ATLANTIC CITY ELECTRIC CO

For the period ended Jun 30, 2026. Filed Jul 30, 2026.

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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.

Jun 30, 2026 · Filed Jul 30, 2026

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

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Contents

Statements of Changes in Shareholder's Equity

	Six Months Ended June 30, 2026
(In millions)	Common Stock	Retained Earnings	Total Shareholder's Equity
Balance at December 31, 2025	$3,528	$1,174	$4,702
Net income	—	68	68
Common stock dividends	—	(64)	(64)
Contributions from parent	139	—	139
Balance at March 31, 2026	$3,667	$1,178	$4,845
Net income	—	65	65
Common stock dividends	—	(57)	(57)
Contributions from parent	131	—	131
Balance at June 30, 2026	$3,798	$1,186	$4,984

	Six Months Ended June 30, 2025
(In millions)	Common Stock	Retained Earnings	Total Shareholder's Equity
Balance at December 31, 2024	$3,335	$1,100	$4,435
Net income	—	97	97
Common stock dividends	—	(66)	(66)
Contributions from parent	157	—	157
Balance at March 31, 2025	$3,492	$1,131	$4,623
Net income	—	84	84
Common stock dividends	—	(92)	(92)
Contributions from parent	—	—	—
Balance at June 30, 2025	$3,492	$1,123	$4,615

	Three Months Ended June 30,		Six Months EndedJune 30,
(In millions)	2026	2025	2026	2025
Operating revenues
Electric operating revenues	$410	$386	$920	$850
Natural gas operating revenues	40	33	157	120
Revenues from alternative revenue programs	2	—	(5)	(5)
Operating revenues from affiliates	2	2	4	4
Total operating revenues	454	421	1,076	969
Operating expenses
Purchased power	176	161	410	370
Purchased fuel	19	11	73	49
Operating and maintenance	62	50	134	110
Operating and maintenance from affiliates	50	45	97	91
Depreciation and amortization	67	63	133	126
Taxes other than income taxes	24	20	50	41
Total operating expenses	398	350	897	787
Operating income	56	71	179	182
Other income and (deductions)
Interest expense, net	(26)	(25)	(53)	(50)
Other, net	4	4	8	8
Total other income and (deductions)	(22)	(21)	(45)	(42)
Income before income taxes	34	50	134	140
Income taxes	8	11	31	32
Net income	$26	$39	$103	$108
Comprehensive income	$26	$39	$103	$108

	Six Months EndedJune 30,
(In millions)	2026	2025
Cash flows from operating activities
Net income	$103	$108
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	133	126
Deferred income taxes and amortization of investment tax credits	28	15
Other non-cash operating activities	29	30
Changes in assets and liabilities:
Accounts receivable	55	11
Receivables from and payables to affiliates, net	2	(3)
Inventories	1	(11)
Accounts payable and accrued expenses	(11)	3
Collateral (paid) received, net	(1)	3
Income taxes	(14)	(2)
Regulatory assets and liabilities, net	(4)	(22)
Pension and non-pension postretirement benefit contributions	(1)	(1)
Other assets and liabilities	30	24
Net cash flows provided by operating activities	350	281
Cash flows from investing activities
Capital expenditures	(300)	(277)
Other investing activities	1	—
Net cash flows used in investing activities	(299)	(277)
Cash flows from financing activities
Changes in short-term borrowings	(129)	(142)
Issuance of long-term debt	75	125
Changes in PHI intercompany money pool	47	—
Dividends paid on common stock	(86)	(90)
Contributions from parent	45	99
Other financing activities	(5)	(5)
Net cash flows used in financing activities	(53)	(13)
Decrease in cash, restricted cash, and cash equivalents	(2)	(9)
Cash, restricted cash, and cash equivalents at beginning of period	12	23
Cash, restricted cash, and cash equivalents at end of period	$10	$14
Supplemental cash flow information
Decrease in capital expenditures not paid	$(60)	$(45)

(In millions)	June 30, 2026	December 31, 2025
ASSETS
Current assets
Cash and cash equivalents	$8	$9
Restricted cash and cash equivalents	2	3
Accounts receivable
Customer accounts receivable	196	253
Customer allowance for credit losses	(21)	(19)
Customer accounts receivable, net	175	234
Other accounts receivable	72	75
Other allowance for credit losses	(11)	(10)
Other accounts receivable, net	61	65
Receivables from affiliates	4	2
Inventories, net
Fossil fuel	7	9
Materials and supplies	108	107
Prepaid utility taxes	—	29
Regulatory assets	82	72
Prepaid renewable energy credits	16	30
Other	26	13
Total current assets	489	573
Property, plant, and equipment (net of accumulated depreciation and amortization of $2,330 and $2,241 as of June 30, 2026 and December 31, 2025, respectively)	5,977	5,855
Deferred debits and other assets
Regulatory assets	215	214
Other	143	147
Total deferred debits and other assets	358	361
Total assets	$6,824	$6,789

(In millions)	June 30, 2026	December 31, 2025
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$32	$161
Long-term debt due within one year	63	53
Accounts payable	147	218
Accrued expenses	59	70
Payables to affiliates	28	25
Borrowings from PHI intercompany money pool	47	—
Customer deposits	39	36
Regulatory liabilities	43	42
Renewable energy credit obligations	50	49
Other	20	22
Total current liabilities	528	676
Long-term debt	2,358	2,291
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	1,032	996
Regulatory liabilities	330	316
Asset retirement obligations	13	12
Other	130	127
Total deferred credits and other liabilities	1,505	1,451
Total liabilities	4,391	4,418
Commitments and contingencies
Shareholder's equity
Common stock	1,767	1,722
Retained earnings	666	649
Total shareholder's equity	2,433	2,371
Total liabilities and shareholder's equity	$6,824	$6,789

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.