Earnings Release Highlights
- GAAP net income of $0.90 per share and Adjusted (non-GAAP) operating earnings of $0.91 per share for the first quarter of 2026
- Affirming full year 2026 Adjusted (non-GAAP) operating earnings guidance range of $2.81-$2.91 per share and operating EPS compounded annual growth near top end of 5-7% from 2025 to 2029
- Projecting $41.7 billion of capital expenditures over the next four years, resulting in expected rate base growth of 7.9%
- All utilities sustained top quartile in reliability performance, with ComEd in top decile
- Through March 31, completed approximately 43% of planned debt financings, including all of its Holding Company issuances, and priced approximately 37% of its $3.4 billion of equity needs through 2029
Exelon Corporation (Nasdaq: EXC) today reported its financial results for the first quarter of 2026.
“Exelon is on track for another year of consistent operational and financial performance. Our scale, platform, and disciplined execution allow us to adapt as conditions evolve to continue delivering on our commitments over the long term,” said Exelon President and Chief Executive Officer Calvin Butler. “Through The Exelon Promise, we are committed to balancing affordability while advancing safety, reliability, and investments that strengthen the grid and support the communities we serve – today and in the future.”
“We delivered first quarter 2026 adjusted operating earnings of $0.91 per share while maintaining strong operational performance, continuing our track record of execution as a standalone utility,” said Exelon Chief Financial Officer Jeanne Jones. “With a revised $41.7 billion four-year capital plan, 7.9% rate base growth, and a disciplined focus on cost management, we remain well-positioned to deliver annualized earnings growth near the top end of 5% to 7% through 2029. Our results and outlook underscore the durability of our business and our ability to adapt and execute while continuing to invest in a way that balances the needs of our customers with the grid of the future.”
First Quarter 2026
Exelon's GAAP net income for the first quarter of 2026 remained relatively consistent with the prior period at $0.90 per share. Adjusted (non-GAAP) operating earnings for the first quarter of 2026 decreased to $0.91 per share from $0.92 per share in the first quarter of 2025. For the reconciliations of GAAP net income to Adjusted (non-GAAP) operating earnings, refer to the tables beginning on page 4.
The GAAP net income and Adjusted (non-GAAP) operating earnings in the first quarter of 2026 primarily reflect:
- Higher costs at the Exelon holding company primarily due to higher income taxes and higher interest expense.
- Higher utility earnings primarily due to approved distribution and transmission rates at ComEd and PHI, approved distribution rates at BGE, absence of customer surcharge credits at PECO, higher allowance for funds used during construction (AFUDC) at ComEd, and favorable weather and lower income taxes at PECO. This was partially offset by timing of distribution earnings at ComEd, higher depreciation expense at PECO and PHI, higher interest expense at PECO, higher credit loss expense at BGE, and unfavorable impacts of the Pepco Maryland multi-year plan reconciliation. Note that rate increases are associated with updated recovery rates for costs and investments to serve customers, driving top quartile reliability and avoiding outage costs.
Operating Company Results1
ComEd
ComEd's first quarter of 2026 GAAP net income increased to $310 million from $302 million in the first quarter of 2025. ComEd's Adjusted (non-GAAP) operating earnings for the first quarter of 2026 decreased to $310 million from $325 million in the first quarter of 2025, primarily due to timing of distribution earnings, partially offset by an increase in AFUDC and higher distribution and transmission rate base driven by incremental investments to serve customers, driving top quartile reliability and avoiding outage costs. Due to revenue decoupling, ComEd's distribution earnings are not intended to be affected by actual weather or customer usage patterns.
PECO
PECO’s first quarter of 2026 GAAP net income increased to $278 million from $266 million in the first quarter of 2025. PECO's Adjusted (non-GAAP) operating earnings for the first quarter of 2026 increased to $278 million from $265 million in the first quarter of 2025, primarily due to absence of customer surcharge credits, favorable weather, and lower income taxes due to tax repairs, some of which is timing, partially offset by an increase in depreciation and interest expense.
BGE
BGE’s first quarter of 2026 GAAP net income increased to $298 million from $260 million in the first quarter of 2025. BGE's Adjusted (non-GAAP) operating earnings for the first quarter of 2026 increased to $298 million from $260 million in the first quarter of 2025, primarily due to approved distribution rates associated with updated recovery of investments to serve customers, driving top quartile reliability and avoiding outage costs, partially offset by an increase in credit loss expense. Due to revenue decoupling, BGE's distribution earnings are not intended to be affected by actual weather or customer usage patterns.
PHI
PHI’s first quarter of 2026 GAAP net income decreased to $169 million from $194 million in the first quarter of 2025. PHI’s Adjusted (non-GAAP) operating earnings for the first quarter of 2026 decreased to $180 million from $194 million in the first quarter of 2025, primarily due to unfavorable impacts of the Pepco Maryland multi-year plan reconciliation and an increase in depreciation expense, partially offset by approved distribution and transmission rates driven by updated recovery of investments to serve customers, driving top quartile reliability and avoiding outage costs. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not intended to be affected by actual weather or customer usage patterns.
___________ |
1 Exelon’s four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois (and transmission in a small portion of northwestern Indiana); PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; and PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware. |
Recent Developments and First Quarter Highlights
- Dividend: On April 28, 2026, Exelon's Board of Directors declared a regular quarterly dividend of $0.42 per share on Exelon's common stock. The dividend is payable on June 15, 2026, to Exelon shareholders of record as of the close of business on June 4, 2026.
-
Rate Case Developments:
- There were no rate case developments in the first quarter.
-
Financing Activities:
- On February 20, 2026, Exelon issued $775 million of its Senior Notes, 4.95% Series due March 15, 2036. Exelon used the proceeds to repay existing indebtedness and for general corporate purposes.
- On March 19, 2026, Pepco issued $170 million of its First Mortgage Bonds, consisting of $110 million aggregate principal amount of its First Mortgage Bonds, 5.00% Series due March 19, 2036, and $60 million aggregate principal amount of its First Mortgage Bonds, 5.30% Series due March 19, 2041. Pepco used the proceeds to repay existing indebtedness and for general corporate purposes.
- On March 19, 2026, DPL issued $75 million of its First Mortgage Bonds, 5.74% Series due March 19, 2056. DPL used the proceeds to repay existing indebtedness and for general corporate purposes.
- On March 19, 2026, ACE issued $100 million of its First Mortgage Bonds, 4.95% Series due March 19, 2036. ACE used the proceeds to repay existing indebtedness and for general corporate purposes.
Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) operating earnings for the first quarter of 2026 do not include the following items (after tax) that were included in reported GAAP net income:
(in millions, except per share amounts) |
Exelon Earnings per Diluted Share |
Exelon |
ComEd |
PECO |
BGE |
PHI |
||||||||||||
2026 GAAP net income |
$ |
0.90 |
$ |
919 |
$ |
310 |
$ |
278 |
$ |
298 |
$ |
169 |
||||||
Regulatory matters (net of taxes of $4) |
|
0.01 |
|
|
11 |
|
|
— |
|
|
— |
|
|
— |
|
|
11 |
|
2026 Adjusted (non-GAAP) operating earnings |
$ |
0.91 |
|
$ |
930 |
|
$ |
310 |
|
$ |
278 |
|
$ |
298 |
|
$ |
180 |
|
Adjusted (non-GAAP) operating earnings for the first quarter of 2025 do not include the following items (after tax) that were included in reported GAAP net income:
(in millions, except per share amounts) |
Exelon Earnings per Diluted Share |
Exelon |
ComEd |
PECO |
BGE |
PHI |
||||||||||||
2025 GAAP net income |
$ |
0.90 |
|
$ |
908 |
|
$ |
302 |
|
$ |
266 |
|
$ |
260 |
|
$ |
194 |
|
Change in FERC Audit Liability (net of taxes of $1) |
|
— |
|
2 |
|
|
2 |
|
— |
|
— |
|
— |
|||||
Cost management charge (net of taxes of $0) |
|
— |
|
|
(1 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Regulatory matters (net of taxes of $7) |
|
0.02 |
|
|
22 |
|
|
21 |
|
|
— |
|
|
— |
|
|
— |
|
2025 Adjusted (non-GAAP) operating earnings |
$ |
0.92 |
|
$ |
932 |
|
$ |
325 |
|
$ |
265 |
|
$ |
260 |
|
$ |
194 |
|
__________ |
Note: |
Amounts may not sum due to rounding. |
Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2026 and 2025 ranged from 24.0% to 29.0%. |
Webcast Information
Exelon will discuss first quarter 2026 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at https://investors.exeloncorp.com/.
About Exelon
Exelon (Nasdaq: EXC) is a Fortune 200 company and one of the nation’s largest utility companies, serving almost 11 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). Exelon's more than 20,000 employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow @Exelon on X and LinkedIn.
Non-GAAP Financial Measures
In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) operating earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) operating earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) operating earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) operating earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP net income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) operating earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: https://investors.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on May 6, 2026.
Cautionary Statements Regarding Forward-Looking Information
This press release 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.
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 with respect to Exelon, ComEd, PECO, BGE, Pepco Holdings LLC (PHI), Pepco, DPL, and ACE (Registrants) in the Registrants' most recent Annual Report on Form 10-K, including in Part I, ITEM 1A, any subsequent Quarterly Reports on Form 10-Q, and in other reports filed by the Registrants from time to time with the SEC.
Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. 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 press release.
Exelon uses its corporate website, www.exeloncorp.com, investor relations website, investors.exeloncorp.com, and social media channels to communicate with Exelon's investors and the public about the Registrants and other matters. Exelon's posts through these channels may be deemed material. Accordingly, Exelon encourages investors and others interested in the Registrants to routinely monitor these channels, in addition to following the Registrants' press releases, Securities and Exchange Commission filings and public conference calls and webcasts. The contents of Exelon's websites and social media channels are not, however, incorporated by reference into this press release.
Earnings Release Attachments Table of Contents |
|
|
|
|
|
Consolidating Statement of Operations |
1 |
|
|
Consolidated Balance Sheets |
2 |
|
|
Consolidated Statements of Cash Flows |
4 |
|
|
Reconciliation of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings |
5 |
|
|
Statistics |
|
ComEd |
6 |
PECO |
6 |
BGE |
8 |
Pepco |
9 |
DPL |
10 |
ACE |
11 |
Consolidating Statements of Operations (unaudited) (in millions) |
|||||||||||||||||||||||
|
ComEd |
|
PECO |
|
BGE |
|
PHI |
|
Other (a) |
|
Exelon |
||||||||||||
Three Months Ended March 31, 2026 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating revenues |
$ |
1,913 |
|
|
$ |
1,492 |
|
|
$ |
1,828 |
|
|
$ |
2,030 |
|
|
$ |
(21 |
) |
|
$ |
7,242 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Purchased power and fuel |
|
451 |
|
|
|
612 |
|
|
|
808 |
|
|
|
905 |
|
|
|
— |
|
|
|
2,776 |
|
Operating and maintenance |
|
438 |
|
|
|
337 |
|
|
|
327 |
|
|
|
424 |
|
|
|
(60 |
) |
|
|
1,466 |
|
Depreciation and amortization |
|
404 |
|
|
|
121 |
|
|
|
167 |
|
|
|
246 |
|
|
|
14 |
|
|
|
952 |
|
Taxes other than income taxes |
|
105 |
|
|
|
69 |
|
|
|
104 |
|
|
|
151 |
|
|
|
14 |
|
|
|
443 |
|
Total operating expenses |
|
1,398 |
|
|
|
1,139 |
|
|
|
1,406 |
|
|
|
1,726 |
|
|
|
(32 |
) |
|
|
5,637 |
|
Gain on sale of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Operating income |
|
515 |
|
|
|
353 |
|
|
|
422 |
|
|
|
304 |
|
|
|
11 |
|
|
|
1,605 |
|
Other income and (deductions) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense, net |
|
(135 |
) |
|
|
(71 |
) |
|
|
(62 |
) |
|
|
(106 |
) |
|
|
(181 |
) |
|
|
(555 |
) |
Other, net |
|
31 |
|
|
|
11 |
|
|
|
17 |
|
|
|
18 |
|
|
|
(8 |
) |
|
|
69 |
|
Total other income and (deductions) |
|
(104 |
) |
|
|
(60 |
) |
|
|
(45 |
) |
|
|
(88 |
) |
|
|
(189 |
) |
|
|
(486 |
) |
Income (loss) before income taxes |
|
411 |
|
|
|
293 |
|
|
|
377 |
|
|
|
216 |
|
|
|
(178 |
) |
|
|
1,119 |
|
Income taxes |
|
101 |
|
|
|
15 |
|
|
|
79 |
|
|
|
47 |
|
|
|
(42 |
) |
|
|
200 |
|
Net income (loss) attributable to common shareholders |
$ |
310 |
|
|
$ |
278 |
|
|
$ |
298 |
|
|
$ |
169 |
|
|
$ |
(136 |
) |
|
$ |
919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Three Months Ended March 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating revenues |
$ |
2,065 |
|
|
$ |
1,333 |
|
|
$ |
1,554 |
|
|
$ |
1,778 |
|
|
$ |
(16 |
) |
|
$ |
6,714 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Purchased power and fuel |
|
689 |
|
|
|
502 |
|
|
|
609 |
|
|
|
722 |
|
|
|
— |
|
|
|
2,522 |
|
Operating and maintenance |
|
423 |
|
|
|
327 |
|
|
|
305 |
|
|
|
349 |
|
|
|
(57 |
) |
|
|
1,347 |
|
Depreciation and amortization |
|
380 |
|
|
|
109 |
|
|
|
164 |
|
|
|
234 |
|
|
|
16 |
|
|
|
903 |
|
Taxes other than income taxes |
|
99 |
|
|
|
60 |
|
|
|
96 |
|
|
|
140 |
|
|
|
10 |
|
|
|
405 |
|
Total operating expenses |
|
1,591 |
|
|
|
998 |
|
|
|
1,174 |
|
|
|
1,445 |
|
|
|
(31 |
) |
|
|
5,177 |
|
Loss on sale of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
Operating income |
|
474 |
|
|
|
335 |
|
|
|
380 |
|
|
|
332 |
|
|
|
15 |
|
|
|
1,536 |
|
Other income and (deductions) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense, net |
|
(128 |
) |
|
|
(63 |
) |
|
|
(58 |
) |
|
|
(100 |
) |
|
|
(161 |
) |
|
|
(510 |
) |
Other, net |
|
21 |
|
|
|
8 |
|
|
|
9 |
|
|
|
19 |
|
|
|
(5 |
) |
|
|
52 |
|
Total other income and (deductions) |
|
(107 |
) |
|
|
(55 |
) |
|
|
(49 |
) |
|
|
(81 |
) |
|
|
(166 |
) |
|
|
(458 |
) |
Income (loss) before income taxes |
|
367 |
|
|
|
280 |
|
|
|
331 |
|
|
|
251 |
|
|
|
(151 |
) |
|
|
1,078 |
|
Income taxes |
|
65 |
|
|
|
14 |
|
|
|
71 |
|
|
|
57 |
|
|
|
(37 |
) |
|
|
170 |
|
Net income (loss) attributable to common shareholders |
$ |
302 |
|
|
$ |
266 |
|
|
$ |
260 |
|
|
$ |
194 |
|
|
$ |
(114 |
) |
|
$ |
908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Change in net income (loss) from 2025 to 2026 |
$ |
8 |
|
|
$ |
12 |
|
|
$ |
38 |
|
|
$ |
(25 |
) |
|
$ |
(22 |
) |
|
$ |
11 |
|
__________ |
|
(a) |
Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. |
Exelon 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 |
|
|
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 |
|
|
|
|
|
|
||||
|
|
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 |
|
|
22,129 |
|
|
|
22,106 |
|
Treasury stock, at cost |
|
|
(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 |
|
Exelon Consolidated Statements of Cash Flows (unaudited) (in millions) |
||||||||
|
|
Three Months Ended March 31, |
||||||
|
|
|
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 |
|
Exelon Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Three Months Ended March 31, 2026 and 2025 (unaudited) (in millions, except per share data) |
|||||||||||||||||||||||||||
|
Exelon Earnings per Diluted Share |
|
ComEd |
|
PECO |
|
BGE |
|
PHI |
|
Other (a) |
|
Exelon |
||||||||||||||
2025 GAAP net income (loss) |
$ |
0.90 |
|
|
$ |
302 |
|
|
$ |
266 |
|
|
$ |
260 |
|
|
$ |
194 |
|
|
$ |
(114 |
) |
|
$ |
908 |
|
Change in FERC audit liability (net of taxes of $1) |
|
— |
|
|
|
2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
Cost management charge (net of taxes of $0) (1) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
(1 |
) |
Regulatory matters (net of taxes of $7) (2) |
|
0.02 |
|
|
|
21 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
22 |
|
2025 Adjusted (non-GAAP) operating earnings (loss) |
$ |
0.92 |
|
|
$ |
325 |
|
|
$ |
265 |
|
|
$ |
260 |
|
|
$ |
194 |
|
|
$ |
(112 |
) |
|
$ |
932 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Year over year effects on Adjusted (non-GAAP) operating earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Weather |
$ |
0.01 |
|
|
$ |
— |
|
(b) |
$ |
12 |
|
|
$ |
— |
|
(b) |
$ |
3 |
|
(b) |
$ |
— |
|
|
$ |
15 |
|
Load |
|
— |
|
|
|
— |
|
(b) |
|
(2 |
) |
|
|
— |
|
(b) |
|
— |
|
(b) |
|
— |
|
|
|
(2 |
) |
Distribution and transmission rates (3) |
|
0.06 |
|
|
|
15 |
|
(c) |
|
5 |
|
(c) |
|
25 |
|
(c) |
|
14 |
|
(c) |
|
— |
|
|
|
59 |
|
Other energy delivery (4) |
|
0.05 |
|
|
|
17 |
|
(c) |
|
13 |
|
(c) |
|
14 |
|
(c) |
|
10 |
|
(c) |
|
— |
|
|
|
54 |
|
Operating and maintenance expense (5) |
|
(0.06 |
) |
|
|
(32 |
) |
|
|
(8 |
) |
|
|
4 |
|
|
|
(21 |
) |
|
|
— |
|
|
|
(57 |
) |
Depreciation and amortization expense (6) |
|
(0.04 |
) |
|
|
(17 |
) |
|
|
(9 |
) |
|
|
(7 |
) |
|
|
(12 |
) |
|
|
2 |
|
|
|
(43 |
) |
Interest expense and other (7) |
|
(0.03 |
) |
|
|
2 |
|
|
|
2 |
|
|
|
2 |
|
|
|
(8 |
) |
|
|
(26 |
) |
|
|
(28 |
) |
Total year over year effects on Adjusted (non-GAAP) operating earnings |
$ |
(0.01 |
) |
|
$ |
(15 |
) |
|
$ |
13 |
|
|
$ |
38 |
|
|
$ |
(14 |
) |
|
$ |
(24 |
) |
|
$ |
(2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
2026 GAAP net income (loss) |
$ |
0.90 |
|
|
$ |
310 |
|
|
$ |
278 |
|
|
$ |
298 |
|
|
$ |
169 |
|
|
$ |
(136 |
) |
|
$ |
919 |
|
Regulatory matters (net of taxes of $4) (2) |
|
0.01 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11 |
|
|
|
— |
|
|
|
11 |
|
2026 Adjusted (non-GAAP) operating earnings (loss) |
$ |
0.91 |
|
|
$ |
310 |
|
|
$ |
278 |
|
|
$ |
298 |
|
|
$ |
180 |
|
|
$ |
(136 |
) |
|
$ |
930 |
|
Note: |
|
Amounts may not sum due to rounding. |
|
Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2026 and 2025 ranged from 24.0% to 29.0%. |
|
|
|
(a) |
Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. |
(b) |
For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes. |
(c) |
ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For transmission formula rates and various riders across the utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure, and ROE (which impact net earnings). |
(1) |
Primarily represents severance and reorganization costs related to cost management. |
(2) |
Represents the disallowance of certain capitalized costs. |
(3) |
For ComEd, reflects higher distribution and transmission rate base. For BGE, reflects increased distribution revenue due to approved rates. For PHI, reflects increased distribution and transmission revenue due to approved rates. |
(4) |
For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs, offset by decreased electric distribution revenues due to timing of distribution earnings. For PECO, reflects the absence of electric surcharge credits to customers recognized in 2025. For PHI, reflects higher distribution and transmission revenues due to higher fully recoverable costs. |
(5) |
Represents Operating and maintenance expense. For ComEd, reflects increased storm costs and increased contracting costs. For PHI, reflects increased contracting costs and unfavorable impacts of the Pepco Maryland multi-year plan reconciliation. |
(6) |
Across all utilities, reflects ongoing capital expenditures and regulatory asset amortization. |
(7) |
For ComEd, reflects an increase in AFUDC, partially offset by an increase in interest expense. For PECO, primarily reflects a decrease in income tax expense due to tax repairs, some of which is timing, partially offset by an increase in interest expense. For PHI, primarily reflects an increase in interest expense. For Corporate, primarily reflects an increase in interest expense and an increase in income tax expense due to timing. |
ComEd Statistics Three Months Ended March 31, 2026 and 2025 |
||||||||||||||||||||||
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
|||||||||||||||||||
|
2026 |
|
2025 |
|
% Change |
|
Weather - Normal % Change |
|
|
2026 |
|
|
|
2025 |
|
|
% Change |
|||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential |
6,560 |
|
|
6,674 |
|
|
(1.7 |
)% |
|
(0.6 |
)% |
|
$ |
1,024 |
|
|
$ |
993 |
|
|
3.1 |
% |
Small commercial & industrial |
7,318 |
|
|
7,359 |
|
|
(0.6 |
)% |
|
— |
% |
|
|
484 |
|
|
|
600 |
|
|
(19.3 |
)% |
Large commercial & industrial |
6,962 |
|
|
7,003 |
|
|
(0.6 |
)% |
|
(1.2 |
)% |
|
|
120 |
|
|
|
296 |
|
|
(59.5 |
)% |
Public authorities & electric railroads |
244 |
|
|
278 |
|
|
(12.2 |
)% |
|
(9.1 |
)% |
|
|
12 |
|
|
|
17 |
|
|
(29.4 |
)% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
249 |
|
|
236 |
|
|
5.5 |
% |
|||
Total electric revenues(c) |
21,084 |
|
|
21,314 |
|
|
(1.1 |
)% |
|
(0.7 |
)% |
|
|
1,889 |
|
|
|
2,142 |
|
|
(11.8 |
)% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
24 |
|
|
|
(77 |
) |
|
(131.2 |
)% |
||||
Total electric revenues |
|
|
|
|
|
|
|
|
$ |
1,913 |
|
|
$ |
2,065 |
|
|
(7.4 |
)% |
||||
Purchased Power |
|
|
|
|
|
|
|
|
$ |
451 |
|
|
$ |
689 |
|
|
(34.5 |
)% |
||||
|
|
|
|
|
|
|
% Change |
|||||||
Heating and Cooling Degree-Days |
2026 |
|
2025 |
|
Normal |
|
From 2025 |
|
From Normal |
|||||
Heating Degree-Days |
2,868 |
|
|
2,985 |
|
|
3,053 |
|
|
(3.9 |
)% |
|
(6.1 |
)% |
Cooling Degree-Days |
1 |
|
— |
|
— |
|
— |
% |
|
— |
% |
|||
Number of Electric Customers |
2026 |
|
2025 |
||
Residential |
3,779,277 |
|
3,735,234 |
||
Small commercial & industrial |
398,024 |
|
396,639 |
||
Large commercial & industrial |
1,992 |
|
2,473 |
||
Public authorities & electric railroads |
5,801 |
|
5,787 |
||
Total |
4,185,094 |
|
4,140,133 |
||
__________ |
|
(a) |
Reflects revenues from customers purchasing electricity directly from ComEd and customers purchasing electricity from a competitive electric generation supplier, as all customers are assessed delivery charges. For customers purchasing electricity from ComEd, revenues also reflect the cost of energy and transmission. |
(b) |
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. |
(c) |
Includes operating revenues from affiliates totaling $11 million and $8 million for the three months ended March 31, 2026 and 2025, respectively. |
(d) |
Includes alternative revenue programs and late payment charges. |
PECO Statistics Three Months Ended March 31, 2026 and 2025 |
||||||||||||||||||||||
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
|||||||||||||||||||
|
2026 |
|
2025 |
|
% Change |
|
Weather- Normal % Change |
|
|
2026 |
|
|
|
2025 |
|
|
% Change |
|||||
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential |
3,952 |
|
|
3,859 |
|
|
2.4 |
% |
|
0.1 |
% |
|
$ |
725 |
|
|
$ |
631 |
|
|
14.9 |
% |
Small commercial & industrial |
2,010 |
|
|
1,946 |
|
|
3.3 |
% |
|
1.0 |
% |
|
|
172 |
|
|
|
162 |
|
|
6.2 |
% |
Large commercial & industrial |
3,132 |
|
|
3,425 |
|
|
(8.6 |
)% |
|
(10.0 |
)% |
|
|
87 |
|
|
|
84 |
|
|
3.6 |
% |
Public authorities & electric railroads |
176 |
|
|
189 |
|
|
(6.9 |
)% |
|
(7.0 |
)% |
|
|
8 |
|
|
|
8 |
|
|
— |
% |
Other(b) |
— |
|
|
— |
|
n/a |
|
|
n/a |
|
|
|
77 |
|
|
76 |
|
|
1.3 |
% |
||
Total electric revenues(c) |
9,270 |
|
|
9,419 |
|
|
(1.6 |
)% |
|
(3.5 |
)% |
|
|
1,069 |
|
|
|
961 |
|
|
11.2 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
13 |
|
|
|
(5 |
) |
|
(360.0 |
)% |
||||
Total electric revenues |
|
|
|
|
|
|
|
|
|
1,082 |
|
|
|
956 |
|
|
13.2 |
% |
||||
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential |
22,436 |
|
|
21,834 |
|
|
2.8 |
% |
|
(0.9 |
)% |
|
|
286 |
|
|
|
267 |
|
|
7.1 |
% |
Small commercial & industrial |
11,351 |
|
|
10,405 |
|
|
9.1 |
% |
|
6.2 |
% |
|
|
96 |
|
|
|
86 |
|
|
11.6 |
% |
Large commercial & industrial |
(10 |
) |
|
12 |
|
|
(183.3 |
)% |
|
(20.0 |
)% |
|
|
— |
|
|
|
— |
|
|
n/a |
|
Transportation |
7,142 |
|
|
7,242 |
|
|
(1.4 |
)% |
|
(2.2 |
)% |
|
|
20 |
|
|
|
13 |
|
|
53.8 |
% |
Other(f) |
— |
|
|
— |
|
|
n/a |
|
|
n/a |
|
|
|
7 |
|
|
|
10 |
|
|
(30.0 |
)% |
Total natural gas revenues(g) |
40,919 |
|
|
39,493 |
|
|
3.6 |
% |
|
0.7 |
% |
|
|
409 |
|
|
|
376 |
|
|
8.8 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
1 |
|
|
|
1 |
|
|
— |
% |
||||
Total natural gas revenues |
|
|
|
|
|
|
|
|
|
410 |
|
|
|
377 |
|
|
8.8 |
% |
||||
Total electric and natural gas revenues |
|
|
|
|
|
$ |
1,492 |
|
|
$ |
1,333 |
|
|
11.9 |
% |
|||||||
Purchased Power and Fuel |
|
|
|
|
|
|
|
|
$ |
612 |
|
|
$ |
502 |
|
|
21.9 |
% |
||||
|
|
|
|
|
|
|
% Change |
|||||||
Heating and Cooling Degree-Days |
2026 |
|
2025 |
|
Normal |
|
From 2025 |
|
From Normal |
|||||
Heating Degree-Days |
2,399 |
|
|
2,351 |
|
|
2,359 |
|
|
2.0 |
% |
|
1.7 |
% |
Cooling Degree-Days |
10 |
|
1 |
|
1 |
|
900.0 |
% |
|
900.0 |
% |
|||
Number of Electric Customers |
2026 |
|
2025 |
|
Number of Natural Gas Customers |
2026 |
|
2025 |
||||
Residential |
1,544,881 |
|
1,540,453 |
|
Residential |
511,085 |
|
509,773 |
||||
Small commercial & industrial |
154,634 |
|
155,131 |
|
Small commercial & industrial |
44,642 |
|
44,869 |
||||
Large commercial & industrial |
3,149 |
|
3,151 |
|
Large commercial & industrial |
7 |
|
7 |
||||
Public authorities & electric railroads |
10,108 |
|
10,703 |
|
Transportation |
606 |
|
623 |
||||
Total |
1,712,772 |
|
1,709,438 |
|
Total |
556,340 |
|
555,272 |
||||
__________ |
|
(a) |
Reflects delivery volumes and revenues from customers purchasing electricity directly from PECO and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from PECO, revenues also reflect the cost of energy and transmission. |
(b) |
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. |
(c) |
Includes operating revenues from affiliates totaling $4 million and $2 million for the three months ended March 31, 2026 and 2025, respectively. |
(d) |
Includes alternative revenue programs and late payment charges. |
(e) |
Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas. |
(f) |
Includes revenues primarily from off-system sales. |
(g) |
Includes operating revenues from affiliates totaling less than $1 million and $1 million for the three months ended March 31, 2026 and 2025, respectively. |
BGE Statistics Three Months Ended March 31, 2026 and 2025 |
||||||||||||||||||||||
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
|||||||||||||||||||
|
2026 |
|
2025 |
|
% Change |
|
Weather- Normal % Change |
|
|
2026 |
|
|
|
2025 |
|
|
% Change |
|||||
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential |
3,788 |
|
|
3,669 |
|
|
3.2 |
% |
|
(3.6 |
)% |
|
$ |
818 |
|
|
$ |
648 |
|
|
26.2 |
% |
Small commercial & industrial |
729 |
|
|
730 |
|
|
(0.1 |
)% |
|
(4.2 |
)% |
|
|
130 |
|
|
|
109 |
|
|
19.3 |
% |
Large commercial & industrial |
3,212 |
|
|
3,145 |
|
|
2.1 |
% |
|
(1.0 |
)% |
|
|
180 |
|
|
|
144 |
|
|
25.0 |
% |
Public authorities & electric railroads |
48 |
|
|
48 |
|
|
— |
% |
|
(2.1 |
)% |
|
|
8 |
|
|
|
8 |
|
|
— |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
117 |
|
|
|
113 |
|
|
3.5 |
% |
||
Total electric revenues(c) |
7,777 |
|
|
7,592 |
|
|
2.4 |
% |
|
(2.6 |
)% |
|
|
1,253 |
|
|
|
1,022 |
|
|
22.6 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(8 |
) |
|
|
(10 |
) |
|
(20.0 |
)% |
||||
Total electric revenues |
|
|
|
|
|
|
|
|
|
1,245 |
|
|
|
1,012 |
|
|
23.0 |
% |
||||
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential |
21,298 |
|
|
20,871 |
|
|
2.0 |
% |
|
(0.7 |
)% |
|
|
401 |
|
|
|
378 |
|
|
6.1 |
% |
Small commercial & industrial |
4,790 |
|
|
4,568 |
|
|
4.9 |
% |
|
3.4 |
% |
|
|
63 |
|
|
|
63 |
|
|
— |
% |
Large commercial & industrial |
14,450 |
|
|
14,378 |
|
|
0.5 |
% |
|
(2.0 |
)% |
|
|
93 |
|
|
|
96 |
|
|
(3.1 |
)% |
Other(f) |
3,515 |
|
|
3,845 |
|
|
(8.6 |
)% |
|
n/a |
|
|
|
31 |
|
|
|
24 |
|
|
29.2 |
% |
Total natural gas revenues(g) |
44,053 |
|
|
43,662 |
|
|
0.9 |
% |
|
(0.7 |
)% |
|
|
588 |
|
|
|
561 |
|
|
4.8 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(5 |
) |
|
|
(19 |
) |
|
(73.7 |
)% |
||||
Total natural gas revenues |
|
|
|
|
|
|
|
|
|
583 |
|
|
|
542 |
|
|
7.6 |
% |
||||
Total electric and natural gas revenues |
|
|
|
|
|
$ |
1,828 |
|
|
$ |
1,554 |
|
|
17.6 |
% |
|||||||
Purchased Power and Fuel |
|
|
|
|
|
|
|
|
$ |
808 |
|
|
$ |
609 |
|
|
32.7 |
% |
||||
|
|
|
|
|
|
|
% Change |
|||||||
Heating and Cooling Degree-Days |
2026 |
|
2025 |
|
Normal |
|
From 2025 |
|
From Normal |
|||||
Heating Degree-Days |
2,444 |
|
|
2,303 |
|
|
2,332 |
|
|
6.1 |
% |
|
4.8 |
% |
Cooling Degree-Days |
14 |
|
— |
|
3 |
|
— |
% |
|
366.7 |
% |
|||
Number of Electric Customers |
2026 |
|
2025 |
|
Number of Natural Gas Customers |
2026 |
|
2025 |
||||
Residential |
1,226,941 |
|
1,220,769 |
|
Residential |
663,324 |
|
661,195 |
||||
Small commercial & industrial |
115,253 |
|
115,359 |
|
Small commercial & industrial |
37,735 |
|
37,945 |
||||
Large commercial & industrial |
13,372 |
|
13,302 |
|
Large commercial & industrial |
6,421 |
|
6,380 |
||||
Public authorities & electric railroads |
251 |
|
258 |
|
|
|
|
|
||||
Total |
1,355,817 |
|
1,349,688 |
|
Total |
707,480 |
|
705,520 |
||||
__________ |
|
(a) |
Reflects revenues from customers purchasing electricity directly from BGE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from BGE, revenues also reflect the cost of energy and transmission. |
(b) |
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. |
(c) |
Includes operating revenues from affiliates totaling $2 million and $1 million for the three months ended March 31, 2026 and 2025, respectively. |
(d) |
Includes alternative revenue programs and late payment charges. |
(e) |
Reflects delivery volumes and revenues from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from BGE, revenue also reflects the cost of natural gas. |
(f) |
Includes revenues primarily from off-system sales. |
(g) |
Includes operating revenues from affiliates totaling $1 million for both the three months ended March 31, 2026 and 2025, respectively. |
Pepco Statistics Three Months Ended March 31, 2026 and 2025 |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
|||||||||||||||||||
|
2026 |
|
2025 |
|
% Change |
|
Weather- Normal % Change |
|
|
2026 |
|
|
|
2025 |
|
|
% Change |
|||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential |
2,359 |
|
|
2,336 |
|
|
1.0 |
% |
|
(4.5 |
)% |
|
$ |
507 |
|
|
$ |
424 |
|
|
19.6 |
% |
Small commercial & industrial |
294 |
|
|
300 |
|
|
(2.0 |
)% |
|
(4.6 |
)% |
|
|
54 |
|
|
|
51 |
|
|
5.9 |
% |
Large commercial & industrial |
3,301 |
|
|
3,338 |
|
|
(1.1 |
)% |
|
(2.8 |
)% |
|
|
321 |
|
|
|
289 |
|
|
11.1 |
% |
Public authorities & electric railroads |
174 |
|
|
160 |
|
|
8.8 |
% |
|
7.8 |
% |
|
|
10 |
|
|
|
8 |
|
|
25.0 |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
93 |
|
|
86 |
|
8.1 |
% |
||||
Total electric revenues(c) |
6,128 |
|
|
6,134 |
|
|
(0.1 |
)% |
|
(3.3 |
)% |
|
|
985 |
|
|
|
858 |
|
|
14.8 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
4 |
|
|
|
1 |
|
|
300.0 |
% |
||||
Total electric revenues |
|
|
|
|
|
|
|
|
$ |
989 |
|
|
$ |
859 |
|
|
15.1 |
% |
||||
Purchased Power |
|
|
|
|
|
|
|
|
$ |
411 |
|
|
$ |
318 |
|
|
29.2 |
% |
||||
|
|
|
|
|
|
|
% Change |
|||||||
Heating and Cooling Degree-Days |
2026 |
|
2025 |
|
Normal |
|
From 2025 |
|
From Normal |
|||||
Heating Degree-Days |
2,187 |
|
1,987 |
|
2,036 |
|
10.1 |
% |
|
7.4 |
% |
|||
Cooling Degree-Days |
16 |
|
25 |
|
5 |
|
(36.0 |
)% |
|
220.0 |
% |
|||
Number of Electric Customers |
2026 |
|
2025 |
||
Residential |
887,650 |
|
882,043 |
||
Small commercial & industrial |
54,225 |
|
54,071 |
||
Large commercial & industrial |
23,163 |
|
23,079 |
||
Public authorities & electric railroads |
209 |
|
205 |
||
Total |
965,247 |
|
959,398 |
||
__________ |
|
(a) |
Reflects revenues from customers purchasing electricity directly from Pepco and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from Pepco, revenues also reflect the cost of energy and transmission. |
(b) |
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. |
(c) |
Includes operating revenues from affiliates totaling $2 million for both the three months ended March 31, 2026 and 2025, respectively. |
(d) |
Includes alternative revenue programs and late payment charge revenues. |
DPL Statistics Three Months Ended March 31, 2026 and 2025 |
||||||||||||||||||||||
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
|||||||||||||||||||
|
2026 |
|
2025 |
|
% Change |
|
Weather - Normal % Change |
|
|
2026 |
|
|
|
2025 |
|
|
% Change |
|||||
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential |
1,709 |
|
|
1,645 |
|
|
3.9 |
% |
|
1.3 |
% |
|
$ |
331 |
|
|
$ |
298 |
|
|
11.1 |
% |
Small commercial & industrial |
608 |
|
|
586 |
|
|
3.8 |
% |
|
2.4 |
% |
|
|
69 |
|
|
|
64 |
|
|
7.8 |
% |
Large commercial & industrial |
929 |
|
|
939 |
|
|
(1.1 |
)% |
|
(1.6 |
)% |
|
|
30 |
|
|
|
28 |
|
|
7.1 |
% |
Public authorities & electric railroads |
9 |
|
|
9 |
|
|
— |
% |
|
(1.8 |
)% |
|
|
4 |
|
|
|
4 |
|
|
— |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
77 |
|
|
|
71 |
|
|
8.5 |
% |
||
Total electric revenues(c) |
3,255 |
|
|
3,179 |
|
|
2.4 |
% |
|
0.6 |
% |
|
|
511 |
|
|
|
465 |
|
|
9.9 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(5 |
) |
|
|
(5 |
) |
|
— |
% |
||||
Total electric revenues |
|
|
|
|
|
|
|
|
|
506 |
|
|
|
460 |
|
|
10.0 |
% |
||||
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential |
4,678 |
|
|
4,590 |
|
|
1.9 |
% |
|
(2.3 |
)% |
|
|
74 |
|
|
|
56 |
|
|
32.1 |
% |
Small commercial & industrial |
2,128 |
|
|
1,970 |
|
|
8.0 |
% |
|
3.0 |
% |
|
|
29 |
|
|
|
21 |
|
|
38.1 |
% |
Large commercial & industrial |
429 |
|
|
428 |
|
|
0.2 |
% |
|
0.2 |
% |
|
|
4 |
|
|
|
3 |
|
|
33.3 |
% |
Transportation |
2,027 |
|
|
2,106 |
|
|
(3.8 |
)% |
|
(6.1 |
)% |
|
|
5 |
|
|
|
5 |
|
|
— |
% |
Other(f) |
— |
|
|
— |
|
|
n/a |
|
|
n/a |
|
|
|
4 |
|
|
|
3 |
|
|
33.3 |
% |
Total natural gas revenues |
9,262 |
|
|
9,094 |
|
|
1.8 |
% |
|
(1.9 |
)% |
|
|
116 |
|
|
|
88 |
|
|
31.8 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
n/a |
|
||||
Total natural gas revenues |
|
|
|
|
|
|
|
|
|
116 |
|
|
|
88 |
|
|
31.8 |
% |
||||
Total electric and natural gas revenues |
|
|
|
|
|
$ |
622 |
|
|
$ |
548 |
|
|
13.5 |
% |
|||||||
Purchased Power and Fuel |
|
|
|
|
|
|
|
|
$ |
289 |
|
|
$ |
247 |
|
|
17.0 |
% |
||||
Electric Service Territory |
|
|
|
|
|
|
% Change |
|||||||
Heating and Cooling Degree-Days |
2026 |
|
2025 |
|
Normal |
|
From 2025 |
|
From Normal |
|||||
Heating Degree-Days |
2,443 |
|
2,354 |
|
2,323 |
|
3.8 |
% |
|
5.2 |
% |
|||
Cooling Degree-Days |
9 |
|
10 |
|
2 |
|
(10.0 |
)% |
|
350.0 |
% |
|||
Natural Gas Service Territory |
|
|
|
|
|
|
% Change |
|||||||
Heating Degree-Days |
2026 |
|
2025 |
|
Normal |
|
From 2025 |
|
From Normal |
|||||
Heating Degree-Days |
2,531 |
|
2,399 |
|
2,449 |
|
5.5 |
% |
|
3.3 |
% |
|||
Number of Electric Customers |
2026 |
|
2025 |
|
Number of Natural Gas Customers |
2026 |
|
2025 |
||||
Residential |
496,074 |
|
491,907 |
|
Residential |
132,419 |
|
131,716 |
||||
Small commercial & industrial |
65,604 |
|
64,999 |
|
Small commercial & industrial |
10,285 |
|
10,254 |
||||
Large commercial & industrial |
1,288 |
|
1,251 |
|
Large commercial & industrial |
14 |
|
15 |
||||
Public authorities & electric railroads |
628 |
|
617 |
|
Transportation |
159 |
|
161 |
||||
Total |
563,594 |
|
558,774 |
|
Total |
142,877 |
|
142,146 |
||||
__________ |
|
(a) |
Reflects delivery volumes and revenues from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from DPL, revenues also reflect the cost of energy and transmission. |
(b) |
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. |
(c) |
Includes operating revenues from affiliates totaling $2 million for both the three months ended March 31, 2026 and 2025, respectively. |
(d) |
Includes alternative revenue programs and late payment charges. |
(e) |
Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas. |
(f) |
Includes revenues primarily from off-system sales. |
ACE Statistics Three Months Ended March 31, 2026 and 2025 |
||||||||||||||||||||||
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
|||||||||||||||||||
|
2026 |
|
2025 |
|
% Change |
|
Weather - Normal % Change |
|
|
2026 |
|
|
|
2025 |
|
|
% Change |
|||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential |
955 |
|
|
902 |
|
|
5.9 |
% |
|
3.7 |
% |
|
$ |
258 |
|
|
$ |
196 |
|
|
31.6 |
% |
Small commercial & industrial |
405 |
|
|
390 |
|
|
3.8 |
% |
|
3.0 |
% |
|
|
68 |
|
|
|
54 |
|
|
25.9 |
% |
Large commercial & industrial |
688 |
|
|
713 |
|
|
(3.5 |
)% |
|
(3.5 |
)% |
|
|
44 |
|
|
|
50 |
|
|
(12.0 |
)% |
Public authorities & electric railroads |
12 |
|
|
13 |
|
|
(7.7 |
)% |
|
(8.3 |
)% |
|
|
5 |
|
|
|
5 |
|
|
— |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
64 |
|
|
|
68 |
|
|
(5.9 |
)% |
||
Total electric revenues(c) |
2,060 |
|
|
2,018 |
|
|
2.1 |
% |
|
0.9 |
% |
|
|
439 |
|
|
|
373 |
|
|
17.7 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(18 |
) |
|
|
— |
|
n/a |
|
|||||
Total electric revenues |
|
|
|
|
|
|
|
|
$ |
421 |
|
|
$ |
373 |
|
|
12.9 |
% |
||||
Purchased Power |
|
|
|
|
|
|
|
|
$ |
205 |
|
|
$ |
157 |
|
|
30.6 |
% |
||||
|
|
|
|
|
|
|
% Change |
|||||||
Heating and Cooling Degree-Days |
2026 |
|
2025 |
|
Normal |
|
From 2025 |
|
From Normal |
|||||
Heating Degree-Days |
2,543 |
|
2,408 |
|
2,386 |
|
5.6 |
% |
|
6.6 |
% |
|||
Cooling Degree-Days |
3 |
|
— |
|
1 |
|
— |
% |
|
200.0 |
% |
|||
Number of Electric Customers |
|
2026 |
|
2025 |
||
Residential |
|
510,569 |
|
508,354 |
||
Small commercial & industrial |
|
63,174 |
|
62,861 |
||
Large commercial & industrial |
|
2,660 |
|
2,824 |
||
Public authorities & electric railroads |
|
756 |
|
723 |
||
Total |
|
577,159 |
|
574,762 |
||
__________ |
|
(a) |
Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, revenues also reflect the cost of energy and transmission. |
(b) |
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. |
(c) |
Includes operating revenues from affiliates totaling $1 million for both the three months ended March 31, 2026 and 2025, respectively. |
(d) |
Includes alternative revenue programs. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20260506121198/en/
Contacts
Khanya Brann
Corporate Communications
301-535-3292
Ryan Brown
Investor Relations
779-231-0017
