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

Statements of Changes in Shareholder’s Equity

	Three Months Ended March 31, 2025
(In millions)	Common Stock	Retained Earnings	Total Shareholder's Equity
Balance at December 31, 2024	$1,615	$627	$2,242
Net income	—	69	69
Common stock dividends	—	(46)	(46)
Contributions from parent	99	—	99
Balance at March 31, 2025	$1,714	$650	$2,364

	Three Months Ended March 31, 2024
(In millions)	Common Stock	Retained Earnings	Total Shareholder's Equity
Balance at December 31, 2023	$1,455	$638	$2,093
Net income	—	66	66
Common stock dividends	—	(45)	(45)
Contributions from parent	154	—	154
Balance at March 31, 2024	$1,609	$659	$2,268

	Three Months Ended March 31,
(In millions)	2025	2024
Operating revenues
Electric operating revenues	$372	$344
Revenues from alternative revenue programs	—	13
Operating revenues from affiliates	1	1
Total operating revenues	373	358
Operating expenses
Purchased power	157	140
Operating and maintenance	51	47
Operating and maintenance from affiliates	39	40
Depreciation and amortization	64	74
Taxes other than income taxes	2	2
Total operating expenses	313	303
Operating income	60	55
Other income and (deductions)
Interest expense, net	(21)	(20)
Other, net	3	5
Total other income and (deductions)	(18)	(15)
Income before income taxes	42	40
Income taxes	11	11
Net income	$31	$29
Comprehensive income	$31	$29

	Three Months EndedMarch 31,
(In millions)	2025	2024
Cash flows from operating activities
Net income	$31	$29
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	64	74
Deferred income taxes and amortization of investment tax credits	8	7
Other non-cash operating activities	25	2
Changes in assets and liabilities:
Accounts receivable	21	(12)
Receivables from and payables to affiliates, net	(2)	(5)
Inventories	—	(3)
Accounts payable and accrued expenses	(8)	(1)
Collateral received, net	6	1
Income taxes	3	3
Regulatory assets and liabilities, net	(28)	(47)
Pension and non-pension postretirement benefit contributions	(3)	(7)
Other assets and liabilities	(5)	(13)
Net cash flows provided by operating activities	112	28
Cash flows from investing activities
Capital expenditures	(105)	(89)
Net cash flows used in investing activities	(105)	(89)
Cash flows from financing activities
Changes in short-term borrowings	(186)	(199)
Issuance of long-term debt	100	75
Changes in PHI intercompany money pool	12	134
Dividends paid on common stock	(20)	(22)
Contributions from parent	94	81
Other financing activities	(2)	(2)
Net cash flows (used in) provided by financing activities	(2)	67
Increase in cash and cash equivalents	5	6
Cash and cash equivalents at beginning of period	14	21
Cash and cash equivalents at end of period	$19	$27
Supplemental cash flow information
(Decrease) increase in capital expenditures not paid	$(12)	$4

(In millions)	March 31, 2025	December 31, 2024
ASSETS
Current assets
Cash and cash equivalents	$18	$14
Restricted cash and cash equivalents	1	—
Accounts receivable
Customer accounts receivable	196	223
Customer allowance for credit losses	(37)	(32)
Customer accounts receivable, net	159	191
Other accounts receivable	81	79
Other allowance for credit losses	(15)	(13)
Other accounts receivable, net	66	66
Receivables from affiliates	7	7
Inventories, net	62	62
Regulatory assets	107	101
Other	8	6
Total current assets	428	447
Property, plant, and equipment (net of accumulated depreciation and amortization of $1,839 and $1,798 as of March 31, 2025 and December 31, 2024, respectively)	4,407	4,366
Deferred debits and other assets
Regulatory assets	515	502
Prepaid pension asset	2	1
Other	35	33
Total deferred debits and other assets	552	536
Total assets	$5,387	$5,349

(In millions)	March 31, 2025	December 31, 2024
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$—	$186
Long-term debt due within one year	154	154
Accounts payable	162	163
Accrued expenses	43	52
Payables to affiliates	20	22
Borrowings from PHI intercompany money pool	12	—
Customer deposits	24	24
Regulatory liabilities	25	10
Other	18	10
Total current liabilities	458	621
Long-term debt	1,879	1,779
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	825	816
Regulatory liabilities	141	146
Other	54	62
Total deferred credits and other liabilities	1,020	1,024
Total liabilities	3,357	3,424
Commitments and contingencies
Shareholder's equity
Common stock	2,009	1,915
Retained earnings	21	10
Total shareholder's equity	2,030	1,925
Total liabilities and shareholder's equity	$5,387	$5,349

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