FULLTEXT DEL 2 AV 4
10-Q – 2026-05-06 – exc-20260331.htm
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2026
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number Name of Registrant; State or Other Jurisdiction of Incorporation; Address of Principal Executive Offices; and Telephone Number IRS Employer Identification Number
001-16169 EXELON CORPORATION 23-2990190
(a Pennsylvania corporation)
10 South Dearborn Street
P.O. Box 805379
Chicago , Illinois 60680-5379
(800) 483-3220
001-01839 COMMONWEALTH EDISON COMPANY 36-0938600
(an Illinois corporation)
10 South Dearborn Street
Chicago , Illinois 60603-2300
(312) 394-4321
000-16844 PECO ENERGY COMPANY 23-0970240
(a Pennsylvania corporation)
2301 Market Street
P.O. Box 8699
Philadelphia , Pennsylvania 19101-8699
(215) 841-4000
001-01910 BALTIMORE GAS AND ELECTRIC COMPANY 52-0280210
(a Maryland corporation)
2 Center Plaza
110 West Fayette Street
Baltimore , Maryland 21201-3708
(410) 234-5000
001-31403 PEPCO HOLDINGS LLC 52-2297449
(a Delaware limited liability company)
701 Ninth Street, N.W.
Washington , District of Columbia 20068-0001
(202) 872-2000
001-01072 POTOMAC ELECTRIC POWER COMPANY 53-0127880
(a District of Columbia and Virginia corporation)
701 Ninth Street, N.W.
Washington , District of Columbia 20068-0001
(202) 872-2000
001-01405 DELMARVA POWER & LIGHT COMPANY 51-0084283
(a Delaware and Virginia corporation)
500 North Wakefield Drive
Newark , Delaware 19702-5440
(202) 872-2000
001-03559 ATLANTIC CITY ELECTRIC COMPANY 21-0398280
(a New Jersey corporation)
500 North Wakefield Drive
Newark , Delaware 19702-5440
(202) 872-2000
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
EXELON CORPORATION:
Common stock, without par value EXC The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Exelon Corporation Large Accelerated Filer x Accelerated Filer ☐
Non-accelerated Filer ☐
Smaller Reporting Company ☐
Emerging Growth Company ☐
Commonwealth Edison Company Large Accelerated Filer ☐
Accelerated Filer ☐
Non-accelerated Filer x Smaller Reporting Company ☐
Emerging Growth Company ☐
PECO Energy Company Large Accelerated Filer ☐
Accelerated Filer ☐
Non-accelerated Filer x Smaller Reporting Company ☐
Emerging Growth Company ☐
Baltimore Gas and Electric Company Large Accelerated Filer ☐
Accelerated Filer ☐
Non-accelerated Filer x Smaller Reporting Company ☐
Emerging Growth Company ☐
Pepco Holdings LLC Large Accelerated Filer ☐
Accelerated Filer ☐
Non-accelerated Filer x Smaller Reporting Company ☐
Emerging Growth Company ☐
Potomac Electric Power Company Large Accelerated Filer ☐
Accelerated Filer ☐
Non-accelerated Filer x Smaller Reporting Company ☐
Emerging Growth Company ☐
Delmarva Power & Light Company Large Accelerated Filer ☐
Accelerated Filer ☐
Non-accelerated Filer x Smaller Reporting Company ☐
Emerging Growth Company ☐
Atlantic City Electric Company Large Accelerated Filer ☐
Accelerated Filer ☐
Non-accelerated Filer x Smaller Reporting Company ☐
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No x
The number of shares outstanding of each registrant’s common stock as of March 31, 2026 was:
Exelon Corporation Common Stock, without par value 1,023,208,142
Commonwealth Edison Company Common Stock, $12.50 par value 127,021,425
PECO Energy Company Common Stock, without par value 170,478,507
Baltimore Gas and Electric Company Common Stock, without par value 1,000
Pepco Holdings LLC not applicable
Potomac Electric Power Company Common Stock, $0.01 par value 100
Delmarva Power & Light Company Common Stock, $2.25 par value 1,000
Atlantic City Electric Company Common Stock, $3.00 par value 8,546,017
TABLE OF CONTENTS
Page No.
GLOSSARY OF TERMS AND ABBREVIATIONS
4
FILING FORMAT
7
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION
7
WHERE TO FIND MORE INFORMATION
8
PART I.
FINANCIAL INFORMATION
9
ITEM 1.
FINANCIAL STATEMENTS
9
Exelon Corporation
Consolidated Statements of Operations and Comprehensive Income
10
Consolidated Statements of Cash Flows
11
Consolidated Balance Sheets
12
Consolidated Statements of Changes in Shareholders’ Equity
14
Commonwealth Edison Company
Consolidated Statements of Operations and Comprehensive Income
15
Consolidated Statements of Cash Flows
16
Consolidated Balance Sheets
17
Consolidated Statements of Changes in Shareholders' Equity
19
PECO Energy Company
Consolidated Statements of Operations and Comprehensive Income
20
Consolidated Statements of Cash Flows
21
Consolidated Balance Sheets
22
Consolidated Statements of Changes in Shareholder's Equity
24
Baltimore Gas and Electric Company
Statements of Operations and Comprehensive Income
25
Statements of Cash Flows
26
Balance Sheets
27
Statements of Changes in Shareholder's Equity
29
Pepco Holdings LLC
Consolidated Statements of Operations and Comprehensive Income
30
Consolidated Statements of Cash Flows
31
Consolidated Balance Sheets
32
Consolidated Statements of Changes in Member's Equity
34
1
Page No.
Potomac Electric Power Company
Statements of Operations and Comprehensive Income
35
Statements of Cash Flows
36
Balance Sheets
37
Statements of Changes in Shareholder's Equity
39
Delmarva Power & Light Company
Statements of Operations and Comprehensive Income
40
Statements of Cash Flows
41
Balance Sheets
42
Statements of Changes in Shareholder’s Equity
44
Atlantic City Electric Company
Consolidated Statements of Operations and Comprehensive Income
45
Consolidated Statements of Cash Flows
46
Consolidated Balance Sheets
47
Consolidated Statements of Changes in Shareholder’s Equity
49
Combined Notes to Consolidated Financial Statements
1. Significant Accounting Policies
50
2. Regulatory Matters
51
3. Revenue from Contracts with Customers
58
4. Segment Information
60
5. Accounts Receivable
65
6. Income Taxes
66
7. Retirement Benefits
69
8. Derivative Financial Instruments
71
9. Debt and Credit Agreements
73
10. Fair Value of Financial Assets and Liabilities
76
11. Commitments and Contingencies
84
12. Shareholders' Equity
90
13. Changes in Accumulated Other Comprehensive Income
91
14. Supplemental Financial Information
92
15. Related Party Transactions
94
2
Page No.
ITEM 2.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
97
Exelon Corporation
97
Executive Overview
97
Financial Results of Operations
97
Significant 202 6 Transactions and Developments
98
Other Key Business Drivers and Management Strategies
100
Critical Accounting Policies and Estimates
101
Results of Operations By Registrant
102
Commonwealth Edison Company
102
PECO Energy Company
105
Baltimore Gas and Electric Company
109
Pepco Holdings LLC
112
Potomac Electric Power Company
113
Delmarva Power & Light Company
116
Atlantic City Electric Company
120
Liquidity and Capital Resources
123
ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
132
ITEM 4.
CONTROLS AND PROCEDURES
133
PART II.
OTHER INFORMATION
134
ITEM 1.
LEGAL PROCEEDINGS
134
ITEM 1A.
RISK FACTORS
134
ITEM 5.
OTHER INFORMATION
134
ITEM 6.
EXHIBITS
134
SIGNATURES
138
Exelon Corporation
138
Commonwealth Edison Company
139
PECO Energy Company
140
Baltimore Gas and Electric Company
141
Pepco Holdings LLC
142
Potomac Electric Power Company
143
Delmarva Power & Light Company
144
Atlantic City Electric Company
145
3
Table of Contents
GLOSSARY OF TERMS AND ABBREVIATIONS
Exelon Corporation and Related Entities
Exelon Exelon Corporation
ComEd Commonwealth Edison Company
PECO PECO Energy Company
BGE Baltimore Gas and Electric Company
Pepco Holdings or PHI Pepco Holdings LLC
Pepco Potomac Electric Power Company
DPL Delmarva Power & Light Company
ACE Atlantic City Electric Company
Registrants Exelon, ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE, collectively
Utility Registrants ComEd, PECO, BGE, Pepco, DPL, and ACE, collectively
BSC Exelon Business Services Company, LLC
Exelon Corporate Exelon in its corporate capacity as a holding company
PCI Potomac Capital Investment Corporation and its subsidiaries
PECO Trust III PECO Energy Capital Trust III
PECO Trust IV PECO Energy Capital Trust IV
Pepco Energy Services or PES Pepco Energy Services, Inc. and its subsidiaries
PHI Corporate PHI in its corporate capacity as a holding company
PHISCO PHI Service Company
Former Related Entities
Constellation Constellation Energy Corporation and Constellation Energy Generation, LLC (formerly Exelon Generation Company, LLC, a subsidiary of Exelon as of December 31, 2021 prior to separation on February 1, 2022)
4
Table of Contents
GLOSSARY OF TERMS AND ABBREVIATIONS
Other Terms and Abbreviations
Note - of the 2025 Form 10-K
Reference to specific Combined Note to Consolidated Financial Statements within Exelon's 2025 Annual Report on Form 10-K
ABO Accumulated Benefit Obligation
AECs Alternative Energy Credits that are issued for each megawatt hour of generation from a qualified alternative energy source
AFUDC Allowance for Funds Used During Construction
AMI Advanced Metering Infrastructure
AOCI Accumulated Other Comprehensive Income (Loss)
ARO Asset Retirement Obligation
ATM At the market
BGS Basic Generation Service
BSA Bill Stabilization Adjustment
CEJA Climate and Equitable Jobs Act; Illinois Public Act 102-0662 signed into law on September 15, 2021
CERCLA Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended
CIP Conservation Incentive Program
Convertible Senior Notes Exelon's 3.25% Convertible Senior Notes due 2029
CMC Carbon Mitigation Credit
CRGA Clean and Reliable Grid Affordability Act
CODMs Chief Operating Decision Makers
DC PLUG District of Columbia Power Line Undergrounding Initiative
DCPSC Public Service Commission of the District of Columbia
DEPSC Delaware Public Service Commission
DOEE District of Columbia Department of Energy & Environment
DPA Deferred Prosecution Agreement
DPP Deferred Purchase Price
DSIC Distribution System Improvement Charge
EDIT Excess Deferred Income Taxes
EPA United States Environmental Protection Agency
ERCOT Electric Reliability Council of Texas
ERISA Employee Retirement Income Security Act of 1974, as amended
ETAC Energy Transition Assistance Charge
FERC Federal Energy Regulatory Commission
GAAP Generally Accepted Accounting Principles in the United States
GCR Gas Cost Rate
GSA Generation Supply Adjustment
GWhs Gigawatt hours
ICC Illinois Commerce Commission
IIJA Infrastructure Investment and Jobs Act
Illinois Settlement Legislation Legislation enacted in 2007 affecting electric utilities in Illinois
IPA Illinois Power Agency
IRA Inflation Reduction Act
IRC Internal Revenue Code
IRS Internal Revenue Service
MDPSC Maryland Public Service Commission
MGP Manufactured Gas Plant
5
Table of Contents
GLOSSARY OF TERMS AND ABBREVIATIONS
Other Terms and Abbreviations
mmcf Million Cubic Feet
MRP Multi-Year Rate Plan
MWh Megawatt hour
N/A Not Applicable
NAV Net Asset Value
NDT Nuclear Decommissioning Trust
NJBPU New Jersey Board of Public Utilities
Non-Regulatory Agreement Units Nuclear generating units or portions thereof whose decommissioning-related activities are not subject to contractual elimination under regulatory accounting
NOLC Tax Net Operating Loss Carryforward
NPNS Normal Purchase Normal Sale scope exception
NPS National Park Service
NRD Natural Resources Damages
OCI Other Comprehensive Income
OPEB Other Postretirement Employee Benefits
PAPUC Pennsylvania Public Utility Commission
PGC Purchased Gas Cost Clause
PJM PJM Interconnection, LLC
PLR Private Letter Ruling
POLR Provider of Last Resort
PP&E Property, Plant, and Equipment
PRPs Potentially Responsible Parties
REC Renewable Energy Credit which is issued for each megawatt hour of generation from a qualified renewable energy source
Regulatory Agreement Units Nuclear generating units or portions thereof whose decommissioning-related activities are subject to regulatory agreements with the ICC and PAPUC
RFP Request for Proposal
Rider Reconcilable Surcharge Recovery Mechanism
ROE Return on Equity
ROU Right-of-use
RTO Regional Transmission Organization
RUBC Residential Universal Bill Credit
S&P Standard & Poor’s Ratings Services
SEC United States Securities and Exchange Commission
SOFR Secured Overnight Financing Rate
SOS Standard Offer Service
TCJA Tax Cuts and Jobs Act
TSC Transmission Service Charge
Transition Bonds Transition Bonds issued by Atlantic City Electric Transition Funding LLC
USAO United States Attorney's Office for the Northern District of Illinois
ZEC Zero Emission Credit
6
Table of Contents
FILING FORMAT
This combined Form 10-Q is being filed separately by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants). Information contained herein relating to any individual Registrant is filed by such Registrant on its own behalf. No Registrant makes any representation as to information relating to any other Registrant.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION
This Report contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” "should," and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic and financial performance, are intended to identify such forward-looking statements. 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 power generation resources to meet actual or forecasted demand or disruptions at 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 any Registrant’s credit ratings or other failure to satisfy the credit standards in the Registrants’ 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.
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New factors emerge from time to time, and it is impossible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. For more information, see those factors discussed in the 2025 Form 10-K filed by the Registrants, including in Part I, ITEM 1A. Risk Factors, and this Report including in Part II, ITEM 1A. Risk Factors.
Investors are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this Report. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this Report.
WHERE TO FIND MORE INFORMATION
The SEC maintains an Internet site at www.sec.gov that contains reports, proxy and information statements, and other information that the Registrants file electronically with the SEC. These documents are also available to the public from commercial document retrieval services and free of charge at the Registrants' website at www.exeloncorp.com. Information contained on the Registrants' website shall not be deemed incorporated into, or to be a part of, this Report.
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PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
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Exelon Corporation and Subsidiary Companies
Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months Ended
March 31,
(In millions, except per share data) 2026 2025
Operating revenues
Electric operating revenues $ 6,157 $ 5,816
Natural gas operating revenues 1,117 1,024
Revenues from alternative revenue programs ( 32 ) ( 126 )
Total operating revenues 7,242 6,714
Operating expenses
Purchased power 2,382 2,184
Purchased fuel 394 338
Operating and maintenance 1,466 1,347
Depreciation and amortization 952 903
Taxes other than income taxes 443 405
Total operating expenses 5,637 5,177
Loss on sale of assets — ( 1 )
Operating income 1,605 1,536
Other income and (deductions)
Interest expense, net ( 548 ) ( 504 )
Interest expense to affiliates ( 7 ) ( 6 )
Other, net 69 52
Total other income and (deductions) ( 486 ) ( 458 )
Income before income taxes 1,119 1,078
Income taxes 200 170
Net income attributable to common shareholders $ 919 $ 908
Comprehensive income, net of income taxes
Net income $ 919 $ 908
Other comprehensive income, net of income taxes
Pension and non-pension postretirement benefit plans:
Actuarial losses reclassified to periodic benefit cost 7 5
Pension and non-pension postretirement benefit plans valuation adjustments 4 5
Unrealized (loss) on cash flow hedges ( 5 ) ( 8 )
Other comprehensive income 6 2
Comprehensive income attributable to common shareholders $ 925 $ 910
Average shares of common stock outstanding:
Basic 1,024 1,008
Assumed exercise and/or distributions of stock-based awards (a)
2 1
Diluted 1,026 1,009
Earnings per average common share
Basic $ 0.90 $ 0.90
Diluted $ 0.90 $ 0.90
__________
(a) The dilutive effects of stock-based compensation awards are calculated using the treasury stock method for all periods presented.
See the Combined Notes to Consolidated Financial Statements
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Exelon Corporation and Subsidiary Companies
Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended
March 31,
(In millions) 2026 2025
Cash flows from operating activities
Net income $ 919 $ 908
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion 953 905
Loss on sales of assets — 1
Deferred income taxes and amortization of investment tax credits 345 121
Net fair value changes related to derivatives — 1
Other non-cash operating activities 222 344
Changes in assets and liabilities:
Accounts receivable 395 ( 402 )
Inventories 20 17
Accounts payable and accrued expenses ( 632 ) ( 397 )
Collateral received, net 45 44
Income taxes ( 144 ) 59
Regulatory assets and liabilities, net ( 329 ) 86
Pension and non-pension postretirement benefit contributions ( 346 ) ( 292 )
Other assets and liabilities 276 ( 195 )
Net cash flows provided by operating activities 1,724 1,200
Cash flows from investing activities
Capital expenditures ( 2,358 ) ( 1,946 )
Other investing activities 2 4
Net cash flows used in investing activities ( 2,356 ) ( 1,942 )
Cash flows from financing activities
Changes in short-term borrowings ( 447 ) ( 775 )
Proceeds from short-term borrowings with maturities greater than 90 days 500 —
Issuance of long-term debt 1,120 2,425
Issuance of common stock — 173
Dividends paid on common stock ( 430 ) ( 403 )
Proceeds from employee stock plans 12 —
Other financing activities ( 27 ) ( 35 )
Net cash flows provided by financing activities 728 1,385
Increase in cash, restricted cash, and cash equivalents 96 643
Cash, restricted cash, and cash equivalents at beginning of period 1,201 939
Cash, restricted cash, and cash equivalents at end of period $ 1,297 $ 1,582
Supplemental cash flow information
Decrease in capital expenditures not paid ( 373 ) ( 216 )
See the Combined Notes to Consolidated Financial Statements
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Exelon Corporation and Subsidiary Companies
Consolidated Balance Sheets
(Unaudited)
(In millions) March 31, 2026 December 31, 2025
ASSETS
Current assets
Cash and cash equivalents $ 713 $ 626
Restricted cash and cash equivalents 560 525
Accounts receivable
Customer accounts receivable 3,636 3,732
Customer allowance for credit losses ( 522 ) ( 435 )
Customer accounts receivable, net 3,114 3,297
Other accounts receivable 1,680 1,879
Other allowance for credit losses ( 102 ) ( 94 )
Other accounts receivable, net 1,578 1,785
Inventories, net
Fossil fuel 35 88
Materials and supplies 811 780
Regulatory assets 1,373 1,359
Prepaid renewable energy credits 314 563
Other 504 523
Total current assets 9,002 9,546
Property, plant, and equipment (net of accumulated depreciation and amortization of $ 20,694 and $ 20,080 as of March 31, 2026 and December 31, 2025, respectively)
85,564 84,318
Deferred debits and other assets
Regulatory assets 9,322 9,214
Goodwill 6,630 6,630
Receivable related to Regulatory Agreement Units 4,830 4,755
Investments 317 312
Other 1,880 1,795
Total deferred debits and other assets 22,979 22,706
Total assets $ 117,545 $ 116,570
See the Combined Notes to Consolidated Financial Statements
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Exelon Corporation and Subsidiary Companies
Consolidated Balance Sheets
(Unaudited)
(In millions) March 31, 2026 December 31, 2025
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term borrowings $ 665 $ 612
Long-term debt due within one year 2,326 1,665
Accounts payable 3,119 3,721
Accrued expenses 1,203 1,582
Payables to affiliates 5 5
Customer deposits 565 533
Regulatory liabilities 910 1,128
Mark-to-market derivative liabilities 21 30
Unamortized energy contract liabilities 5 5
Renewable energy credit obligations 222 473
Other 547 577
Total current liabilities 9,588 10,331
Long-term debt 47,859 47,413
Long-term debt to financing trusts 390 390
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits 14,201 13,715
Regulatory liabilities 11,186 11,016
Pension obligations 1,426 1,749
Non-pension postretirement benefit obligations 558 546
Asset retirement obligations 321 321
Mark-to-market derivative liabilities 112 106
Unamortized energy contract liabilities 16 16
Other 2,573 2,169
Total deferred credits and other liabilities 30,393 29,638
Total liabilities 88,230 87,772
Commitments and contingencies
Shareholders’ equity
Common stock ( No par value, 2,000 shares authorized, 1,023 shares outstanding as of March 31, 2026 and December 31, 2025)
22,129 22,106
Treasury stock, at cost ( 2 shares as of March 31, 2026 and December 31, 2025)
( 123 ) ( 123 )
Retained earnings 8,065 7,577
Accumulated other comprehensive loss, net ( 756 ) ( 762 )
Total shareholders’ equity 29,315 28,798
Total liabilities and shareholders’ equity $ 117,545 $ 116,570
See the Combined Notes to Consolidated Financial Statements
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Exelon Corporation and Subsidiary Companies
Consolidated Statements of Changes in Shareholders' Equity
(Unaudited)
Three Months Ended March 31, 2026
(In millions, shares
in thousands) Issued
Shares Common
Stock Treasury
Stock Retained
Earnings Accumulated
Other
Comprehensive
Loss, net Total Shareholders'
Equity
Balance at December 31, 2025 1,024,401 $ 22,106 $ ( 123 ) $ 7,577 $ ( 762 ) $ 28,798
Net income — — — 919 — 919
Long-term incentive plan activity 338 10 — — — 10
Employee stock purchase plan activity 302 13 — — — 13
Common stock dividends
($ 0.42 /common share)
— — — ( 431 ) — ( 431 )
Other comprehensive income, net of income taxes — — — — 6 6
Balance at March 31, 2026 1,025,041 $ 22,129 $ ( 123 ) $ 8,065 $ ( 756 ) $ 29,315
Three Months Ended March 31, 2025
(In millions, shares
in thousands) Issued
Shares Common
Stock Treasury
Stock Retained
Earnings Accumulated
Other
Comprehensive
Loss, net Total Shareholders'
Equity
Balance at December 31, 2024 1,007,046 $ 21,338 $ ( 123 ) $ 6,426 $ ( 720 ) $ 26,921
Net income — — — 908 — 908
Long-term incentive plan activity 299 4 — — — 4
Employee stock purchase plan activity ( 8 ) 2 — — — 2
Issuance of Common Stock 4,031 173 — — — 173
Common stock dividends
($ 0.40 /common share)
— — — ( 403 ) — ( 403 )
Other comprehensive income, net of income taxes — — — — 2 2
Balance at March 31, 2025 1,011,368 $ 21,517 $ ( 123 ) $ 6,931 $ ( 718 ) $ 27,607
See the Combined Notes to Consolidated Financial Statements
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Commonwealth Edison Company and Subsidiary Companies
Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months Ended
March 31,
(In millions) 2026 2025
Operating revenues
Electric operating revenues $ 1,894 $ 2,142
Revenues from alternative revenue programs 8 ( 85 )
Operating revenues from affiliates 11 8
Total operating revenues 1,913 2,065
Operating expenses
Purchased power 451 689
Operating and maintenance 335 323
Operating and maintenance from affiliates 103 100
Depreciation and amortization 404 380
Taxes other than income taxes 105 99
Total operating expenses 1,398 1,591
Operating income 515 474
Other income and (deductions)
Interest expense, net ( 132 ) ( 125 )
Interest expense to affiliates, net ( 3 ) ( 3 )
Other, net 31 21
Total other income and (deductions) ( 104 ) ( 107 )
Income before income taxes 411 367
Income taxes 101 65
Net income $ 310 $ 302
Comprehensive income $ 310 $ 302
See the Combined Notes to Consolidated Financial Statements
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Commonwealth Edison Company and Subsidiary Companies
Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended
March 31,
(In millions) 2026 2025
Cash flows from operating activities
Net income $ 310 $ 302
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization 404 380
Deferred income taxes and amortization of investment tax credits 71 ( 8 )
Other non-cash operating activities 21 141
Changes in assets and liabilities:
Accounts receivable 559 ( 111 )
Receivables from and payables to affiliates, net ( 11 ) ( 21 )
Inventories ( 7 ) 3
Accounts payable and accrued expenses ( 108 ) ( 189 )
Collateral received, net 52 5
Income taxes 29 72
Regulatory assets and liabilities, net ( 350 ) 76
Pension and non-pension postretirement benefit contributions ( 220 ) ( 189 )
Other assets and liabilities ( 6 ) ( 102 )
Net cash flows provided by operating activities 744 359
Cash flows from investing activities
Capital expenditures ( 885 ) ( 590 )
Other investing activities — 1
Net cash flows used in investing activities ( 885 ) ( 589 )
Cash flows from financing activities
Changes in short-term borrowings 46 311
Dividends paid on common stock ( 218 ) ( 203 )
Contributions from parent 256 87
Net cash flows provided by financing activities 84 195
Decrease in cash, restricted cash, and cash equivalents ( 57 ) ( 35 )
Cash, restricted cash, and cash equivalents at beginning of period 663 632
Cash, restricted cash, and cash equivalents at end of period $ 606 $ 597
Supplemental cash flow information
Decrease in capital expenditures not paid $ ( 133 ) $ ( 25 )
See the Combined Notes to Consolidated Financial Statements
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Commonwealth Edison Company and Subsidiary Companies
Consolidated Balance Sheets
(Unaudited)
(In millions) March 31, 2026 December 31, 2025
ASSETS
Current assets
Cash and cash equivalents $ 95 $ 159
Restricted cash and cash equivalents 487 454
Accounts receivable
Customer accounts receivable 865 1,058
Customer allowance for credit losses ( 130 ) ( 115 )
Customer accounts receivable, net 735 943
Other accounts receivable 780 1,155
Other allowance for credit losses ( 27 ) ( 23 )
Other accounts receivable, net 753 1,132
Receivables from affiliates 7 5
Inventories, net 274 268
Regulatory assets 687 595
Other 189 217
Total current assets 3,227 3,773
Property, plant, and equipment (net of accumulated depreciation and amortization of $ 8,514 and $ 8,219 as of March 31, 2026 and December 31, 2025, respectively)
32,738 32,255
Deferred debits and other assets
Regulatory assets 2,750 2,687
Goodwill 2,625 2,625
Receivable related to Regulatory Agreement Units 4,297 4,313
Investments 6 6
Prepaid pension asset 1,480 1,284
Other 1,355 1,342
Total deferred debits and other assets 12,513 12,257
Total assets $ 48,478 $ 48,285
See the Combined Notes to Consolidated Financial Statements
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Commonwealth Edison Company and Subsidiary Companies
Consolidated Balance Sheets
(Unaudited)
(In millions) March 31, 2026 December 31, 2025
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term borrowings $ 46 $ —
Long-term debt due within one year 500 500
Accounts payable 927 1,033
Accrued expenses 369 474
Payables to affiliates 72 81
Customer deposits 214 192
Regulatory liabilities 603 846
Mark-to-market derivative liabilities 22 25
Other 295 288
Total current liabilities 3,048 3,439
Long-term debt 12,255 12,253
Long-term debt to financing trust 206 206
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits 5,918 5,828
Regulatory liabilities 9,268 9,163
Asset retirement obligations 195 193
Non-pension postretirement benefit obligations 154 151
Mark-to-market derivative liabilities 111 106
Other 1,370 1,341
Total deferred credits and other liabilities 17,016 16,782
Total liabilities 32,525 32,680
Commitments and contingencies
Shareholders’ equity
Common stock 1,588 1,588
Other paid-in capital 11,275 11,019
Retained earnings 3,090 2,998
Total shareholders’ equity 15,953 15,605
Total liabilities and shareholders’ equity $ 48,478 $ 48,285
See the Combined Notes to Consolidated Financial Statements
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Commonwealth Edison Company and Subsidiary Companies
Consolidated Statements of Changes in Shareholders' Equity
(Unaudited)
Three Months Ended March 31, 2026
(In millions) Common
Stock Other
Paid-In
Capital Retained
Earnings Total
Shareholders’
Equity
Balance at December 31, 2025 $ 1,588 $ 11,019 $ 2,998 $ 15,605
Net income — — 310 310
Common stock dividends — — ( 218 ) ( 218 )
Contributions from parent — 256 — 256
Balance at March 31, 2026 $ 1,588 $ 11,275 $ 3,090 $ 15,953
Three Months Ended March 31, 2025
(In millions) Common
Stock Other
Paid-In
Capital Retained
Earnings Total
Shareholders’
Equity
Balance at December 31, 2024 $ 1,588 $ 10,628 $ 2,664 $ 14,880
Net income — — 302 302
Common stock dividends — — ( 203 ) ( 203 )
Contributions from parent — 87 — 87
Balance at March 31, 2025 $ 1,588 $ 10,715 $ 2,763 $ 15,066
See the Combined Notes to Consolidated Financial Statements
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PECO Energy Company and Subsidiary Companies
Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months Ended
March 31,
(In millions) 2026 2025
Operating revenues
Electric operating revenues $ 1,073 $ 963
Natural gas operating revenues 410 376
Revenues from alternative revenue programs 5 ( 9 )
Operating revenues from affiliates 4 3
Total operating revenues 1,492 1,333
Operating expenses
Purchased power 451 361
Purchased fuel 161 141
Operating and maintenance 271 266
Operating and maintenance from affiliates 66 61
Depreciation and amortization 121 109
Taxes other than income taxes 69 60
Total operating expenses 1,139 998
Operating income 353 335
Other income and (deductions)
Interest expense, net ( 69 ) ( 59 )
Interest expense to affiliates, net ( 2 ) ( 4 )
Other, net 11 8
Total other income and (deductions) ( 60 ) ( 55 )
Income before income taxes 293 280
Income taxes 15 14
Net income $ 278 $ 266
Comprehensive income $ 278 $ 266
See the Combined Notes to Consolidated Financial Statements
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PECO Energy Company and Subsidiary Companies
Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended
March 31,
(In millions) 2026 2025
Cash flows from operating activities
Net income $ 278 $ 266
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization 121 109
Deferred income taxes and amortization of investment tax credits 278 ( 18 )
Other non-cash operating activities 34 54
Changes in assets and liabilities:
Accounts receivable ( 87 ) ( 148 )
Receivables from and payables to affiliates, net 4 ( 4 )
Inventories 23 15
Accounts payable and accrued expenses ( 122 ) ( 25 )
Collateral (paid) received, net — 12
Income taxes ( 262 ) 32
Regulatory assets and liabilities, net ( 55 ) 27
Pension and non-pension postretirement benefit contributions ( 12 ) ( 9 )
Other assets and liabilities ( 120 ) ( 117 )
Net cash flows provided by operating activities 80 194
Cash flows from investing activities
Capital expenditures ( 469 ) ( 424 )
Changes in Exelon intercompany money pool ( 5 ) —
Other investing activities ( 1 ) 2
Net cash flows used in investing activities ( 475 ) ( 422 )
Cash flows from financing activities
Changes in short-term borrowings — ( 192 )
Dividends paid on common stock ( 137 ) ( 137 )
Contributions from parent 567 563
Net cash flows provided by financing activities 430 234
Increase in cash, restricted cash, and cash equivalents 35 6
Cash, restricted cash, and cash equivalents at beginning of period 116 48
Cash, restricted cash, and cash equivalents at end of period $ 151 $ 54
Supplemental cash flow information
Decrease in capital expenditures not paid $ ( 33 ) $ ( 20 )
See the Combined Notes to Consolidated Financial Statements
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PECO Energy Company and Subsidiary Companies
Consolidated Balance Sheets
(Unaudited)
(In millions) March 31, 2026 December 31, 2025
ASSETS
Current assets
Cash and cash equivalents $ 151 $ 116
Accounts receivable
Customer accounts receivable 861 811
Customer allowance for credit losses ( 160 ) ( 137 )
Customer accounts receivable, net 701 674
Other accounts receivable 178 144
Other allowance for credit losses ( 22 ) ( 18 )
Other accounts receivable, net 156 126
Receivables from affiliates 2 —
Fossil fuel 16 43
Materials and supplies 87 83
Prepaid utility taxes 127 2
Prepaid renewable energy credits 80 55
Regulatory assets 128 72
Other 29 32
Total current assets 1,477 1,203
Property, plant, and equipment (net of accumulated depreciation and amortization of $ 4,211 and $ 4,131 as of March 31, 2026 and December 31, 2025, respectively)
16,245 15,922
Deferred debits and other assets
Regulatory assets 1,351 1,275
Receivable related to Regulatory Agreement Units 533 442
Investments 45 45
Prepaid pension asset 450 441
Other 92 34
Total deferred debits and other assets 2,471 2,237
Total assets $ 20,193 $ 19,362
See the Combined Notes to Consolidated Financial Statements
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PECO Energy Company and Subsidiary Companies
Consolidated Balance Sheets
(Unaudited)
(In millions) March 31, 2026 December 31, 2025
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Accounts payable $ 758 $ 811
Accrued expenses 132 483
Payables to affiliates 41 35
Customer deposits 97 93
Renewable energy credit obligations 81 56
Regulatory liabilities 138 140
Other 42 40
Total current liabilities 1,289 1,658
Long-term debt 6,397 6,396
Long-term debt to financing trusts 184 184
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits 2,944 2,594
Regulatory liabilities 539 449
Asset retirement obligations 26 26
Non-pension postretirement benefit obligations 288 286
Other 158 109
Total deferred credits and other liabilities 3,955 3,464
Total liabilities 11,825 11,702
Commitments and contingencies
Shareholder’s equity
Common stock 5,789 5,222
Retained earnings 2,579 2,438
Total shareholder’s equity 8,368 7,660
Total liabilities and shareholder's equity $ 20,193 $ 19,362
See the Combined Notes to Consolidated Financial Statements
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PECO Energy Company and Subsidiary Companies
Consolidated Statements of Changes in Shareholders' Equity
(Unaudited)
Three Months Ended March 31, 2026
(In millions) Common
Stock Retained
Earnings Total
Shareholder's
Equity
Balance at December 31, 2025 $ 5,222 $ 2,438 $ 7,660
Net income — 278 278
Common stock dividends — ( 137 ) ( 137 )
Contributions from parent 567 — 567
Balance at March 31, 2026 $ 5,789 $ 2,579 $ 8,368
Three Months Ended March 31, 2025
(In millions) Common
Stock Retained
Earnings Total
Shareholder's
Equity
Balance at December 31, 2024 $ 4,645 $ 2,170 $ 6,815
Net income — 266 266
Common stock dividends — ( 137 ) ( 137 )
Contributions from parent 563 — 563
Balance at March 31, 2025 $ 5,208 $ 2,299 $ 7,507
See the Combined Notes to Consolidated Financial Statements
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Baltimore Gas and Electric Company
Statements of Operations and Comprehensive Income
(Unaudited)
Three Months Ended
March 31,
(In millions) 2026 2025
Operating revenues
Electric operating revenues $ 1,257 $ 1,021
Natural gas operating revenues 590 560
Revenues from alternative revenue programs ( 22 ) ( 29 )
Operating revenues from affiliates 3 2
Total operating revenues 1,828 1,554
Operating expenses
Purchased power 630 450
Purchased fuel 178 159
Operating and maintenance 260 242
Operating and maintenance from affiliates 67 63
Depreciation and amortization 167 164
Taxes other than income taxes 104 96
Total operating expenses 1,406 1,174
Operating income 422 380
Other income and (deductions)
Interest expense, net ( 62 ) ( 58 )
Other, net 17 9
Total other income and (deductions) ( 45 ) ( 49 )
Income before income taxes 377 331
Income taxes 79 71
Net income $ 298 $ 260
Comprehensive income $ 298 $ 260
See the Combined Notes to Consolidated Financial Statements
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Baltimore Gas and Electric Company
Statements of Cash Flows
(Unaudited)
Three Months Ended
March 31,
(In millions) 2026 2025
Cash flows from operating activities
Net income $ 298 $ 260
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization 167 164
Deferred income taxes and amortization of investment tax credits 191 35
Other non-cash operating activities 44 55
Changes in assets and liabilities:
Accounts receivable ( 134 ) ( 153 )
Receivables from and payables to affiliates, net ( 7 ) ( 10 )
Inventories 16 20
Accounts payable and accrued expenses ( 63 ) ( 15 )
Collateral received, net 4 1
Income taxes ( 111 ) 36
Regulatory assets and liabilities, net 71 14
Pension and non-pension postretirement benefit contributions ( 40 ) ( 34 )
Other assets and liabilities 71 49
Net cash flows provided by operating activities 507 422
Cash flows from investing activities
Capital expenditures ( 437 ) ( 406 )
Other investing activities 4 3
Net cash flows used in investing activities ( 433 ) ( 403 )
Cash flows from financing activities
Changes in short-term borrowings — 62
Dividends paid on common stock ( 114 ) ( 98 )
Net cash flows used in financing activities ( 114 ) ( 36 )
Decrease in cash, restricted cash, and cash equivalents ( 40 ) ( 17 )
Cash, restricted cash, and cash equivalents at beginning of period 220 34
Cash, restricted cash, and cash equivalents at end of period $ 180 $ 17
Supplemental cash flow information
Decrease in capital expenditures not paid $ ( 95 ) $ ( 48 )
See the Combined Notes to Consolidated Financial Statements
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Baltimore Gas and Electric Company
Balance Sheets
(Unaudited)
(In millions) March 31, 2026 December 31, 2025
ASSETS
Current assets
Cash and cash equivalents $ 173 $ 217
Restricted cash and cash equivalents 7 3
Accounts receivable
Customer accounts receivable 1,012 887
Customer allowance for credit losses ( 101 ) ( 68 )
Customer accounts receivable, net 911 819
Other accounts receivable 116 100
Other allowance for credit losses ( 4 ) ( 4 )
Other accounts receivable, net 112 96
Receivables from affiliates 1 1
Inventories, net
Fossil fuel 15 36
Materials and supplies 78 74
Prepaid utility taxes 64 126
Regulatory assets 90 175
Prepaid renewable energy credits 50 189
Other 18 14
Total current assets 1,519 1,750
Property, plant, and equipment (net of accumulated depreciation and amortization of $ 5,351 and $ 5,234 as of March 31, 2026 and December 31, 2025, respectively)
14,593 14,385
Deferred debits and other assets
Regulatory assets 787 804
Investments 11 10
Prepaid pension asset 221 194
Other 40 41
Total deferred debits and other assets 1,059 1,049
Total assets $ 17,171 $ 17,184
See the Combined Notes to Consolidated Financial Statements
27
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Baltimore Gas and Electric Company
Balance Sheets
(Unaudited)
(In millions) March 31, 2026 December 31, 2025
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Long-term debt due within one year $ 350 $ 350
Accounts payable 470 640
Accrued expenses 252 352
Payables to affiliates 32 39
Customer deposits 126 125
Regulatory liabilities 45 31
Renewable energy credit obligations 54 194
Other 57 39
Total current liabilities 1,386 1,770
Long-term debt 5,692 5,691
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits 2,464 2,242
Regulatory liabilities 565 595
Asset retirement obligations 36 36
Non-pension postretirement benefit obligations 138 144
Other 104 104
Total deferred credits and other liabilities 3,307 3,121
Total liabilities 10,385 10,582
Commitments and contingencies
Shareholder's equity
Common stock 4,014 4,014
Retained earnings 2,772 2,588
Total shareholder's equity 6,786 6,602
Total liabilities and shareholder's equity $ 17,171 $ 17,184
See the Combined Notes to Consolidated Financial Statements
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Baltimore Gas and Electric Company
Statements of Changes in Shareholder's Equity
(Unaudited)
Three Months Ended March 31, 2026
(In millions) Common
Stock Retained
Earnings Total
Shareholder's
Equity
Balance at December 31, 2025 $ 4,014 $ 2,588 $ 6,602
Net income — 298 298
Common stock dividends — ( 114 ) ( 114 )
Balance at March 31, 2026 $ 4,014 $ 2,772 $ 6,786
Three Months Ended March 31, 2025
(In millions) Common
Stock Retained
Earnings Total
Shareholder's
Equity
Balance at December 31, 2024 $ 3,483 $ 2,403 $ 5,886
Net income — 260 260
Common stock dividends — ( 98 ) ( 98 )
Balance at March 31, 2025 $ 3,483 $ 2,565 $ 6,048
See the Combined Notes to Consolidated Financial Statements
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Pepco Holdings LLC and Subsidiary Companies
Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months Ended
March 31,
(In millions) 2026 2025
Operating revenues
Electric operating revenues $ 1,934 $ 1,691
Natural gas operating revenues 116 88
Revenues from alternative revenue programs ( 23 ) ( 3 )
Operating revenues from affiliates 3 2
Total operating revenues 2,030 1,778
Operating expenses
Purchased power 850 684
Purchased fuel 55 38
Operating and maintenance 365 296
Operating and maintenance from affiliates 59 53
Depreciation and amortization 246 234
Taxes other than income taxes 151 140
Total operating expenses 1,726 1,445
Loss on sale of assets — ( 1 )
Operating income 304 332
Other income and (deductions)
Interest expense, net ( 105 ) ( 99 )
Interest expense to affiliates, net ( 1 ) ( 1 )
Other, net 18 19
Total other income and (deductions) ( 88 ) ( 81 )
Income before income taxes 216 251
Income taxes 47 57
Net income $ 169 $ 194
Comprehensive income $ 169 $ 194
See the Combined Notes to Consolidated Financial Statements
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Table of Contents
Pepco Holdings LLC and Subsidiary Companies
Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended
March 31,
(In millions) 2026 2025
Cash flows from operating activities
Net income $ 169 $ 194
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion 246 234
Loss on sales of assets — 1
Deferred income taxes and amortization of investment tax credits 92 32
Other non-cash operating activities 86 69
Changes in assets and liabilities:
Accounts receivable 62 6
Receivables from and payables to affiliates, net ( 28 ) ( 9 )
Inventories ( 9 ) ( 24 )
Accounts payable and accrued expenses ( 54 ) ( 84 )
Collateral (paid) received, net ( 10 ) 27
Income taxes ( 45 ) 25
Regulatory assets and liabilities, net 9 ( 14 )
Pension and non-pension postretirement benefit contributions ( 52 ) ( 42 )
Other assets and liabilities 10 ( 13 )
Net cash flows provided by operating activities 476 402
Cash flows from investing activities
Capital expenditures ( 558 ) ( 513 )
Net cash flows used in investing activities ( 558 ) ( 513 )
Cash flows from financing activities
Changes in short-term borrowings ( 493 ) ( 530 )
Issuance of long-term debt 345 425
Changes in Exelon intercompany money pool 40 11
Distributions to member ( 139 ) ( 132 )
Contributions from member 275 352
Other financing activities ( 7 ) ( 8 )
Net cash flows provided by financing activities 21 118
(Decrease) increase in cash, restricted cash, and cash equivalents ( 61 ) 7
Cash, restricted cash, and cash equivalents at beginning of period 141 163
Cash, restricted cash, and cash equivalents at end of period $ 80 $ 170
Supplemental cash flow information
Decrease in capital expenditures not paid $ ( 117 ) $ ( 109 )
See the Combined Notes to Consolidated Financial Statements
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Table of Contents
Pepco Holdings LLC and Subsidiary Companies
Consolidated Balance Sheets
(Unaudited)
(In millions) March 31, 2026 December 31, 2025
ASSETS
Current assets
Cash and cash equivalents $ 49 $ 103
Restricted cash and cash equivalents 31 38
Accounts receivable
Customer accounts receivable 897 975
Customer allowance for credit losses ( 131 ) ( 115 )
Customer accounts receivable, net 766 860
Other accounts receivable 319 292
Other allowance for credit losses ( 49 ) ( 49 )
Other accounts receivable, net 270 243
Receivables from affiliates 15 14
Inventories, net
Fossil fuel 4 9
Materials and supplies 371 357
Prepaid utility taxes 43 77
Regulatory assets 302 352
Prepaid renewable energy credits 59 201
Other 46 34
Total current assets 1,956 2,288
Property, plant, and equipment (net of accumulated depreciation and amortization of $ 4,529 and $ 4,350 as of March 31, 2026 and December 31, 2025, respectively)
21,605 21,377
Deferred debits and other assets
Regulatory assets 1,560 1,556
Goodwill 4,005 4,005
Investments 159 158
Prepaid pension asset 227 199
Other 145 132
Total deferred debits and other assets 6,096 6,050
Total assets $ 29,657 $ 29,715
See the Combined Notes to Consolidated Financial Statements
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Pepco Holdings LLC and Subsidiary Companies
Consolidated Balance Sheets
(Unaudited)
(In millions) March 31, 2026 December 31, 2025
LIABILITIES AND MEMBER'S EQUITY
Current liabilities
Short-term borrowings $ 119 $ 612
Long-term debt due within one year 75 64
Accounts payable 707 816
Accrued expenses 277 359
Payables to affiliates 44 71
Borrowings from Exelon intercompany money pool 120 80
Customer deposits 128 123
Regulatory liabilities 115 103
Unamortized energy contract liabilities 5 5
Renewable energy credit obligations 87 223
Other 102 121
Total current liabilities 1,779 2,577
Long-term debt 9,853 9,526
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits 3,500 3,391
Regulatory liabilities 726 722
Asset retirement obligations 60 62
Non-pension postretirement benefit obligations 20 24
Unamortized energy contract liabilities 15 16
Other 420 418
Total deferred credits and other liabilities 4,741 4,633
Total liabilities 16,373 16,736
Commitments and contingencies
Member's equity
Membership interest 13,405 13,130
Undistributed losses ( 121 ) ( 151 )
Total member's equity 13,284 12,979
Total liabilities and member's equity $ 29,657 $ 29,715
See the Combined Notes to Consolidated Financial Statements
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Pepco Holdings LLC and Subsidiary Companies
Consolidated Statements of Changes in Member's Equity
(Unaudited)
Three Months Ended March 31, 2026
(In millions) Membership Interest Undistributed (Losses)/Gains Total Member's Equity
Balance at December 31, 2025 $ 13,130 $ ( 151 ) $ 12,979
Net income — 169 169
Distributions to member — ( 139 ) ( 139 )
Contributions from member 275 — 275
Balance at March 31, 2026 $ 13,405 $ ( 121 ) $ 13,284
Three Months Ended March 31, 2025
(In millions) Membership Interest Undistributed (Losses)/Gains Total Member's Equity
Balance at December 31, 2024 $ 12,562 $ ( 240 ) $ 12,322
Net income — 194 194
Distributions to member — ( 132 ) ( 132 )
Contributions from member 352 — 352
Balance at March 31, 2025 $ 12,914 $ ( 178 ) $ 12,736
See the Combined Notes to Consolidated Financial Statements
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Table of Contents
Potomac Electric Power Company
Statements of Operations and Comprehensive Income
(Unaudited)
Three Months Ended
March 31,
(In millions) 2026 2025
Operating revenues
Electric operating revenues $ 986 $ 855
Revenues from alternative revenue programs 1 2
Operating revenues from affiliates 2 2
Total operating revenues 989 859
Operating expenses
Purchased power 411 318
Operating and maintenance 151 96
Operating and maintenance from affiliates 67 63
Depreciation and amortization 114 105
Taxes other than income taxes 118 113
Total operating expenses 861 695
Loss on sale of assets — ( 1 )
Operating income 128 163
Other income and (deductions)
Interest expense, net ( 55 ) ( 52 )
Other, net 11 11
Total other income and (deductions) ( 44 ) ( 41 )
Income before income taxes 84 122
Income taxes 16 25
Net income $ 68 $ 97
Comprehensive income $ 68 $ 97
See the Combined Notes to Consolidated Financial Statements
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Table of Contents
Potomac Electric Power Company
Statements Of Cash Flows
(Unaudited)
Three Months Ended
March 31,
(In millions) 2026 2025
Cash flows from operating activities
Net income $ 68 $ 97
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion 114 105
Loss on sales of assets — 1
Deferred income taxes and amortization of investment tax credits 44 10
Other non-cash operating activities 27 12
Changes in assets and liabilities:
Accounts receivable 24 ( 14 )
Receivables from and payables to affiliates, net ( 6 ) ( 2 )
Inventories ( 14 ) ( 20 )
Accounts payable and accrued expenses 4 ( 28 )
Collateral (paid) received, net ( 12 ) 10
Income taxes ( 28 ) 15
Regulatory assets and liabilities, net 35 13
Pension and non-pension postretirement benefit contributions ( 4 ) ( 4 )
Other assets and liabilities 6 ( 3 )
Net cash flows provided by operating activities 258 192
Cash flows from investing activities
Capital expenditures ( 285 ) ( 240 )
Net cash flows used in investing activities ( 285 ) ( 240 )
Cash flows from financing activities
Changes in short-term borrowings ( 230 ) ( 200 )
Issuance of long-term debt 170 200
Dividends paid on common stock ( 64 ) ( 66 )
Contributions from parent 139 157
Other financing activities ( 3 ) ( 5 )
Net cash flows provided by financing activities 12 86
(Decrease) increase in cash, restricted cash, and cash equivalents ( 15 ) 38
Cash, restricted cash, and cash equivalents at beginning of period 55 51
Cash, restricted cash, and cash equivalents at end of period $ 40 $ 89
Supplemental cash flow information
Decrease in capital expenditures not paid $ ( 83 ) $ ( 49 )
See the Combined Notes to Consolidated Financial Statements
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Table of Contents
Potomac Electric Power Company
Balance Sheets
(Unaudited)
(In millions) March 31, 2026 December 31, 2025
ASSETS
Current assets
Cash and cash equivalents $ 20 $ 22
Restricted cash and cash equivalents 20 33
Accounts receivable
Customer accounts receivable 454 484
Customer allowance for credit losses ( 76 ) ( 69 )
Customer accounts receivable, net 378 415
Other accounts receivable 173 154
Other allowance for credit losses ( 26 ) ( 26 )
Other accounts receivable, net 147 128
Receivables from affiliates 1 —
Inventories, net 188 174
Regulatory assets 145 182
Prepaid renewable energy credits 49 171
Other 40 59
Total current assets 988 1,184
Property, plant, and equipment (net of accumulated depreciation and amortization of $ 4,861 and $ 4,784 as of March 31, 2026 and December 31, 2025, respectively)
10,850 10,747
Deferred debits and other assets
Regulatory assets 400 405
Investments 142 141
Prepaid pension asset 189 194
Other 63 57
Total deferred debits and other assets 794 797
Total assets $ 12,632 $ 12,728
See the Combined Notes to Consolidated Financial Statements
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Table of Contents
Potomac Electric Power Company
Balance Sheets
(Unaudited)
(In millions) March 31, 2026 December 31, 2025
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings $ 73 $ 303
Long-term debt due within one year 7 6
Accounts payable 352 418
Accrued expenses 149 173
Payables to affiliates 32 37
Customer deposits 64 61
Regulatory liabilities 13 13
Renewable energy credit obligations 50 174
Other 62 84
Total current liabilities 802 1,269
Long-term debt 4,795 4,626
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits 1,658 1,604
Regulatory liabilities 271 268
Asset retirement obligations 42 45
Other 219 214
Total deferred credits and other liabilities 2,190 2,131
Total liabilities 7,787 8,026
Commitments and contingencies
Shareholder's equity
Common stock 3,667 3,528
Retained earnings 1,178 1,174
Total shareholder's equity 4,845 4,702
Total liabilities and shareholder's equity $ 12,632 $ 12,728
See the Combined Notes to Consolidated Financial Statements
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Table of Contents
Potomac Electric Power Company
Statements Of Changes In Shareholder's Equity
(Unaudited)
Three Months Ended March 31, 2026
(In millions) Common Stock Retained Earnings Total Shareholder's Equity
Balance at December 31, 2025 $ 3,528 $ 1,174 $ 4,702
Net income — 68 68
Common stock dividends — ( 64 ) ( 64 )
Contributions from parent 139 — 139
Balance at March 31, 2026 $ 3,667 $ 1,178 $ 4,845
Three Months Ended March 31, 2025
(In millions) Common Stock Retained Earnings Total Shareholder's Equity
Balance at December 31, 2024 $ 3,335 $ 1,100 $ 4,435
Net income — 97 97
Common stock dividends — ( 66 ) ( 66 )
Contributions from parent 157 — 157
Balance at March 31, 2025 $ 3,492 $ 1,131 $ 4,623
See the Combined Notes to Consolidated Financial Statements
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Table of Contents
Delmarva Power & Light Company
Statements of Operations and Comprehensive Income
(Unaudited)
Three Months Ended
March 31,
(In millions) 2026 2025
Operating revenues
Electric operating revenues $ 510 $ 463
Natural gas operating revenues 116 88
Revenues from alternative revenue programs ( 6 ) ( 5 )
Operating revenues from affiliates 2 2
Total operating revenues 622 548
Operating expenses
Purchased power 234 209
Purchased fuel 55 38
Operating and maintenance 71 60
Operating and maintenance from affiliates 47 46
Depreciation and amortization 66 63
Taxes other than income taxes 26 21
Total operating expenses 499 437
Operating income 123 111
Other income and (deductions)
Interest expense, net ( 27 ) ( 25 )
Other, net 4 4
Total other income and (deductions) ( 23 ) ( 21 )
Income before income taxes 100 90
Income taxes 23 21
Net income $ 77 $ 69
Comprehensive income $ 77 $ 69
See the Combined Notes to Consolidated Financial Statements
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Table of Contents
Delmarva Power & Light Company
Statements Of Cash Flows
(Unaudited)
Three Months Ended
March 31,
(In millions) 2026 2025
Cash flows from operating activities
Net income $ 77 $ 69
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization 66 63
Deferred income taxes and amortization of investment tax credits 26 9
Other non-cash operating activities 19 21
Changes in assets and liabilities:
Accounts receivable 24 ( 1 )
Receivables from and payables to affiliates, net — ( 4 )
Inventories 6 ( 4 )
Accounts payable and accrued expenses ( 29 ) ( 9 )
Collateral received, net 7 9
Income taxes ( 3 ) 13
Regulatory assets and liabilities, net 3 2
Pension and non-pension postretirement benefit contributions ( 1 ) —
Other assets and liabilities 10 7
Net cash flows provided by operating activities 205 175
Cash flows from investing activities
Capital expenditures ( 147 ) ( 156 )
Changes in PHI intercompany money pool — ( 12 )
Net cash flows used in investing activities ( 147 ) ( 168 )
Cash flows from financing activities
Changes in short-term borrowings ( 115 ) ( 144 )
Issuance of long-term debt 75 125
Dividends paid on common stock ( 50 ) ( 46 )
Contributions from parent 45 99
Other financing activities ( 3 ) ( 3 )
Net cash flows (used in) provided by financing activities ( 48 ) 31
Increase in cash, restricted cash, and cash equivalents 10 38
Cash, restricted cash, and cash equivalents at beginning of period 12 23
Cash, restricted cash, and cash equivalents at end of period $ 22 $ 61
Supplemental cash flow information
Decrease in capital expenditures not paid $ ( 25 ) $ ( 47 )
See the Combined Notes to Consolidated Financial Statements
41
Table of Contents
Delmarva Power & Light Company
Balance Sheets
(Unaudited)
(In millions) March 31, 2026 December 31, 2025
ASSETS
Current assets
Cash and cash equivalents $ 12 $ 9
Restricted cash and cash equivalents 10 3
Accounts receivable
Customer accounts receivable 228 253
Customer allowance for credit losses ( 24 ) ( 19 )
Customer accounts receivable, net 204 234
Other accounts receivable 73 75
Other allowance for credit losses ( 11 ) ( 10 )
Other accounts receivable, net 62 65
Receivables from affiliates 2 2
Inventories, net
Fossil fuel 5 9
Materials and supplies 105 107
Prepaid utility taxes 16 29
Regulatory assets 78 72
Prepaid renewable energy credits 10 30
Other 20 13
Total current assets 524 573
Property, plant, and equipment (net of accumulated depreciation and amortization of $ 2,289 and $ 2,241 as of March 31, 2026 and December 31, 2025, respectively)
5,921 5,855
Deferred debits and other assets
Regulatory assets 208 214
Other 145 147
Total deferred debits and other assets 353 361
Total assets $ 6,798 $ 6,789
See the Combined Notes to Consolidated Financial Statements
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Delmarva Power & Light Company
Balance Sheets
(Unaudited)
(In millions) March 31, 2026 December 31, 2025
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings $ 46 $ 161
Long-term debt due within one year 63 53
Accounts payable 163 218
Accrued expenses 66 70
Payables to affiliates 25 25
Customer deposits 37 36
Regulatory liabilities 49 42
Renewable energy credit obligations 37 49
Other 29 22
Total current liabilities 515 676
Long-term debt 2,358 2,291
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits 1,028 996
Regulatory liabilities 318 316
Asset retirement obligations 13 12
Other 123 127
Total deferred credits and other liabilities 1,482 1,451
Total liabilities 4,355 4,418
Commitments and contingencies
Shareholder's equity
Common stock 1,767 1,722
Retained earnings 676 649
Total shareholder's equity 2,443 2,371
Total liabilities and shareholder's equity $ 6,798 $ 6,789
See the Combined Notes to Consolidated Financial Statements
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Table of Contents
Delmarva Power & Light Company
Statements Of Changes In Shareholder's Equity
(Unaudited)
Three Months Ended March 31, 2026
(In millions) Common Stock Retained Earnings Total Shareholder's Equity
Balance at December 31, 2025 $ 1,722 $ 649 $ 2,371
Net income — 77 77
Common stock dividends — ( 50 ) ( 50 )
Contributions from parent 45 — 45
Balance at March 31, 2026 $ 1,767 $ 676 $ 2,443
Three Months Ended March 31, 2025
(In millions) Common Stock Retained Earnings Total Shareholder's Equity
Balance at December 31, 2024 $ 1,615 $ 627 $ 2,242
Net income — 69 69
Common stock dividends — ( 46 ) ( 46 )
Contributions from parent 99 — 99
Balance at March 31, 2025 $ 1,714 $ 650 $ 2,364
See the Combined Notes to Consolidated Financial Statements
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Table of Contents
Atlantic City Electric Company and Subsidiary Company
Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months Ended
March 31,
(In millions) 2026 2025
Operating revenues
Electric operating revenues $ 438 $ 372
Revenues from alternative revenue programs ( 18 ) —
Operating revenues from affiliates 1 1
Total operating revenues 421 373
Operating expenses
Purchased power 205 157
Operating and maintenance 50 51
Operating and maintenance from affiliates 43 39
Depreciation and amortization 65 64
Taxes other than income taxes 2 2
Total operating expenses 365 313
Operating income 56 60
Other income and (deductions)
Interest expense, net ( 22 ) ( 21 )
Other, net 2 3
Total other income and (deductions) ( 20 ) ( 18 )
Income before income taxes 36 42
Income taxes 9 11
Net income $ 27 $ 31
Comprehensive income $ 27 $ 31
See the Combined Notes to Consolidated Financial Statements
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Table of Contents
Atlantic City Electric Company and Subsidiary Company
Statements Of Cash Flows
(Unaudited)
Three Months Ended
March 31,
(In millions) 2026 2025
Cash flows from operating activities
Net income $ 27 $ 31
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization 65 64
Deferred income taxes and amortization of investment tax credits 30 8
Other non-cash operating activities 34 25
Changes in assets and liabilities:
Accounts receivable 15 21
Receivables from and payables to affiliates, net ( 4 ) ( 2 )
Inventories ( 2 ) —
Accounts payable and accrued expenses ( 1 ) ( 8 )
Collateral (paid) received, net ( 5 ) 6
Income taxes ( 21 ) 3
Regulatory assets and liabilities, net ( 32 ) ( 28 )
Pension and non-pension postretirement benefit contributions ( 13 ) ( 3 )
Other assets and liabilities 1 ( 5 )
Net cash flows provided by operating activities 94 112
Cash flows from investing activities
Capital expenditures ( 122 ) ( 105 )
Net cash flows used in investing activities ( 122 ) ( 105 )
Cash flows from financing activities
Changes in short-term borrowings ( 148 ) ( 186 )
Issuance of long-term debt 100 100
Changes in PHI intercompany money pool — 12
Dividends paid on common stock ( 25 ) ( 20 )
Contributions from parent 91 94
Other financing activities ( 1 ) ( 2 )
Net cash flows provided by (used in) financing activities 17 ( 2 )
(Decrease) increase in cash and cash equivalents ( 11 ) 5
Cash and cash equivalents at beginning of period 24 14
Cash and cash equivalents at end of period $ 13 $ 19
Supplemental cash flow information
Decrease in capital expenditures not paid $ ( 8 ) $ ( 12 )
See the Combined Notes to Consolidated Financial Statements
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Atlantic City Electric Company and Subsidiary Company
Consolidated Balance Sheets
(Unaudited)
(In millions) March 31, 2026 December 31, 2025
ASSETS
Current assets
Cash and cash equivalents $ 12 $ 22
Restricted cash and cash equivalents 1 2
Accounts receivable
Customer accounts receivable 216 239
Customer allowance for credit losses ( 31 ) ( 27 )
Customer accounts receivable, net 185 212
Other accounts receivable 80 64
Other allowance for credit losses ( 12 ) ( 13 )
Other accounts receivable, net 68 51
Receivables from affiliates 12 12
Inventories, net 78 76
Regulatory assets 74 93
Other 8 8
Total current assets 438 476
Property, plant, and equipment (net of accumulated depreciation and amortization of $ 2,003 and $ 1,956 as of March 31, 2026 and December 31, 2025, respectively)
4,615 4,556
Deferred debits and other assets
Regulatory assets 582 559
Other 50 41
Total deferred debits and other assets 632 600
Total assets $ 5,685 $ 5,632
See the Combined Notes to Consolidated Financial Statements
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Table of Contents
Atlantic City Electric Company and Subsidiary Company
Consolidated Balance Sheets
(Unaudited)
(In millions) March 31, 2026 December 31, 2025
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings $ — $ 148
Long-term debt due within one year 5 5
Accounts payable 180 168
Accrued expenses 43 64
Payables to affiliates 20 24
Customer deposits 26 26
Regulatory liabilities 52 48
Other 9 13
Total current liabilities 335 496
Long-term debt 2,128 2,028
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits 900 869
Regulatory liabilities 135 137
Other 66 74
Total deferred credits and other liabilities 1,101 1,080
Total liabilities 3,564 3,604
Commitments and contingencies
Shareholder's equity
Common stock 2,104 2,013
Retained earnings 17 15
Total shareholder's equity 2,121 2,028
Total liabilities and shareholder's equity $ 5,685 $ 5,632
See the Combined Notes to Consolidated Financial Statements
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Atlantic City Electric Company and Subsidiary Company
Consolidated Statements Of Changes In Shareholder's Equity
(Unaudited)
Three Months Ended March 31, 2026
(In millions) Common Stock Retained (Deficit) Earnings Total Shareholder's Equity
Balance at December 31, 2025 $ 2,013 $ 15 $ 2,028
Net income — 27 27
Common stock dividends — ( 25 ) ( 25 )
Contributions from parent 91 — 91
Balance at March 31, 2026 $ 2,104 $ 17 $ 2,121
Three Months Ended March 31, 2025
(In millions) Common Stock Retained (Deficit) Earnings Total Shareholder's Equity
Balance at December 31, 2024 $ 1,915 $ 10 $ 1,925
Net income — 31 31
Common stock dividends — ( 20 ) ( 20 )
Contributions from parent 94 — 94
Balance at March 31, 2025 $ 2,009 $ 21 $ 2,030
See the Combined Notes to Consolidated Financial Statements
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Combined Notes to Consolidated Financial Statements
(Dollars in millions, except per share data, unless otherwise noted)
Note 1 — Significant Accounting Policies
1. Significant Accounting Policies (All Registrants)
Description of Business (All Registrants)
Exelon is a utility services holding company engaged in the energy transmission and distribution businesses through ComEd, PECO, BGE, Pepco, DPL, and ACE.
Name of Registrant Business Service Territories
Commonwealth Edison Company Purchase and regulated retail sale of electricity Northern Illinois, including the City of Chicago (and, through its subsidiary ComEd of Indiana, transmission in a small portion of northwestern Indiana)
Transmission and distribution of electricity to retail customers
PECO Energy Company Purchase and regulated retail sale of electricity and natural gas Southeastern Pennsylvania, including the City of Philadelphia (electricity)
Transmission and distribution of electricity and distribution of natural gas to retail customers Pennsylvania counties surrounding the City of Philadelphia (natural gas)
Baltimore Gas and Electric Company Purchase and regulated retail sale of electricity and natural gas Central Maryland, including the City of Baltimore (electricity and natural gas)
Transmission and distribution of electricity and distribution of natural gas to retail customers
Pepco Holdings LLC Utility services holding company engaged, through its reportable segments Pepco, DPL, and ACE Service Territories of Pepco, DPL, and ACE
Potomac Electric
Power Company Purchase and regulated retail sale of electricity District of Columbia, and major portions of Montgomery and Prince George’s Counties, Maryland
Transmission and distribution of electricity to retail customers
Delmarva Power &
Light Company Purchase and regulated retail sale of electricity and natural gas Portions of Delaware and Maryland (electricity)
Transmission and distribution of electricity and distribution of natural gas to retail customers Portions of New Castle County, Delaware (natural gas)
Atlantic City Electric Company Purchase and regulated retail sale of electricity Portions of Southern New Jersey
Transmission and distribution of electricity to retail customers
Prior Period Adjustments (ACE)
In the first quarter of 2026, management identified an error in the historical rate classification for a limited number of ACE customers that resulted in the overstatement of Regulatory assets and Revenues from alternative revenue programs. Management has concluded that the error was not material to previously issued or to the current period financial statements.
The impact of the error correction recognized in the first quarter of 2026 was a $ 14 million decrease to ACE’s Revenues from alternative revenue programs, a $ 4 million decrease to Income taxes, and a corresponding decrease of $ 14 million in Regulatory assets. The overall impact on ACE’s Operating income was a decrease of $ 14 million, and the impact on ACE’s Net income was $ 10 million. The error did not impact any net cash flow subtotal for the three months ended March 31, 2026.
Basis of Presentation (All Registrants)
This is a combined quarterly report of all Registrants. The Notes to the Consolidated Financial Statements apply to the Registrants as indicated parenthetically next to each corresponding disclosure. When appropriate, the Registrants are named specifically for their related activities and disclosures. Each of the Registrants' Consolidated Financial Statements includes the accounts of its subsidiaries. All intercompany transactions have been eliminated.
Through its business services subsidiary, BSC, Exelon provides its subsidiaries with a variety of support services at cost, including legal, human resources, financial, information technology, and supply management services. PHI also has a business services subsidiary, PHISCO, which provides a variety of support services at cost, including legal, finance, engineering, customer operations, transmission and distribution planning, asset management, system operations, and power procurement, to PHI operating Registrants. The costs of BSC and
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Combined Notes to Consolidated Financial Statements
(Dollars in millions, except per share data, unless otherwise noted)
Note 1 — Significant Accounting Policies
PHISCO are directly charged or allocated to the applicable subsidiaries. The results of Exelon’s corporate operations are presented as “Other” within the consolidated financial statements and include intercompany eliminations unless otherwise disclosed.
The accompanying consolidated financial statements as of March 31, 2026 and for the three months ended March 31, 2026 and 2025 are unaudited but, in the opinion of each Registrant's management, the Registrants include all adjustments that are considered necessary for a fair statement of the Registrants’ respective financial statements in accordance with GAAP. All adjustments are of a normal, recurring nature, except as otherwise disclosed. The December 31, 2025 Consolidated Balance Sheets were derived from audited financial statements. The interim financial statements are to be read in conjunction with prior annual financial statements and notes. Additionally, financial results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the fiscal year ending December 31, 2026. These Combined Notes to Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations.
New Accounting Standards (All Registrants)
New Accounting Standards Issued and Not Yet Adopted as of March 31, 2026: The following new authoritative accounting guidance issued by the FASB has not yet been adopted and reflected by the Registrants in their consolidated financial statements as of March 31, 2026. Unless otherwise indicated, the Registrants are currently assessing the impacts such guidance may have (which could be material) in their Consolidated Balance Sheets, Consolidated Statements of Operations and Comprehensive Income, Consolidated Statements of Cash Flows and disclosures, as well as the potential to early adopt where applicable. The Registrants have assessed other FASB issuances of new standards which are not listed below given the current expectation that such standards will not significantly impact the Registrants' financial reporting.
Disaggregation of Income Statement Expenses (Issued November 2024) . Provides additional disclosure requirements related to relevant expense captions of income statement expense line items. The revised guidance requires a new tabular disclosure of disaggregated income statement expenses including a break out of (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, (5) depreciation, depletion, and amortization recognized as part of oil and gas producing activities included in each relevant expense line item on the income statement. The tabular disaggregation should include certain amounts already required to be disclosed under GAAP elsewhere. Any remaining amounts not separately disaggregated quantitatively should include a qualitative description. Additionally, on an annual basis, the standard requires disclosure of management’s definition of selling expenses and the amount of expense. The standard is effective January 1, 2027, with early adoption permitted.
2. Regulatory Matters (All Registrants)
As discussed in Note 2 — Regulatory Matters of the 2025 Form 10-K, the Registrants are involved in rate and regulatory proceedings at FERC and their state commissions. The following discusses developments in 2026 and updates to the 2025 Form 10-K.
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Combined Notes to Consolidated Financial Statements — (Continued)
(Dollars in millions, except per share data, unless otherwise noted)
Note 2 — Regulatory Matters
Distribution Base Rate Case Proceedings
The following tables show the completed and pending distribution base rate case proceedings in 2026.
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 November 21, 2024 Electric $ 109 $ 54 9.60 % November 21, 2025 December 1, 2025
Pending Distribution Base Rate Case Proceedings
Registrant/Jurisdiction Filing Date Service Requested Revenue Requirement Increase Requested ROE Expected Approval Timing
Pepco - Maryland (a)
October 14, 2025 (amended April 16, 2026) Electric $ 120 10.50 % Third quarter of 2026
DPL - Delaware (b)
December 9, 2025 Electric $ 45 10.50 % Third quarter of 2027
__________
(a) On April 14, 2026, Pepco notified the MDPSC of pursuing a traditional base rate case.
(b) DPL can implement interim rates on July 9, 2026, subject to refund.
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Combined Notes to Consolidated Financial Statements — (Continued)
(Dollars in millions, except per share data, unless otherwise noted)
Note 2 — Regulatory Matters
ComEd Distribution Base Rate Case Proceedings
The ICC approved ComEd's four-year MRP for the period January 1, 2024 through December 31, 2027. The MRP was originally approved by the ICC on December 14, 2023 and was subsequently amended on January 10, 2024, April 18, 2024 and December 19, 2024. The December 19, 2024 order provided a total revenue requirement increase of $ 1.045 billion inclusive of rate increases of approximately $ 752 million in 2024, $ 80 million in 2025, $ 102 million in 2026, and $ 111 million in 2027.
On May 1, 2026, ComEd filed its 2025 MRP Reconciliation reflecting a revenue increase of $ 234 million, which includes the tax benefit of NOLCs. While NOLCs were included in the MRP Reconciliation, the impacts of the NOLCs will not be reflected in the financial statements until the PLR is received from the IRS. See Note 6 — Income Taxes for additional information on NOLCs.
On March 20, 2026, ComEd filed its annual revenue balancing reconciliation for 2025. This reconciliation, which is a component of revenue decoupling, reflected a revenue reduction of $ 128 million. The reconciliation is effective January 1, 2027, subject to regulatory approval.
On December 18, 2025, the ICC approved ComEd's 2024 MRP Reconciliation reflecting a revenue increase of $ 243 million, including the tax benefit of NOLCs. While NOLCs are included in the MRP Reconciliation per the final order, the impacts of the NOLCs will not be reflected in the financial statements until the PLR is received from the IRS. See Note 6 — Income Taxes for additional information on NOLCs. On January 20, 2026, the Illinois Attorney General filed an Application for Rehearing of the December 18 order, which focuses solely on NOLCs. On February 5, 2026, the ICC denied the Illinois Attorney General's Application for Rehearing.
PECO Distribution Base Rate Case Proceedings
On December 12, 2024, the PAPUC issued their Opinions and Orders which approved the non-unanimous partial settlements with limited modifications for both the electric and natural gas base rate cases, and denied the Weather Normalization Adjustment requested in the natural gas base rate case.
PECO’s approved annual electric revenue requirement increase of $ 354 million is partially offset by a one-time credit of $ 64 million in 2025. In addition, the PAPUC approved the recovery of storm damage costs incurred by PECO in January 2024, up to $ 23 million, subject to review for reasonableness and prudency in PECO’s next distribution rate case.
BGE Distribution Base Rate Case Proceedings
In February 2023, BGE filed its three-year cumulative multi-year plan for January 1, 2024 through December 31, 2026 to the MDPSC, which was approved in December 2023 and went into effect on January 1, 2024. The MDSPC awarded BGE electric revenue requirement increases of $ 41 million, $ 113 million, and $ 25 million with an approved ROE of 9.50 % in 2024, 2025, and 2026, respectively, and natural gas revenue requirement increases of $ 126 million, $ 62 million, and $ 41 million with an approved ROE of 9.45 % in 2024, 2025, and 2026, respectively. The requested revenue requirement increases will be used to recover capital investments designed to increase the resilience of the electric and gas distribution systems and support Maryland's climate and regulatory initiatives.
The MDPSC also approved a portion of the requested 2021 and 2022 reconciliation amounts, which were recovered through separate electric and gas riders between March 2024 and February 2025. As such, the reconciliation amounts are not included in the approved revenue increases. The 2021 reconciliation amounts are $ 13 million and $ 7 million for electric and gas, respectively, and the 2022 reconciliation amounts are $ 39 million and $ 15 million for electric and gas, respectively. In April 2024, BGE filed with the MDPSC its request for recovery of the 2023 reconciliation amounts of $ 79 million and $ 73 million for electric and gas, respectively, with supporting testimony and schedules. In December 2025, the MDPSC authorized BGE to recover $ 31 million and $ 46 million for electric and gas, respectively, beginning in February 2026 and extending through December 2027, in the reconciliation rider. In addition to the amounts approved in the reconciliation rider, the MDPSC provided for additional regulatory assets related to minor storms of $ 24 million (to be recovered over 5 years) and the Baltimore City conduit of $ 4 million (to be reviewed along with a cost-benefit analysis in BGE’s next rate case).
Pepco District of Columbia Distribution Base Rate Case Proceedings
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Combined Notes to Consolidated Financial Statements — (Continued)
(Dollars in millions, except per share data, unless otherwise noted)
Note 2 — Regulatory Matters
On April 13, 2023, Pepco filed an electric base rate case with the DCPSC (amended February 27, 2024) requesting a total revenue requirement increase of $ 186 million and an ROE of 10.50 %. The DCPSC issued an order approving the two-year cumulative multi-year plan on November 26, 2024, which included a total revenue requirement increase of $ 123 million with an ROE of 9.50 % effective January 1, 2025 through December 31, 2026. The DCPSC awarded Pepco electric incremental revenue requirement increases of $ 99 million and $ 24 million for 2025 and 2026, respectively. Subsequent to DCPSC approval of the order, interveners appealed the order on several grounds including that the DCPSC did not hold evidentiary hearings. On March 5, 2026, the District of Columbia Court of Appeals remanded the November 26, 2024, order back to the DCPSC to hold evidentiary hearings. On March 27, 2026, the DCPSC issued an order adopting a procedural schedule and requested supplemental briefing on what interim rates should be in effect during the remand period but did not order any refunds for previous amounts collected. Pepco is preparing for the proceeding and will continue to monitor developments.
Pepco Maryland Distribution Base Rate Case Proceedings
On May 16, 2023, Pepco filed an electric base rate case with the MDPSC (amended February 23, 2024) requesting a total revenue requirement increase of $ 111 million (before offsets) and an ROE of 10.50 %. The MDPSC issued an order on June 10, 2024 awarding Pepco a one-year multi-year plan for April 1, 2024 through March 31, 2025 which included an incremental revenue requirement increase of $ 45 million and an ROE of 9.50 %. The MDPSC did not adopt the requested revenue requirement increases of $ 80 million (before offsets), $ 51 million, and $ 14 million as filed for 2025, 2026, and the 2027 nine-month extension period, respectively. The MDPSC also approved the requested reconciliation amounts for the 12-month periods ending March 31, 2022, and March 31, 2023, which will be recovered through a rider between August 2024 through March 2026. As such, the reconciliation amounts are not included in the approved revenue requirement increases. The reconciliation amounts are $ 1 million and $ 7 million, for the 12-month periods ending March 31, 2022, and March 31, 2023, respectively. In July 2024, Pepco filed its request with the MDPSC, for recovery of the reconciliation amounts of $ 31 million for the 12-month period ended March 31, 2024, with supporting testimony and schedules. On March 31, 2026, the MDPSC issued an order authorizing Pepco to recover approximately $ 13 million through the reconciliation rider. This will be recovered through rates between May 2026 through April 2027. Additionally, the order disallowed the recovery of various assets. The order resulted in the write off of $ 11 million of Regulatory assets and $ 15 million of Property, plant and equipment with a total of $ 26 million recorded in Operations and maintenance expense.
DPL Maryland Distribution Base Rate Case Proceedings
On May 19, 2022, DPL filed an electric base rate case with the MDPSC requesting a total revenue requirement increase of $ 38 million based on an ROE of 10.25 %. On December 14, 2022, the MDPSC issued an order awarding DPL a total revenue requirement increase of $ 29 million with an ROE of 9.60 %. The order reflects a three-year cumulative multi-year plan for January 1, 2023 through December 31, 2025, with rates remaining in effect subsequent to the multi-year plan period. The MDPSC awarded DPL electric incremental revenue requirement increases of $ 17 million, $ 6 million, and $ 6 million for 2023, 2024, and 2025, respectively.
DPL Delaware Distribution Base Rate Case Proceedings
On December 15, 2022, DPL filed an electric base rate case with the DEPSC (amended September 29, 2023) requesting a total revenue requirement increase of $ 39 million and an ROE of 10.50 %. On April 18, 2024, the DEPSC issued an order awarding DPL a total revenue requirement increase of $ 28 million with an ROE of 9.60 %, effective July 15, 2023. As part of the approved order, the DEPSC approved the Significant Storm Expense Rate Rider (Rider SSER) which will allow DPL to recover expenses associated with qualified storms. A qualified storm will be an individual storm for which DPL incurs expenses between $ 5 million and $ 15 million. The Rider SSER allows DPL to recover significant storm damage expenses for the previous 12-month period over a future 24-month period. For individual storm events for which DPL incurs expenses of more than $ 15 million, the future recovery period will be evaluated on a case-by-case basis and the unamortized balance will earn a return at DPL's authorized long-term cost of debt. The Rider SSER will have an annual true-up filing, subject to DEPSC review and approval.
ACE New Jersey Distribution Base Rate Case Proceedings
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Combined Notes to Consolidated Financial Statements — (Continued)
(Dollars in millions, except per share data, unless otherwise noted)
Note 2 — Regulatory Matters
On November 21, 2024, ACE filed an electric base rate case with the NJBPU requesting a total revenue requirement increase of $ 109 million, before NJ sales and use tax, and an ROE of 10.70 %. On November 21, 2025, the NJBPU issued an order awarding ACE an electric revenue requirement increase, before NJ sales and use tax, of $ 54 million effective December 1, 2025, with an ROE of 9.60 %. In addition, the NJBPU approved the recovery through a regulatory asset of work stoppage costs that were incurred by ACE in 2023 of $ 38 million.
Other State Regulatory Matters
Illinois Regulatory Matters
CEJA (Exelon and ComEd). On September 15, 2021, the Governor of Illinois signed into law CEJA. CEJA includes, among other features, (1) procurement of CMCs from qualifying nuclear-powered generating facilities, (2) a requirement to file a general rate case or a new four-year MRP no later than January 20, 2023 to establish rates effective after ComEd’s existing performance-based distribution formula rate sunsets, (3) requirements that ComEd and the ICC initiate and conduct various regulatory proceedings on subjects including ethics, spending, grid investments, and performance metrics.
ComEd Electric Distribution Rates
Beginning in 2024, ComEd recovers from retail customers, subject to certain exceptions, the costs it incurs to provide electric delivery services either through its electric distribution rate or other recovery mechanisms authorized by CEJA. On January 17, 2023, ComEd filed a petition with the ICC seeking approval of a MRP for 2024-2027. The MRP supports a multi-year grid plan (2024-2027 Grid Plan), also filed on January 17, covering planned investments on the electric distribution system within ComEd’s service area through 2027. Costs incurred during each year of the MRP are subject to ICC review and the plan’s revenue requirement for each year will be reconciled with the actual costs that the ICC determines are prudently and reasonably incurred for that year. The reconciliation is subject to adjustment for certain costs, including a limitation on recovery of costs that are more than 105 % of certain costs in the previously approved MRP revenue requirement, absent a modification of the rate plan itself. Thus, for example, the rate adjustments necessary to reconcile 2024 revenues to ComEd’s actual 2024 costs incurred would take effect in January 2026 after the ICC’s review during 2025.
On December 14, 2023, the ICC issued a final order. The ICC rejected ComEd’s 2024-2027 Grid Plan as non-compliant with certain requirements of CEJA and required ComEd to file a revised 2024-2027 Grid Plan. On January 10, 2024, ComEd filed an appeal in the Illinois Appellate Court of portions of the ICC's December 2023 order, including but not limited to the allowed ROE, 50 % equity ratio, and denial of a return on ComEd’s pension asset. There is no deadline by when the appellate court must rule. On March 13, 2024, ComEd filed its Refiled 2024-2027 Grid Plan with supporting testimony and schedules with the ICC and subsequently on March 15, 2024, ComEd also filed a petition to adjust its MRP to authorize increased rates consistent with the Refiled 2024-2027 Grid Plan. On December 19, 2024, the ICC approved the Refiled 2024-2027 Grid Plan and adjusted the approved MRP with rates effective on January 1, 2025. The final approved MRP, as adjusted, which reflects the Refiled Grid Plan, resulted in a total cumulative revenue requirement increase of $ 1.045 billion over the 2024-2027 plan years and remains subject to annual reconciliations in accordance with CEJA. ComEd filed timely requests for rehearing and an appeal of the MRP order, again limited to the issues on which rehearing of the December 2023 order was denied, including the allowed ROE, 50 % equity ratio, and denial of a return on ComEd's pension asset.
On January 16, 2026, ComEd filed a multi-year integrated grid plan (2028-2031 Grid Plan), seeking approval for planned investments on the electric distribution system within ComEd's service area in 2028-2031. The ICC must issue an order by December 15, 2026.
Carbon Mitigation Credit
CEJA establishes decarbonization requirements for Illinois as well as programs to support the retention and development of emissions-free sources of electricity. ComEd is required to purchase CMCs from participating nuclear power generating facilities between June 1, 2022 and May 31, 2027. The price to be paid for each CMC was established through a competitive bidding process that included consumer-protection measures that capped the maximum acceptable bid amount and a formula that reduces CMC prices by an energy price index, the base residual auction capacity price in the ComEd zone of PJM, and the monetized value of any federal tax credit or other subsidy if applicable. On October 31, 2025, the seller provided notification to ComEd and the IPA that it has reflected on its 2024 federal tax return $ 804 million of nuclear production tax credits associated with its
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Combined Notes to Consolidated Financial Statements — (Continued)
(Dollars in millions, except per share data, unless otherwise noted)
Note 2 — Regulatory Matters
participating nuclear power generating facilities. These amounts will be collected from the seller through an adjustment to the CMC price to be paid by ComEd and returned to customers in 2026. As of December 31, 2025, Exelon and ComEd's Consolidated Balance Sheets reflected these amounts as a receivable from the seller with an offsetting balance within the Carbon mitigation credit regulatory liability. These adjustments had no net impact on Exelon and ComEd’s Consolidated Statements of Operations and Comprehensive Income. The seller has not provided notification to ComEd or the IPA that any subsidies or tax credits, such as nuclear production tax credits, have been monetized for 2025. The consumer protection measures contained in CEJA will result in net payments to ComEd ratepayers if the energy index, the capacity price and applicable federal tax credits or subsidy exceed the CMC contract price. Beginning with the June 2022 monthly billing period, ComEd began issuing credits and/or charges to its retail customers under its CMC rider, the Rider Carbon-Free Resource Adjustment (Rider CFRA). A regulatory asset or liability is recorded for the difference between ComEd's costs associated with the procurement of CMCs from participating nuclear power generating facilities and revenues received from customers. The balance of the liability as of March 31, 2026 is $ 434 million.
On February 2, 2024, ComEd filed a petition with the ICC to initiate the reconciliation proceeding for the costs incurred in connection with the procurement of CMC’s during the delivery year beginning June 1, 2022 and extending through May 31, 2023. 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. Specifically, the order disallowed portions of the administrative costs as well as a portion of ComEd's interest costs on the balance of credit extended to customers under the applicable tariff that were not yet funded by payments from the generator. The CMC costs themselves were not disallowed. The order resulted in an immaterial impact to the financial statements and on October 3, 2025 ComEd filed its Application for Rehearing. On October 16, 2025, the ICC denied ComEd's Application. On October 17, 2025, ComEd filed its appeal with the Illinois Appellate Court for review of the ICC's order and its denial of rehearing.
Energy Efficiency
CEJA extends ComEd’s current cumulative annual energy efficiency MWh savings goals through 2040, adds expanded electrification measures to those goals, increases low-income commitments, and adds a new performance adjustment to the energy efficiency formula rate. ComEd expects its annual spend to increase through 2040 to achieve these energy efficiency MWh savings goals, which is deferred as a separate regulatory asset that is recovered through the energy efficiency formula rate over the weighted average useful life, as approved by the ICC, of the related energy efficiency measures.
In 2026, Illinois enacted the CRGA, which makes certain changes to the energy efficiency framework established under CEJA.
CRGA modifies the manner in which ComEd’s energy efficiency savings goals are calculated by establishing a flat incremental annual savings requirement that applies indefinitely. CRGA also increases energy efficiency budget and low‑income commitments from levels established under CEJA, expands the categories of savings that may be credited toward annual goals, and revises the return on equity applicable to the energy efficiency regulatory asset to align with the distribution return on equity.
Beginning in 2027, ComEd expects that implementation of CRGA may result in higher annual energy efficiency spending. Incremental costs incurred in advance of recovery are expected to be deferred as a regulatory asset and recovered through ComEd’s energy efficiency formula rate over the weighted‑average useful life of the related measures, subject to approval by the Illinois Commerce Commission.
The energy efficiency provisions of CRGA are effective June 1, 2026. In advance of the effective date, ComEd has begun undertaking implementation activities, including regulatory filings and planning efforts.
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Combined Notes to Consolidated Financial Statements — (Continued)
(Dollars in millions, except per share data, unless otherwise noted)
Note 2 — Regulatory Matters
Maryland Regulatory Matters
Summer and Winter Rate Mitigation (Exelon, BGE, PHI, Pepco, and DPL). As part of the passing of the Next Generation Energy Act of 2025 by the Maryland General Assembly, the MDPSC issued an order on June 26, 2025, to implement the Legislative Energy Relief Refund program under which bill credits were distributed to residential customers based on their consumption of electricity supply that was subject to the renewable energy portfolio standard. On July 24, 2025, the MDPSC issued an order accepting BGE, Pepco, and DPL's proposal for the implementation of the program. As a result, BGE, Pepco, and DPL received $ 49 million, $ 21 million, and $ 8 million, respectively, from the MDPSC on February 3, 2026. These amounts were used to reduce residential customer account receivable balances within the first quarter of 2026.
Other Federal Regulatory Matters
PJM Cost Allocation Methodology (All Registrants). On March 6, 2026, FERC issued an order requiring the removal of the de minimis threshold exemption in the calculation of the cost responsibility of certain transmission reliability upgrade costs allocated to the rate zones of PJM transmission owners, including the Utility Registrants. FERC further ordered PJM to recalculate historical cost allocations for the period beginning June 18, 2015, and to pass through additional charges or payments to PJM customers, including Utility Registrants, as applicable, with interest within 90 days. On April 29, 2026, the time for those calculations was extended until further order from FERC. The Utility Registrants expect to recover any incremental charges incurred or reimburse any payments received through prospective electric customer rates. On April 6, 2026, a number of parties filed petitions for rehearing or clarification.
The final impacts of the decision cannot be predicted and the results, while not reasonably estimable at this time, could be material to the financial statements.
Regulatory Assets and Liabilities
The Utility Registrants' regulatory assets and liabilities have not changed materially since December 31, 2025, unless noted below. See Note 2 — Regulatory Matters of the 2025 Form 10-K for additional information on the specific regulatory assets and liabilities.
ComEd. Regulatory assets increased $ 155 million primarily due to an increase of $ 127 million in the Electric energy and natural gas costs regulatory asset.
PECO. Regulatory assets increased $ 132 million primarily due to an increase of $ 72 million in the Deferred income taxes regulatory asset. Regulatory liabilities increased $ 88 million primarily due to an increase of $ 91 million in the Decommissioning the Regulatory Agreement Units.
BGE. Regulatory assets decreased $ 102 million primarily due to a decrease of $ 45 million in the Electric energy and natural gas costs regulatory asset and a decrease of $ 42 million in the Energy efficiency and demand response programs regulatory asset. Regulatory liabilities decreased $ 16 million primarily due to a decrease of $ 31 million in the Deferred income taxes regulatory liability.
Pepco. Regulatory assets decreased $ 42 million primarily due to a decrease of $ 27 million in the Energy efficiency and demand response programs regulatory asset.
DPL. Regulatory assets remained consistent primarily due to a decrease of $ 15 million in the Energy efficiency and demand response programs regulatory asset, partially offset by an increase of $ 8 million in the Electric energy and natural gas costs regulatory asset and an increase of $ 4 million in the Transmission formula rate annual reconciliations regulatory asset.
ACE. Regulatory liabilities increased $ 2 million primarily due to an increase of $ 13 million in the Electric energy and natural gas costs regulatory liability, partially offset by a decrease of $ 4 million in the Transmission formula rate annual reconciliations regulatory liability and a decrease of $ 4 million in the Over-recovered credit loss expense regulatory liability.
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Combined Notes to Consolidated Financial Statements — (Continued)
(Dollars in millions, except per share data, unless otherwise noted)
Note 2 — Regulatory Matters
Capitalized Ratemaking Amounts Not Recognized
The following table presents authorized amounts capitalized for ratemaking purposes related to earnings on shareholders' investment that are not recognized for financial reporting purposes in the Registrants' Consolidated Balance Sheets. These amounts will be recognized as revenues in the related Consolidated Statements of Operations and Comprehensive Income in the periods they are billable to the Utility Registrants' customers. PECO had no related amounts at March 31, 2026 and December 31, 2025.
Exelon ComEd (a)
BGE (b)
PHI Pepco (c)
DPL (d)
ACE (e)
March 31, 2026 $ 79 $ 10 $ 39 $ 30 $ 14 $ — $ 16
December 31, 2025 98 12 47 39 22 1 16
__________
(a) For the three months ended March 31, 2026 reflects ComEd's unrecognized equity returns earned for ratemaking purposes on its electric distribution rate regulatory asset. For the year ended December 31, 2025, reflects ComEd's unrecognized equity returns earned for ratemaking purposes on its electric distribution rates and distributed generation regulatory assets.
(b) BGE's amount capitalized for ratemaking purposes primarily relates to investments in rate base included in the multi-year plan reconciliations.
(c) Pepco's authorized amounts capitalized for ratemaking purposes relate to earnings on shareholders' investment on AMI programs, Energy efficiency and demand response programs, investments in rate base and revenues included in the multi-year plan reconciliations, and a portion of Pepco District of Columbia's revenue decoupling.
(d) DPL's authorized amounts capitalized for ratemaking purposes relate to earnings on shareholders' investment on AMI programs and Energy efficiency and demand response programs.
(e) ACE's authorized amounts capitalized for ratemaking purposes primarily relate to earnings on shareholders' investment on AMI programs.
3. Revenue from Contracts with Customers (All Registrants)
The Registrants recognize revenue from contracts with customers to depict the transfer of goods or services to customers at an amount that the entities expect to be entitled to in exchange for those goods or services. The primary sources of revenue include regulated electric and gas tariff sales, distribution, and transmission services.
See Note 3 — Revenue from Contracts with Customers of the 2025 Form 10-K for additional information regarding the primary sources of revenue for the Registrants.
Contract Liabilities
The Registrants record contract liabilities when consideration is received or due prior to the satisfaction of the performance obligations. The Registrants record contract liabilities in Other current liabilities and Other noncurrent deferred credits and other liabilities in their Consolidated Balance Sheets.
For Pepco, DPL, and ACE these contract liabilities primarily relate to upfront consideration received in the third quarter of 2020 for a collaborative arrangement ("Agreement") with an unrelated owner and manager of communication infrastructure, as well as additional consideration received for the payment option amendment ("Amendment") executed during the fourth quarter of 2023, which is discussed in further detail within Note 3 — Revenue from Contracts with Customers of the 2025 Form 10-K. The contract liability balance attributable to the Agreement and the Amendment is being recognized as Electric operating revenues over a 35 year period and 31 year period, respectively.
The following table provides a rollforward of the contract liabilities reflected in Exelon's, PHI's, Pepco's, DPL's, and ACE's Consolidated Balance Sheets for the three months ended March 31, 2026 and 2025. At March 31, 2026 and December 31, 2025, ComEd's, PECO's, and BGE's contract liabilities were immaterial.
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Combined Notes to Consolidated Financial Statements — (Continued)
(Dollars in millions, except per share data, unless otherwise noted)
Note 3 — Revenue from Contracts with Customers
Exelon (a)
PHI (a)
Pepco (a)
DPL ACE
Balance at December 31, 2025 $ 119 $ 119 $ 95 $ 12 $ 12
Revenues recognized ( 1 ) ( 1 ) ( 1 ) — —
Balance at March 31, 2026 $ 118 $ 118 $ 94 $ 12 $ 12
Exelon (a)
PHI (a)
Pepco (a)
DPL ACE
Balance at December 31, 2024 $ 127 $ 127 $ 101 $ 13 $ 13
Revenues recognized ( 1 ) ( 1 ) ( 1 ) — —
Balance at March 31, 2025 $ 126 $ 126 $ 100 $ 13 $ 13
__________
(a) Revenues recognized in the three months ended March 31, 2026 and 2025, were included in the contract liabilities at December 31, 2025 and 2024, respectively.
Transaction Price Allocated to Remaining Performance Obligations
The following table shows the amounts of future revenues expected to be recorded in each year for performance obligations that are unsatisfied or partially unsatisfied as of March 31, 2026. This disclosure only includes contracts for which the total consideration is fixed and determinable at contract inception. The average contract term varies by customer type and commodity but ranges from one month to several years.
This disclosure excludes the Utility Registrants' gas and electric tariff sales contracts and transmission revenue contracts as they generally have an original expected duration of one year or less and, therefore, do not contain any future, unsatisfied performance obligations to be included in this disclosure.
Year Exelon PHI Pepco DPL ACE
2026 $ 4 $ 4 $ 4 $ — $ —
2027 6 6 5 1 —
2028 6 6 5 — 1
2029 7 7 6 1 —
2030 and thereafter 95 95 74 10 11
Total $ 118 $ 118 $ 94 $ 12 $ 12
Revenue Disaggregation
The Registrants disaggregate revenue recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. See Note 4 — Segment Information for the presentation of the Registrants' revenue disaggregation.
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Combined Notes to Consolidated Financial Statements — (Continued)
(Dollars in millions, except per share data, unless otherwise noted)
Note 4 — Segment Information
4. Segment Information (All Registrants)
Operating segments for each of the Registrants are determined based on information used by the CODMs in deciding how to evaluate performance and allocate resources at each of the Registrants. The Chief Executive Officer is the CODM for Exelon. For PHI and each of the Utility Registrants, CODM responsibilities are shared by Exelon's Chief Operating Officer and the Utility Registrant's Chief Executive Officer.
Exelon has six reportable segments, which include ComEd, PECO, BGE, and PHI's three reportable segments consisting of Pepco, DPL, and ACE. ComEd, PECO, BGE, Pepco, DPL, and ACE each represent a single reportable segment, and as such, no separate segment information is provided for these Registrants. Exelon, ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE's CODMs rely on a variety of business considerations, including net income, in evaluating segment performance, determining reinvestment of profits, and establishing the amounts of dividend distributions.
An analysis and reconciliation of the Registrants’ reportable segment information to the respective information in the consolidated financial statements for the three months ended March 31, 2026 and 2025 is as follows:
ComEd PECO BGE PHI Other (a)
Intersegment
Eliminations Exelon
Operating revenues (b) :
2026
Electric revenues $ 1,913 $ 1,082 $ 1,245 $ 1,911 $ — $ ( 17 ) $ 6,134
Natural gas revenues — 410 583 116 — ( 1 ) 1,108
Shared service and other revenues — — — 3 489 ( 492 ) —
Total operating revenues $ 1,913 $ 1,492 $ 1,828 $ 2,030 $ 489 $ ( 510 ) $ 7,242
2025
Electric revenues $ 2,065 $ 956 $ 1,012 $ 1,687 $ — $ ( 11 ) $ 5,709
Natural gas revenues — 377 542 88 — ( 2 ) 1,005
Shared service and other revenues — — — 3 466 ( 469 ) —
Total operating revenues $ 2,065 $ 1,333 $ 1,554 $ 1,778 $ 466 $ ( 482 ) $ 6,714
Less:
Purchased power
2026 $ 451 $ 451 $ 630 $ 850 $ — $ — $ 2,382
2025 689 361 450 684 — — 2,184
Purchased fuel
2026 $ — $ 161 $ 178 $ 55 $ — $ — $ 394
2025 — 141 159 38 — — 338
Operating and maintenance
2026 $ 335 $ 271 $ 260 $ 365 $ 447 $ ( 212 ) $ 1,466
2025 323 266 242 296 429 ( 209 ) 1,347
Operating and maintenance from affiliates
2026 $ 103 $ 66 $ 67 $ 59 $ 12 $ ( 307 ) $ —
2025 100 61 63 53 11 ( 288 ) —
Depreciation and amortization
2026 $ 404 $ 121 $ 167 $ 246 $ 14 $ — $ 952
2025 380 109 164 234 16 — 903
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Combined Notes to Consolidated Financial Statements — (Continued)
(Dollars in millions, except per share data, unless otherwise noted)
Note 4 — Segment Information
Taxes other than income taxes
2026 $ 105 $ 69 $ 104 $ 151 $ 14 $ — $ 443
2025 99 60 96 140 10 — 405
Loss on sale of assets
2026 $ — $ — $ — $ — $ — $ — $ —
2025 — — — 1 — — 1
Interest expense, net (c)
2026 $ 132 $ 69 $ 62 $ 105 $ 180 $ — $ 548
2025 125 59 58 99 163 — 504
Interest expense to affiliates, net (c)
2026 $ 3 $ 2 $ — $ 1 $ — $ 1 $ 7
2025 3 4 — 1 ( 1 ) ( 1 ) 6
Other, net
2026 $ ( 31 ) $ ( 11 ) $ ( 17 ) $ ( 18 ) $ — $ 8 $ ( 69 )
2025 ( 21 ) ( 8 ) ( 9 ) ( 19 ) ( 11 ) 16 ( 52 )
Income taxes
2026 $ 101 $ 15 $ 79 $ 47 $ ( 42 ) $ — $ 200
2025 65 14 71 57 ( 37 ) — 170
Net income (loss) attributable to common shareholders
2026 $ 310 $ 278 $ 298 $ 169 $ ( 136 ) $ — $ 919
2025 302 266 260 194 ( 114 ) — 908
Supplemental segment information
Intersegment revenues (d)
2026 $ 11 $ 4 $ 3 $ 3 $ 486 $ ( 507 ) $ —
2025 8 3 2 2 463 ( 478 ) —
Capital expenditures
2026 $ 885 $ 469 $ 437 $ 558 $ 9 $ — $ 2,358
2025 590 424 406 513 13 — 1,946
Total assets
March 31, 2026 $ 48,478 $ 20,193 $ 17,171 $ 29,657 $ 6,380 $ ( 4,334 ) $ 117,545
December 31, 2025 48,285 19,362 17,184 29,715 6,170 ( 4,146 ) 116,570
__________
(a) Other primarily includes Exelon’s corporate operations, shared service entities, and other financing and investment activities.
(b) Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in Taxes other than income taxes in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 14 — Supplemental Financial Information for additional information on total utility taxes.
(c) Interest expense, net and Interest expense to affiliates, net are primarily inclusive of Interest expense, which is partially offset by an immaterial amount of Interest income.
(d) See Note 15 — Related Party Transactions for additional information on intersegment revenues.
PHI:
Pepco DPL ACE Other (a)
Intersegment
Eliminations PHI
Operating revenues (b) :
2026
Electric revenues $ 989 $ 506 $ 421 $ — $ ( 5 ) $ 1,911
Natural gas revenues — 116 — — — 116
Shared service and other revenues — — — 110 ( 107 ) 3
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Combined Notes to Consolidated Financial Statements — (Continued)
(Dollars in millions, except per share data, unless otherwise noted)
Note 4 — Segment Information
Total operating revenues $ 989 $ 622 $ 421 $ 110 $ ( 112 ) $ 2,030
2025
Electric revenues $ 859 $ 460 $ 373 $ — $ ( 5 ) $ 1,687
Natural gas revenues — 88 — — — 88
Shared service and other revenues — — — 106 ( 103 ) 3
Total operating revenues $ 859 $ 548 $ 373 $ 106 $ ( 108 ) $ 1,778
Less:
Purchased power
2026 $ 411 $ 234 $ 205 $ — $ — $ 850
2025 318 209 157 — — 684
Purchased fuel
2026 $ — $ 55 $ — $ — $ — $ 55
2025 — 38 — — — 38
Operating and maintenance
2026 $ 151 $ 71 $ 50 $ 93 $ — $ 365
2025 96 60 51 89 — 296
Operating and maintenance from affiliates
2026 $ 67 $ 47 $ 43 $ 14 $ ( 112 ) $ 59
2025 63 46 39 13 ( 108 ) 53
Depreciation and amortization
2026 $ 114 $ 66 $ 65 $ 1 $ — $ 246
2025 105 63 64 2 — 234
Taxes other than income taxes
2026 $ 118 $ 26 $ 2 $ 5 $ — $ 151
2025 113 21 2 4 — 140
Loss on sale of assets
2026 $ — $ — $ — $ — $ — $ —
2025 1 — — — — 1
Interest expense, net (c)
2026 $ 55 $ 27 $ 22 $ 1 $ — $ 105
2025 52 25 21 1 — 99
Interest expense to affiliates, net (c)
2026 $ — $ — $ — $ 1 $ — $ 1
2025 — — — 1 — 1
Other, net
2026 $ ( 11 ) $ ( 4 ) $ ( 2 ) $ ( 1 ) $ — $ ( 18 )
2025 ( 11 ) ( 4 ) ( 3 ) ( 1 ) — ( 19 )
Income taxes
2026 $ 16 $ 23 $ 9 $ ( 1 ) $ — $ 47
2025 25 21 11 — — 57
Net income (loss) attributable to common shareholders
2026 $ 68 $ 77 $ 27 $ ( 3 ) $ — $ 169
2025 97 69 31 ( 3 ) — 194
Supplemental segment information
Intersegment revenues (d)
2026 $ 2 $ 2 $ 1 $ 110 $ ( 112 ) $ 3
2025 2 2 1 106 ( 109 ) 2
Capital expenditures
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Combined Notes to Consolidated Financial Statements — (Continued)
(Dollars in millions, except per share data, unless otherwise noted)
Note 4 — Segment Information
2026 $ 285 $ 147 $ 122 $ 4 $ — $ 558
2025 240 156 105 12 — 513
Total assets
March 31, 2026 $ 12,632 $ 6,798 $ 5,685 $ 4,618 $ ( 76 ) $ 29,657
December 31, 2025 12,728 6,789 5,632 4,602 ( 36 ) 29,715
__________
(a) Other primarily includes PHI’s corporate operations, shared service entities, and other financing and investment activities.
(b) Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in Taxes other than income taxes in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 14 — Supplemental Financial Information for additional information on total utility taxes.
(c) Interest expense, net and Interest expense to affiliates, net are primarily inclusive of Interest expense, which is partially offset by an immaterial amount of Interest income.
(d) Includes intersegment revenues with ComEd, PECO, and BGE, which are eliminated at Exelon.
Electric and Gas Revenue by Customer Class (Utility Registrants):
The following tables disaggregate the Registrants' revenues recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. For the Utility Registrants, the disaggregation of revenues reflects the two primary utility services of electric sales and natural gas sales (where applicable), with further disaggregation of these tariff sales provided by major customer groups. Exelon’s disaggregated revenues are consistent with the Utility Registrants, but exclude any intercompany revenues.
Three Months Ended March 31, 2026
Revenues from contracts with customers ComEd PECO BGE PHI Pepco DPL ACE
Electric revenues
Residential $ 1,024 $ 725 $ 818 $ 1,096 $ 507 $ 331 $ 258
Small commercial & industrial 484 172 130 191 54 69 68
Large commercial & industrial 120 87 180 395 321 30 44
Public authorities & electric railroads 12 8 8 19 10 4 5
Other (a)
249 77 117 232 93 77 64
Total electric revenues (b)
$ 1,889 $ 1,069 $ 1,253 $ 1,933 $ 985 $ 511 $ 439
Natural gas revenues
Residential $ — $ 286 $ 401 $ 74 $ — $ 74 $ —
Small commercial & industrial — 96 63 29 — 29 —
Large commercial & industrial — — 93 4 — 4 —
Transportation — 20 — 5 — 5 —
Other (c)
— 7 31 4 — 4 —
Total natural gas revenues (d)
$ — $ 409 $ 588 $ 116 $ — $ 116 $ —
Total revenues from contracts with customers $ 1,889 $ 1,478 $ 1,841 $ 2,049 $ 985 $ 627 $ 439
Other revenues
Revenues from alternative revenue programs $ 8 $ 5 $ ( 22 ) $ ( 23 ) $ 1 $ ( 6 ) $ ( 18 )
Other electric revenues (e)
16 8 6 4 3 1 —
Other natural gas revenues (e)
— 1 3 — — — —
Total other revenues $ 24 $ 14 $ ( 13 ) $ ( 19 ) $ 4 $ ( 5 ) $ ( 18 )
Total revenues for reportable segments $ 1,913 $ 1,492 $ 1,828 $ 2,030 $ 989 $ 622 $ 421
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Combined Notes to Consolidated Financial Statements — (Continued)
(Dollars in millions, except per share data, unless otherwise noted)
Note 4 — Segment Information
Three Months Ended March 31, 2025
Revenues from contracts with customers ComEd PECO BGE PHI Pepco DPL ACE
Electric revenues
Residential $ 993 $ 631 $ 648 $ 918 $ 424 $ 298 $ 196
Small commercial & industrial 600 162 109 169 51 64 54
Large commercial & industrial 296 84 144 367 289 28 50
Public authorities & electric railroads 17 8 8 17 8 4 5
Other (a)
236 76 113 223 86 71 68
Total electric revenues (b)
$ 2,142 $ 961 $ 1,022 $ 1,694 $ 858 $ 465 $ 373
Natural gas revenues
Residential $ — $ 267 $ 378 $ 56 $ — $ 56 $ —
Small commercial & industrial — 86 63 21 — 21 —
Large commercial & industrial — — 96 3 — 3 —
Transportation — 13 — 5 — 5 —
Other (c)
— 10 24 3 — 3 —
Total natural gas revenues (d)
$ — $ 376 $ 561 $ 88 $ — $ 88 $ —
Total revenues from contracts with customers $ 2,142 $ 1,337 $ 1,583 $ 1,782 $ 858 $ 553 $ 373
Other revenues
Revenues from alternative revenue programs $ ( 85 ) $ ( 9 ) $ ( 29 ) $ ( 3 ) $ 2 $ ( 5 ) $ —
Other electric revenues (e)
8 4 — ( 1 ) ( 1 ) — —
Other natural gas revenues (e)
— 1 — — — — —
Total other revenues $ ( 77 ) $ ( 4 ) $ ( 29 ) $ ( 4 ) $ 1 $ ( 5 ) $ —
Total revenues for reportable segments $ 2,065 $ 1,333 $ 1,554 $ 1,778 $ 859 $ 548 $ 373
__________
(a) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(b) Includes operating revenues from affiliates in 2026 and 2025 respectively of:
• $ 11 million, $ 8 million at ComEd
• $ 4 million, $ 2 million at PECO
• $ 2 million, $ 1 million at BGE
• $ 3 million, $ 2 million at PHI
• $ 2 million, $ 2 million at Pepco
• $ 2 million, $ 2 million at DPL
• $ 1 million, $ 1 million at ACE
(c) Includes revenues from off-system natural gas sales.
(d) Includes operating revenues from affiliates in 2026 and 2025 respectively of:
• less than $1 million, $ 1 million at PECO
• $ 1 million, $ 1 million at BGE
(e) Includes late payment charge revenues.
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Combined Notes to Consolidated Financial Statements — (Continued)
(Dollars in millions, except per share data, unless otherwise noted)
Note 5 — Accounts Receivable
5. Accounts Receivable (All Registrants)
Allowance for Credit Losses on Accounts Receivable
The following tables present the rollforward of Allowance for Credit Losses on Customer Accounts Receivable.
Three Months Ended March 31, 2026
Exelon ComEd PECO BGE (b)
PHI Pepco DPL (c)
ACE
Balance at December 31, 2025 $ 435 $ 115 $ 137 $ 68 $ 115 $ 69 $ 19 $ 27
Plus: Current period provision for expected credit losses
148 32 39 43 34 17 8 9
Less: Write-offs, net of recoveries (a)
61 17 16 10 18 10 3 5
Balance at March 31, 2026 $ 522 $ 130 $ 160 $ 101 $ 131 $ 76 $ 24 $ 31
Three Months Ended March 31, 2025
Exelon ComEd PECO BGE PHI Pepco DPL ACE
Balance at December 31, 2024 $ 406 $ 109 $ 133 $ 56 $ 108 $ 59 $ 17 $ 32
Plus: Current period provision for expected credit losses
133 33 41 23 36 17 10 9
Less: Write-offs, net of recoveries
53 17 14 7 15 7 4 4
Balance at March 31, 2025 $ 486 $ 125 $ 160 $ 72 $ 129 $ 69 $ 23 $ 37
_________
(a) Recoveries were not material to the Registrants.
(b) For BGE, the increase in current period provision for expected credit losses when comparing to the three months ended March 31, 2025, is primarily a result of increased receivable balances.
(c) For DPL, the decrease in current period provision for expected credit losses when comparing to the three months ended March 31, 2025, is primarily a result of favorable customer payment behavior.
The following tables present the rollforward of Allowance for Credit Losses on Other Accounts Receivable.
Three Months Ended March 31, 2026
Exelon ComEd PECO BGE PHI Pepco DPL ACE (b)
Balance at December 31, 2025 $ 94 $ 23 $ 18 $ 4 $ 49 $ 26 $ 10 $ 13
Plus: Current period provision for expected credit losses
17 8 6 1 2 1 1 —
Less: Write-offs, net of recoveries (a)
9 4 2 1 2 1 — 1
Balance at March 31, 2026 $ 102 $ 27 $ 22 $ 4 $ 49 $ 26 $ 11 $ 12
Three Months Ended March 31, 2025
Exelon ComEd PECO BGE PHI Pepco DPL ACE
Balance at December 31, 2024 $ 107 $ 34 $ 18 $ 6 $ 49 $ 27 $ 9 $ 13
Plus: Current period provision for expected credit losses
15 2 9 1 3 — — 3
Less: Write-offs, net of recoveries
9 2 5 1 1 — — 1
Balance at March 31, 2025 $ 113 $ 34 $ 22 $ 6 $ 51 $ 27 $ 9 $ 15
_________
(a) Recoveries were not material to the Registrants.
(b) For ACE, the decrease in current period provision for expected credit losses when comparing to the three months ended March 31, 2025, is primarily a result of decreased aged receivables.
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Combined Notes to Consolidated Financial Statements — (Continued)
(Dollars in millions, except per share data, unless otherwise noted)
Note 5 — Accounts Receivable
Unbilled Customer Revenue
The following table provides additional information about unbilled customer revenues recorded in the Registrants' Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025.
Unbilled customer revenues (a)
Exelon ComEd PECO BGE PHI Pepco DPL ACE
March 31, 2026 $ 873 $ 246 $ 206 $ 211 $ 210 $ 107 $ 59 $ 44
December 31, 2025 1,231 301 278 325 327 155 100 72
__________
(a) Unbilled customer revenues are classified in Customer accounts receivable, net in the Registrants' Consolidated Balance Sheets.
Other Purchases of Customer and Other Accounts Receivables
For the three months ended March 31, 2026 and 2025, the Utility Registrants were required, under separate legislation and regulations in Illinois, Pennsylvania, Maryland, District of Columbia, Delaware, and New Jersey, to purchase certain receivables from alternative retail electric and, as applicable, natural gas suppliers that participated in the utilities' consolidated billing. The following table presents the total receivables purchased.
Total receivables purchased
Exelon ComEd PECO BGE PHI Pepco DPL ACE
Three months ended March 31, 2026 $ 1,310 $ 304 $ 411 $ 188 $ 407 $ 262 $ 76 $ 69
Three months ended March 31, 2025 1,138 253 334 225 326 201 68 57
6. Income Taxes (All Registrants)
Rate Reconciliation
The effective income tax rate from continuing operations varies from the U.S. federal statutory rate principally due to the following:
Three Months Ended March 31, 2026 (a)(b)
Exelon ComEd PECO (c)
BGE
U.S. Federal statutory rate $ 235 21.0 % $ 86 21.0 % $ 62 21.0 % $ 79 21.0 %
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit
64 5.7 30 7.3 ( 3 ) ( 1.0 ) 23 6.1
Tax credits ( 3 ) ( 0.3 ) ( 1 ) ( 0.2 ) — — ( 1 ) ( 0.3 )
Change in Unrecognized Tax Benefits
( 17 ) ( 1.5 ) ( 2 ) ( 0.5 ) — — ( 1 ) ( 0.3 )
Nontaxable or nondeductible items
10 0.9 1 0.1 — — — —
Other Adjustments
Plant Basis differences ( 53 ) ( 4.7 ) ( 5 ) ( 1.2 ) ( 39 ) ( 13.2 ) ( 8 ) ( 2.1 )
Excess deferred tax
( 35 ) ( 3.1 ) ( 8 ) ( 1.9 ) ( 5 ) ( 1.7 ) ( 13 ) ( 3.4 )
Amortization of ITC, net deferred taxes
( 1 ) ( 0.1 ) — — — — — —
Effective Tax Rate
$ 200 17.9 % $ 101 24.6 % $ 15 5.1 % $ 79 21.0 %
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Combined Notes to Consolidated Financial Statements — (Continued)
(Dollars in millions, except per share data, unless otherwise noted)
Note 6 — Income Taxes
Three Months Ended March 31, 2026 (a)(b)
PHI PEPCO DPL ACE
U.S. Federal statutory rate $ 45 21.0 % $ 18 21.0 % $ 21 21.0 % $ 8 21.0 %
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit
14 6.5 5 6.0 6 6.0 3 8.3
Tax credits ( 1 ) ( 0.5 ) — — — — — —
Change in Unrecognized Tax Benefits
— — — — — — —
Nontaxable or nondeductible items
— — — — — — — —
Other Adjustments
Plant Basis differences ( 2 ) ( 0.9 ) ( 1 ) ( 1.2 ) ( 1 ) ( 1.0 ) — —
Excess deferred tax
( 9 ) ( 4.3 ) ( 6 ) ( 6.8 ) ( 3 ) ( 3.0 ) ( 2 ) ( 4.3 )
Amortization of ITC, net deferred taxes
— — — — — — — —
Effective Tax Rate
$ 47 21.8 % $ 16 19.0 % $ 23 23.0 % $ 9 25.0 %
Three Months Ended March 31, 2025 (a)(b)
Exelon ComEd (d)
PECO (c)
BGE
U.S. Federal statutory rate $ 227 21.0 % $ 77 21.0 % $ 59 21.0 % $ 70 21.0 %
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit
57 5.3 28 7.6 ( 10 ) ( 3.6 ) 21 6.3
Tax credits ( 5 ) ( 0.5 ) ( 2 ) ( 0.5 ) — — ( 1 ) ( 0.3 )
Nontaxable or nondeductible items
4 0.5 1 0.2 — — — —
Other Adjustments
Plant Basis differences ( 42 ) ( 3.9 ) ( 4 ) ( 1.1 ) ( 31 ) ( 11.0 ) ( 5 ) ( 1.5 )
Excess deferred tax
( 70 ) ( 6.5 ) ( 35 ) ( 9.5 ) ( 4 ) ( 1.4 ) ( 14 ) ( 4.0 )
Amortization of ITC, net deferred taxes
( 1 ) ( 0.1 ) — — — — — —
Effective Tax Rate
$ 170 15.8 % $ 65 17.7 % $ 14 5.0 % $ 71 21.5 %
Three Months Ended March 31, 2025 (a)(b)
PHI PEPCO DPL ACE
U.S. Federal statutory rate $ 53 21.0 % $ 26 21.0 % $ 19 21.0 % $ 9 21.0 %
Increase (decrease) due to:
State income taxes, net of Federal income tax benefit
16 6.4 8 6.6 6 6.7 3 7.1
Tax credits ( 1 ) ( 0.4 ) ( 1 ) ( 0.8 ) — — — —
Nontaxable or nondeductible items
1 0.5 — — — — — —
Other Adjustments
Plant Basis differences ( 2 ) ( 0.8 ) ( 1 ) ( 0.8 ) ( 1 ) ( 1.1 ) — 0.5
Excess deferred tax
( 10 ) ( 4.0 ) ( 7 ) ( 5.5 ) ( 3 ) ( 3.3 ) ( 1 ) ( 2.4 )
Amortization of ITC, net deferred taxes
— — — — — — — —
Effective Tax Rate
$ 57 22.7 % $ 25 20.5 % $ 21 23.3 % $ 11 26.2 %
__________
(a) Positive percentages represent income tax expense. Negative percentages represent income tax benefit.
(b) Exelon and Registrants had no adjustments to the following disclosure categories: Foreign Tax Effects, Effects of Changes in Tax Law or Rates Enacted in the Current Period, Effects of Cross-Border Tax Laws, and Changes in Valuation Allowances.
(c) For PECO, the lower effective tax rate is primarily related to state income taxes, net of federal income tax benefit and plant basis differences attributable to tax repair deductions.
(d) For ComEd, the lower effective tax rate is primarily due to CEJA which resulted in the acceleration of certain income tax benefits being provided to customers.
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Combined Notes to Consolidated Financial Statements — (Continued)
(Dollars in millions, except per share data, unless otherwise noted)
Note 6 — Income Taxes
State and local Income Tax (Major Jurisdictions)
The state and local jurisdictions that comprise the majority of the effect of the state and local income tax, net of federal income taxes category by Registrant are presented below:
2026 2025
Exelon IL, MD IL, MD
ComEd IL IL
PECO PA PA
BGE MD MD
PHI MD, NJ MD, NJ
Pepco MD MD
DPL DE DE
ACE NJ NJ
Unrecognized Tax Benefits
Exelon, PHI and DPL have the following unrecognized tax benefits at March 31, 2026 and December 31, 2025. ComEd's, PECO's, BGE's, Pepco's, and ACE's amounts are not material.
Exelon (a)
PHI DPL
March 31, 2026 $ 85 $ 50 $ 14
December 31, 2025 100 48 12
__________
(a) At March 31, 2026 and December 31, 2025, Exelon's unrecognized tax benefits is inclusive of $ 20 million related to Constellation's share of unrecognized tax benefits for periods prior to the separation. Exelon reflected an offsetting receivable of $ 20 million in Other deferred debits and other assets in the Consolidated Balance Sheet for these amounts.
Other Tax Matters
Tax Matters Agreement (Exelon)
In February 2022, in connection with the separation between Exelon and Constellation, the parties entered into a TMA. The TMA governs the respective rights, responsibilities, and obligations between Exelon and Constellation after the separation with respect to tax liabilities, refunds and attributes for open tax years that Constellation was part of Exelon’s consolidated group for U.S. federal, state, and local tax purposes.
Indemnification for Taxes. As a former subsidiary of Exelon, Constellation has joint and several liability with Exelon to the IRS and certain state jurisdictions relating to the taxable periods prior to the separation. The TMA specifies that Constellation is liable for their share of taxes required to be paid by Exelon with respect to taxable periods prior to the separation to the extent Constellation would have been responsible for such taxes under the Exelon tax sharing agreement when Constellation was included in Exelon's consolidated group. At March 31, 2026, there is no balance due to or from Constellation.
Tax Refunds. The TMA specifies that Constellation is entitled to their share of any future tax refunds claimed by Exelon with respect to taxable periods prior to the separation to the extent that Constellation would have received such tax refunds under the Exelon tax sharing agreement when Constellation was included in Exelon's consolidated group. At March 31, 2026, there is no balance due to or from Constellation.
Tax Attributes . At the date of separation certain tax attributes, primarily pre-separation tax credit carryforwards, that were generated by Constellation were required by law to be allocated to Exelon. The TMA provides that Exelon will reimburse Constellation when those allocated tax attribute carryforwards are utilized. In 2026, Exelon received $ 235 million of payments from Constellation as reimbursement for a reduction in previously utilized pre-separation tax credit carryforwards due to amended federal tax returns filed in Q1 2026. At March 31, 2026, Exelon recorded a payable of $ 58 million and $ 373 million in Other current liabilities and Other deferred credits
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Combined Notes to Consolidated Financial Statements — (Continued)
(Dollars in millions, except per share data, unless otherwise noted)
Note 6 — Income Taxes
and other liabilities, respectively, in the Consolidated Balance Sheet for tax attribute carryforwards that are expected to be utilized and reimbursed to Constellation.
Corporate Alternative Minimum Tax (All Registrants)
On August 16, 2022, the IRA was signed into law and implements a new corporate alternative minimum tax (CAMT) that imposes a 15.0 % tax on modified GAAP net income. Corporations will now pay the greater of 15.0% of financial statement pre-tax income (with certain adjustments) or their regular federal tax liability, which is federal taxable income multiplied by 21.0% federal corporate tax rate. Corporations are entitled to a tax credit (minimum tax credit) to the extent the CAMT liability exceeds the regular tax liability. This amount can be carried forward indefinitely and used in future years when regular tax exceeds the CAMT.
For the years ended December 31, 2025, December 31, 2024, and December 31, 2023, based on the existing guidance in effect at that time, Exelon and each of the Utility Registrants were subject to and reported the CAMT on a separate Registrant basis in the Consolidated Statements of Operations and Comprehensive Income and the Consolidated Balance Sheets.
On February 18, 2026, the U.S. Treasury issued guidance addressing the implementation of CAMT in the form of a notice. The new guidance permits corporate taxpayers to deduct repair and maintenance costs in the calculation of their CAMT liabilities. The notice applies retroactively, permitting Exelon to file amended returns for both 2024 and 2023 to reduce its CAMT liability by $ 80 million. Pursuant to the TMA, Exelon received reimbursement from Constellation for $ 235 million due to the reduction in the amount of Constellation's tax credits needed to offset Exelon's CAMT liability on its amended returns.
The impact of the notice was recorded as of March 31, 2026.
Allocation of Income Taxes to Regulated Utilities (All Registrants)
In Q2 2024, the IRS issued a series of PLRs, to another taxpayer, providing guidance with respect to the application of the tax normalization rules to the allocation of consolidated tax benefits among the members of a consolidated group associated with NOLC for ratemaking purposes. The rulings provide that for ratemaking purposes the tax benefit of NOLC should be reflected on a separate company basis not taking into consideration the utilization of losses by other affiliates. A PLR issued to another taxpayer may not be relied on as precedent.
For the Utility Registrants, except for PECO, the methodology prescribed by the IRS in these PLRs could result in a material reduction of the regulatory liability established for EDITs arising from the TCJA corporate tax rate change that are being amortized and flowed through to customers as well as a reduction in the accumulated deferred income taxes included in rate base for ratemaking purposes. The Utility Registrants, except for PECO, filed PLR requests with the IRS confirming the treatment of the NOLC for ratemaking purposes. The Utility Registrants will record the impact, if any, upon receiving the PLR from the IRS.
7. Retirement Benefits (All Registrants)
Defined Benefit Pension and OPEB
The majority of the 2026 pension benefit cost for the Exelon-sponsored plans is calculated using an expected long-term rate of return on plan assets of 7.00 % and a discount rate of 5.42 %. The majority of the 2026 OPEB cost is calculated using an expected long-term rate of return on plan assets of 6.50 % for funded plans and a discount rate of 5.34 %.
During the first quarter of 2026, Exelon received an updated valuation of its pension and OPEB to reflect actual census data as of January 1, 2026. This valuation resulted in an increase to the pension obligation of $ 6 million and an increase to the OPEB obligation of $ 10 million and a decrease to the asset of $ 2 million, respectively. Additionally, AOCI decreased by $ 4 million (after-tax) and regulatory assets increased by $ 23 million and liabilities increased by $ 1 million.
A portion of the net periodic benefit cost for all plans is capitalized within the Consolidated Balance Sheets. The following table presents the components of Exelon's net periodic benefit costs, prior to capitalization, for the three months ended March 31, 2026 and 2025.
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Combined Notes to Consolidated Financial Statements — (Continued)
(Dollars in millions, except per share data, unless otherwise noted)
Note 7 — Retirement Benefits
Pension Benefits OPEB
Three Months Ended March 31, Three Months Ended March 31,
2026 2025 2026 2025
Components of net periodic benefit cost
Service cost $ 40 $ 38 $ 7 $ 6
Interest cost 143 146 25 25
Expected return on assets ( 176 ) ( 178 ) ( 22 ) ( 21 )
Amortization of:
Prior service cost (credit) 1 1 ( 2 ) ( 2 )
Actuarial loss 50 53 — —
Net periodic benefit cost $ 58 $ 60 $ 8 $ 8
The amounts below represent the Registrants' allocated pension and OPEB costs. For Exelon, the service cost component is included in Operating and maintenance expense and Property, plant, and equipment, net while the non-service cost components are included in Other, net and Regulatory assets. For PHI and each of the Utility Registrants, which apply multi-employer accounting, the service cost and non-service cost components are included in Operating and maintenance expense and Property, plant, and equipment, net in their consolidated financial statements.
Three Months Ended March 31,
Pension and OPEB Costs 2026 2025
Exelon $ 65 $ 68
ComEd 27 21
PECO 4 2
BGE 7 16
PHI 20 25
Pepco 7 8
DPL 4 4
ACE 2 3
Defined Contribution Savings Plan
The Registrants participate in a 401(k) defined contribution savings plan that is sponsored by Exelon. The plan is qualified under applicable sections of the IRC and allows employees to contribute a portion of their pre-tax and/or after-tax income in accordance with specified guidelines. All Registrants match a percentage of the employee contributions up to certain limits. The following table presents the employer contributions and employer matching contributions to the savings plan for the three months ended March 31, 2026 and 2025.
Three Months Ended March 31,
Savings Plan Employer Contributions 2026 2025
Exelon $ 32 $ 26
ComEd 11 10
PECO 4 4
BGE 3 3
PHI 5 5
Pepco 1 1
DPL 1 1
ACE 1 1
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Combined Notes to Consolidated Financial Statements — (Continued)
(Dollars in millions, except per share data, unless otherwise noted)
Note 8 — Derivative Financial Instruments
8. Derivative Financial Instruments (All Registrants)
The Registrants use derivative instruments to manage commodity price risk and interest rate risk related to ongoing business operations. The Registrants do not execute derivatives for speculative or proprietary trading purposes.
Authoritative guidance requires that derivative instruments be recognized as either assets or liabilities at fair value, with changes in fair value of the derivative recognized in earnings immediately. Other accounting treatments are available through special election and designation, provided they meet specific, restrictive criteria both at the time of designation and on an ongoing basis. These alternative permissible accounting treatments include NPNS, cash flow hedges, and fair value hedges. At ComEd, derivative economic hedges related to commodities are recorded at fair value and offset by a corresponding regulatory asset or liability. For all NPNS derivative instruments, accounts receivable or accounts payable are recorded when derivatives settle and revenue or expense is recognized in earnings as the underlying physical commodity is sold or consumed. At Exelon, derivative hedges that qualify and are designated as cash flow hedges are recorded at fair value and offsets are recorded to AOCI.
Commodity Price Risk (All Registrants)
The Utility Registrants employ established policies and procedures to manage their risks associated with market fluctuations in commodity prices by entering into physical and financial derivative contracts, which are either determined to be non-derivative or classified as economic hedges. The Utility Registrants procure electric and natural gas supply through a competitive procurement process approved by each of the respective state utility commissions. The Utility Registrants’ hedging programs are intended to reduce exposure to energy and natural gas price volatility and have no direct earnings impact as the costs are fully recovered from customers through regulatory-approved recovery mechanisms. The following table provides a summary of the Utility Registrants’ primary derivative hedging instruments, listed by commodity and accounting treatment.
Registrant Commodity Accounting Treatment Hedging Instrument
ComEd Electricity NPNS Fixed price contracts based on all requirements in the IPA procurement plans.
Electricity Changes in fair value of economic hedge recorded to an offsetting regulatory asset or liability (a)
20-year floating-to-fixed energy swap contracts beginning June 2012 based on the renewable energy resource procurement requirements in the Illinois Settlement Legislation of approximately 1.3 million MWhs per year.
PECO Electricity NPNS Fixed price contracts for default supply requirements through full requirements contracts.
Gas NPNS Fixed price contracts to cover about 10 % of planned natural gas purchases in support of projected firm sales.
BGE Electricity NPNS Fixed price contracts for all SOS requirements through full requirements contracts.
Gas NPNS Fixed price purchases associated with forecasted gas supply requirements.
Pepco Electricity NPNS Fixed price contracts for all SOS requirements through full requirements contracts.
DPL Electricity NPNS Fixed price contracts for all SOS requirements through full requirements contracts.
Gas NPNS Fixed and index priced contracts through full requirements contracts.
Gas Changes in fair value of economic hedge recorded to an offsetting regulatory asset or liability (b)
Exchange traded future contracts for up to 50 % of estimated monthly purchase requirements each month, including purchases for storage injections.
ACE Electricity NPNS Fixed price contracts for all BGS requirements through full requirements contracts.
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(a) See Note 2 — Regulatory Matters of the 2025 Form 10-K for additional information.
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Combined Notes to Consolidated Financial Statements — (Continued)
(Dollars in millions, except per share data, unless otherwise noted)
Note 8 — Derivative Financial Instruments