EXELON CORP

For the period ended Dec 31, 2024. Filed Feb 12, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 12, 2025

EXC$45.65+0.1%Stored close · as of Nov 9, 2026

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Contents

Consolidated Statements of Changes in Member's Equity

Consolidated Statements of Changes in Equity

(In millions)	Membership Interest	Undistributed (Losses)/Gains	Total Member's Equity
Balance at December 31, 2021	$10,795	$(210)	$10,585
Net income	—	608	608
Distribution to member	—	(750)	(750)
Contributions from member	787	—	787
Balance at December 31, 2022	$11,582	$(352)	$11,230
Net Income	—	590	590
Distribution to member	—	(513)	(513)
Contributions from member	475	—	475
Balance at December 31, 2023	$12,057	$(275)	$11,782
Net income	—	741	741
Distribution to member	—	(706)	(706)
Contributions from member	505	—	505
Balance at December 31, 2024	$12,562	$(240)	$12,322

	For the Years Ended December 31,
(In millions)	2024	2023	2022
Operating revenues
Electric operating revenues	$3,017	$2,793	$2,557
Revenues from alternative revenue programs	15	22	(31)
Operating revenues from affiliates	7	9	5
Total operating revenues	3,039	2,824	2,531
Operating expenses
Purchased power	1,055	974	795
Purchased power from affiliate	—	—	39
Operating and maintenance	283	336	284
Operating and maintenance from affiliates	251	236	223
Depreciation and amortization	407	441	417
Taxes other than income taxes	424	390	382
Total operating expenses	2,420	2,377	2,140
(Loss) gain on sales of assets	(1)	9	—
Operating income	618	456	391
Other income and (deductions)
Interest expense, net	(195)	(165)	(150)
Interest income from affiliates, net	3	—	—
Other, net	54	66	55
Total other income and (deductions)	(138)	(99)	(95)
Income before income taxes	480	357	296
Income taxes	90	51	(9)
Net income	$390	$306	$305
Comprehensive income	$390	$306	$305

	For the Years Ended December 31,
(In millions)	2024	2023	2022
Cash flows from operating activities
Net income	$390	$306	$305
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	407	441	417
Loss (gain) on sales of assets	1	(9)	—
Deferred income taxes and amortization of investment tax credits	24	(15)	(17)
Other non-cash operating activities	33	53	36
Changes in assets and liabilities:
Accounts receivable	(26)	(29)	(104)
Receivables from and payables to affiliates, net	6	(3)	(33)
Inventories	(10)	(24)	(16)
Accounts payable and accrued expenses	67	6	24
Collateral (paid) received, net	—	(25)	24
Income taxes	(30)	60	(19)
Regulatory assets and liabilities, net	(85)	(45)	(69)
Pension and non-pension postretirement benefit contributions	(9)	(12)	(11)
Other assets and liabilities	(84)	(5)	(66)
Net cash flows provided by operating activities	684	699	471
Cash flows from investing activities
Capital expenditures	(929)	(957)	(874)
Proceeds from sale of long-lived assets	—	10	—
Other investing activities	—	8	3
Net cash flows used in investing activities	(929)	(939)	(871)
Cash flows from financing activities
Changes in short-term borrowings	68	(167)	124
Issuance of long-term debt	675	350	625
Retirement of long-term debt	(400)	—	(310)
Dividends paid on common stock	(359)	(252)	(463)
Contributions from parent	260	308	465
Other financing activities	(20)	(26)	(10)
Net cash flows provided by financing activities	224	213	431
(Decrease) increase in cash, restricted cash, and cash equivalents	(21)	(27)	31
Cash, restricted cash, and cash equivalents at beginning of period	72	99	68
Cash, restricted cash, and cash equivalents at end of period	$51	$72	$99
Supplemental cash flow information
Increase (decrease) in capital expenditures not paid	$30	$(55)	$65

	December 31,
(In millions)	2024	2023
ASSETS
Current assets
Cash and cash equivalents	$30	$48
Restricted cash and cash equivalents	21	24
Accounts receivable
Customer accounts receivable	395	369
Customer allowance for credit losses	(59)	(52)
Customer accounts receivable, net	336	317
Other accounts receivable	142	166
Other allowance for credit losses	(27)	(28)
Other accounts receivable, net	115	138
Receivables from affiliates	1	2
Inventories, net	169	159
Regulatory assets	157	150
Prepaid renewable energy credits	165	136
Other	55	51
Total current assets	1,049	1,025
Property, plant, and equipment (net of accumulated depreciation and amortization of $4,522 and $4,284 as of December 31, 2024 and 2023, respectively)	10,097	9,430
Deferred debits and other assets
Regulatory assets	446	450
Investments	135	124
Prepaid pension asset	222	246
Other	51	55
Total deferred debits and other assets	854	875
Total assets	$12,000	$11,330

	December 31,
(In millions)	2024	2023
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$200	$132
Long-term debt due within one year	6	405
Accounts payable	360	321
Accrued expenses	201	191
Payables to affiliates	37	32
Customer deposits	55	47
Regulatory liabilities	17	15
Merger related obligation	22	25
Renewable energy credit obligations	169	136
Other	51	61
Total current liabilities	1,118	1,365
Long-term debt	4,356	3,691
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	1,509	1,431
Regulatory liabilities	310	382
Asset retirement obligations	49	37
Other	223	280
Total deferred credits and other liabilities	2,091	2,130
Total liabilities	7,565	7,186
Commitments and contingencies
Shareholder's equity
Common stock ($0.01 par value, 200 shares authorized, 0 shares(a) outstanding as of December 31, 2024 and 2023)	3,335	3,075
Retained earnings	1,100	1,069
Total shareholder's equity	4,435	4,144
Total liabilities and shareholder's equity	$12,000	$11,330

(a)In millions, shares round to zero. Number of shares is 100 outstanding as of December 31, 2024 and 2023.

(In millions)	Common Stock	Retained Earnings	Total Shareholder's Equity
Balance at December 31, 2021	$2,302	$1,173	$3,475
Net income	—	305	305
Common stock dividends	—	(463)	(463)
Contributions from parent	465	—	465
Balance at December 31, 2022	$2,767	$1,015	$3,782
Net income	—	306	306
Common stock dividends	—	(252)	(252)
Contributions from parent	308	—	308
Balance at December 31, 2023	$3,075	$1,069	$4,144
Net income	—	390	390
Common stock dividends	—	(359)	(359)
Contributions from parent	260	—	260
Balance at December 31, 2024	$3,335	$1,100	$4,435

	For the Years Ended December 31,
(In millions)	2024	2023	2022
Operating revenues
Electric operating revenues	$1,602	$1,460	$1,360
Natural gas operating revenues	180	205	238
Revenues from alternative revenue programs	(2)	15	(9)
Operating revenues from affiliates	7	8	6
Total operating revenues	1,787	1,688	1,595
Operating expenses
Purchased power	694	639	567
Purchased fuel	66	98	129
Purchased power from affiliates	—	—	10
Operating and maintenance	196	193	183
Operating and maintenance from affiliates	181	171	166
Depreciation and amortization	245	244	232
Taxes other than income taxes	79	75	72
Total operating expenses	1,461	1,420	1,359
Operating income	326	268	236
Other income and (deductions)
Interest expense, net	(94)	(74)	(66)
Interest income from affiliates, net	1	—	—
Other, net	25	18	13
Total other income and (deductions)	(68)	(56)	(53)
Income before income taxes	258	212	183
Income taxes	49	35	14
Net income	$209	$177	$169
Comprehensive income	$209	$177	$169

	For the Years Ended December 31,
(In millions)	2024	2023	2022
Cash flows from operating activities
Net income	$209	$177	$169
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	245	244	232
Deferred income taxes and amortization of investment tax credits	16	4	16
Other non-cash operating activities	40	13	29
Changes in assets and liabilities:
Accounts receivable	(46)	6	(59)
Receivables from and payables to affiliates, net	2	2	(10)
Inventories	(20)	(5)	(11)
Accounts payable and accrued expenses	22	(7)	19
Collateral received (paid), net	2	(121)	78
Income taxes	(24)	26	—
Regulatory assets and liabilities, net	(51)	25	(34)
Pension and non-pension postretirement benefit contributions	(3)	(4)	(1)
Other assets and liabilities	16	13	(10)
Net cash flows provided by operating activities	408	373	418
Cash flows from investing activities
Capital expenditures	(556)	(562)	(430)
Other investing activities	—	—	3
Net cash flows used in investing activities	(556)	(562)	(427)
Cash flows from financing activities
Changes in short-term borrowings	81	(52)	(34)
Issuance of long-term debt	175	650	125
Retirement of long-term debt	(33)	(500)	—
Dividends paid on common stock	(220)	(133)	(143)
Contributions from parent	160	99	147
Other financing activities	(8)	(11)	(5)
Net cash flows provided by financing activities	155	53	90
Increase (decrease) in cash, restricted cash, and cash equivalents	7	(136)	81
Cash, restricted cash, and cash equivalents at beginning of period	16	152	71
Cash, restricted cash, and cash equivalents at end of period	$23	$16	$152
Supplemental cash flow information
Increase (decrease) in capital expenditures not paid	$41	$(6)	$23

	December 31,
(In millions)	2024	2023
ASSETS
Current assets
Cash and cash equivalents	$21	$16
Restricted cash and cash equivalents	2	—
Accounts receivable
Customer accounts receivable	210	183
Customer allowance for credit losses	(17)	(19)
Customer accounts receivable, net	193	164
Other accounts receivable	63	52
Other allowance for credit losses	(9)	(8)
Other accounts receivable, net	54	44
Receivables from affiliates	—	1
Inventories, net
Fossil fuel	6	9
Materials and supplies	95	72
Prepaid utility taxes	26	24
Regulatory assets	60	54
Prepaid renewable energy credits	29	27
Other	16	14
Total current assets	502	425
Property, plant, and equipment, (net of accumulated depreciation and amortization of $2,075 and $1,925 as of December 31, 2024 and 2023, respectively)	5,540	5,165
Deferred debits and other assets
Regulatory assets	215	218
Prepaid pension asset	120	135
Other	44	50
Total deferred debits and other assets	379	403
Total assets	$6,421	$5,993

	December 31,
(In millions)	2024	2023
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$144	$63
Long-term debt due within one year	130	84
Accounts payable	187	159
Accrued expenses	55	64
Payables to affiliates	26	25
Customer deposits	34	31
Regulatory liabilities	42	50
Renewable energy credit obligations	48	27
Other	22	21
Total current liabilities	688	524
Long-term debt	2,090	1,996
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	946	904
Regulatory liabilities	325	365
Asset retirement obligations	13	12
Non-pension postretirement benefit obligations	3	6
Other	114	93
Total deferred credits and other liabilities	1,401	1,380
Total liabilities	4,179	3,900
Commitments and contingencies
Shareholder's equity
Common stock ($2.25 par value, 0 shares(a) authorized, 0 shares(a) outstanding as of December 31, 2024 and 2023, respectively)	1,615	1,455
Retained earnings	627	638
Total shareholder's equity	2,242	2,093
Total liabilities and shareholder's equity	$6,421	$5,993

(a)In millions, shares round to zero. Number of shares is 1,000 authorized and outstanding as of December 31, 2024 and 2023.

(In millions)	Common Stock	Retained Earnings	Total Shareholder's Equity
Balance at December 31, 2021	$1,209	$568	$1,777
Net income	—	169	169
Common stock dividends	—	(143)	(143)
Contributions from parent	147	—	147
Balance at December 31, 2022	$1,356	$594	$1,950
Net income	—	177	177
Common stock dividends	—	(133)	(133)
Contributions from parent	99	—	99
Balance at December 31, 2023	$1,455	$638	$2,093
Net income	—	209	209
Common stock dividends	—	(220)	(220)
Contributions from parent	160	—	160
Balance at December 31, 2024	$1,615	$627	$2,242

	For the Years Ended December 31,
(In millions)	2024	2023	2022
Operating revenues
Electric operating revenues	$1,638	$1,493	$1,448
Revenues from alternative revenue programs	(12)	27	(19)
Operating revenues from affiliates	2	2	2
Total operating revenues	1,628	1,522	1,431
Operating expenses
Purchased power	698	637	622
Purchased power from affiliate	—	—	2
Operating and maintenance	206	233	189
Operating and maintenance from affiliates	162	153	142
Depreciation and amortization	278	283	261
Taxes other than income taxes	9	8	9
Total operating expenses	1,353	1,314	1,225
Operating income	275	208	206
Other income and (deductions)
Interest expense, net	(74)	(72)	(66)
Interest expense to affiliates, net	(5)	—	—
Other, net	14	20	11
Total other income and (deductions)	(65)	(52)	(55)
Income before income taxes	210	156	151
Income taxes	55	36	3
Net income	$155	$120	$148
Comprehensive income	$155	$120	$148

	For the Years Ended December 31,
(In millions)	2024	2023	2022
Cash flows from operating activities
Net income	$155	$120	$148
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	278	283	261
Deferred income taxes and amortization of investment tax credits	39	27	(2)
Other non-cash operating activities	70	—	46
Changes in assets and liabilities:
Accounts receivable	(35)	(57)	(19)
Receivables from and payables to affiliates, net	(8)	(4)	(4)
Inventories	(8)	(12)	(7)
Accounts payable and accrued expenses	(18)	27	(9)
Collateral (paid) received, net	—	(50)	46
Income taxes	(5)	—	11
Regulatory assets and liabilities, net	(88)	(47)	(19)
Pension and non-pension postretirement benefit contributions	(9)	(3)	(7)
Other assets and liabilities	(44)	(83)	(61)
Net cash flows provided by operating activities	327	201	384
Cash flows from investing activities
Capital expenditures	(373)	(460)	(398)
Other investing activities	—	—	1
Net cash flows used in investing activities	(373)	(460)	(397)
Cash flows from financing activities
Changes in short-term borrowings	(13)	199	(144)
Issuance of long-term debt	250	75	175
Retirement of long-term debt	(150)	—	—
Dividends paid on common stock	(127)	(126)	(145)
Contributions from parent	85	65	175
Other financing activities	(6)	(5)	(5)
Net cash flows provided by financing activities	39	208	56
(Decrease) increase in cash, restricted cash, and cash equivalents	(7)	(51)	43
Cash, restricted cash, and cash equivalents at beginning of period	21	72	29
Cash, restricted cash, and cash equivalents at end of period	$14	$21	$72
Supplemental cash flow information
Increase (decrease) in capital expenditures not paid	$4	$(47)	$48

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