Exelon management check
EXC · Utilities · Electric Utilities · CEO Mr. Butler
Filings as of
3 good · 2 to watch · 1 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $173, against $153 for the peer group the company picked itself.
- Watch
Does pay follow performance?
Pay only loosely tracked returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.36 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Flag
What does the CEO cost owners?
563652.6% of net income$15.6m of reported pay in fiscal 2025, against $3k of net income.
- n/a
Do they own the stock?
No recent CEO filingNo open-market insider buying or selling in the last six months.
- Watch
Are owners being diluted?
Share count growingDiluted shares changed +0.7% a year over the last three fiscal years.
- Good
Is leadership stable?
9 leadership filings in 3 yearsCEO in the pay table: Mr. Butler. 9 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Utilities.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 66 | 53 | |
| Pay for performance | 68 | 81 | |
| CEO cost | 0 | 50 | |
| Skin in the game | — | — | 45 |
| Dilution | 41 | 37 | |
| Stable leadership | 80 | 80 | |
| Clean books | 100 | 100 |
Closest peers
Others in Electric Utilities, by management score. Exelon is 20th of 30 in its sector.
- 30CEGConstellation Energy84
- 62VSTVistra Corp.79
- 143EIXEdison International72
- 145PPLPPL Corporation72
- 252EVRGEvergy64
- 254PEGPublic Service Enterprise Group64
- 270ETREntergy63
- 285LNTAlliant Energy62
- 338EXCExelon59
- 354ESEversource Energy58
Pay versus performance
From the proxy statement filed March 18, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Mr. Butler | $15.6m | $24.6m | $3.9m | $173 | $153 | $3k |
| 2024 | — | $14.7m | $14.6m | $3.5m | $144 | $131 | $2k |
| 2023 | — | $12.3m | $9.3m | $3.2m | $132 | $108 | $2k |
| 2022 | — | $30.1m | $10.9m | $3.2m | $153 | $119 | $2k |
| 2021 | — | $15.7m | $29.7m | $5.5m | $141 | $118 | $2k |
The board says pay is tied most to Operating ROE*.
Insiders and the CEO's stake
No open-market insider buying or selling in the last six months.
Leadership and governance on file
- Aug 25, 2026Leadership change8-K 5.02
- Feb 3, 2026Leadership change8-K/A 5.02
- Nov 26, 2025Leadership change8-K 5.02
- Mar 10, 2025Leadership change8-K 5.02
- Dec 3, 2024Leadership change8-K 5.02
- Mar 6, 2024Leadership change8-K/A 5.02
- Feb 6, 2024Leadership change8-K 5.02
- Dec 8, 2023Leadership change8-K/A 5.02
- Dec 6, 2023Leadership change8-K 5.02
- Jul 27, 2023Leadership change8-K 5.02
- Jun 15, 2023Leadership change8-K 5.02
- Feb 14, 2023Leadership change8-K 5.02
Latest shareholder vote results: Apr 30, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $7.4bn returned to owners in buybacks and dividends, and $0 of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $17.9bn | $19.1bn | $21.7bn | $23.0bn | $24.3bn |
| Net income | — | — | — | — | — |
| Stock-based pay | — | — | — | — | — |
| Buybacks | — | — | — | — | — |
| Dividends | $1.5bn | $1.3bn | $1.4bn | $1.5bn | $1.6bn |
| Diluted shares | 980m | 987m | 997m | 1003m | 1012m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.