# EXELON CORP (EXC) Informational only - not investment advice. CIK: 0001109357 SIC: 4931 Electric & Other Services Combined SIC breadcrumb: [Transportation, Communications, Electric, Gas, And Sanitary Services](/division/E/) > [Electric, Gas, And Sanitary Services](/major-group/49/) > [SIC 4931 Electric & Other Services Combined](/industry/4931/) Latest 10-K filed: 2026-02-12 SEC page: https://www.sec.gov/edgar/browse/?CIK=1109357 Filing source: https://www.sec.gov/Archives/edgar/data/1109357/000110935726000018/exc-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-12 · accession 0001109357-26-000018 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001109357.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 24,258,000,000 USD | 2025 | verified | | Net income | 2,768,000,000 USD | 2025 | verified | | Assets | 116,570,000,000 USD | 2025 | verified | | Free cash flow | -2,275,000,000 USD | 2025 | computed | | Net margin | 11.41% | 2025 | computed | | Operating margin | 21.22% | 2025 | computed | | Revenue YoY | +5.34% | 2025 | computed | | ROE | 9.61% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. Peer groups: [Regulated electric utilities](/compare/utilities/) · SIC 4931 Electric & Other Services Combined No market price, no rating, no forecast on this site. Not investment advice. ## Peer comparisons including EXC - Regulated electric utilities: [peer review](/compare/utilities/) · [market-risk page](/compare/utilities/risk/) ### Peer percentile fingerprint | Ratio | EXC | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 11.4% | 13.1% | 33 | 16 | | Operating margin | 21.2% | 20.7% | 53 | 16 | | Revenue growth | 5.3% | 9.4% | 20 | 16 | | FCF margin | -9.4% | -8.1% | 33 | 13 | | ROE | 9.6% | 9.6% | 60 | 16 | | ROA | 2.4% | 2.6% | 27 | 16 | | Liabilities / equity | 3.05 | 2.47 | 87 | 16 | | Current ratio | 0.92 | 0.76 | 73 | 16 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 4931 Electric & Other Services Combined, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 24258000000 | USD | 2025 | 2026-02-12 | | Net income | 2768000000 | USD | 2025 | 2026-02-12 | | Assets | 116570000000 | USD | 2025 | 2026-02-12 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001109357.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 31,366,000,000 | 33,558,000,000 | 35,978,000,000 | 34,438,000,000 | 16,663,000,000 | 17,938,000,000 | 19,078,000,000 | 21,727,000,000 | 23,028,000,000 | 24,258,000,000 | | Net income | 1,196,000,000 | 3,869,000,000 | 2,079,000,000 | 3,028,000,000 | 1,954,000,000 | 1,829,000,000 | 2,171,000,000 | 2,328,000,000 | 2,460,000,000 | 2,768,000,000 | | Operating income | 3,212,000,000 | 4,388,000,000 | 3,891,000,000 | 4,374,000,000 | 2,191,000,000 | 2,682,000,000 | 3,315,000,000 | 4,023,000,000 | 4,319,000,000 | 5,148,000,000 | | Operating cash flow | 8,461,000,000 | 7,480,000,000 | 8,644,000,000 | 6,659,000,000 | 4,235,000,000 | 3,012,000,000 | 4,870,000,000 | 4,703,000,000 | 5,569,000,000 | 6,254,000,000 | | Capital expenditures | 8,553,000,000 | 7,584,000,000 | 7,594,000,000 | 7,248,000,000 | 8,048,000,000 | 7,981,000,000 | 7,147,000,000 | 7,408,000,000 | 7,097,000,000 | 8,529,000,000 | | Dividends paid | 1,166,000,000 | 1,236,000,000 | 1,332,000,000 | 1,408,000,000 | 1,492,000,000 | 1,497,000,000 | 1,334,000,000 | 1,433,000,000 | 1,524,000,000 | 1,617,000,000 | | Assets | 114,904,000,000 | 116,770,000,000 | 119,634,000,000 | 124,977,000,000 | 129,317,000,000 | 133,013,000,000 | 95,349,000,000 | 101,856,000,000 | 107,784,000,000 | 116,570,000,000 | | Liabilities | 87,292,000,000 | 84,583,000,000 | 86,587,000,000 | 90,404,000,000 | 94,449,000,000 | 98,218,000,000 | 70,605,000,000 | 76,101,000,000 | 80,863,000,000 | 87,772,000,000 | | Stockholders' equity | 25,837,000,000 | 29,896,000,000 | 30,741,000,000 | 32,224,000,000 | 32,585,000,000 | 34,393,000,000 | 24,744,000,000 | 25,755,000,000 | 26,921,000,000 | 28,798,000,000 | | Cash and cash equivalents | 635,000,000 | 898,000,000 | 1,349,000,000 | 587,000,000 | 432,000,000 | 672,000,000 | 407,000,000 | 445,000,000 | 357,000,000 | 626,000,000 | | Free cash flow | -92,000,000 | -104,000,000 | 1,050,000,000 | -589,000,000 | -3,813,000,000 | -4,969,000,000 | -2,277,000,000 | -2,705,000,000 | -1,528,000,000 | -2,275,000,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | 3.81% | 11.53% | 5.78% | 8.79% | 11.73% | 10.20% | 11.38% | 10.71% | 10.68% | 11.41% | | Operating margin | 10.24% | 13.08% | 10.81% | 12.70% | 13.15% | 14.95% | 17.38% | 18.52% | 18.76% | 21.22% | | Return on equity | 4.63% | 12.94% | 6.76% | 9.40% | 6.00% | 5.32% | 8.77% | 9.04% | 9.14% | 9.61% | | Return on assets | 1.04% | 3.31% | 1.74% | 2.42% | 1.51% | 1.38% | 2.28% | 2.29% | 2.28% | 2.37% | | Liabilities / equity | 3.38 | 2.83 | 2.82 | 2.81 | 2.90 | 2.86 | 2.85 | 2.95 | 3.00 | 3.05 | | Current ratio | 0.92 | 1.10 | 1.17 | 0.85 | 0.98 | 0.87 | 0.69 | 0.82 | 0.87 | 0.92 | ## As-reported value updates 8 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/EXC/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001109357.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2020-Q2 | 2020-06-30 | | | 0.53 | reported discrete quarter | | 2020-Q3 | 2020-09-30 | | | 0.51 | reported discrete quarter | | 2021-Q1 | 2021-03-31 | | | -0.30 | reported discrete quarter | | 2021-Q2 | 2021-06-30 | | | 0.41 | reported discrete quarter | | 2021-Q3 | 2021-09-30 | | | 1.23 | reported discrete quarter | | 2023-Q2 | 2023-03-31 | | 669,000,000 | | reported discrete quarter | | 2023-Q2 | 2023-06-30 | 4,818,000,000 | | | reported discrete quarter | | 2023-Q3 | 2023-06-30 | | 343,000,000 | | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 5,980,000,000 | | | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 5,367,000,000 | 617,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 6,043,000,000 | 658,000,000 | 0.66 | reported discrete quarter | | 2024-Q2 | 2024-03-31 | | 658,000,000 | | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 5,361,000,000 | | 0.45 | reported discrete quarter | | 2024-Q3 | 2024-06-30 | | 448,000,000 | | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 6,154,000,000 | | 0.70 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 5,471,000,000 | 647,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 6,714,000,000 | 908,000,000 | 0.90 | reported discrete quarter | | 2025-Q2 | 2025-03-31 | | 908,000,000 | | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 5,427,000,000 | | 0.39 | reported discrete quarter | | 2025-Q3 | 2025-06-30 | | 391,000,000 | | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 6,705,000,000 | | 0.86 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 5,412,000,000 | 594,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 7,242,000,000 | 919,000,000 | 0.90 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Risk Factors Verbatim Item 1A Risk Factors from EXC's latest 10-K: [/company/EXC/risk-factors/](/company/EXC/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1109357/000110935726000080/exc-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-07-30 Report date: 2026-06-30 ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Dollars in millions except per share data, unless otherwise noted) Exelon Executive Overview Exelon is a utility services holding company engaged in the energy transmission and distribution businesses through its six reportable segments: ComEd, PECO, BGE, Pepco, DPL, and ACE. See Note 1 — Significant Accounting Policies and Note 4 — Segment Information of the Combined Notes to Consolidated Financial Statements for additional information regarding Exelon's principal subsidiaries and reportable segments. Exelon’s consolidated financial information includes the results of its seven separate operating subsidiary registrants, ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE, which, along with Exelon, are collectively referred to as the Registrants. The following combined Management’s Discussion and Analysis of Financial Condition and Results of Operations is separately filed by Exelon, ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE. However, none of the Registrants makes any representation as to information related solely to any of the other Registrants. Financial Results of Operations GAAP Results of Operations. The following table sets forth Exelon's GAAP consolidated Net income attributable to common shareholders by Registrant for the three and six months ended June 30, 2026 compared to the same period in 2025. For additional information regarding the financial results for the three and six months ended June 30, 2026 and 2025, see the discussions of Results of Operations by Registrant. [[GREPCENT_TABLE]] [["","Three Months Ended June 30,","","Favorable (Unfavorable) Variance","","Six Months Ended June 30,","","Favorable (Unfavorable) Variance"],["","2026","","2025","","","2026","","2025"],["Exelon","$","396","","","$","391","","","$","5","","","$","1,315","","","$","1,300","","","$","15"],["ComEd","249","","","228","","","21","","","559","","","530","","","29"],["PECO","119","","","136","","","(17)","","","397","","","402","","","(5)"],["BGE","55","","","55","","","\u2014","","","353","","","315","","","38"],["PHI","109","","","143","","","(34)","","","278","","","337","","","(59)"],["Pepco","65","","","84","","","(19)","","","133","","","181","","","(48)"],["DPL","26","","","39","","","(13)","","","103","","","108","","","(5)"],["ACE","22","","","24","","","(2)","","","49","","","56","","","(7)"],["Other(a)","(136)","","","(171)","","","35","","","(272)","","","(284)","","","12"]] [[/GREPCENT_TABLE]] __________ (a)Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025. Net income attributable to common shareholders increased by $5 million and diluted earnings per average common share remained relatively consistent to the prior year at $0.39 primarily due to: •Favorable impacts of approved rate increases at ComEd, BGE and PHI; •Absence of Customer Relief Fund contribution at Exelon Corporate; •Absence of Customer Surcharge Credits at PECO; •Higher AFUDC at ComEd; and •Favorable weather at PECO. Note that rate increases are associated with updated recovery rates for costs and investments to serve customers. The increases were partially offset by: 110 Table of Contents •Higher depreciation expense at PECO and PHI; •Higher interest expense at PECO and Exelon Corporate; and •Higher credit loss expense at BGE. Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025. Net income attributable to common shareholders increased by $15 million and diluted earnings per average common share decreased to $1.28 in 2026 from $1.29 in 2025 primarily due to: •Favorable impacts of approved rate increases at ComEd, BGE and PHI; •Absence of Customer Relief Fund contribution at Exelon Corporate; •Absence of Customer Surcharge Credits at PECO; •Higher AFUDC at ComEd; and •Favorable weather at PECO; Note that rate increases are associated with updated recovery rates for costs and investments to serve customers, driving top quartile reliability and avoiding outage costs. The increases were partially offset by: •Timing of distribution earnings at ComEd; •Higher interest expense at PECO, PHI, and Exelon Corporate; •Higher depreciation expense at PECO and PHI; •Higher credit loss expense at BGE; and •Unfavorable impacts of the Pepco Maryland multi-year plan reconciliation at PHI. Adjusted (non-GAAP) operating earnings. In addition to Net income, Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) operating earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) operating earnings exclude certain costs, expenses, gains and losses, and other specified items. This information is intended to enhance an investor’s overall understanding of year-over-year operating results and provide an indication of Exelon’s baseline operating performance excluding items not considered by management to be directly related to the ongoing operations of the business. In addition, this information is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) operating earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentations or deemed more useful than the GAAP information provided elsewhere in this report. 111 Table of Contents The following table provides a reconciliation between GAAP Net income attributable to common shareholders and Adjusted (non-GAAP) operating earnings for the three and six months ended June 30, 2026 compared to the same period in 2025: [[GREPCENT_TABLE]] [["","Three Months Ended June 30,"],["","2026","","2025"],["(In millions, except per share data)","","","Earnings per Diluted Share","","","","Earnings per Diluted Share"],["Net income attributable to common shareholders","$","396","","","$","0.39","","","$","391","","","$","0.39"],["Cost management program (net of taxes of $16)(a)","42","","","0.04","","","\u2014","","","\u2014"],["Income tax-related adjustments (entire amount represents tax expense)(b)","\u2014","","","\u2014","","","1","","","\u2014"],["Adjusted (non-GAAP) operating earnings","$","438","","","$","0.43","","","$","392","","","$","0.39"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","Six Months Ended June 30,"],["","2026","","2025"],["(In millions, except per share data)","","","Earnings per Diluted Share","","","","Earnings per Diluted Share"],["Net income attributable to common shareholders","$","1,315","","","$","1.28","","","$","1,300","","","$","1.29"],["Change in FERC audit liability (net of taxes of $1)","\u2014","","","\u2014","","","2","","","\u2014"],["Cost management program (net of taxes of $16 and $0, respectively)(a)","42","","","0.04","","","(1)","","","\u2014"],["Income tax-related adjustments (entire amount represents tax expense)(b)","\u2014","","","\u2014","","","1","","","\u2014"],["Regulatory matters (net of taxes of $4 and $7, respectively)(c)","11","","","0.01","","","22","","","0.02"],["Adjusted (non-GAAP) operating earnings","$","1,368","","","$","1.33","","","$","1,324","","","$","1.31"]] [[/GREPCENT_TABLE]] __________ Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net income attributable to common shareholders and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. The marginal statutory income tax rates for 2026 and 2025 ranged from 24.0% to 29.0%. (a)Primarily represents severance costs related to cost management program. (b)Reflects the adjustment to state deferred income taxes due to changes in forecasted apportionment. (c)Represents the disallowance of certain capitalized costs. Significant 2026 Transactions and Developments At-the-Market Program In the second quarter of 2026, Exelon issued approximately 8.7 million shares of Common stock at a weighted-average net price of $44.03 per share. The net proceeds from the issuance were $382 million, which were used for general corporate purposes. See Note 12 — Shareholders' Equity of the Combined Notes to Consolidated Financial Statements for additional information. Distribution Base Rate Case Proceedings The Utility Registrants file base rate cases with their regulatory commissions seeking increases or decreases to their electric transmission and distribution, and gas distribution rates to recover their costs and earn a fair return on their investments. The outcomes of these regulatory proceedings impact the Utility Registrants’ current and future financial statements. The following tables show the Utility Registrants’ completed and pending distribution base rate case proceedings in 2026. See Note 2 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information. 112 Table of Contents Completed Distribution Base Rate Case Proceedings [[GREPCENT_TABLE]] [["Registrant/Jurisdiction","","Filing Date","","Service","","Requested Revenue Requirement Increase","","Approved Revenue Requirement Increase","","Approved ROE","","Approval Date","","Rate Effective Date"],["ComEd - Illinois","","January 17, 2023","","Electric","","$","1,487","","","$","1,045","","","8.905%","","December 19, 2024","","January 1, 2024"],["","April 26, 2024 (amended on September 11, 2024)","","Electric","","$","624","","","$","623","","","9.89%","","October 31, 2024","","January 1, 2025"],["PECO - Pennsylvania","","March 28, 2024","","Electric","","$","464","","","$","354","","","N/A","","December 12, 2024","","January 1, 2025"],["","","Natural Gas","","$","111","","","$","78"],["BGE - Maryland","","February 17, 2023","","Electric","","$","313","","","$","179","","","9.50%","","December 14, 2023","","January 1, 2024"],["","","Natural Gas","","$","289","","","$","229","","","9.45%"],["Pepco - District of Columbia","","April 13, 2023 (amended February 27, 2024)","","Electric","","$","186","","","$","123","","","9.50%","","November 26, 2024","","January 1, 2025"],["Pepco - Maryland","","May 16, 2023 (amended February 23, 2024)","","Electric","","$","111","","","$","45","","","9.50%","","June 10, 2024","","April 1, 2024"],["DPL - Maryland","","May 19, 2022","","Electric","","$","38","","","$","29","","","9.60%","","December 14, 2022","","January 1, 2023"],["DPL - Delaware","","December 15, 2022 (amended September 29, 2023)","","Electric","","$","39","","","$","28","","","9.60%","","April 18, 2024","","July 15, 2023"],["","September 20, 2024 (amended September 5, 2025)","","Natural Gas","","$","37","","","$","22","","","9.60%","","December 17, 2025","","January 1, 2026"],["ACE - New Jersey","","November 21, 2024","","Electric","","$","109","","","$","54","","","9.60%","","November 21, 2025","","December 1, 2025"]] [[/GREPCENT_TABLE]] 113 Table of Contents Pending Distribution Base Rate Case Proceedings [[GREPCENT_TABLE]] [["Registrant/Jurisdiction","","Filing Date","","Service","","Requested Revenue Requirement Increase","","Requested ROE","","Expected Approval Timing"],["Pepco - Maryland","","October 14, 2025 (amended April 16, 2026)","","Electric","","$","120","","","10.50%","","Third quarter of 2026"],["DPL - Delaware","","December 9, 2025 (amended June 1, 2026)","","Electric","","$","45","","","10.50%","","Third quarter of 2027"],["BGE - Maryland","","July 2, 2026","","Electric","","$","156","","","10.40%","","First quarter of 2027"]] [[/GREPCENT_TABLE]] Transmiss [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1109357/000110935726000018/exc-20251231.htm Complete FY 2025 MD&A: /company/EXC/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-12 Report date: 2025-12-31 Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Dollars in millions except per share data, unless otherwise noted) Exelon Executive Overview Exelon is a utility services holding company engaged in the energy transmission and distribution businesses through its six reportable segments: ComEd, PECO, BGE, Pepco, DPL, and ACE. See Note 1 — Significant Accounting Policies and Note 4 — Segment Information of the Combined Notes to Consolidated Financial Statements for additional information regarding Exelon's principal subsidiaries and reportable segments. Exelon’s consolidated financial information includes the results of its seven separate operating subsidiary registrants, ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE, which, along with Exelon, are collectively referred to as the Registrants. The following combined Management’s Discussion and Analysis of Financial Condition and Results of Operations is separately filed by Exelon, ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE. However, none of the Registrants makes any representation as to information related solely to any of the other Registrants. For discussion of the Utility Registrants' year ended December 31, 2024 compared to the year ended December 31, 2023, refer to ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS in the 2024 Form 10-K, which was filed with the SEC on February 12, 2025. Financial Results of Operations GAAP Results of Operations. The following table sets forth Exelon's GAAP consolidated Net income attributable to common shareholders by Registrant for the year ended December 31, 2025 compared to the same period in 2024. For additional information regarding the financial results for the years ended December 31, 2025 and 2024, see the discussions of Results of Operations by Registrant. [[GREPCENT_TABLE]] [["","2025","","2024","","Favorable (Unfavorable) Variance"],["Exelon","$","2,768","","","$","2,460","","","$","308"],["ComEd","1,147","","","1,066","","","81"],["PECO","814","","","551","","","263"],["BGE","578","","","527","","","51"],["PHI","799","","","741","","","58"],["Pepco","401","","","390","","","11"],["DPL","224","","","209","","","15"],["ACE","188","","","155","","","33"],["Other(a)","(570)","","","(425)","","","(145)"]] [[/GREPCENT_TABLE]] __________ (a)Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investing activities. Year Ended December 31, 2025 Compared to Year Ended December 31, 2024. Net income attributable to common shareholders increased by $308 million and Diluted earnings per average common share increased to $2.73 in 2025 from $2.45 in 2024 primarily due to: 39 Table of Contents •Favorable impacts of rate increases at ComEd, PECO, BGE, and PHI; •Favorable weather at PECO; •Higher return on regulatory assets at ComEd; •Higher AFUDC at ComEd; •Lower income tax expense at PECO; •Lower storm costs at BGE; and •Impacts of the multi-year plan reconciliation at BGE. Note that rate increases are associated with updated recovery rates for costs and investments to serve customers. The increases were partially offset by: •Higher interest expense at PECO, BGE, PHI, and Exelon Corporate; •Higher depreciation expense at PECO and PHI; •Higher contracting costs at PECO and PHI; •Lower transmission peak load due to lower energy demand at ComEd; •Absence of the Maryland multi-year plan reconciliations at PHI; •Charitable contributions at Exelon Corporate; •Lower AFUDC at PHI; and •Higher income tax expense at Exelon Corporate. Adjusted (non-GAAP) operating earnings. In addition to Net income, Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) operating earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) operating earnings exclude certain costs, expenses, gains and losses, and other specified items. This information is intended to enhance an investor’s overall understanding of year-over-year operating results and provide an indication of Exelon’s baseline operating performance excluding items not considered by management to be directly related to the ongoing operations of the business. In addition, this information is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) operating earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentations or deemed more useful than the GAAP information provided elsewhere in this report. 40 Table of Contents The following table provides a reconciliation between Net income attributable to common shareholders as determined in accordance with GAAP and Adjusted (non-GAAP) operating earnings for the year ended December 31, 2025 compared to 2024:  [[GREPCENT_TABLE]] [["","2025","","2024"],["(In millions, except per share data)","","","Earnings per Diluted Share","","","","Earnings per Diluted Share"],["Net income attributable to common shareholders","$","2,768","","","$","2.73","","","$","2,460","","","$","2.45"],["Asset retirement obligations (net of taxes of $0 and $3, respectively)","(1)","","","\u2014","","","8","","","0.01"],["Change in FERC audit liability (net of taxes of $1 and $13, respectively)","2","","","\u2014","","","42","","","0.04"],["Cost management charge (net of taxes of $0 and $4, respectively)(a)","(1)","","","\u2014","","","13","","","0.01"],["Environmental costs (net of taxes of $5)","\u2014","","","\u2014","","","(13)","","","(0.01)"],["Regulatory matters (net of taxes of $10)(b)","30","","","0.03","","","\u2014","","","\u2014"],["Income tax-related adjustments (entire amount represents tax expense)(c)","1","","","\u2014","","","(3)","","","\u2014"],["Adjusted (non-GAAP) operating earnings","$","2,801","","","$","2.77","","","$","2,507","","","$","2.50"]] [[/GREPCENT_TABLE]] __________ Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. The marginal statutory income tax rates for 2025 and 2024 ranged from 24.0% to 29.0%. (a)Primarily represents severance and reorganization costs related to cost management. (b)Represents the disallowance of certain capitalized costs. (c)In 2024, reflects the adjustment to state deferred income taxes due to change in DPL's Delaware net operating loss valuation allowance. In 2025, reflects the adjustment to state deferred income taxes due to changes in forecasted apportionment. Significant 2025 Transactions and Developments At-the-Market Program During 2025, Exelon issued approximately 16 million shares of Common Stock at a net weighted-average price of $43.24 per share. The net proceeds from the 2025 issuances were $691 million, which were used for general corporate purposes. See Note 17 — Shareholders' Equity of the Combined Notes to Consolidated Financial Statements for additional information. Distribution Base Rate Case Proceedings The Utility Registrants file base rate cases with their regulatory commissions seeking increases or decreases to their electric transmission and distribution, and gas distribution rates to recover their costs and earn a fair return on their investments. The outcomes of these regulatory proceedings impact the Utility Registrants’ current and future financial statements. The following tables show the Utility Registrants’ completed and pending distribution base rate case proceedings in 2025. See Note 2 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information on these and other regulatory proceedings. 41 Table of Contents Completed Distribution Base Rate Case Proceedings [[GREPCENT_TABLE]] [["Registrant/Jurisdiction","","Filing Date","","Service","","Requested Revenue Requirement Increase","","Approved Revenue Requirement Increase","","Approved ROE","","Approval Date","","Rate Effective Date"],["ComEd - Illinois","","January 17, 2023","","Electric","","$","1,487","","","$","1,045","","","8.905%","","December 19, 2024","","January 1, 2024"],["","April 26, 2024 (amended on September 11, 2024)","","Electric","","$","624","","","$","623","","","9.89%","","October 31, 2024","","January 1, 2025"],["PECO - Pennsylvania","","March 28, 2024","","Electric","","$","464","","","$","354","","","N/A","","December 12, 2024","","January 1, 2025"],["","Natural Gas","","$","111","","$","78"],["BGE - Maryland","","February 17, 2023","","Electric","","$","313","","","$","179","","","9.50%","","December 14, 2023","","January 1, 2024"],["","","Natural Gas","","$","289","","","$","229","","","9.45%"],["Pepco - District of Columbia","","April 13, 2023 (amended February 27, 2024)","","Electric","","$","186","","","$","123","","","9.50%","","November 26, 2024","","January 1, 2025"],["Pepco - Maryland","","May 16, 2023 (amended February 23, 2024)","","Electric","","$","111","","","$","45","","","9.50%","","June 10, 2024","","April 1, 2024"],["DPL - Maryland","","May 19, 2022","","Electric","","$","38","","","$","29","","","9.60%","","December 14, 2022","","January 1, 2023"],["DPL - Delaware","","December 15, 2022 (amended September 29, 2023)","","Electric","","$","39","","","$","28","","","9.60%","","April 18, 2024","","July 15, 2023"],["","September 20, 2024 (amended September 5, 2025)","","Natural Gas","","$","37","","","$","22","","","9.60%","","December 17, 2025","","January 1, 2026"],["ACE - New Jersey","","February 15, 2023 (amended August 21, 2023)","","Electric","","$","92","","","$","45","","","9.60%","","November 17, 2023","","December 1, 2023"],["","November 21, 2024","","Electric","","$","109","","","$","54","","","9.60%","","November 21, 2025","","December 1, 2025"]] [[/GREPCENT_TABLE]] 42 Table of Contents Pending Distribution Base Rate Case Proceedings [[GREPCENT_TABLE]] [["Registrant/Jurisdiction","","Filing Date","","Service","","Requested Revenue Requirement Increase","","Requested ROE","","Expected Approval Timing"],["Pepco - Maryland","","October 14, 2025","","Electric","","$","133","","","10.50%","","Third quarter of 2026"],["DPL - Delaware","","December 9, 2025","","Electric","","$","45","","","10.50%","","Third quarter of 2027"]] [[/GREPCENT_TABLE]] Transmission Formula Rates The following total increases/(decreases) were included in the Utility Registrants' 2025 annual electric transmission formula rate updates. All rates are effective June 1, 2025 to May 31, 2026, subject to review by interested parties pursuant to review protocols of each Utility Registrants' tariff. See Note 2 — Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information. [[GREPCENT_TABLE]] [["Registrant","","Initial Revenue Requirement Increase (Decrease)","","Annual Reconciliation Increase (Decrease)","","Total Revenue Requirement Increase (Decrease)","","Allowed Return on Rate Base","","Allowed ROE"],["ComEd","","$","78","","","$","49","","","$","127","","","8.13","%","","11.50","%"],["PECO","","$","9","","","$","13","","","$","22","","","7.54","%","","10.35","%"],["BGE","","$","21","","","$","21","","","$","35","","","7.53","%","","10.50","%"],["Pepco","","$","35","","","$","16","","","$","51","","","7.71","%","","10.50","%"],["DPL","","$","32","","","$","(9)","","","$","23","","","7.48","%","","10.50","%"],["ACE","","$","(11)","","","$","(46)","","","$","(57)","","","7.16","%","","10.50","%"]] [[/GREPCENT_TABLE]] ComEd's FERC Audit [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/EXC/mda/fy2025/ All MD&A years: /company/EXC/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/EXC/mda/fy2024/): filed 2025-02-12; accession 0001109357-25-000043 (https://www.sec.gov/Archives/edgar/data/1109357/000110935725000043/exc-20241231.htm) - [FY 2023 MD&A](/company/EXC/mda/fy2023/): filed 2024-02-21; accession 0001109357-24-000053 (https://www.sec.gov/Archives/edgar/data/1109357/000110935724000053/exc-20231231.htm) - [FY 2022 MD&A](/company/EXC/mda/fy2022/): filed 2023-02-14; accession 0001109357-23-000018 (https://www.sec.gov/Archives/edgar/data/1109357/000110935723000018/exc-20221231.htm) - [FY 2021 MD&A](/company/EXC/mda/fy2021/): filed 2022-02-25; accession 0001109357-22-000039 (https://www.sec.gov/Archives/edgar/data/1109357/000110935722000039/exc-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 4931 Electric & Other Services Combined) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/EXC.md · JSON record: /company/EXC.json · verified financials: /company/EXC/financials.json / /company/EXC/financials.csv · machine TOC for the whole site: /llms.txt