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 Shareholder's Equity

	Three Months Ended March 31, 2025
(In millions)	CommonStock	RetainedEarnings	TotalShareholder'sEquity
Balance at December 31, 2024	$4,645	$2,170	$6,815
Net income	—	266	266
Common stock dividends	—	(137)	(137)
Contributions from parent	563	—	563
Balance at March 31, 2025	$5,208	$2,299	$7,507
	Three Months Ended March 31, 2024
(In millions)	CommonStock	RetainedEarnings	TotalShareholder'sEquity
Balance at December 31, 2023	$4,050	$2,019	$6,069
Net income	—	149	149
Common stock dividends	—	(100)	(100)
Contributions from parent	580	—	580
Balance at March 31, 2024	$4,630	$2,068	$6,698

	Three Months Ended March 31,
(In millions)	2025	2024
Operating revenues
Electric operating revenues	$1,021	$857
Natural gas operating revenues	560	395
Revenues from alternative revenue programs	(29)	43
Operating revenues from affiliates	2	2
Total operating revenues	1,554	1,297
Operating expenses
Purchased power	450	377
Purchased fuel	159	87
Operating and maintenance	242	205
Operating and maintenance from affiliates	63	59
Depreciation and amortization	164	150
Taxes other than income taxes	96	89
Total operating expenses	1,174	967
Operating income	380	330
Other income and (deductions)
Interest expense, net	(58)	(50)
Other, net	9	8
Total other income and (deductions)	(49)	(42)
Income before income taxes	331	288
Income taxes	71	24
Net income	$260	$264
Comprehensive income	$260	$264

Statements of Cash Flows

	Three Months EndedMarch 31,
(In millions)	2025	2024
Cash flows from operating activities
Net income	$260	$264
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	164	150
Deferred income taxes and amortization of investment tax credits	35	(4)
Other non-cash operating activities	55	(21)
Changes in assets and liabilities:
Accounts receivable	(153)	(95)
Receivables from and payables to affiliates, net	(10)	2
Inventories	20	14
Accounts payable and accrued expenses	(15)	21
Collateral received, net	1	—
Income taxes	36	29
Regulatory assets and liabilities, net	14	—
Pension and non-pension postretirement benefit contributions	(34)	(25)
Other assets and liabilities	49	(18)
Net cash flows provided by operating activities	422	317
Cash flows from investing activities
Capital expenditures	(406)	(324)
Other investing activities	3	8
Net cash flows used in investing activities	(403)	(316)
Cash flows from financing activities
Changes in short-term borrowings	62	70
Dividends paid on common stock	(98)	(92)
Net cash flows used in financing activities	(36)	(22)
Decrease in cash, restricted cash, and cash equivalents	(17)	(21)
Cash, restricted cash, and cash equivalents at beginning of period	34	48
Cash, restricted cash, and cash equivalents at end of period	$17	$27
Supplemental cash flow information
Decrease in capital expenditures not paid	$(48)	$(8)

(In millions)	March 31, 2025	December 31, 2024
ASSETS
Current assets
Cash and cash equivalents	$14	$33
Restricted cash and cash equivalents	3	1
Accounts receivable
Customer accounts receivable	805	654
Customer allowance for credit losses	(72)	(56)
Customer accounts receivable, net	733	598
Other accounts receivable	109	113
Other allowance for credit losses	(6)	(6)
Other accounts receivable, net	103	107
Inventories, net
Fossil fuel	12	29
Materials and supplies	81	84
Prepaid utility taxes	58	115
Regulatory assets	156	207
Prepaid renewable energy credits	52	157
Other	17	17
Total current assets	1,229	1,348
Property, plant, and equipment (net of accumulated depreciation and amortization of $5,079 and $5,005 as of March 31, 2025 and December 31, 2024, respectively)	13,358	13,134
Deferred debits and other assets
Regulatory assets	798	788
Investments	10	10
Prepaid pension asset	231	218
Other	51	44
Total deferred debits and other assets	1,090	1,060
Total assets	$15,677	$15,542

(In millions)	March 31, 2025	December 31, 2024
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$237	$175
Accounts payable	445	515
Accrued expenses	211	176
Payables to affiliates	38	48
Customer deposits	119	118
Regulatory liabilities	34	12
Renewable energy credit obligations	53	160
Other	39	39
Total current liabilities	1,176	1,243
Long-term debt	5,396	5,395
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	2,161	2,099
Regulatory liabilities	615	636
Asset retirement obligations	36	36
Non-pension postretirement benefit obligations	145	150
Other	100	97
Total deferred credits and other liabilities	3,057	3,018
Total liabilities	9,629	9,656
Commitments and contingencies
Shareholder's equity
Common stock	3,483	3,483
Retained earnings	2,565	2,403
Total shareholder's equity	6,048	5,886
Total liabilities and shareholder's equity	$15,677	$15,542

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