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

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

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	$3,335	$1,100	$4,435
Net income	—	97	97
Common stock dividends	—	(66)	(66)
Contributions from parent	157	—	157
Balance at March 31, 2025	$3,492	$1,131	$4,623

	Three Months Ended March 31, 2024
(In millions)	Common Stock	Retained Earnings	Total Shareholder's Equity
Balance at December 31, 2023	$3,075	$1,069	$4,144
Net income	—	75	75
Common stock dividends	—	(51)	(51)
Contributions from parent	251	—	251
Balance at March 31, 2024	$3,326	$1,093	$4,419

	Three Months Ended March 31,
(In millions)	2025	2024
Operating revenues
Electric operating revenues	$463	$413
Natural gas operating revenues	88	72
Revenues from alternative revenue programs	(5)	4
Operating revenues from affiliates	2	2
Total operating revenues	548	491
Operating expenses
Purchased power	209	186
Purchased fuel	38	29
Operating and maintenance	60	51
Operating and maintenance from affiliates	46	44
Depreciation and amortization	63	61
Taxes other than income taxes	21	20
Total operating expenses	437	391
Operating income	111	100
Other income and (deductions)
Interest expense, net	(25)	(22)
Other, net	4	5
Total other income and (deductions)	(21)	(17)
Income before income taxes	90	83
Income taxes	21	17
Net income	$69	$66
Comprehensive income	$69	$66

	Three Months EndedMarch 31,
(In millions)	2025	2024
Cash flows from operating activities
Net income	$69	$66
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	63	61
Deferred income taxes and amortization of investment tax credits	9	6
Other non-cash operating activities	21	12
Changes in assets and liabilities:
Accounts receivable	(1)	(7)
Receivables from and payables to affiliates, net	(4)	—
Inventories	(4)	1
Accounts payable and accrued expenses	(9)	16
Collateral received, net	9	—
Income taxes	13	10
Regulatory assets and liabilities, net	2	(1)
Other assets and liabilities	7	6
Net cash flows provided by operating activities	175	170
Cash flows from investing activities
Capital expenditures	(156)	(134)
Changes in PHI intercompany money pool	(12)	—
Net cash flows used in investing activities	(168)	(134)
Cash flows from financing activities
Changes in short-term borrowings	(144)	(63)
Issuance of long-term debt	125	175
Dividends paid on common stock	(46)	(45)
Contributions from parent	99	154
Other financing activities	(3)	(3)
Net cash flows provided by financing activities	31	218
Increase in cash, restricted cash, and cash equivalents	38	254
Cash, restricted cash, and cash equivalents at beginning of period	23	16
Cash, restricted cash, and cash equivalents at end of period	$61	$270
Supplemental cash flow information
Decrease in capital expenditures not paid	$(47)	$(6)

(In millions)	March 31, 2025	December 31, 2024
ASSETS
Current assets
Cash and cash equivalents	$50	$21
Restricted cash and cash equivalents	11	2
Accounts receivable
Customer accounts receivable	215	210
Customer allowance for credit losses	(23)	(17)
Customer accounts receivable, net	192	193
Other accounts receivable	53	63
Other allowance for credit losses	(9)	(9)
Other accounts receivable, net	44	54
Receivables from affiliates	1	—
Receivable from PHI intercompany pool	12	—
Inventories, net
Fossil fuel	2	6
Materials and supplies	103	95
Prepaid utility taxes	13	26
Regulatory assets	49	60
Prepaid renewable energy credits	9	29
Other	21	16
Total current assets	507	502
Property, plant, and equipment (net of accumulated depreciation and amortization of $2,121 and $2,075 as of March 31, 2025 and December 31, 2024, respectively)	5,595	5,540
Deferred debits and other assets
Regulatory assets	220	215
Prepaid pension asset	116	120
Other	46	44
Total deferred debits and other assets	382	379
Total assets	$6,484	$6,421

(In millions)	March 31, 2025	December 31, 2024
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$—	$144
Long-term debt due within one year	131	130
Accounts payable	131	187
Accrued expenses	65	55
Payables to affiliates	23	26
Customer deposits	34	34
Regulatory liabilities	46	42
Renewable energy credit obligations	37	48
Other	27	22
Total current liabilities	494	688
Long-term debt	2,215	2,090
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	960	946
Regulatory liabilities	323	325
Asset retirement obligations	13	13
Non-pension postretirement benefit obligations	3	3
Other	112	114
Total deferred credits and other liabilities	1,411	1,401
Total liabilities	4,120	4,179
Commitments and contingencies
Shareholder's equity
Common stock	1,714	1,615
Retained earnings	650	627
Total shareholder's equity	2,364	2,242
Total liabilities and shareholder's equity	$6,484	$6,421

ContentsView on SEC.gov

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