EXELON CORP

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

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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 Shareholders' Equity

(In millions)	CommonStock	OtherPaid-InCapital	RetainedEarnings	TotalShareholders’Equity
Balance at December 31, 2021	$1,588	$9,076	$1,691	$12,355
Net income	—	—	917	917
Common stock dividends	—	—	(578)	(578)
Contributions from parent	—	670	—	670
Balance at December 31, 2022	$1,588	$9,746	$2,030	$13,364
Net income	—	—	1,090	1,090
Common stock dividends	—	—	(746)	(746)
Contributions from parent	—	655	—	655
Balance at December 31, 2023	$1,588	$10,401	$2,374	$14,363
Net income	—	—	1,066	1,066
Common stock dividends	—	—	(776)	(776)
Contributions from parent	—	227	—	227
Balance at December 31, 2024	$1,588	$10,628	$2,664	$14,880

	For the Years Ended December 31,
(In millions)	2024	2023	2022
Operating revenues
Electric operating revenues	$3,312	$3,202	$3,156
Natural gas operating revenues	645	690	738
Revenues from alternative revenue programs	6	(7)	2
Operating revenues from affiliates	10	9	7
Total operating revenues	3,973	3,894	3,903
Operating expenses
Purchased power	1,265	1,270	1,160
Purchased fuel	212	274	342
Purchased power from affiliates	—	—	33
Operating and maintenance	875	786	791
Operating and maintenance from affiliates	245	217	201
Depreciation and amortization	428	397	373
Taxes other than income taxes	218	202	202
Total operating expenses	3,243	3,146	3,102
Gain on sale of assets	4	—	—
Operating income	734	748	801
Other income and (deductions)
Interest expense, net	(221)	(192)	(165)
Interest expense to affiliates, net	(11)	(9)	(12)
Other, net	37	36	31
Total other income and (deductions)	(195)	(165)	(146)
Income before income taxes	539	583	655
Income taxes	(12)	20	79
Net income	$551	$563	$576
Comprehensive income	$551	$563	$576

	For the Years Ended December 31,
(In millions)	2024	2023	2022
Cash flows from operating activities
Net income	$551	$563	$576
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	428	397	373
Gain on sale of assets	(4)	—	—
Deferred income taxes and amortization of investment tax credits	(63)	(43)	70
Other non-cash operating activities	59	13	40
Changes in assets and liabilities:
Accounts receivable	(210)	67	(205)
Receivables from and payables to affiliates, net	4	(1)	(31)
Inventories	1	34	(56)
Accounts payable and accrued expenses	23	(78)	152
Income taxes	(76)	86	(20)
Regulatory assets and liabilities, net	27	(31)	(45)
Pension and non-pension postretirement benefit contributions	(4)	(1)	(18)
Other assets and liabilities	18	13	5
Net cash flows provided by operating activities	754	1,019	841
Cash flows from investing activities
Capital expenditures	(1,553)	(1,426)	(1,349)
Other investing activities	6	2	8
Net cash flows used in investing activities	(1,547)	(1,424)	(1,341)
Cash flows from financing activities
Change in short-term borrowings	27	(74)	239
Issuance of long-term debt	575	575	775
Retirement of long-term debt	—	(50)	(350)
Dividends paid on common stock	(400)	(405)	(399)
Contributions from parent	595	348	274
Other financing activities	(7)	(6)	(15)
Net cash flows provided by financing activities	790	388	524
(Decrease) increase in cash, restricted cash, and cash equivalents	(3)	(17)	24
Cash, restricted cash, and cash equivalents at beginning of period	51	68	44
Cash, restricted cash, and cash equivalents at end of period	$48	$51	$68
Supplemental cash flow information
Increase (decrease) in capital expenditures not paid	$103	$(56)	$9

	December 31,
(In millions)	2024	2023
ASSETS
Current assets
Cash and cash equivalents	$48	$42
Restricted cash and cash equivalents	—	9
Accounts receivable
Customer accounts receivable	670	527
Customer allowance for credit losses	(133)	(95)
Customer accounts receivable, net	537	432
Other accounts receivable	145	117
Other allowance for credit losses	(18)	(8)
Other accounts receivable, net	127	109
Receivables from affiliates	—	2
Inventories, net
Fossil fuel	37	50
Materials and supplies	79	67
Prepaid renewable energy credits	51	36
Regulatory assets	65	127
Other	29	29
Total current assets	973	903
Property, plant, and equipment (net of accumulated depreciation and amortization of $4,042 and $4,097 as of December 31, 2024 and 2023, respectively)	14,392	13,128
Deferred debits and other assets
Regulatory assets	1,003	793
Receivable related to Regulatory Agreement Units	247	278
Investments	41	35
Prepaid pension asset	435	429
Other	32	29
Total deferred debits and other assets	1,758	1,564
Total assets	$17,123	$15,595

	December 31,
(In millions)	2024	2023
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$192	$165
Long-term debt due within one year	350	—
Accounts payable	639	512
Accrued expenses	166	236
Payables to affiliates	41	39
Customer deposits	80	79
Regulatory liabilities	122	92
Other	80	59
Total current liabilities	1,670	1,182
Long-term debt	5,354	5,134
Long-term debt to financing trusts	184	184
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	2,433	2,321
Regulatory liabilities	253	314
Asset retirement obligations	27	26
Non-pension postretirement benefit obligations	287	286
Other	100	79
Total deferred credits and other liabilities	3,100	3,026
Total liabilities	10,308	9,526
Commitments and contingencies
Shareholder's equity
Common stock (No par value, 500 shares authorized, 170 shares outstanding as of December 31, 2024 and 2023)	4,645	4,050
Retained earnings	2,170	2,019
Total shareholder's equity	6,815	6,069
Total liabilities and shareholder's equity	$17,123	$15,595

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