ATLANTIC CITY ELECTRIC CO
For the period ended Sep 30, 2025. Filed Nov 4, 2025.
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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.
Sep 30, 2025 · Filed Nov 4, 2025
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2025
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
| Commission File Number | Name of Registrant; State or Other Jurisdiction of Incorporation; Address of Principal Executive Offices; and Telephone Number | IRS Employer Identification Number |
|---|---|---|
| 001-16169 | EXELON CORPORATION | 23-2990190 |
| (a Pennsylvania corporation)10 South Dearborn StreetP.O. Box 805379Chicago, Illinois 60680-5379(800) 483-3220 | ||
| 001-01839 | COMMONWEALTH EDISON COMPANY | 36-0938600 |
| 000-16844 | PECO ENERGY COMPANY | 23-0970240 |
| (a Pennsylvania corporation)2301 Market StreetP.O. Box 8699Philadelphia, Pennsylvania 19101-8699(215) 841-4000 | ||
| 001-01910 | BALTIMORE GAS AND ELECTRIC COMPANY | 52-0280210 |
| (a Maryland corporation)2 Center Plaza110 West Fayette StreetBaltimore, Maryland 21201-3708(410) 234-5000 | ||
| 001-31403 | PEPCO HOLDINGS LLC | 52-2297449 |
| (a Delaware limited liability company)701 Ninth Street, N.W.Washington, District of Columbia 20068-0001(202) 872-2000 | ||
| 001-01072 | POTOMAC ELECTRIC POWER COMPANY | 53-0127880 |
| (a District of Columbia and Virginia corporation)701 Ninth Street, N.W.Washington, District of Columbia 20068-0001(202) 872-2000 | ||
| 001-01405 | DELMARVA POWER & LIGHT COMPANY | 51-0084283 |
| 001-03559 | ATLANTIC CITY ELECTRIC COMPANY | 21-0398280 |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| EXELON CORPORATION: | ||
| Common stock, without par value | EXC | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x Noo
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x Noo
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| Exelon Corporation | Large Accelerated Filer | x | Accelerated Filer | ☐ | Non-accelerated Filer | ☐ | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ |
|---|---|---|---|---|---|---|---|---|---|---|
| Commonwealth Edison Company | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | Non-accelerated Filer | x | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ |
| PECO Energy Company | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | Non-accelerated Filer | x | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ |
| Baltimore Gas and Electric Company | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | Non-accelerated Filer | x | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ |
| Pepco Holdings LLC | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | Non-accelerated Filer | x | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ |
| Potomac Electric Power Company | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | Non-accelerated Filer | x | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ |
| Delmarva Power & Light Company | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | Non-accelerated Filer | x | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ |
| Atlantic City Electric Company | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | Non-accelerated Filer | x | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐ Nox
The number of shares outstanding of each registrant’s common stock as of September 30, 2025 was:
| Exelon Corporation Common Stock, without par value | 1,010,290,316 |
|---|---|
| Commonwealth Edison Company Common Stock, $12.50 par value | 127,021,419 |
| PECO Energy Company Common Stock, without par value | 170,478,507 |
| Baltimore Gas and Electric Company Common Stock, without par value | 1,000 |
| Pepco Holdings LLC | not applicable |
| Potomac Electric Power Company Common Stock, $0.01 par value | 100 |
| Delmarva Power & Light Company Common Stock, $2.25 par value | 1,000 |
| Atlantic City Electric Company Common Stock, $3.00 par value | 8,546,017 |
TABLE OF CONTENTS
| Page No. | ||
|---|---|---|
| GLOSSARY OF TERMS AND ABBREVIATIONS | 4 | |
| FILING FORMAT | 7 | |
| CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION | 7 | |
| WHERE TO FIND MORE INFORMATION | 8 | |
| PART I. | FINANCIAL INFORMATION | 9 |
| ITEM 1. | FINANCIAL STATEMENTS | 9 |
| Exelon Corporation | ||
| Consolidated Statements of Operations and Comprehensive Income | 10 | |
| Consolidated Statements of Cash Flows | 11 | |
| Consolidated Balance Sheets | 12 | |
| Consolidated Statements of Changes in Shareholders’ Equity | 14 | |
| Commonwealth Edison Company | ||
| Consolidated Statements of Operations and Comprehensive Income | 16 | |
| Consolidated Statements of Cash Flows | 17 | |
| Consolidated Balance Sheets | 18 | |
| Consolidated Statements of Changes in Shareholders' Equity | 20 | |
| PECO Energy Company | ||
| Consolidated Statements of Operations and Comprehensive Income | 21 | |
| Consolidated Statements of Cash Flows | 22 | |
| Consolidated Balance Sheets | 23 | |
| Consolidated Statements of Changes in Shareholder's Equity | 25 | |
| Baltimore Gas and Electric Company | ||
| Statements of Operations and Comprehensive Income | 26 | |
| Statements of Cash Flows | 27 | |
| Balance Sheets | 28 | |
| Statements of Changes in Shareholder's Equity | 30 | |
| Pepco Holdings LLC | ||
| Consolidated Statements of Operations and Comprehensive Income | 31 | |
| Consolidated Statements of Cash Flows | 32 | |
| Consolidated Balance Sheets | 33 | |
| Consolidated Statements of Changes in Member's Equity | 35 | |
| Page No. | |
|---|---|
| Potomac Electric Power Company | |
| Statements of Operations and Comprehensive Income | 36 |
| Statements of Cash Flows | 37 |
| Balance Sheets | 38 |
| Statements of Changes in Shareholder's Equity | 40 |
| Delmarva Power & Light Company | |
| Statements of Operations and Comprehensive Income | 41 |
| Statements of Cash Flows | 42 |
| Balance Sheets | 43 |
| Statements of Changes in Shareholder’s Equity | 45 |
| Atlantic City Electric Company | |
| Consolidated Statements of Operations and Comprehensive Income | 46 |
| Consolidated Statements of Cash Flows | 47 |
| Consolidated Balance Sheets | 48 |
| Consolidated Statements of Changes in Shareholder’s Equity | 50 |
| Combined Notes to Consolidated Financial Statements | |
| 1. Significant Accounting Policies | 51 |
| 2. Regulatory Matters | 52 |
| 3. Revenue from Contracts with Customers | 60 |
| 4. Segment Information | 61 |
| 5. Accounts Receivable | 72 |
| 6. Income Taxes | 75 |
| 7. Retirement Benefits | 78 |
| 8. Derivative Financial Instruments | 80 |
| 9. Debt and Credit Agreements | 83 |
| 10. Fair Value of Financial Assets and Liabilities | 86 |
| 11. Commitments and Contingencies | 94 |
| 12. Shareholders' Equity | 100 |
| 13. Changes in Accumulated Other Comprehensive Income | 102 |
| 14. Supplemental Financial Information | 103 |
| 15. Related Party Transactions | 107 |
| Page No. | ||
|---|---|---|
| ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 109 |
| Exelon Corporation | 109 | |
| Executive Overview | 109 | |
| Financial Results of Operations | 109 | |
| Significant 2025 Transactions and Developments | 111 | |
| Other Key Business Drivers and Management Strategies | 114 | |
| Critical Accounting Policies and Estimates | 115 | |
| Results of Operations By Registrant | 116 | |
| Commonwealth Edison Company | 116 | |
| PECO Energy Company | 119 | |
| Baltimore Gas and Electric Company | 123 | |
| Pepco Holdings LLC | 126 | |
| Potomac Electric Power Company | 127 | |
| Delmarva Power & Light Company | 130 | |
| Atlantic City Electric Company | 135 | |
| Liquidity and Capital Resources | 138 | |
| ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 147 |
| ITEM 4. | CONTROLS AND PROCEDURES | 148 |
| PART II. | OTHER INFORMATION | 148 |
| ITEM 1. | LEGAL PROCEEDINGS | 148 |
| ITEM 1A. | RISK FACTORS | 148 |
| ITEM 5. | OTHER INFORMATION | 148 |
| ITEM 6. | EXHIBITS | 149 |
| SIGNATURES | 152 | |
| Exelon Corporation | 152 | |
| Commonwealth Edison Company | 153 | |
| PECO Energy Company | 154 | |
| Baltimore Gas and Electric Company | 155 | |
| Pepco Holdings LLC | 156 | |
| Potomac Electric Power Company | 157 | |
| Delmarva Power & Light Company | 158 | |
| Atlantic City Electric Company | 159 | |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.