credit matters and cash requirements: available credit facilities","excerpt":"The credit facilities include $4 billion in aggregate total commitments of which $3.3 billion was available to support additional commercial paper as of December 31, 2025, and of which no financial institution has more than 6.2% of the aggregate commitments for the Registrants."},{"id":"e20","sourceId":"filing-2","location":"Cash flows from investing activities: capital expenditure changes","excerpt":"Cash Flows from Investing Activities The following table provides a summary of the change in cash flows from investing activities for the six months ended June 30, 2026 and 2025 by Registrant: (Decrease) increase in cash flows from investing activities Exelon ComEd PECO BGE PHI Pepco DPL ACE Capital expenditures $ (599) $ (482) $ (132) $ (18) $ 46 $ (48) $ (23) $ (44) Proceeds from sales of assets (2) — — — (2) (2) — — Changes in intercompany money pool — — — — — (95) — — Other investing activities 3 2 (11) — 1 — 1 1 (Decrease) increase in cash flows from investing activities $ (598) $ (480) $ (143) $ (18) $ 45 $ (145) $ (22) $ (43) Significant changes in cash flows from investing activities were primarily due to the following: •Changes in capital expenditures are primarily due to the timing of cash expenditures for capital projects."},{"id":"e21","sourceId":"filing-2","location":"Cash flows from financing activities: borrowing, equity and dividend changes","excerpt":"Cash Flows from Financing Activities The following table provides a summary of the change in cash flows from financing activities for the six months ended June 30, 2026 and 2025 by Registrant: 140 Table of Contents Increase (decrease) in cash flows from financing activities Exelon ComEd PECO BGE PHI Pepco DPL ACE Changes in short-term borrowings, net $ 1,381 $ 36 $ 70 $ 175 $ (280) $ (252) $ 13 $ (41) Long-term debt, net (993) 200 — (75) 50 100 (50) — Changes in intercompany money pool — — — — 15 — 47 48 Issuance of common stock 209 — — — — — — — Dividends paid on common stock (52) (30) — (31) — 37 4 4 Distributions to member — — — — 45 — — — Contributions from parent/member — 169 4 474 (116) 113 (54) (3) Other financing activities 12 (7) — (1) — (2) — (1) Increase (decrease) in cash flows from financing activities $ 557 $ 368 $ 74 $ 542 $ (286) $ (4) $ (40) $ 7 Significant changes in cash flows from financing activities were primarily due to the following: •Changes in short-term borrowings, net, is driven by repayments on and issuances of notes due in less than 365 days."},{"id":"e22","sourceId":"filing-3","location":"Pay for performance: reported net income, utility earned ROE and shareholder returns","excerpt":"Value of initial fixed $100 investment based on: Year (a) Summary Compensation Table Total for PEO ($) Compensation Actually Paid to PEO ($) Average Summary Compensation Table Total for Non-PEO NEOs ($) (d) Average Compensation Actually Paid to Non-PEO NEOs ($) (e) Exelon Total Shareholder Return ($) (f) Peer Group Total Shareholder Return ($) (g) Net Income (millions) ($) (h) Utility Earned ROE* (i) Butler (b1) Crane (b2) Butler (c1) Crane (c2) 2025 15,601,905 — 24,610,264 — 3,860,785 5,392,102 173 153 2,768 9.7 % 2024 14,662,924 — 14,638,992 — 3,542,149 3,467,808 144 131 2,460 9.1 % 2023 12,266,720 — 9,261,591 — 3,247,012 2,557,696 132 108 2,328 9.3 % 2022 6,286,091 30,084,980 5,509,746 10,875,275 3,223,949 2,895,438 153 119 2,054 9.4 % 2021 — 15,667,002 — 29,721,525 5,459,913 7,403,484 141 118 1,616 9.2 % (1)The dollar amounts reported in column (b1) are the amounts of total compensation reported for Mr."},{"id":"e23","sourceId":"filing-3","location":"Executive compensation: actual ownership relative to requirements as of June 30, 2025","excerpt":"As of June 30, 2025 NEO Required Ownership Actual Ownership Butler 6x 11.4x Jones 3x 4.7x Innocenzo 3x 7.0x Honorable1 3x 1.6x Glockner 3x 5.3x (1)Ms."},{"id":"e24","sourceId":"filing-3","location":"Executive compensation: exclusion of performance shares from ownership requirements","excerpt":"Shares underlying performance share awards do not count toward the stock ownership requirement."},{"id":"e25","sourceId":"filing-3","location":"Proxy summary: board structure and existing compensation practices","excerpt":"Independence •All Director nominees are independent, except for our CEO •The Board is led by an independent Chairman •All Board Committees are composed wholly of independent Directors •Independent Directors meet regularly in executive session without management present Accountability Engagement •All Directors are elected annually •Directors are elected by majority vote in uncontested elections •Annual performance evaluations of Board members and each Committee are overseen by the Chairman and the CGC •Eligible shareholders may nominate Directors through Exelon’s “proxy access” bylaws •Shareholders can call special meetings •Transparent disclosures of political contributions are regularly published •Lobbying activities and interactions with public officials are subject to robust diligence and oversight •Directors who are not public company CEOs are limited to three additional public company boards in addition to Exelon (four total) •Directors who are public company CEOs are limited to one additional public company board in addition to Exelon (two total) •Active, year-round shareholder engagement program with independent Director participation, as appropriate •Directors are encouraged to attend continuing education programs provided by the Company or third-party providers •Exelon Directors are invited to attend utility Board meetings to gain greater insight into operations and performance at the utility level 2026 ׀ Exelon Proxy Statement 7 Proxy Summary and Roadmap Executive Compensation Highlights WHAT WE DO: WHAT WE DO NOT DO: Pay for performance Significant stock ownership requirements for Directors and executive officers Cap incentive awards and conduct an annual risk assessment of the compensation programs Double-trigger for change-in-control benefits Independent compensation consultant advises the TMCC Limited perquisites Clawback policy for incentive compensation awards Compensation practices aligned with our philosophy for consistent outcomes Engage in year-round shareholder outreach Prohibit hedging or pledging of Company stock Annually assess our programs against peer companies and best practices Set appropriate levels of “stretch” in incentive targets No guaranteed minimum payout of AIP or LTIP programs No employment agreements No excise tax gross-ups for change-in-control agreements The value of LTIP awards is not included in pension or cash severance calculations No more than two years of additional credited service under supplemental pension plans No option repricing or buyouts1 (1)The Company has not issued options since 2012, and there are no options outstanding."},{"id":"e26","sourceId":"filing-3","location":"Executive compensation: mandatory financial restatement recoupment policy","excerpt":"Mandatory Financial Restatement Compensation Recoupment Policy The Board’s Financial Restatement Compensation Recoupment Policy, which complies with Nasdaq listing standards and SEC rules, provides for the mandatory recoupment of certain incentive-based compensation awarded to current and former executive officers, in the event of an accounting restatement resulting from material noncompliance with financial reporting requirements under federal securities laws."},{"id":"e27","sourceId":"filing-1","location":"Commitments and contingencies: ComEd deferred prosecution agreement","excerpt":"On July 17, 2020, ComEd entered into a DPA with the USAO to resolve the USAO investigation into its historical state legislative lobbying and related practices in Illinois."},{"id":"e28","sourceId":"filing-1","location":"Commitments and contingencies: historical Treasury payment","excerpt":"Treasury of $200 million, which was paid in November 2020."},{"id":"e29","sourceId":"filing-1","location":"Commitments and contingencies: expiration of DPA and dismissal of deferred charge","excerpt":"The three-year term of the DPA ended on July 17, 2023, and on that same date the court granted the USAO’s motion to dismiss the pending charge against ComEd that had been deferred by the DPA."},{"id":"e30","sourceId":"filing-3","location":"Corporate governance: implemented oversight policies for interactions with public officials","excerpt":"Oversight of Interactions with Public Officials In 2020, Exelon implemented four company-wide ethics policies that substantially increased oversight of our interactions with public officials, instituted a series of new controls, and enhanced guidance and training."},{"id":"e31","sourceId":"filing-3","location":"Shareholder letter: issuer-reported reliability rankings","excerpt":"Our operating companies rank among the top performers nationally for electric reliability as benchmarked against our peers – first, second, fourth, and seventh – reflecting years of sustained investment in grid resilience and modernization."},{"id":"e32","sourceId":"filing-3","location":"Shareholder letter: prospective capital plan and growth expectations","excerpt":"With a $41.3 billion four-year capital plan and 7.9% expected rate base growth, we are well-positioned to deliver annualized earnings growth near the top end of 5% to 7% through 2029."}],"changes":["No comparable previous version."],"limitations":["Assessment uses only the supplied passages. Filing dates are February 12, March 18 and July 30, 2026, each with dateKind filed.","Competitive suppliers are described generically; no supplied passage identifies a named distribution competitor. NextEra Transmission is identified as a project participant, not established as a competitor.","Retained distribution service supports an efficient-scale interpretation, but franchise terms, duplication economics and comprehensive competitive coverage are absent.","Operating and contractual disclosures support numerical grades, but most evidence is issuer-sourced. Reliability rankings are management-reported without the underlying benchmark.","The excerpts lack comprehensive cash flow totals, investment returns and project budget comparisons. Financing changes cannot establish the absolute level of debt or spending efficiency.","Actual executive ownership and existing policies are supplied, but detailed incentive performance goals and realized award outcomes are incomplete. The 2026 advisory vote proposal is not treated as an adopted outcome.","The prospective capital plan and growth targets are not demonstrated achievements. Generic weather and technology risks are possibilities; the regulatory rejection, unfavorable reconciliation and historical governance failures are realized evidence."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Multiple utilities retain distribution service and charges despite supplier switching, demonstrating protection of the delivery business. Franchise duration and infrastructure duplication economics are not supplied.","evidenceIds":["e1","e2","e3","e4","e5"]},{"criterion":"durability","grade":2,"rationale":"Continuing distribution relationships and approved recovery mechanisms support persistence, but regulatory discretion and an actual rejected reconciliation prevent a stronger durability assessment.","evidenceIds":["e1","e3","e6","e8","e11"]},{"criterion":"customer_dependency","grade":3,"rationale":"Changing energy suppliers leaves customers dependent on the same distributor. PECO's gas customer count increased from 554,947 to 556,227, providing additional operating evidence; this is not a measured retention rate.","evidenceIds":["e1","e3","e15"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Decoupling and realized procurement cost offsets absorb some demand and commodity pressures. Actual adverse regulatory outcomes show that recovery protection is incomplete; extreme-weather exposure remains a prospective risk.","evidenceIds":["e7","e9","e11","e12","e13"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Completed rate cases demonstrate approved increases, frequently below requests. PECO's pricing remained relatively consistent in the first half of 2026. These are mixed realized pricing outcomes under regulation.","evidenceIds":["e6","e16"]},{"criterion":"retention","grade":3,"rationale":"Distribution demand remains with the utility when supply customers switch. PECO's slightly higher gas customer count supports continued demand indirectly; no churn or renewal rate is inferred.","evidenceIds":["e1","e2","e3","e15"]},{"criterion":"margin_resilience","grade":2,"rationale":"Realized procurement expense increases were fully offset in revenue, while decoupling limits some weather exposure. Unfavorable reconciliations demonstrate residual earnings vulnerability. This assesses recovery mechanisms rather than inferring power from margins alone.","evidenceIds":["e7","e9","e11","e12"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Distribution rate changes require regulatory proceedings, transmission revenue follows an approved cost formula, and ComEd recovers specified procurement costs without markup. Pricing discretion is demonstrably limited.","evidenceIds":["e10","e8","e17"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual equity issuance, credit availability, capital expenditure changes and financing activity show access to funding alongside dilution and substantial capital needs. Reported earnings improved, but the passages do not establish project-level returns or cash self-funding. The forward capital plan remains prospective.","evidenceIds":["e18","e19","e20","e21","e22","e32"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Disclosed actual ownership exceeded requirements for four of five named executives as of June 30, 2025; the fifth was below the requirement. Performance shares do not count toward compliance. Existing hedging restrictions and mandatory recoupment reinforce alignment, although full award outcomes are missing.","evidenceIds":["e23","e24","e25","e26"]},{"criterion":"execution","grade":3,"rationale":"Reported net income increased from $2.328 billion in 2023 to $2.768 billion in 2025, and utility earned ROE rose from 9.1% in 2024 to 9.7% in 2025. Completed rate approvals provide additional execution evidence. Management-reported reliability rankings are supportive but not independently verified; regulatory setbacks temper the assessment. Management attribution is indirect.","evidenceIds":["e22","e6","e31","e11","e12"]},{"criterion":"governance","grade":2,"rationale":"Independent board leadership, committee structures, recoupment and implemented ethics controls are substantive disclosures. The historical DPA and $200 million payment establish a serious prior failure; expiration and dismissal of the deferred charge provide subsequent remediation context, without proving exceptional governance.","evidenceIds":["e25","e26","e27","e28","e29","e30"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"19940d16fd43f8346e89e1e4cdc53379e8e07018de1b09b844dcf13b3f682197","updatedAt":"2026-10-18T00:01:31.967Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/8192/000110935726000018/exc-20251231.htm","publishedAt":"2026-02-12","sha256":"bfcb54675e9d5b2ff2d22f7c996e25f0b207c1a1d67eee00d9b108900d65d9e2","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1109357/000110935726000080/exc-20260630.htm","publishedAt":"2026-07-30","sha256":"91b0bd05f33f21c75abd1e2f0217b97f23613038fbd7b464b4deea77666b6699","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1109357/000110935726000040/exc-20260318.htm","publishedAt":"2026-03-18","sha256":"f921aad5edb64267562854277fd54501d22378782a6964b295af4d7a832d1a37","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:d2f24f17ccf3293f4a498b0529f28d65ce8e48bac2b660c0ceae418eb65fb1b5","usage":{"input_tokens":54185,"cached_input_tokens":20992,"cache_write_input_tokens":0,"output_tokens":3533,"reasoning_output_tokens":112},"basisSupplement":{"previousHash":"d035edc70e8caabc1d1b8458dcf6ebd732e73b426a239202240ccd0c283fb6ab","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":7.4916774424299115,"roic":3.046885745032422,"fcf_margin":-13.671004484551682,"sbc_revenue":null},"issues":{"pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":17.376035223818008,"roic":4.058445208705357,"fcf_margin":-11.935213334731104,"sbc_revenue":null},"issues":{"pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","eps":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":18.516132001656924,"roic":5.215200270294839,"fcf_margin":-12.44994707046532,"sbc_revenue":null},"issues":{"pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","eps":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":18.75542817439639,"roic":5.620813295933087,"fcf_margin":-6.6354003821434775,"sbc_revenue":null},"issues":{"pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; 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