ATLANTIC CITY ELECTRIC CO

For the period ended Sep 30, 2025. Filed Nov 4, 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.

Sep 30, 2025 · Filed Nov 4, 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

	Nine Months Ended September 30, 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
Net income	—	39	39
Common stock dividends	—	(44)	(44)
Contributions from parent	—	—	—
Balance at June 30, 2025	$1,714	$645	$2,359
Net income	—	55	55
Common stock dividends	—	(59)	(59)
Contributions from parent	8	—	8
Balance at September 30, 2025	$1,722	$641	$2,363

	Nine Months Ended September 30, 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
Net income	—	34	34
Common stock dividends	—	(39)	(39)
Balance at June 30, 2024	$1,609	$654	$2,263
Net income	—	55	55
Common stock dividends	—	(78)	(78)
Contributions from parent	6	—	6
Balance at September 30, 2024	$1,615	$631	$2,246

	Three Months Ended September 30,		Nine Months EndedSeptember 30,
(In millions)	2025	2024	2025	2024
Operating revenues
Electric operating revenues	$553	$533	$1,323	$1,281
Revenues from alternative revenue programs	16	6	2	(3)
Operating revenues from affiliates	1	1	3	2
Total operating revenues	570	540	1,328	1,280
Operating expenses
Purchased power	286	245	616	557
Operating and maintenance	55	58	161	155
Operating and maintenance from affiliates	37	38	116	119
Depreciation and amortization	61	67	188	214
Taxes other than income taxes	2	2	7	7
Total operating expenses	441	410	1,088	1,052
Operating income	129	130	240	228
Other income and (deductions)
Interest expense, net	(20)	(21)	(62)	(59)
Other, net	2	4	8	12
Total other income and (deductions)	(18)	(17)	(54)	(47)
Income before income taxes	111	113	186	181
Income taxes	29	30	48	48
Net income	$82	$83	$138	$133
Comprehensive income	$82	$83	$138	$133

	Nine Months EndedSeptember 30,
(In millions)	2025	2024
Cash flows from operating activities
Net income	$138	$133
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	188	214
Deferred income taxes and amortization of investment tax credits	32	33
Other non-cash operating activities	42	49
Changes in assets and liabilities:
Accounts receivable	9	(77)
Receivables from and payables to affiliates, net	(8)	(8)
Inventories	(10)	(5)
Accounts payable and accrued expenses	5	(18)
Income taxes	3	(2)
Regulatory assets and liabilities, net	(14)	(62)
Pension and non-pension postretirement benefit contributions	(3)	(7)
Other assets and liabilities	(21)	(39)
Net cash flows provided by operating activities	361	211
Cash flows from investing activities
Capital expenditures	(292)	(265)
Net cash flows used in investing activities	(292)	(265)
Cash flows from financing activities
Changes in short-term borrowings	(116)	(30)
Issuance of long-term debt	100	250
Retirement of long-term debt	—	(150)
Dividends paid on common stock	(132)	(100)
Contributions from parent	98	85
Other financing activities	(5)	(5)
Net cash flows (used in) provided by financing activities	(55)	50
Increase (decrease) in cash and cash equivalents	14	(4)
Cash and cash equivalents at beginning of period	14	21
Cash and cash equivalents at end of period	$28	$17
Supplemental cash flow information
Decrease in capital expenditures not paid	$(19)	$(10)

(In millions)	September 30, 2025	December 31, 2024
ASSETS
Current assets
Cash and cash equivalents	$25	$14
Restricted cash and cash equivalents	3	—
Accounts receivable
Customer accounts receivable	221	223
Customer allowance for credit losses	(31)	(32)
Customer accounts receivable, net	190	191
Other accounts receivable	64	79
Other allowance for credit losses	(14)	(13)
Other accounts receivable, net	50	66
Receivables from affiliates	11	7
Inventories, net	72	62
Prepaid utility taxes	7	—
Regulatory assets	94	101
Other	8	6
Total current assets	460	447
Property, plant, and equipment (net of accumulated depreciation and amortization of $1,917 and $1,798 as of September 30, 2025 and December 31, 2024, respectively)	4,484	4,366
Deferred debits and other assets
Regulatory assets	526	502
Prepaid pension asset	3	1
Other	43	33
Total deferred debits and other assets	572	536
Total assets	$5,516	$5,349

(In millions)	September 30, 2025	December 31, 2024
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$70	$186
Long-term debt due within one year	155	154
Accounts payable	164	163
Accrued expenses	47	52
Payables to affiliates	18	22
Customer deposits	25	24
Regulatory liabilities	66	10
Other	10	10
Total current liabilities	555	621
Long-term debt	1,880	1,779
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	851	816
Regulatory liabilities	138	146
Other	64	62
Total deferred credits and other liabilities	1,053	1,024
Total liabilities	3,488	3,424
Commitments and contingencies
Shareholder's equity
Common stock	2,013	1,915
Retained earnings	15	10
Total shareholder's equity	2,028	1,925
Total liabilities and shareholder's equity	$5,516	$5,349

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.