EXELON CORP

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

About this filing

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

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Consolidated Statements of Changes in Shareholders' Equity

Consolidated Statements of Changes in Equity

(In millions, shares in thousands)	IssuedShares	CommonStock	TreasuryStock	RetainedEarnings	AccumulatedOtherComprehensiveLoss, net	NoncontrollingInterests	Total Equity
Balance at December 31, 2021	981,291	$20,324	$(123)	$16,942	$(2,750)	$402	$34,795
Net income	—	—	—	2,170	—	1	2,171
Long-term incentive plan activity	561	1	—	—	—	—	1
Employee stock purchase plan issuances	983	41	—	—	—	—	41
Changes in equity of noncontrolling interests	—	—	—	—	—	(7)	(7)
Distribution of Constellation (Note 2)	—	(21)	—	(13,179)	2,023	(396)	(11,573)
Issuance of common stock	12,995	563	—	—	—	—	563
Common stock dividends($1.35/common share)	—	—	—	(1,336)	—	—	(1,336)
Other comprehensive income, net of income taxes	—	—	—	—	89	—	89
Balance at December 31, 2022	995,830	$20,908	$(123)	$4,597	$(638)	$—	$24,744
Net income	—	—	—	2,328	—	—	2,328
Long-term incentive plan activity	659	19	—	—	—	—	19
Employee stock purchase plan issuances	1,173	47	—	—	—	—	47
Issuance of common stock	3,587	140	—	—	—	—	140
Common stock dividends($1.44/common share)	—	—	—	(1,435)	—	—	(1,435)
Other comprehensive loss, net of income taxes	—	—	—	—	(88)	—	(88)
Balance at December 31, 2023	1,001,249	$21,114	$(123)	$5,490	$(726)	$—	$25,755
Net income	—	—	—	2,460	—	—	2,460
Long-term incentive plan activity	464	26	—	—	—	—	26
Employee stock purchase plan issuances	1,344	50	—	—	—	—	50
Issuance of common stock	3,989	148	—	—	—	—	148
Common stock dividends($1.52/common share)	—	—	—	(1,524)	—	—	(1,524)
Other comprehensive income, net of income taxes	—	—	—	—	6	—	6
Balance at December 31, 2024	1,007,046	$21,338	$(123)	$6,426	$(720)	—	$26,921

	For the Years Ended December 31,
(In millions)	2024	2023	2022
Operating revenues
Electric operating revenues	$8,362	$7,272	$5,478
Revenues from alternative revenue programs	(151)	556	267
Operating revenues from affiliates	8	16	16
Total operating revenues	8,219	7,844	5,761
Operating expenses
Purchased power	3,042	2,816	1,050
Purchased power from affiliates	—	—	59
Operating and maintenance	1,284	1,096	1,094
Operating and maintenance from affiliates	419	354	318
Depreciation and amortization	1,514	1,403	1,323
Taxes other than income taxes	376	369	374
Total operating expenses	6,635	6,038	4,218
Gain (loss) on sale of assets	5	—	(2)
Operating income	1,589	1,806	1,541
Other income and (deductions)
Interest expense, net	(487)	(464)	(401)
Interest expense to affiliates, net	(14)	(13)	(13)
Other, net	94	75	54
Total other income and (deductions)	(407)	(402)	(360)
Income before income taxes	1,182	1,404	1,181
Income taxes	116	314	264
Net income	$1,066	$1,090	$917
Comprehensive income	$1,066	$1,090	$917

	For the Years Ended December 31,
(In millions)	2024	2023	2022
Cash flows from operating activities
Net income	$1,066	$1,090	$917
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	1,514	1,403	1,323
Gain on sales of assets	(5)	—	—
Deferred income taxes and amortization of investment tax credits	(19)	196	241
Other non-cash operating activities	232	(536)	(165)
Changes in assets and liabilities:
Accounts receivable	(185)	(138)	(163)
Receivables from and payables to affiliates, net	4	(2)	(34)
Inventories	(15)	(82)	(28)
Accounts payable and accrued expenses	(115)	(87)	406
Collateral received, net	30	69	51
Income taxes	(114)	106	—
Regulatory assets and liabilities, net	246	(60)	(1,033)
Pension and non-pension postretirement benefit contributions	(25)	(41)	(184)
Other assets and liabilities	99	(70)	(134)
Net cash flows provided by operating activities	2,713	1,848	1,197
Cash flows from investing activities
Capital expenditures	(2,195)	(2,576)	(2,506)
Other investing activities	7	8	28
Net cash flows used in investing activities	(2,188)	(2,568)	(2,478)
Cash flows from financing activities
Changes in short-term borrowings	(166)	(225)	427
Proceeds from short-term borrowings with maturities greater than 90 days	—	400	150
Repayments on short-term borrowings with maturities greater than 90 days	(400)	(150)	—
Issuance of long-term debt	800	975	750
Retirement of long-term debt	(250)	—	—
Dividends paid on common stock	(776)	(746)	(578)
Contributions from parent	227	655	670
Other financing activities	(14)	(14)	(11)
Net cash flows (used in) provided by financing activities	(579)	895	1,408
(Decrease) increase in cash, restricted cash, and cash equivalents	(54)	175	127
Cash, restricted cash, and cash equivalents at beginning of period	686	511	384
Cash, restricted cash, and cash equivalents at end of period	$632	$686	$511
Supplemental cash flow information
Decrease in capital expenditures not paid	$(17)	$(10)	$(20)

	December 31,
(In millions)	2024	2023
ASSETS
Current assets
Cash and cash equivalents	$105	$110
Restricted cash and cash equivalents	486	402
Accounts receivable
Customer accounts receivable	994	860
Customer allowance for credit losses	(109)	(69)
Customer accounts receivable, net	885	791
Other accounts receivable	290	242
Other allowance for credit losses	(34)	(17)
Other accounts receivable, net	256	225
Receivables from affiliates	4	3
Inventories, net	292	279
Regulatory assets	1,159	1,335
Other	141	123
Total current assets	3,328	3,268
Property, plant, and equipment (net of accumulated depreciation and amortization of $7,619 and $7,222 as of December 31, 2024 and 2023, respectively)	30,211	29,088
Deferred debits and other assets
Regulatory assets	2,562	2,794
Goodwill	2,625	2,625
Receivable related to Regulatory Agreement Units	3,780	2,954
Investments	6	6
Prepaid pension asset	1,165	1,217
Other	1,073	875
Total deferred debits and other assets	11,211	10,471
Total assets	$44,750	$42,827

	December 31,
(In millions)	2024	2023
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term borrowings	$36	$602
Long-term debt due within one year	—	250
Accounts payable	748	867
Accrued expenses	463	576
Payables to affiliates	77	72
Customer deposits	134	118
Regulatory liabilities	197	191
Mark-to-market derivative liabilities	29	27
Other	270	219
Total current liabilities	1,954	2,922
Long-term debt	12,030	11,236
Long-term debt to financing trust	206	205
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	5,601	5,327
Regulatory liabilities	8,421	7,493
Asset retirement obligations	167	149
Non-pension postretirement benefit obligations	156	161
Mark-to-market derivative liabilities	103	106
Other	1,232	865
Total deferred credits and other liabilities	15,680	14,101
Total liabilities	29,870	28,464
Commitments and contingencies
Shareholders’ equity
Common stock ($12.50 par value, 250 shares authorized, 127 shares outstanding as of December 31, 2024 and 2023)	1,588	1,588
Other paid-in capital	10,628	10,401
Retained earnings	2,664	2,374
Total shareholders’ equity	14,880	14,363
Total liabilities and shareholders’ equity	$44,750	$42,827

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.