Exelon

At December 31, 2025, Exelon reported 47.4 billion dollars of long-term debt (plus 0.6 billion dollars of short-term borrowings and 1.7 billion dollars current maturities) against 1.2 billion dollars of cash. 2025 TTM CFO was 6.254 billion dollars and capex was 8.529 billion dollars, producing negative reported FCF consistent with growth investment timing.

The company targets average CFO/FFO-to-debt near 14 percent for 2026-2029 and highlighted S&P’s February 2025 upgrade, reflecting credit-supportive regulation and funding balance. Equity needs through 2029 total roughly 3.4 billion dollars with a stated approach of funding about 40 percent of incremental capital with equity to maintain metrics.

Overall leverage is typical for a large regulated utility and appears manageable under current plans.