ATLANTIC CITY ELECTRIC CO

For the period ended Dec 31, 2025. Filed Feb 12, 2026.

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FY2025 · Filed Feb 12, 2026

EXC$45.65+0.1%Stored close · as of Nov 9, 2026

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Contents

Consolidated Statements of Changes in Shareholders' Equity

Consolidated Statements of Changes in Equity

(In millions, shares in thousands)	IssuedShares	CommonStock	TreasuryStock	RetainedEarnings	AccumulatedOtherComprehensiveLoss, net	Total Equity
Balance at December 31, 2022	995,830	$20,908	$(123)	$4,597	$(638)	$24,744
Net income	—	—	—	2,328	—	2,328
Long-term incentive plan activity	659	19	—	—	—	19
Employee stock purchase plan activity	1,173	47	—	—	—	47
Issuance of common stock	3,587	140	—	—	—	140
Common stock dividends($1.44/common share)	—	—	—	(1,435)	—	(1,435)
Other comprehensive loss, net of income taxes	—	—	—	—	(88)	(88)
Balance at December 31, 2023	1,001,249	$21,114	$(123)	$5,490	$(726)	$25,755
Net income	—	—	—	2,460	—	2,460
Long-term incentive plan activity	464	26	—	—	—	26
Employee stock purchase plan activity	1,344	50	—	—	—	50
Issuance of common stock	3,989	148	—	—	—	148
Common stock dividends($1.52/common share)	—	—	—	(1,524)	—	(1,524)
Other comprehensive income, net of income taxes	—	—	—	—	6	6
Balance at December 31, 2024	1,007,046	$21,338	$(123)	$6,426	$(720)	$26,921
Net income	—	—	—	2,768	—	2,768
Long-term incentive plan activity	323	34	—	—	—	34
Employee stock purchase plan activity	931	43	—	—	—	43
Issuance of common stock	16,101	691	—	—	—	691
Common stock dividends($1.60/common share)	—	—	—	(1,617)	—	(1,617)
Other comprehensive loss, net of income taxes	—	—	—	—	(42)	(42)
Balance at December 31, 2025	1,024,401	$22,106	$(123)	$7,577	$(762)	$28,798

	For the Years Ended December 31,
(In millions)	2025	2024	2023
Operating revenues
Electric operating revenues	$7,842	$8,362	$7,272
Revenues from alternative revenue programs	(596)	(151)	556
Operating revenues from affiliates	21	8	16
Total operating revenues	7,267	8,219	7,844
Operating expenses
Purchased power	1,782	3,042	2,816
Operating and maintenance	1,306	1,284	1,096
Operating and maintenance from affiliates	404	419	354
Depreciation and amortization	1,560	1,514	1,403
Taxes other than income taxes	409	376	369
Total operating expenses	5,461	6,635	6,038
Gain on sale of assets	—	5	—
Operating income	1,806	1,589	1,806
Other income and (deductions)
Interest expense, net	(517)	(487)	(464)
Interest expense to affiliates, net	(13)	(14)	(13)
Other, net	132	94	75
Total other income and (deductions)	(398)	(407)	(402)
Income before income taxes	1,408	1,182	1,404
Income taxes	261	116	314
Net income	$1,147	$1,066	$1,090
Comprehensive income	$1,147	$1,066	$1,090

	For the Years Ended December 31,
(In millions)	2025	2024	2023
Cash flows from operating activities
Net income	$1,147	$1,066	$1,090
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	1,560	1,514	1,403
Gain on sales of assets	—	(5)	—
Deferred income taxes and amortization of investment tax credits	39	(19)	196
Other non-cash operating activities	740	232	(536)
Changes in assets and liabilities:
Accounts receivable	(1,026)	(185)	(138)
Receivables from and payables to affiliates, net	3	4	(2)
Inventories	17	(15)	(82)
Accounts payable and accrued expenses	77	(115)	(87)
Collateral (paid) received, net	(36)	30	69
Income taxes	(1)	(114)	106
Regulatory assets and liabilities, net	506	246	(60)
Pension and non-pension postretirement benefit contributions	(209)	(25)	(41)
Other assets and liabilities	(152)	99	(70)
Net cash flows provided by operating activities	2,665	2,713	1,848
Cash flows from investing activities
Capital expenditures	(2,899)	(2,195)	(2,576)
Other investing activities	6	7	8
Net cash flows used in investing activities	(2,893)	(2,188)	(2,568)
Cash flows from financing activities
Changes in short-term borrowings	(36)	(166)	(225)
Proceeds from short-term borrowings with maturities greater than 90 days	—	—	400
Repayments on short-term borrowings with maturities greater than 90 days	—	(400)	(150)
Issuance of long-term debt	725	800	975
Retirement of long-term debt	—	(250)	—
Dividends paid on common stock	(813)	(776)	(746)
Contributions from parent	391	227	655
Other financing activities	(8)	(14)	(14)
Net cash flows provided by (used in) financing activities	259	(579)	895
Increase (decrease) in cash, restricted cash, and cash equivalents	31	(54)	175
Cash, restricted cash, and cash equivalents at beginning of period	632	686	511
Cash, restricted cash, and cash equivalents at end of period	$663	$632	$686
Supplemental cash flow information
Increase (decrease) in capital expenditures not paid	$233	$(17)	$(10)

	December 31,
(In millions)	2025	2024
ASSETS
Current assets
Cash and cash equivalents	$159	$105
Restricted cash and cash equivalents	454	486
Accounts receivable
Customer accounts receivable	1,058	994
Customer allowance for credit losses	(115)	(109)
Customer accounts receivable, net	943	885
Other accounts receivable	1,155	290
Other allowance for credit losses	(23)	(34)
Other accounts receivable, net	1,132	256
Receivables from affiliates	5	4
Inventories, net	268	292
Regulatory assets	595	1,159
Other	217	141
Total current assets	3,773	3,328
Property, plant, and equipment (net of accumulated depreciation and amortization of $8,291 and $7,619 as of December 31, 2025 and 2024, respectively)	32,255	30,211
Deferred debits and other assets
Regulatory assets	2,687	2,562
Goodwill	2,625	2,625
Receivable related to Regulatory Agreement Units	4,313	3,780
Investments	6	6
Prepaid pension asset	1,284	1,165
Other	1,342	1,073
Total deferred debits and other assets	12,257	11,211
Total assets	$48,285	$44,750

	December 31,
(In millions)	2025	2024
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term borrowings	$—	$36
Long-term debt due within one year	500	—
Accounts payable	1,033	748
Accrued expenses	474	463
Payables to affiliates	81	77
Customer deposits	192	134
Regulatory liabilities	846	197
Mark-to-market derivative liabilities	25	29
Other	288	270
Total current liabilities	3,439	1,954
Long-term debt	12,253	12,030
Long-term debt to financing trust	206	206
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	5,828	5,601
Regulatory liabilities	9,163	8,421
Asset retirement obligations	193	167
Non-pension postretirement benefit obligations	151	156
Mark-to-market derivative liabilities	106	103
Other	1,341	1,232
Total deferred credits and other liabilities	16,782	15,680
Total liabilities	32,680	29,870
Commitments and contingencies
Shareholders’ equity
Common stock ($12.50 par value, 250 shares authorized, 127 shares outstanding as of December 31, 2025 and 2024)	1,588	1,588
Other paid-in capital	11,019	10,628
Retained earnings	2,998	2,664
Total shareholders’ equity	15,605	14,880
Total liabilities and shareholders’ equity	$48,285	$44,750

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