EXELON CORP

For the period ended Mar 31, 2025. Filed May 1, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 1, 2025

EXC$45.62-2.0%Stored close · as of Nov 6, 2026

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Contents

Consolidated Statements of Changes in Member's Equity

	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

	Three Months Ended March 31, 2024
(In millions)	Membership Interest	Undistributed (Losses)/Gains	Total Member's Equity
Balance at December 31, 2023	$12,057	$(275)	$11,782
Net income	—	168	168
Distributions to member	—	(118)	(118)
Contributions from member	487	—	487
Balance at March 31, 2024	$12,544	$(225)	$12,319

	Three Months Ended March 31,
(In millions)	2025	2024
Operating revenues
Electric operating revenues	$855	728
Revenues from alternative revenue programs	2	29
Operating revenues from affiliates	2	2
Total operating revenues	859	759
Operating expenses
Purchased power	318	281
Operating and maintenance	96	86
Operating and maintenance from affiliates	63	64
Depreciation and amortization	105	107
Taxes other than income taxes	113	102
Total operating expenses	695	640
Loss on sale of assets	(1)	—
Operating income	163	119
Other income and (deductions)
Interest expense, net	(52)	(45)
Other, net	11	15
Total other income and (deductions)	(41)	(30)
Income before income taxes	122	89
Income taxes	25	14
Net income	$97	$75
Comprehensive income	$97	$75

	Three Months EndedMarch 31,
(In millions)	2025	2024
Cash flows from operating activities
Net income	$97	$75
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	105	107
Deferred income taxes and amortization of investment tax credits	10	3
Loss on sales of assets	1	—
Other non-cash operating activities	12	(13)
Changes in assets and liabilities:
Accounts receivable	(14)	21
Receivables from and payables to affiliates, net	(2)	6
Inventories	(20)	(10)
Accounts payable and accrued expenses	(28)	—
Collateral received (paid), net	10	(1)
Income taxes	15	12
Regulatory assets and liabilities, net	13	6
Pension and non-pension postretirement benefit contributions	(4)	(4)
Other assets and liabilities	(3)	(19)
Net cash flows provided by operating activities	192	183
Cash flows from investing activities
Capital expenditures	(240)	(229)
Changes in PHI intercompany money pool	—	(134)
Net cash flows used in investing activities	(240)	(363)
Cash flows from financing activities
Changes in short-term borrowings	(200)	(132)
Issuance of long-term debt	200	675
Retirement of long-term debt	—	(400)
Dividends paid on common stock	(66)	(51)
Contributions from parent	157	251
Other financing activities	(5)	(15)
Net cash flows provided by financing activities	86	328
Increase in cash, restricted cash, and cash equivalents	38	148
Cash, restricted cash, and cash equivalents at beginning of period	51	72
Cash, restricted cash, and cash equivalents at end of period	$89	$220
Supplemental cash flow information
Decrease in capital expenditures not paid	$(49)	$(11)

(In millions)	March 31, 2025	December 31, 2024
ASSETS
Current assets
Cash and cash equivalents	$58	$30
Restricted cash and cash equivalents	31	21
Accounts receivable
Customer accounts receivable	404	395
Customer allowance for credit losses	(69)	(59)
Customer accounts receivable, net	335	336
Other accounts receivable	147	142
Other allowance for credit losses	(27)	(27)
Other accounts receivable, net	120	115
Receivables from affiliates	—	1
Inventories, net	189	169
Regulatory assets	136	157
Prepaid renewable energy credits	49	165
Other	37	55
Total current assets	955	1,049
Property, plant, and equipment (net of accumulated depreciation and amortization of $4,593 and $4,522 as of March 31, 2025 and December 31, 2024, respectively)	10,205	10,097
Deferred debits and other assets
Regulatory assets	442	446
Investments	136	135
Prepaid pension asset	216	222
Other	57	51
Total deferred debits and other assets	851	854
Total assets	$12,011	$12,000

(In millions)	March 31, 2025	December 31, 2024
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$—	$200
Long-term debt due within one year	6	6
Accounts payable	303	360
Accrued expenses	192	201
Payables to affiliates	34	37
Customer deposits	57	55
Regulatory liabilities	16	17
Merger related obligation	21	22
Renewable energy credit obligations	50	169
Other	43	51
Total current liabilities	722	1,118
Long-term debt	4,553	4,356
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	1,530	1,509
Regulatory liabilities	301	310
Asset retirement obligations	50	49
Other	232	223
Total deferred credits and other liabilities	2,113	2,091
Total liabilities	7,388	7,565
Commitments and contingencies
Shareholder's equity
Common stock	3,492	3,335
Retained earnings	1,131	1,100
Total shareholder's equity	4,623	4,435
Total liabilities and shareholder's equity	$12,011	$12,000

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