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)	CommonStock	RetainedEarnings	TotalShareholder'sEquity
Balance at December 31, 2024	$3,483	$2,403	$5,886
Net income	—	260	260
Common stock dividends	—	(98)	(98)
Balance at March 31, 2025	$3,483	$2,565	$6,048
	Three Months Ended March 31, 2024
(In millions)	CommonStock	RetainedEarnings	TotalShareholder'sEquity
Balance at December 31, 2023	$3,246	$2,244	$5,490
Net income	—	264	264
Common stock dividends	—	(92)	(92)
Balance at March 31, 2024	$3,246	$2,416	$5,662

	Three Months Ended March 31,
(In millions)	2025	2024
Operating revenues
Electric operating revenues	$1,691	$1,485
Natural gas operating revenues	88	72
Revenues from alternative revenue programs	(3)	46
Operating revenues from affiliates	2	3
Total operating revenues	1,778	1,606
Operating expenses
Purchased power	684	607
Purchased fuel	38	29
Operating and maintenance	296	274
Operating and maintenance from affiliates	53	51
Depreciation and amortization	234	246
Taxes other than income taxes	140	128
Total operating expenses	1,445	1,335
Loss on sale of assets	(1)	—
Operating income	332	271
Other income and (deductions)
Interest expense, net	(99)	(90)
Interest expense to affiliates, net	(1)	—
Other, net	19	27
Total other income and (deductions)	(81)	(63)
Income before income taxes	251	208
Income taxes	57	40
Net income	$194	$168
Comprehensive income	$194	$168

	Three Months EndedMarch 31,
(In millions)	2025	2024
Cash flows from operating activities
Net income	$194	$168
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	234	246
Loss on sales of assets	1	—
Deferred income taxes and amortization of investment tax credits	32	16
Other non-cash operating activities	69	9
Changes in assets and liabilities:
Accounts receivable	6	1
Receivables from and payables to affiliates, net	(9)	—
Inventories	(24)	(11)
Accounts payable and accrued expenses	(84)	(23)
Collateral received, net	27	—
Income taxes	25	24
Regulatory assets and liabilities, net	(14)	(42)
Pension and non-pension postretirement benefit contributions	(42)	(72)
Other assets and liabilities	(13)	(27)
Net cash flows provided by operating activities	402	289
Cash flows from investing activities
Capital expenditures	(513)	(453)
Net cash flows used in investing activities	(513)	(453)
Cash flows from financing activities
Changes in short-term borrowings	(530)	(394)
Issuance of long-term debt	425	925
Retirement of long-term debt	—	(400)
Changes in Exelon intercompany money pool	11	8
Distributions to member	(132)	(118)
Contributions from member	352	487
Other financing activities	(8)	(21)
Net cash flows provided by financing activities	118	487
Increase in cash, restricted cash, and cash equivalents	7	323
Cash, restricted cash, and cash equivalents at beginning of period	163	204
Cash, restricted cash, and cash equivalents at end of period	$170	$527
Supplemental cash flow information
Decrease in capital expenditures not paid	$(109)	$(11)

(In millions)	March 31, 2025	December 31, 2024
ASSETS
Current assets
Cash and cash equivalents	$127	$139
Restricted cash and cash equivalents	43	24
Accounts receivable
Customer accounts receivable	815	827
Customer allowance for credit losses	(129)	(108)
Customer accounts receivable, net	686	719
Other accounts receivable	281	284
Other allowance for credit losses	(51)	(49)
Other accounts receivable, net	230	235
Receivables from affiliates	8	8
Inventories, net
Fossil fuel	2	7
Materials and supplies	354	325
Prepaid utility taxes	39	70
Regulatory assets	297	323
Prepaid renewable energy credits	58	194
Other	56	36
Total current assets	1,900	2,080
Property, plant, and equipment (net of accumulated depreciation and amortization of $3,892 and $3,728 as of March 31, 2025 and December 31, 2024, respectively)	20,258	20,053
Deferred debits and other assets
Regulatory assets	1,577	1,570
Goodwill	4,005	4,005
Investments	152	152
Prepaid pension asset	266	252
Other	191	185
Total deferred debits and other assets	6,191	6,164
Total assets	$28,349	$28,297

(In millions)	March 31, 2025	December 31, 2024
LIABILITIES AND MEMBER'S EQUITY
Current liabilities
Short-term borrowings	$—	$530
Long-term debt due within one year	292	290
Accounts payable	605	721
Accrued expenses	317	367
Payables to affiliates	57	66
Borrowings from Exelon intercompany money pool	74	63
Customer deposits	116	113
Regulatory liabilities	87	69
Unamortized energy contract liabilities	5	5
Renewable energy credit obligations	86	217
Other	128	124
Total current liabilities	1,767	2,565
Long-term debt	9,249	8,834
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	3,239	3,190
Regulatory liabilities	778	794
Asset retirement obligations	68	67
Non-pension postretirement benefit obligations	28	31
Unamortized energy contract liabilities	20	21
Other	464	473
Total deferred credits and other liabilities	4,597	4,576
Total liabilities	15,613	15,975
Commitments and contingencies
Member's equity
Membership interest	12,914	12,562
Undistributed losses	(178)	(240)
Total member's equity	12,736	12,322
Total liabilities and member's equity	$28,349	$28,297

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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.