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 Shareholders' Equity

	Three Months Ended March 31, 2025
(In millions)	CommonStock	OtherPaid-InCapital	RetainedEarnings	TotalShareholders’Equity
Balance at December 31, 2024	$1,588	$10,628	$2,664	$14,880
Net income	—	—	302	302
Common stock dividends	—	—	(203)	(203)
Contributions from parent	—	87	—	87
Balance at March 31, 2025	$1,588	$10,715	$2,763	$15,066
	Three Months Ended March 31, 2024
(In millions)	CommonStock	OtherPaid-InCapital	RetainedEarnings	TotalShareholders’Equity
Balance at December 31, 2023	$1,588	$10,401	$2,374	$14,363
Net income	—	—	193	193
Common stock dividends	—	—	(194)	(194)
Contributions from parent	—	39	—	39
Balance at March 31, 2024	$1,588	$10,440	$2,373	$14,401

	Three Months EndedMarch 31,
(In millions)	2025	2024
Operating revenues
Electric operating revenues	$963	$782
Natural gas operating revenues	376	272
Revenues from alternative revenue programs	(9)	(2)
Operating revenues from affiliates	3	2
Total operating revenues	1,333	1,054
Operating expenses
Purchased power	361	306
Purchased fuel	141	97
Operating and maintenance	266	235
Operating and maintenance from affiliates	61	58
Depreciation and amortization	109	104
Taxes other than income taxes	60	51
Total operating expenses	998	851
Gain on sales of assets	—	2
Operating income	335	205
Other income and (deductions)
Interest expense, net	(59)	(52)
Interest expense to affiliates	(4)	(3)
Other, net	8	9
Total other income and (deductions)	(55)	(46)
Income before income taxes	280	159
Income taxes	14	10
Net income	$266	$149
Comprehensive income	$266	$149

	Three Months EndedMarch 31,
(In millions)	2025	2024
Cash flows from operating activities
Net income	$266	$149
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	109	104
Gain on sales of assets	—	(2)
Deferred income taxes and amortization of investment tax credits	(18)	(8)
Other non-cash operating activities	54	20
Changes in assets and liabilities:
Accounts receivable	(148)	(75)
Receivables from and payables to affiliates, net	(4)	4
Inventories	15	19
Accounts payable and accrued expenses	(25)	(63)
Collateral (paid) received, net	12	—
Income taxes	32	19
Regulatory assets and liabilities, net	27	(20)
Pension and non-pension postretirement benefit contributions	(9)	(2)
Other assets and liabilities	(117)	(104)
Net cash flows provided by operating activities	194	41
Cash flows from investing activities
Capital expenditures	(424)	(361)
Other investing activities	2	2
Net cash flows used in investing activities	(422)	(359)
Cash flows from financing activities
Changes in short-term borrowings	(192)	(165)
Dividends paid on common stock	(137)	(100)
Contributions from parent	563	580
Net cash flows provided by financing activities	234	315
Increase (decrease) in cash, restricted cash, and cash equivalents	6	(3)
Cash, restricted cash, and cash equivalents at beginning of period	48	51
Cash, restricted cash, and cash equivalents at end of period	$54	$48
Supplemental cash flow information
(Decrease) increase in capital expenditures not paid	$(20)	$5

(In millions)	March 31, 2025	December 31, 2024
ASSETS
Current assets
Cash and cash equivalents	$54	$48
Accounts receivable
Customer accounts receivable	788	670
Customer allowance for credit losses	(160)	(133)
Customer accounts receivable, net	628	537
Other accounts receivable	170	145
Other allowance for credit losses	(22)	(18)
Other accounts receivable, net	148	127
Inventories, net
Fossil fuel	15	37
Materials and supplies	83	79
Prepaid utility taxes	116	2
Prepaid renewable energy credits	31	51
Regulatory assets	61	65
Other	66	27
Total current assets	1,202	973
Property, plant, and equipment (net of accumulated depreciation and amortization of $4,089 and $4,042 as of March 31, 2025 and December 31, 2024, respectively)	14,691	14,392
Deferred debits and other assets
Regulatory assets	1,068	1,003
Receivable related to Regulatory Agreement Units	311	247
Investments	39	41
Prepaid pension asset	443	435
Other	35	32
Total deferred debits and other assets	1,896	1,758
Total assets	$17,789	$17,123

(In millions)	March 31, 2025	December 31, 2024
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$—	$192
Long-term debt due within one year	350	350
Accounts payable	631	639
Accrued expenses	169	166
Payables to affiliates	37	41
Customer deposits	84	80
Regulatory liabilities	151	122
Other	120	80
Total current liabilities	1,542	1,670
Long-term debt	5,354	5,354
Long-term debt to financing trusts	184	184
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	2,485	2,433
Regulatory liabilities	317	253
Asset retirement obligations	28	27
Non-pension postretirement benefit obligations	288	287
Other	84	100
Total deferred credits and other liabilities	3,202	3,100
Total liabilities	10,282	10,308
Commitments and contingencies
Shareholder’s equity
Common stock	5,208	4,645
Retained earnings	2,299	2,170
Total shareholder’s equity	7,507	6,815
Total liabilities and shareholder's equity	$17,789	$17,123

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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.