ATLANTIC CITY ELECTRIC CO

For the period ended Mar 31, 2026. Filed May 6, 2026.

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, 2026 · Filed May 6, 2026

EXC$45.62-2.0%Stored close · as of Nov 6, 2026

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Contents

Consolidated Statements of Changes in Shareholder's Equity

	Three Months Ended March 31, 2026
(In millions)	CommonStock	RetainedEarnings	TotalShareholder'sEquity
Balance at December 31, 2025	$5,222	$2,438	$7,660
Net income	—	278	278
Common stock dividends	—	(137)	(137)
Contributions from parent	567	—	567
Balance at March 31, 2026	$5,789	$2,579	$8,368
	Three Months Ended March 31, 2025
(In millions)	CommonStock	RetainedEarnings	TotalShareholder'sEquity
Balance at December 31, 2024	$4,645	$2,170	$6,815
Net income	—	266	266
Common stock dividends	—	(137)	(137)
Contributions from parent	563	—	563
Balance at March 31, 2025	$5,208	$2,299	$7,507

	Three Months EndedMarch 31,
(In millions)	2026	2025
Operating revenues
Electric operating revenues	$1,257	$1,021
Natural gas operating revenues	590	560
Revenues from alternative revenue programs	(22)	(29)
Operating revenues from affiliates	3	2
Total operating revenues	1,828	1,554
Operating expenses
Purchased power	630	450
Purchased fuel	178	159
Operating and maintenance	260	242
Operating and maintenance from affiliates	67	63
Depreciation and amortization	167	164
Taxes other than income taxes	104	96
Total operating expenses	1,406	1,174
Operating income	422	380
Other income and (deductions)
Interest expense, net	(62)	(58)
Other, net	17	9
Total other income and (deductions)	(45)	(49)
Income before income taxes	377	331
Income taxes	79	71
Net income	$298	$260
Comprehensive income	$298	$260

Statements of Cash Flows

	Three Months EndedMarch 31,
(In millions)	2026	2025
Cash flows from operating activities
Net income	$298	$260
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	167	164
Deferred income taxes and amortization of investment tax credits	191	35
Other non-cash operating activities	44	55
Changes in assets and liabilities:
Accounts receivable	(134)	(153)
Receivables from and payables to affiliates, net	(7)	(10)
Inventories	16	20
Accounts payable and accrued expenses	(63)	(15)
Collateral received, net	4	1
Income taxes	(111)	36
Regulatory assets and liabilities, net	71	14
Pension and non-pension postretirement benefit contributions	(40)	(34)
Other assets and liabilities	71	49
Net cash flows provided by operating activities	507	422
Cash flows from investing activities
Capital expenditures	(437)	(406)
Other investing activities	4	3
Net cash flows used in investing activities	(433)	(403)
Cash flows from financing activities
Changes in short-term borrowings	—	62
Dividends paid on common stock	(114)	(98)
Net cash flows used in financing activities	(114)	(36)
Decrease in cash, restricted cash, and cash equivalents	(40)	(17)
Cash, restricted cash, and cash equivalents at beginning of period	220	34
Cash, restricted cash, and cash equivalents at end of period	$180	$17
Supplemental cash flow information
Decrease in capital expenditures not paid	$(95)	$(48)

(In millions)	March 31, 2026	December 31, 2025
ASSETS
Current assets
Cash and cash equivalents	$173	$217
Restricted cash and cash equivalents	7	3
Accounts receivable
Customer accounts receivable	1,012	887
Customer allowance for credit losses	(101)	(68)
Customer accounts receivable, net	911	819
Other accounts receivable	116	100
Other allowance for credit losses	(4)	(4)
Other accounts receivable, net	112	96
Receivables from affiliates	1	1
Inventories, net
Fossil fuel	15	36
Materials and supplies	78	74
Prepaid utility taxes	64	126
Regulatory assets	90	175
Prepaid renewable energy credits	50	189
Other	18	14
Total current assets	1,519	1,750
Property, plant, and equipment (net of accumulated depreciation and amortization of $5,351 and $5,234 as of March 31, 2026 and December 31, 2025, respectively)	14,593	14,385
Deferred debits and other assets
Regulatory assets	787	804
Investments	11	10
Prepaid pension asset	221	194
Other	40	41
Total deferred debits and other assets	1,059	1,049
Total assets	$17,171	$17,184

(In millions)	March 31, 2026	December 31, 2025
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Long-term debt due within one year	$350	$350
Accounts payable	470	640
Accrued expenses	252	352
Payables to affiliates	32	39
Customer deposits	126	125
Regulatory liabilities	45	31
Renewable energy credit obligations	54	194
Other	57	39
Total current liabilities	1,386	1,770
Long-term debt	5,692	5,691
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	2,464	2,242
Regulatory liabilities	565	595
Asset retirement obligations	36	36
Non-pension postretirement benefit obligations	138	144
Other	104	104
Total deferred credits and other liabilities	3,307	3,121
Total liabilities	10,385	10,582
Commitments and contingencies
Shareholder's equity
Common stock	4,014	4,014
Retained earnings	2,772	2,588
Total shareholder's equity	6,786	6,602
Total liabilities and shareholder's equity	$17,171	$17,184

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