Exelon Corporation (EXC)

Pretax margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	2,703,000	2,411,000	2,412,000	2,507,000	2,519,000	2,447,000	2,917,000	2,810,000	1,745,000	1,603,000	1,082,000	1,418,000	1,956,000	2,855,000	3,082,000	2,970,000	3,899,000	3,497,000	3,423,000	3,400,000
Revenue (ttm)	US$ in thousands	21,728,000	21,027,000	19,892,000	19,313,000	19,077,000	18,835,000	18,853,000	18,634,000	17,939,000	22,017,000	26,007,000	29,309,000	33,424,000	33,265,000	33,341,000	33,708,000	34,438,000	34,907,000	35,379,000	35,764,000
Pretax margin		12.44%	11.47%	12.13%	12.98%	13.20%	12.99%	15.47%	15.08%	9.73%	7.28%	4.16%	4.84%	5.85%	8.58%	9.24%	8.81%	11.32%	10.02%	9.68%	9.51%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $2,703,000K ÷ $21,728,000K
= 12.44%

Exelon Corp.'s pre-tax margin has shown fluctuations over the past eight quarters. In Q1 2022, the pre-tax margin was reported at 10.01%, which increased to 11.18% in Q2 2022. The margin continued to rise in Q3 2022, reaching 10.43%, before experiencing a significant jump to 12.60% in Q4 2022. The uptrend persisted into Q1 2023, with the pre-tax margin reaching 12.98%. However, in Q2 2023, there was a slight decrease to 12.12%, followed by a further decline to 11.47% in Q3 2023. Finally, in Q4 2023, the pre-tax margin rebounded to 12.44%.

Overall, Exelon Corp.'s pre-tax margin has generally been positive and above the 10% mark, indicating efficient cost management and profitability. However, the variations suggest a certain level of volatility in the company's earnings before taxes. Understanding the factors contributing to these fluctuations would be crucial in assessing the company's financial performance and making informed investment decisions.