ATLANTIC CITY ELECTRIC CO
For the period ended Dec 31, 2025. Filed Feb 12, 2026.
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FY2025 · Filed Feb 12, 2026
Contents
4. Segment Information
- Segment Information (All Registrants)
Operating segments for each of the Registrants are determined based on information used by the CODMs in deciding how to evaluate performance and allocate resources at each of the Registrants. The Chief Executive Officer is the CODM for Exelon. For PHI and each of the Utility Registrants, CODM responsibilities are shared by Exelon's Chief Operating Officer and the Utility Registrant's Chief Executive Officer.
Exelon hassix reportable segments, which include ComEd, PECO, BGE, and PHI'sthree reportable segments consisting of Pepco, DPL, and ACE. ComEd, PECO, BGE, Pepco, DPL, and ACE each represent a single reportable segment, and as such, no separate segment information is provided for these Registrants. Exelon, ComEd, PECO, BGE, Pepco, DPL, and ACE's CODMs rely on a variety of business considerations, including net income, in evaluating segment performance, determining reinvestment of profits, and establishing the amounts of dividend distributions.
An analysis and reconciliation of the Registrants' reportable segment information to the respective information in the consolidated financial statements for the years ended December 31, 2025, 2024, and 2023 is as follows:
| ComEd · PECO · BGE · PHI · Other(a) · IntersegmentEliminations · Exelon | |||||||
|---|---|---|---|---|---|---|---|
| Operating revenues(b): | |||||||
| Electric revenues | $7,267 | $3,827 | $4,007 | $6,894 | $— | $(36) | $21,959 |
| Natural gas revenues | — | 857 | 1,215 | 231 | — | (4) | 2,299 |
| Shared service and other revenues | — | — | — | 10 | 1,900 | (1,910) | — |
| Total operating revenues | $7,267 | $4,684 | $5,222 | $7,135 | $1,900 | $(1,950) | $24,258 |
| Electric revenues | $8,219 | $3,325 | $3,436 | $6,258 | $— | $(22) | $21,216 |
| Natural gas revenues | — | 648 | 990 | 180 | — | (6) | 1,812 |
| Shared service and other revenues | — | — | — | 10 | 1,865 | (1,875) | — |
| Total operating revenues | $8,219 | $3,973 | $4,426 | $6,448 | $1,865 | $(1,903) | $23,028 |
| Electric revenues | $7,844 | $3,202 | $3,109 | $5,812 | $— | $(51) | $19,916 |
| Natural gas revenues | — | 692 | 918 | 205 | — | (4) | 1,811 |
| Shared service and other revenues | — | — | — | 9 | 1,759 | (1,768) | — |
| Total operating revenues | $7,844 | $3,894 | $4,027 | $6,026 | $1,759 | $(1,823) | $21,727 |
| Less: | |||||||
| Purchased power | |||||||
| 2025 | $1,782 | $1,436 | $1,890 | $2,836 | $— | $— | $7,944 |
| 2024 | 3,042 | 1,265 | 1,460 | 2,447 | — | — | 8,214 |
| 2023 | 2,816 | 1,270 | 1,311 | 2,250 | — | 1 | 7,648 |
| Purchased fuel | |||||||
| 2025 | $— | $297 | $331 | $95 | $— | $— | $723 |
| 2024 | — | 212 | 191 | 66 | — | — | 469 |
| 2023 | — | 274 | 220 | 98 | — | 1 | 593 |
| Operating and maintenance | |||||||
| 2025 | $1,306 | $946 | $815 | $1,123 | $1,840 | $(853) | $5,177 |
| 2024 | 1,284 | 875 | 790 | 1,046 | 1,733 | (788) | 4,940 |
| 2023 | 1,096 | 786 | 520 | 1,110 | 1,861 | (814) | 4,559 |
| Operating and maintenance from affiliates | |||||||
| 2025 | $404 | $249 | $251 | $204 | $43 | $(1,151) | $— |
| 2024 | 419 | 245 | 246 | 204 | 41 | (1,155) | — |
| 2023 | 354 | 217 | 221 | 179 | 37 | (1,008) | — |
| Depreciation and amortization | |||||||
| 2025 | $1,560 | $454 | $632 | $935 | $59 | $— | $3,640 |
| 2024 | 1,514 | 428 | 638 | 947 | 67 | — | 3,594 |
| 2023 | 1,403 | 397 | 654 | 990 | 62 | — | 3,506 |
| Taxes other than income taxes | |||||||
| 2025 | $409 | $240 | $370 | $568 | $42 | $— | $1,629 |
| 2024 | 376 | 218 | 345 | 528 | 37 | — | 1,504 |
| 2023 | 369 | 202 | 319 | 487 | 31 | — | 1,408 |
| ComEd · PECO · BGE · PHI · Other(a) · IntersegmentEliminations · Exelon | |||||||
|---|---|---|---|---|---|---|---|
| (Gain) loss on sale of assets and businesses | |||||||
| 2025 | $— | $— | $— | $(3) | $— | $— | $(3) |
| 2024 | (5) | (4) | — | 1 | (4) | — | (12) |
| 2023 | — | — | — | (9) | (1) | — | (10) |
| Interest expense, net(c) | |||||||
| 2025 | $517 | $249 | $247 | $408 | $681 | $— | $2,102 |
| 2024 | 487 | 221 | 216 | 373 | 592 | — | 1,889 |
| 2023 | 464 | 192 | 182 | 323 | 545 | (2) | 1,704 |
| Interest expense to affiliates, net(c) | |||||||
| 2025 | $13 | $11 | $— | $3 | $(2) | $— | $25 |
| 2024 | 14 | 11 | — | 3 | (3) | — | 25 |
| 2023 | 13 | 9 | — | — | 1 | 2 | 25 |
| Other, net | |||||||
| 2025 | $(132) | $(41) | $(51) | $(72) | $(28) | $54 | $(270) |
| 2024 | (94) | (37) | (36) | (97) | (38) | 40 | (262) |
| 2023 | (75) | (36) | (18) | (108) | (190) | 19 | (408) |
| Income taxes | |||||||
| 2025 | $261 | $29 | $159 | $239 | $(165) | $— | $523 |
| 2024 | 116 | (12) | 49 | 189 | (135) | — | 207 |
| 2023 | 314 | 20 | 133 | 116 | (207) | (2) | 374 |
| Net income (loss) | |||||||
| 2025 | $1,147 | $814 | $578 | $799 | $(570) | $— | $2,768 |
| 2024 | 1,066 | 551 | 527 | 741 | (425) | — | 2,460 |
| 2023 | 1,090 | 563 | 485 | 590 | (380) | (20) | 2,328 |
| Supplemental segment information | |||||||
| Intersegment revenues(d) | |||||||
| 2025 | $21 | $12 | $8 | $10 | $1,890 | $(1,941) | $— |
| 2024 | 8 | 10 | 10 | 10 | 1,855 | (1,893) | — |
| 2023 | 16 | 9 | 9 | 9 | 1,750 | (1,793) | — |
| Capital expenditures | |||||||
| 2025 | $2,899 | $1,867 | $1,657 | $2,056 | $50 | $— | $8,529 |
| 2024 | 2,195 | 1,553 | 1,420 | 1,863 | 66 | — | 7,097 |
| 2023 | 2,576 | 1,426 | 1,367 | 1,988 | 54 | — | 7,411 |
| Total assets | |||||||
| 2025 | $48,285 | $19,362 | $17,184 | $29,715 | $6,170 | $(4,146) | $116,570 |
| 2024 | 44,750 | 17,123 | 15,542 | 28,297 | 6,012 | (3,940) | 107,784 |
(a)Other primarily includes Exelon’s corporate operations, shared service entities, and other financing and investment activities.
(b)Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in Taxes other than income taxes in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 20 — Supplemental Financial Information for additional information on total utility taxes.
(c)Interest expense, net and Interest expense to affiliates, net are primarily inclusive of Interest expense, which is partially offset by an immaterial amount of interest income.
(d)See Note 21 — Related Party Transactions for additional information on intersegment revenues.
PHI:
| Pepco · DPL · ACE · Other(a) · IntersegmentEliminations · PHI | ||||||
|---|---|---|---|---|---|---|
| Operating revenues(b): | ||||||
| Electric revenues | $3,454 | $1,740 | $1,718 | $— | $(18) | $6,894 |
| Natural gas revenues | — | 231 | — | — | — | 231 |
| Shared service and other revenues | — | — | — | 424 | (414) | 10 |
| Total operating revenues | $3,454 | $1,971 | $1,718 | $424 | $(432) | $7,135 |
| Electric revenues | $3,039 | $1,607 | $1,628 | $— | $(16) | $6,258 |
| Natural gas revenues | — | 180 | — | — | — | 180 |
| Shared service and other revenues | — | — | — | 438 | (428) | 10 |
| Total operating revenues | $3,039 | $1,787 | $1,628 | $438 | $(444) | $6,448 |
| Electric revenues | $2,824 | $1,483 | $1,522 | $1 | $(18) | $5,812 |
| Natural gas revenues | — | 205 | — | — | — | 205 |
| Shared service and other revenues | — | — | — | 422 | (413) | 9 |
| Total operating revenues | $2,824 | $1,688 | $1,522 | $423 | $(431) | $6,026 |
| Less: | ||||||
| Purchased power | ||||||
| 2025 | $1,262 | $766 | $808 | $— | $— | $2,836 |
| 2024 | 1,055 | 694 | 698 | — | — | 2,447 |
| 2023 | 974 | 639 | 637 | — | — | 2,250 |
| Purchased fuel | ||||||
| 2025 | $— | $95 | $— | $— | $— | $95 |
| 2024 | — | 66 | — | — | — | 66 |
| 2023 | — | 98 | — | — | — | 98 |
| Operating and maintenance | ||||||
| 2025 | $379 | $213 | $173 | $358 | $— | $1,123 |
| 2024 | 283 | 196 | 206 | 361 | — | 1,046 |
| 2023 | 336 | 193 | 233 | 348 | — | 1,110 |
| Operating and maintenance from affiliates | ||||||
| 2025 | $246 | $178 | $155 | $57 | $(432) | $204 |
| 2024 | 251 | 181 | 162 | 54 | (444) | 204 |
| 2023 | 236 | 171 | 153 | 50 | (431) | 179 |
| Depreciation and amortization | ||||||
| 2025 | $433 | $252 | $248 | $2 | $— | $935 |
| 2024 | 407 | 245 | 278 | 17 | — | 947 |
| Pepco · DPL · ACE · Other(a) · IntersegmentEliminations · PHI | ||||||
|---|---|---|---|---|---|---|
| 2023 | 441 | 244 | 283 | 22 | — | 990 |
| Taxes other than income taxes | ||||||
| 2025 | $455 | $88 | $9 | $16 | $— | $568 |
| 2024 | 424 | 79 | 9 | 16 | — | 528 |
| 2023 | 390 | 75 | 8 | 14 | — | 487 |
| (Gain) loss on sale of assets and businesses | ||||||
| 2025 | $(1) | $— | $(2) | $— | $— | $(3) |
| 2024 | 1 | — | — | — | — | 1 |
| 2023 | (9) | — | — | — | — | (9) |
| Interest expense, net(c) | ||||||
| 2025 | $214 | $102 | $82 | $10 | $— | $408 |
| 2024 | 195 | 94 | 74 | 10 | — | 373 |
| 2023 | 165 | 74 | 72 | 12 | — | 323 |
| Interest expense to affiliates, net(c) | ||||||
| 2025 | $— | $— | $— | $3 | $— | $3 |
| 2024 | (3) | (1) | 5 | 2 | — | 3 |
| 2023 | — | — | — | — | — | — |
| Other, net | ||||||
| 2025 | $(41) | $(16) | $(10) | $(5) | $— | $(72) |
| 2024 | (54) | (25) | (14) | (4) | — | (97) |
| 2023 | (66) | (18) | (20) | (4) | — | (108) |
| Income taxes | ||||||
| 2025 | $106 | $69 | $67 | $(3) | $— | $239 |
| 2024 | 90 | 49 | 55 | (5) | — | 189 |
| 2023 | 51 | 35 | 36 | (6) | — | 116 |
| Net income (loss) from continuing operations | ||||||
| 2025 | $401 | $224 | $188 | $(14) | $— | $799 |
| 2024 | 390 | 209 | 155 | (13) | — | 741 |
| 2023 | 306 | 177 | 120 | (13) | — | 590 |
| Supplemental segment information | ||||||
| Intersegment revenues(d) | ||||||
| 2025 | $6 | $9 | $4 | $423 | $(432) | $10 |
| 2024 | 7 | 7 | 2 | 438 | (444) | 10 |
| 2023 | 9 | 8 | 2 | 422 | (432) | 9 |
| Capital expenditures | ||||||
| 2025 | $957 | $534 | $390 | $175 | $— | $2,056 |
| 2024 | 929 | 556 | 373 | 5 | — | 1,863 |
| 2023 | 957 | 562 | 460 | 9 | — | 1,988 |
| Total assets | ||||||
| 2025 | $12,728 | $6,789 | $5,632 | $4,602 | $(36) | $29,715 |
| 2024 | 12,000 | 6,421 | 5,349 | 4,567 | (40) | 28,297 |
(a)Other primarily includes PHI’s corporate operations, shared service entities, and other financing and investment activities.
(b)Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in Taxes other than income taxes in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 20 — Supplemental Financial Information for additional information on total utility taxes.
(c)Interest expense, net is primarily inclusive of Interest expense, which is partially offset by an immaterial amount of Interest income.
(d)Includes intersegment revenues with ComEd, PECO, and BGE, which are eliminated at Exelon.
Electric and Gas Revenue by Customer Class (Utility Registrants):
The following tables disaggregate the Registrants' revenues recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. For the Utility Registrants, the disaggregation of revenues reflects the two primary utility services of electric sales and natural gas sales (where applicable), with further disaggregation of these tariff sales provided by major customer groups. Exelon's disaggregated revenues are consistent with the Utility Registrants, but exclude any intercompany revenues.
| 2025 | |||||||
|---|---|---|---|---|---|---|---|
| Revenues from contracts with customers | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE |
| Electric revenues | |||||||
| Residential | $4,203 | $2,494 | $2,503 | $3,733 | $1,669 | $1,049 | $1,015 |
| Small commercial & industrial | 2,072 | 627 | 414 | 722 | 205 | 264 | 253 |
| Large commercial & industrial | 593 | 339 | 603 | 1,514 | 1,212 | 122 | 180 |
| Public authorities & electric railroads | 47 | 34 | 33 | 73 | 39 | 16 | 18 |
| Other(a) | 907 | 312 | 476 | 917 | 372 | 303 | 250 |
| Total electric revenues(b) | $7,822 | $3,806 | $4,029 | $6,959 | $3,497 | $1,754 | $1,716 |
| Natural gas revenues | |||||||
| Residential | $— | $593 | $823 | $139 | $— | $139 | $— |
| Small commercial & industrial | — | 206 | 140 | 55 | — | 55 | — |
| Large commercial & industrial | — | — | 248 | 7 | — | 7 | — |
| Transportation | — | 37 | — | 19 | — | 19 | — |
| Other(c) | — | 19 | 51 | 11 | — | 11 | — |
| Total natural gas revenues(d) | $— | $855 | $1,262 | $231 | $— | $231 | $— |
| Total revenues from contracts with customers | $7,822 | $4,661 | $5,291 | $7,190 | $3,497 | $1,985 | $1,716 |
| Other revenues | |||||||
| Revenues from alternative revenue programs | $(596) | $— | $(87) | $(63) | $(49) | $(16) | $2 |
| Other electric revenues(e) | 41 | 21 | 14 | 8 | 6 | 2 | — |
| Other natural gas revenues(e) | — | 2 | 4 | — | — | — | — |
| Total other revenues | $(555) | $23 | $(69) | $(55) | $(43) | $(14) | $2 |
| Total revenues for reportable segments | $7,267 | $4,684 | $5,222 | $7,135 | $3,454 | $1,971 | $1,718 |
| 2024 | |||||||
|---|---|---|---|---|---|---|---|
| Revenues from contracts with customers | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE |
| Electric revenues | |||||||
| Residential | $3,809 | $2,169 | $2,038 | $3,256 | $1,413 | $943 | $900 |
| Small commercial & industrial | 2,259 | 547 | 360 | 681 | 184 | 253 | 244 |
| Large commercial & industrial | 1,145 | 261 | 557 | 1,372 | 1,053 | 123 | 196 |
| Public authorities & electric railroads | 60 | 29 | 31 | 74 | 37 | 17 | 20 |
| Other(a) | 1,080 | 296 | 414 | 871 | 327 | 270 | 280 |
| Total electric revenues(b) | $8,353 | $3,302 | $3,400 | $6,254 | $3,014 | $1,606 | $1,640 |
| Natural gas revenues | |||||||
| Residential | $— | $445 | $625 | $108 | $— | $108 | $— |
| Small commercial & industrial | — | 157 | 110 | 43 | — | 43 | — |
| Large commercial & industrial | — | — | 204 | 5 | — | 5 | — |
| Transportation | — | 28 | — | 17 | — | 17 | — |
| Other(c) | — | 16 | 18 | 7 | — | 7 | — |
| Total natural gas revenues(d) | $— | $646 | $957 | $180 | $— | $180 | $— |
| Total revenues from contracts with customers | $8,353 | $3,948 | $4,357 | $6,434 | $3,014 | $1,786 | $1,640 |
| Other revenues | |||||||
| Revenues from alternative revenue programs | $(151) | $6 | $52 | $1 | $15 | $(2) | $(12) |
| Other electric revenues(e) | 17 | 17 | 14 | 13 | 10 | 3 | — |
| Other natural gas revenues(e) | — | 2 | 3 | — | — | — | — |
| Total other revenues | $(134) | $25 | $69 | $14 | $25 | $1 | $(12) |
| Total revenues for reportable segments | $8,219 | $3,973 | $4,426 | $6,448 | $3,039 | $1,787 | $1,628 |
| 2023 | |||||||
|---|---|---|---|---|---|---|---|
| Revenues from contracts with customers | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE |
| Electric revenues | |||||||
| Residential | $3,565 | $2,090 | $1,765 | $2,845 | $1,236 | $827 | $782 |
| Small commercial & industrial | 1,857 | 526 | 331 | 651 | 176 | 246 | 229 |
| Large commercial & industrial | 824 | 249 | 528 | 1,420 | 1,087 | 126 | 207 |
| Public authorities & electric railroads | 51 | 30 | 29 | 67 | 34 | 16 | 17 |
| Other(a) | 965 | 298 | 402 | 760 | 258 | 250 | 260 |
| Total electric revenues(b) | $7,262 | $3,193 | $3,055 | $5,743 | $2,791 | $1,465 | $1,495 |
| Natural gas revenues | |||||||
| Residential | $— | $473 | $568 | $122 | $— | $122 | $— |
| Small commercial & industrial | — | 172 | 100 | 53 | — | 53 | — |
| Large commercial & industrial | — | 1 | 161 | 4 | — | 4 | — |
| Transportation | — | 27 | — | 16 | — | 16 | — |
| Other(c) | — | 17 | 37 | 10 | — | 10 | — |
| Total natural gas revenues(d) | $— | $690 | $866 | $205 | $— | $205 | $— |
| Total revenues from contracts with customers | $7,262 | $3,883 | $3,921 | $5,948 | $2,791 | $1,670 | $1,495 |
| Other revenues | |||||||
| Revenues from alternative revenue programs | $556 | $(7) | $84 | $64 | $22 | $15 | $27 |
| Other electric revenues(e) | 26 | 16 | 16 | 14 | 11 | 3 | — |
| Other natural gas revenues(e) | — | 2 | 6 | — | — | — | — |
| Total other revenues | $582 | $11 | $106 | $78 | $33 | $18 | $27 |
| Total revenues for reportable segments | $7,844 | $3,894 | $4,027 | $6,026 | $2,824 | $1,688 | $1,522 |
(a)Includes transmission revenue from PJM, wholesale electric revenue and mutual assistance revenue.
(b)Includes operating revenues from affiliates in 2025, 2024, and 2023 respectively of:
$21 million, $8 million, and $16 million at ComEd
$9 million, $7 million, and $7 million at PECO
$6 million, $7 million, and $6 million at BGE
$10 million, $10 million, and $9 million at PHI
$6 million, $7 million, and $9 million at Pepco
$9 million, $7 million, and $8 million at DPL
$4 million, $2 million, and $2 million at ACE
(c)Includes revenues from off-system natural gas sales.
(d)Includes operating revenues from affiliates in 2025, 2024, and 2023 respectively of:
$3 million, $3 million, and $2 million at PECO
$2 million, $3 million, and $3 million at BGE
(e)Includes late payment charge revenues.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.