ATLANTIC CITY ELECTRIC CO

For the period ended Sep 30, 2026. Filed Oct 30, 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.

Sep 30, 2026 · Filed Oct 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

	Nine Months Ended September 30, 2026
(In millions)	Common Stock	Retained Earnings	Total Shareholder's Equity
Balance at December 31, 2025	$1,722	$649	$2,371
Net income	—	77	77
Common stock dividends	—	(50)	(50)
Contributions from parent	45	—	45
Balance at March 31, 2026	$1,767	$676	$2,443
Net income	—	26	26
Common stock dividends	—	(36)	(36)
Contributions from parent	—	—	—
Balance at June 30, 2026	$1,767	$666	$2,433
Net income	—	61	61
Common stock dividends	—	(33)	(33)
Contributions from parent	68	—	68
Balance at September 30, 2026	$1,835	$694	$2,529

	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

	Three Months Ended September 30,		Nine Months EndedSeptember 30,
(In millions)	2026	2025	2026	2025
Operating revenues
Electric operating revenues	$579	$553	$1,428	$1,323
Revenues from alternative revenue programs	(1)	16	(30)	2
Operating revenues from affiliates	1	1	4	3
Total operating revenues	579	570	1,402	1,328
Operating expenses
Purchased power	276	286	668	616
Operating and maintenance	61	55	166	161
Operating and maintenance from affiliates	31	37	119	116
Depreciation and amortization	67	61	195	188
Taxes other than income taxes	2	2	8	7
Total operating expenses	437	441	1,156	1,088
Operating income	142	129	246	240
Other income and (deductions)
Interest expense, net	(23)	(20)	(67)	(62)
Other, net	3	2	8	8
Total other income and (deductions)	(20)	(18)	(59)	(54)
Income before income taxes	122	111	187	186
Income taxes	32	29	48	48
Net income	$90	$82	$139	$138
Comprehensive income	$90	$82	$139	$138

Consolidated Statements Of Cash Flows

	Nine Months EndedSeptember 30,
(In millions)	2026	2025
Cash flows from operating activities
Net income	$139	$138
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	195	188
Deferred income taxes and amortization of investment tax credits	52	32
Other non-cash operating activities	65	42
Changes in assets and liabilities:
Accounts receivable	(41)	9
Receivables from and payables to affiliates, net	5	(8)
Inventories	(3)	(10)
Accounts payable and accrued expenses	(4)	5
Collateral received, net	30	—
Income taxes	1	3
Regulatory assets and liabilities, net	(30)	(14)
Pension and non-pension postretirement benefit contributions	(15)	(3)
Other assets and liabilities	4	(21)
Net cash flows provided by operating activities	398	361
Cash flows from investing activities
Capital expenditures	(339)	(292)
Other investing activities	1	—
Net cash flows used in investing activities	(338)	(292)
Cash flows from financing activities
Changes in short-term borrowings	(148)	(116)
Issuance of long-term debt	100	100
Changes in PHI intercompany money pool	24	—
Dividends paid on common stock	(129)	(132)
Contributions from parent	93	98
Other financing activities	(5)	(5)
Net cash flows used in financing activities	(65)	(55)
(Decrease) increase in cash, restricted cash, and cash equivalents	(5)	14
Cash, restricted cash, and cash equivalents at beginning of period	24	14
Cash, restricted cash, and cash equivalents at end of period	$19	$28
Supplemental cash flow information
Decrease in capital expenditures not paid	$(35)	$(19)

(In millions)	September 30, 2026	December 31, 2025
ASSETS
Current assets
Cash and cash equivalents	$15	$22
Restricted cash and cash equivalents	4	2
Accounts receivable
Customer accounts receivable	256	239
Customer allowance for credit losses	(31)	(27)
Customer accounts receivable, net	225	212
Other accounts receivable	86	64
Other allowance for credit losses	(14)	(13)
Other accounts receivable, net	72	51
Receivables from affiliates	1	12
Inventories, net	79	76
Prepaid utility taxes	14	—
Regulatory assets	70	93
Other	8	8
Total current assets	488	476
Property, plant, and equipment (net of accumulated depreciation and amortization of $2,088 and $1,956 as of September 30, 2026 and December 31, 2025, respectively)	4,683	4,556
Deferred debits and other assets
Regulatory assets	608	559
Other	55	41
Total deferred debits and other assets	663	600
Total assets	$5,834	$5,632

(In millions)	September 30, 2026	December 31, 2025
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$—	$148
Long-term debt due within one year	5	5
Accounts payable	161	168
Accrued expenses	55	64
Payables to affiliates	18	24
Borrowings from PHI intercompany money pool	24	—
Customer deposits	27	26
Regulatory liabilities	103	48
Other	46	13
Total current liabilities	439	496
Long-term debt	2,131	2,028
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	927	869
Regulatory liabilities	130	137
Other	76	74
Total deferred credits and other liabilities	1,133	1,080
Total liabilities	3,703	3,604
Commitments and contingencies
Shareholder's equity
Common stock	2,106	2,013
Retained earnings	25	15
Total shareholder's equity	2,131	2,028
Total liabilities and shareholder's equity	$5,834	$5,632

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.