Exelon : Q1 2026 Earnings Release and Tables

Published: 2026-05-06 07:02:13 ET EXC

Published on 05/06/2026 at 07:02 am EDT

‌Contact: Khanya Brann

Corporate Communications 301-535-3292

Ryan Brown Investor Relations 779-231-0017

GAAP net income of $0.90 per share and Adjusted (non-GAAP) operating earnings of $0.91 per share for the first quarter of 2026

Affirming full year 2026 Adjusted (non-GAAP) operating earnings guidance range of $2.81-$2.91 per share and operating EPS compounded annual growth near top end of 5-7% from 2025 to 2029

Projecting $41.7 billion of capital expenditures over the next four years, resulting in expected rate base growth of 7.9%

All utilities sustained top quartile in reliability performance, with ComEd in top decile

Through March 31, completed approximately 43% of planned debt financings, including all of its Holding Company issuances, and priced approximately 37% of its $3.4 billion of equity needs through 2029

"Exelon is on track for another year of consistent operational and financial performance. Our scale, platform, and disciplined execution allow us to adapt as conditions evolve to continue delivering on our commitments over the long term," said Exelon President and Chief Executive Officer Calvin Butler. "Through The Exelon Promise, we are committed to balancing affordability while advancing safety, reliability, and investments that strengthen the grid and support the communities we serve - today and in the future."

"We delivered first quarter 2026 adjusted operating earnings of $0.91 per share while maintaining strong operational performance, continuing our track record of execution as a standalone utility," said Exelon Chief Financial Officer Jeanne Jones. "With a revised $41.7 billion four-year capital plan, 7.9% rate base growth, and a disciplined focus on cost management, we remain well-positioned to deliver annualized earnings growth near the top end of 5% to 7% through 2029. Our results and outlook underscore the durability of our business and our ability to adapt and execute while continuing to invest in a way that balances the needs of our customers with the grid of the future."

Exelon's GAAP net income for the first quarter of 2026 remained relatively consistent with the prior period at $0.90 per share. Adjusted (non-GAAP) operating earnings for the first quarter of 2026 decreased to $0.91 per share from $0.92 per share in the first quarter of 2025. For the reconciliations of GAAP net income to Adjusted (non-GAAP) operating earnings, refer to the tables beginning on page 4.

The GAAP net income and Adjusted (non-GAAP) operating earnings in the first quarter of 2026 primarily reflect:

Higher costs at the Exelon holding company primarily due to higher income taxes and higher interest expense.

Higher utility earnings primarily due to approved distribution and transmission rates at ComEd and PHI, approved distribution rates at BGE, absence of customer surcharge credits at PECO, higher allowance for funds used during construction (AFUDC) at ComEd, and favorable weather and lower income taxes at PECO. This was partially offset by timing of distribution earnings at ComEd, higher depreciation expense at PECO and PHI, higher interest expense at PECO, higher credit loss expense at BGE, and unfavorable impacts of the Pepco Maryland multi-year plan reconciliation. 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.

ComEd

ComEd's first quarter of 2026 GAAP net income increased to $310 million from $302 million in the first quarter of 2025. ComEd's Adjusted (non-GAAP) operating earnings for the first quarter of 2026 decreased to $310 million from $325 million in the first quarter of 2025, primarily due to timing of distribution earnings, partially offset by an increase in AFUDC and higher distribution and transmission rate base driven by incremental investments to serve customers, driving top quartile reliability and avoiding outage costs. Due to revenue decoupling, ComEd's distribution earnings are not intended to be affected by actual weather or customer usage patterns.

PECO

PECO's first quarter of 2026 GAAP net income increased to $278 million from $266 million in the first quarter of 2025. PECO's Adjusted (non-GAAP) operating earnings for the first quarter of 2026 increased to $278 million from $265 million in the first quarter of 2025, primarily due to absence of customer surcharge credits, favorable weather, and lower income taxes due to tax repairs, some of which is timing, partially offset by an increase in depreciation and interest expense.

1 Exelon's four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois (and transmission in a small portion of northwestern Indiana); PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; and PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware.

BGE

BGE's first quarter of 2026 GAAP net income increased to $298 million from $260 million in the first quarter of 2025. BGE's Adjusted (non-GAAP) operating earnings for the first quarter of 2026 increased to

$298 million from $260 million in the first quarter of 2025, primarily due to approved distribution rates associated with updated recovery of investments to serve customers, driving top quartile reliability and avoiding outage costs, partially offset by an increase in credit loss expense. Due to revenue decoupling, BGE's distribution earnings are not intended to be affected by actual weather or customer usage patterns.

PHI

PHI's first quarter of 2026 GAAP net income decreased to $169 million from $194 million in the first quarter of 2025. PHI's Adjusted (non-GAAP) operating earnings for the first quarter of 2026 decreased to

$180 million from $194 million in the first quarter of 2025, primarily due to unfavorable impacts of the Pepco Maryland multi-year plan reconciliation and an increase in depreciation expense, partially offset by approved distribution and transmission rates driven by updated recovery of investments to serve customers, driving top quartile reliability and avoiding outage costs. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not intended to be affected by actual weather or customer usage patterns.

$0.42 per share on Exelon's common stock. The dividend is payable on June 15, 2026, to Exelon shareholders of record as of the close of business on June 4, 2026.

There were no rate case developments in the first quarter.

On February 20, 2026, Exelon issued $775 million of its Senior Notes, 4.95% Series due March 15, 2036. Exelon used the proceeds to repay existing indebtedness and for general corporate purposes.

On March 19, 2026, Pepco issued $170 million of its First Mortgage Bonds, consisting of

$110 million aggregate principal amount of its First Mortgage Bonds, 5.00% Series due March 19, 2036, and $60 million aggregate principal amount of its First Mortgage Bonds, 5.30% Series due March 19, 2041. Pepco used the proceeds to repay existing indebtedness and for general corporate purposes.

On March 19, 2026, DPL issued $75 million of its First Mortgage Bonds, 5.74% Series due March 19, 2056. DPL used the proceeds to repay existing indebtedness and for general corporate purposes.

On March 19, 2026, ACE issued $100 million of its First Mortgage Bonds, 4.95% Series due March 19, 2036. ACE used the proceeds to repay existing indebtedness and for general corporate purposes.

Adjusted (non-GAAP) operating earnings for the first quarter of 2026 do not include the following items (after tax) that were included in reported GAAP net income:

(in millions, except per share amounts)

Exelon

ComEd

PECO

BGE

PHI

2026 GAAP net income

$ 0.90

$ 919

$ 310

$ 278

$ 298

$ 169

Regulatory matters (net of taxes of $4)

0.01

2026 Adjusted (non-GAAP) operating earnings

$ 0.91

$ 930

$ 310

$ 278

$ 298

$ 180

Adjusted (non-GAAP) operating earnings for the first quarter of 2025 do not include the following items (after tax) that were included in reported GAAP net income:

(in millions, except per share amounts)

Exelon

ComEd

PECO

BGE

PHI

2025 GAAP net income

$ 0.90

$ 908

$ 302

$ 266

$ 260

$ 194

Change in FERC Audit Liability (net of taxes of $1)

Cost management charge (net of taxes of $0)

(1)

Regulatory matters (net of taxes of $7)

0.02

2025 Adjusted (non-GAAP) operating earnings

0.92

932 $

325

265

260

194

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. For all items, the marginal statutory income tax rates for 2026 and 2025 ranged from 24.0% to 29.0%.

Exelon will discuss first quarter 2026 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at https:// investors.exeloncorp.com/.

Exelon (Nasdaq: EXC) is a Fortune 200 company and one of the nation's largest utility companies, serving almost 11 million customers through six fully regulated transmission and distribution utilities - Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). Exelon's more than 20,000 employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow @Exelon on X and LinkedIn.

In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), 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 measure is intended to enhance an investor's overall understanding of period over period operating results and provide an indication of Exelon's baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure 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' presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) operating earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP net income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) operating earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon's website: https://investors.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on May 6, 2026.

This press release contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as "could," "may," "expects," "anticipates," "will," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "predicts," "should," and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to: unfavorable legislative and/or regulatory actions; uncertainty as to outcomes and timing of regulatory approval proceedings and/or negotiated settlements thereof; environmental liabilities and remediation costs; state and federal legislation requiring use of low-emission, renewable, and/or alternate fuel sources and/or mandating implementation of energy conservation programs requiring implementation of new technologies; challenges to tax positions taken, tax law changes, and difficulty in quantifying potential tax effects of business decisions; negative outcomes in legal proceedings; physical security and cybersecurity risks; extreme weather events, natural disasters, operational accidents such as wildfires or natural gas explosions, war, acts and threats of terrorism, public health crises, epidemics, pandemics, or other significant events; disruptions or cost increases in the supply chain, including shortages in labor, materials or parts, or significant increases in relevant tariffs; lack of sufficient power generation resources to meet actual or forecasted demand or disruptions at generation facilities owned by third parties; emerging technologies that could affect or transform the energy industry; instability in capital and credit markets; a downgrade of any Registrant's credit ratings or other failure to satisfy the credit standards in the Registrants' agreements or regulatory financial requirements; significant economic downturns or increases in customer rates; impacts of climate change and weather on energy usage and maintenance and capital costs; and impairment of long-lived assets, goodwill, and other assets.

New factors emerge from time to time, and it is impossible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. For more information, see those factors discussed with respect to Exelon, ComEd, PECO, BGE, Pepco Holdings LLC (PHI), Pepco, DPL, and ACE (Registrants) in the Registrants' most recent

Annual Report on Form 10-K, including in Part I, ITEM 1A, any subsequent Quarterly Reports on Form 10-Q, and in other reports filed by the Registrants from time to time with the SEC.

Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.

Exelon uses its corporate website, https://www.exeloncorp.com, investor relations website, investors.exeloncorp.com, and social media channels to communicate with Exelon's investors and the public about the Registrants and other matters. Exelon's posts through these channels may be deemed material. Accordingly, Exelon encourages investors and others interested in the Registrants to routinely monitor these channels, in addition to following the Registrants' press releases, Securities and Exchange Commission filings and public conference calls and webcasts. The contents of Exelon's websites and social media channels are not, however, incorporated by reference into this press release.

Consolidating Statement of Operations 1

Consolidated Balance Sheets 2

Consolidated Statements of Cash Flows 4

Reconciliation of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings 5

Statistics

ComEd 6

PECO 7

BGE 8

Pepco 9

DPL 10

ACE 11

(unaudited) (in millions)

ComEd

PECO

BGE

PHI

Other (a)

Exelon

Three Months Ended March 31, 2026

Operating revenues

$ 1,913

$ 1,492

$ 1,828

$ 2,030

$ (21)

$ 7,242

Operating expenses

Purchased power and fuel

451

612

808

905

2,776

Operating and maintenance

438

337

327

424

(60)

1,466

Depreciation and amortization

404

121

167

246

952

Taxes other than income taxes

105

104

151

443

Total operating expenses

1,398

1,139

1,406

1,726

(32)

5,637

Gain on sale of assets

Operating income

515

353

422

304

1,605

Other income and (deductions)

Interest expense, net

(135)

(71)

(62)

(106)

(181)

(555)

Other, net

(8)

Total other income and (deductions)

(104)

(60)

(45)

(88)

(189)

(486)

Income (loss) before income taxes

411

293

377

216

(178)

1,119

Income taxes

101

(42)

200

Net income (loss) attributable to common shareholders

$ 310

$ 278

$ 298

$ 169

$ (136)

$ 919

Three Months Ended March 31, 2025

Operating revenues

$ 2,065

$ 1,333

$ 1,554

$ 1,778

$ (16)

$ 6,714

Operating expenses

Purchased power and fuel

689

502

609

722

2,522

Operating and maintenance

423

327

305

349

(57)

1,347

Depreciation and amortization

380

109

164

234

903

Taxes other than income taxes

140

405

Total operating expenses

1,591

998

1,174

1,445

(31)

5,177

Loss on sale of assets

(1)

Operating income

474

335

380

332

1,536

Other income and (deductions)

Interest expense, net

(128)

(63)

(58)

(100)

(161)

(510)

Other, net

(5)

Total other income and (deductions)

(107)

(55)

(49)

(81)

(166)

(458)

Income (loss) before income taxes

367

280

331

251

(151)

1,078

Income taxes

(37)

170

Net income (loss) attributable to common shareholders

$ 302

$ 266

$ 260

$ 194

$ (114)

$ 908

Change in net income (loss) from 2025 to 2026 $ 8 $ 12 $ 38 $ (25) $ (22) $ 11

(a) Other primarily includes eliminating and consolidating adjustments, Exelon's corporate operations, shared service entities, and other financing and investment activities.

(unaudited) (in millions)

March 31, 2026 December 31, 2025

Assets

Current assets

Cash and cash equivalents

$ 713

626

Restricted cash and cash equivalents

560

525

Accounts receivable

Customer accounts receivable

3,636

3,732

Customer allowance for credit losses

(522)

(435)

Customer accounts receivable, net

3,114

3,297

Other accounts receivable

1,680

1,879

Other allowance for credit losses

(102)

(94)

Other accounts receivable, net

1,578

1,785

Inventories, net

Fossil fuel

Materials and supplies

811

780

Regulatory assets

1,373

1,359

Prepaid renewable energy credits

314

563

Other

504

523

Total current assets

9,002

9,546

Property, plant, and equipment, net

85,564

84,318

Deferred debits and other assets

Regulatory assets

9,322

9,214

Goodwill

6,630

Receivable related to Regulatory Agreement Units

4,830

4,755

Investments

317

312

Other

1,880

1,795

Total deferred debits and other assets

22,979

22,706

Total assets

$ 117,545

116,570

March 31, 2026 December 31, 2025

Liabilities and shareholders' equity

Current liabilities

Short-term borrowings

$ 665

612

Long-term debt due within one year

2,326

1,665

Accounts payable

3,119

3,721

Accrued expenses

1,203

1,582

Payables to affiliates

Customer deposits

565

533

Regulatory liabilities

910

1,128

Mark-to-market derivative liabilities

Unamortized energy contract liabilities

Renewable energy credit obligations

222

473

Other

547

577

Total current liabilities

9,588

10,331

Long-term debt

47,859

47,413

Long-term debt to financing trusts

390

Deferred credits and other liabilities

Deferred income taxes and unamortized investment tax credits

14,201

13,715

Regulatory liabilities

11,186

11,016

Pension obligations

1,426

1,749

Non-pension postretirement benefit obligations

558

546

Asset retirement obligations

321

Mark-to-market derivative liabilities

112

106

Unamortized energy contract liabilities

Other

2,573

2,169

Total deferred credits and other liabilities

30,393

29,638

Total liabilities

88,230

87,772

Commitments and contingencies

Shareholders' equity

Common stock

22,129

22,106

Treasury stock, at cost

(123)

Retained earnings

8,065

7,577

Accumulated other comprehensive loss, net

(756)

(762)

Total shareholders' equity

29,315

28,798

Total liabilities and shareholders' equity

$ 117,545

116,570

(unaudited) (in millions)

Three Months Ended March 31,

2026

2025

Cash flows from operating activities

Net income

919

908

Adjustments to reconcile net income to net cash flows provided by operating activities:

Depreciation, amortization, and accretion

953

905

Loss on sales of assets

Deferred income taxes and amortization of investment tax credits

345

121

Net fair value changes related to derivatives

Other non-cash operating activities

222

344

Changes in assets and liabilities:

Accounts receivable

395

(402)

Inventories

Accounts payable and accrued expenses

(632)

(397)

Collateral received, net

Income taxes

(144)

Regulatory assets and liabilities, net

(329)

Pension and non-pension postretirement benefit contributions

(346)

(292)

Other assets and liabilities

276

(195)

Net cash flows provided by operating activities

1,724

1,200

Cash flows from investing activities

Capital expenditures

(2,358)

(1,946)

Other investing activities

Net cash flows used in investing activities

(2,356)

(1,942)

Cash flows from financing activities

Changes in short-term borrowings

(447)

(775)

Proceeds from short-term borrowings with maturities greater than 90 days

500

Issuance of long-term debt

1,120

2,425

Issuance of common stock

173

Dividends paid on common stock

(430)

(403)

Proceeds from employee stock plans

Other financing activities

(27)

(35)

Net cash flows provided by financing activities

728

1,385

Increase in cash, restricted cash, and cash equivalents

643

Cash, restricted cash, and cash equivalents at beginning of period

1,201

939

Cash, restricted cash, and cash equivalents at end of period

$ 1,297

1,582

Three Months Ended March 31, 2026 and 2025 (unaudited)

(in millions, except per share data)

Exelon Earnings

per Diluted Other

ComEd

PECO

BGE

PHI

(a)

Exelon

2025 GAAP net income (loss)

$ 0.90

$ 302

$ 266

$ 260

$ 194

$ (114)

$ 908

Change in FERC audit liability (net of taxes of $1)

Cost management charge (net of taxes of $0) (1)

(1)

Regulatory matters (net of taxes of $7) (2)

0.02

2025 Adjusted (non-GAAP) operating earnings (loss)

$ 0.92

$ 325

$ 265

$ 260

$ 194

$ (112)

$ 932

Year over year effects on Adjusted (non-GAAP) operating earnings:

Weather

$ 0.01

$ -

(b)

$ 12

$ -

(b)

$ 3

(b)

$ -

$ 15

Load

(b)

(2)

(b)

(2)

Distribution and transmission rates (3)

0.06

(c)

5 (c)

(c)

Other energy delivery (4)

0.05

(c)

13 (c)

(c)

Operating and maintenance expense (5)

(0.06)

(32)

(8)

(21)

(57)

Depreciation and amortization expense (6)

(0.04)

(17)

(9)

(7)

(12)

(43)

Interest expense and other (7)

(0.03)

(8)

(26)

(28)

Total year over year effects on Adjusted (non-GAAP) operating earnings

$ (0.01)

$ (15)

$ 13

$ 38

$ (14)

$ (24)

$ (2)

2026 GAAP net income (loss)

$ 0.90

$ 310

$ 278

$ 298

$ 169

$ (136)

$ 919

Regulatory matters (net of taxes of $4) (2)

0.01

2026 Adjusted (non-GAAP) operating earnings (loss)

$ 0.91

$ 310

$ 278

$ 298

$ 180

$ (136)

$ 930

Note:

Amounts may not sum due to rounding.

Other primarily includes eliminating and consolidating adjustments, Exelon's corporate operations, shared service entities, and other financing and investment activities.

For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.

ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For transmission formula rates and various riders across the utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure, and ROE (which impact net earnings).

Primarily represents severance and reorganization costs related to cost management.

Represents the disallowance of certain capitalized costs.

For ComEd, reflects higher distribution and transmission rate base. For BGE, reflects increased distribution revenue due to approved rates. For PHI, reflects increased distribution and transmission revenue due to approved rates.

For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs, offset by decreased electric distribution revenues due to timing of distribution earnings. For PECO, reflects the absence of electric surcharge credits to customers recognized in 2025. For PHI, reflects higher distribution and transmission revenues due to higher fully recoverable costs.

Represents Operating and maintenance expense. For ComEd, reflects increased storm costs and increased contracting costs. For PHI, reflects increased contracting costs and unfavorable impacts of the Pepco Maryland multi-year plan reconciliation.

Across all utilities, reflects ongoing capital expenditures and regulatory asset amortization.

For ComEd, reflects an increase in AFUDC, partially offset by an increase in interest expense. For PECO, primarily reflects a decrease in income tax expense due to tax repairs, some of which is timing, partially offset by an increase in interest expense. For PHI, primarily reflects an increase in interest expense. For Corporate, primarily reflects an increase in interest expense and an increase in income tax expense due to timing.

Three Months Ended March 31, 2026 and 2025

Electric Deliveries (in GWhs) Revenue (in millions)

Weather -Normal %

2026

2025

% Change

Change

2026

2025

% Change

Electric Deliveries and Revenues(a)

Residential

6,560

6,674

(1.7)%

(0.6)%

$ 1,024

$ 993

3.1 %

Small commercial & industrial

7,318

7,359

(0.6)%

- %

484

600

(19.3)%

Large commercial & industrial

6,962

7,003

(0.6)%

(1.2)%

120

296

(59.5)%

Public authorities & electric railroads

244

278

(12.2)%

(9.1)%

(29.4)%

Other(b)

n/a

249

236

5.5 %

Total electric revenues(c)

21,084

21,314

(1.1)%

(0.7)%

1,889

2,142

(11.8)%

Other Revenues(d)

(77)

(131.2)%

Total electric revenues

$ 1,913

$ 2,065

(7.4)%

Purchased Power

$ 451

$ 689

(34.5)%

% Change

Heating and Cooling Degree-Days

2026

2025

Normal

From 2025

From Normal

Heating Degree-Days

2,868

2,985

3,053

(3.9)%

(6.1)%

Cooling Degree-Days

- %

Number of Electric Customers

2026

2025

Residential

3,779,277

3,735,234

Small commercial & industrial

398,024

396,639

Large commercial & industrial

1,992

2,473

Public authorities & electric railroads

5,801

5,787

Total

4,185,094

4,140,133

Reflects revenues from customers purchasing electricity directly from ComEd and customers purchasing electricity from a competitive electric generation supplier, as all customers are assessed delivery charges. For customers purchasing electricity from ComEd, revenues also reflect the cost of energy and transmission.

Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.

Includes operating revenues from affiliates totaling $11 million and $8 million for the three months ended March 31, 2026 and 2025, respectively.

Includes alternative revenue programs and late payment charges.

Three Months Ended March 31, 2026 and 2025

Electric and Natural Gas Deliveries Revenue (in millions)

Weather-Normal

2026

2025

% Change

2026

2025

% Change

Electric (in GWhs)

Electric Deliveries and Revenues(a)

Residential

3,952

3,859

2.4 %

0.1 %

$ 725

$ 631

14.9 %

Small commercial & industrial

2,010

1,946

3.3 %

1.0 %

172

162

6.2 %

Large commercial & industrial

3,132

3,425

(8.6)%

(10.0)%

3.6 %

Public authorities & electric railroads

176

189

(6.9)%

(7.0)%

- %

Other(b)

n/a

1.3 %

Total electric revenues(c)

9,270

9,419

(1.6)%

(3.5)%

1,069

961

11.2 %

Other Revenues(d)

(5)

(360.0)%

Total electric revenues

1,082

956

13.2 %

Natural Gas (in mmcfs)

Natural Gas Deliveries and Revenues(e)

Residential

22,436

21,834

2.8 %

(0.9)%

286

267

7.1 %

Small commercial & industrial

11,351

10,405

9.1 %

6.2 %

11.6 %

Large commercial & industrial

(10)

(183.3)%

(20.0)%

n/a

Transportation

7,142

7,242

(1.4)%

(2.2)%

53.8 %

Other(f)

n/a

(30.0)%

Total natural gas revenues(g)

40,919

39,493

3.6 %

0.7 %

409

376

8.8 %

Other Revenues(d)

- %

Total natural gas revenues

410

377

8.8 %

Total electric and natural gas revenues

$ 1,492

$ 1,333

11.9 %

Purchased Power and Fuel

$ 612

$ 502

21.9 %

% Change

Heating and Cooling Degree-Days

2026

2025

Normal

From 2025

From Normal

Heating Degree-Days

2,399

2,351

2,359

2.0 %

1.7 %

Cooling Degree-Days

900.0 %

Number of Electric Customers

2026

2025

Number of Natural Gas Customers

2026

2025

Residential

1,544,881

1,540,453

Residential

511,085

509,773

Small commercial & industrial

154,634

155,131

Small commercial & industrial

44,642

44,869

Large commercial & industrial

3,149

3,151

Large commercial & industrial

Public authorities & electric railroads

10,108

10,703

Transportation

606

623

Total

1,712,772

1,709,438

Total

556,340

555,272

Reflects delivery volumes and revenues from customers purchasing electricity directly from PECO and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from PECO, revenues also reflect the cost of energy and transmission.

Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.

Includes operating revenues from affiliates totaling $4 million and $2 million for the three months ended March 31, 2026 and 2025, respectively.

Includes alternative revenue programs and late payment charges.

Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas.

Includes revenues primarily from off-system sales.

Includes operating revenues from affiliates totaling less than $1 million and $1 million for the three months ended March 31, 2026 and 2025, respectively.

Three Months Ended March 31, 2026 and 2025

Electric and Natural Gas Deliveries Revenue (in millions)

Weather-Normal

2026

2025

% Change

2026

2025

% Change

Electric (in GWhs)

Electric Deliveries and Revenues(a)

Residential

3,788

3,669

3.2 %

(3.6)%

$ 818

$ 648

26.2 %

Small commercial & industrial

729

730

(0.1)%

(4.2)%

130

109

19.3 %

Large commercial & industrial

3,212

3,145

2.1 %

(1.0)%

180

144

25.0 %

Public authorities & electric railroads

- %

(2.1)%

- %

Other(b)

n/a

117

113

3.5 %

Total electric revenues(c)

7,777

7,592

2.4 %

(2.6)%

1,253

1,022

22.6 %

Other Revenues(d)

(8)

(10)

(20.0)%

Total electric revenues

1,245

1,012

23.0 %

Natural Gas (in mmcfs)

Natural Gas Deliveries and Revenues(e)

Residential

21,298

20,871

2.0 %

(0.7)%

401

378

6.1 %

Small commercial & industrial

4,790

4,568

4.9 %

3.4 %

- %

Large commercial & industrial

14,450

14,378

0.5 %

(2.0)%

(3.1)%

Other(f)

3,515

3,845

(8.6)%

n/a

29.2 %

Total natural gas revenues(g)

44,053

43,662

0.9 %

(0.7)%

588

561

4.8 %

Other Revenues(d)

(5)

(19)

(73.7)%

Total natural gas revenues

583

542

7.6 %

Total electric and natural gas revenues

$ 1,828

$ 1,554

17.6 %

Purchased Power and Fuel

$ 808

$ 609

32.7 %

% Change

Heating and Cooling Degree-Days

2026

2025

Normal

From 2025

From Normal

Heating Degree-Days

2,444

2,303

2,332

6.1 %

4.8 %

Cooling Degree-Days

- %

366.7 %

Number of Electric Customers

2026

2025

Number of Natural Gas Customers

2026

2025

Residential

1,226,941

1,220,769

Residential

663,324

661,195

Small commercial & industrial

115,253

115,359

Small commercial & industrial

37,735

37,945

Large commercial & industrial

13,372

13,302

Large commercial & industrial

6,421

6,380

Public authorities & electric railroads

251

258

Total

1,355,817

1,349,688

Total

707,480

705,520

Reflects revenues from customers purchasing electricity directly from BGE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from BGE, revenues also reflect the cost of energy and transmission.

Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.

Includes operating revenues from affiliates totaling $2 million and $1 million for the three months ended March 31, 2026 and 2025, respectively.

Includes alternative revenue programs and late payment charges.

Reflects delivery volumes and revenues from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from BGE, revenue also reflects the cost of natural gas.

Includes revenues primarily from off-system sales.

Includes operating revenues from affiliates totaling $1 million for both the three months ended March 31, 2026 and 2025, respectively.

Three Months Ended March 31, 2026 and 2025

Electric Deliveries (in GWhs) Revenue (in millions)

Weather-Normal

2026

2025

% Change

2026

2025

% Change

Electric Deliveries and Revenues(a)

Residential

2,359

2,336

1.0 %

(4.5)%

$ 507

$ 424

19.6 %

Small commercial & industrial

294

300

(2.0)%

(4.6)%

5.9 %

Large commercial & industrial

3,301

3,338

(1.1)%

(2.8)%

321

289

11.1 %

Public authorities & electric railroads

174

160

8.8 %

7.8 %

25.0 %

Other(b)

n/a

8.1 %

Total electric revenues(c)

6,128

6,134

(0.1)%

(3.3)%

985

858

14.8 %

Other Revenues(d)

300.0 %

Total electric revenues

$ 989

$ 859

15.1 %

Purchased Power

$ 411

$ 318

29.2 %

% Change

Heating and Cooling Degree-Days

2026

2025

Normal

From 2025

From Normal

Heating Degree-Days

2,187

1,987

2,036

10.1 %

7.4 %

Cooling Degree-Days

(36.0)%

220.0 %

Number of Electric Customers

2026

2025

Residential

887,650

882,043

Small commercial & industrial

54,225

54,071

Large commercial & industrial

23,163

23,079

Public authorities & electric railroads

209

205

Total

965,247

959,398

Reflects revenues from customers purchasing electricity directly from Pepco and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from Pepco, revenues also reflect the cost of energy and transmission.

Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.

Includes operating revenues from affiliates totaling $2 million for both the three months ended March 31, 2026 and 2025, respectively.

Includes alternative revenue programs and late payment charge revenues.

Three Months Ended March 31, 2026 and 2025

Electric and Natural Gas Deliveries Revenue (in millions)

Weather -Normal

2026

2025

% Change

2026

2025

% Change

Electric (in GWhs)

Electric Deliveries and Revenues(a)

Residential

1,709

1,645

3.9 %

1.3 %

$ 331

$ 298

11.1 %

Small commercial & industrial

608

586

3.8 %

2.4 %

7.8 %

Large commercial & industrial

929

939

(1.1)%

(1.6)%

7.1 %

Public authorities & electric railroads

- %

(1.8)%

- %

Other(b)

n/a

8.5 %

Total electric revenues(c)

3,255

3,179

2.4 %

0.6 %

511

465

9.9 %

Other Revenues(d)

(5)

- %

Total electric revenues

506

460

10.0 %

Natural Gas (in mmcfs)

Natural Gas Deliveries and Revenues(e)

Residential

4,678

4,590

1.9 %

(2.3)%

32.1 %

Small commercial & industrial

2,128

1,970

8.0 %

3.0 %

38.1 %

Large commercial & industrial

429

428

0.2 %

33.3 %

Transportation

2,027

2,106

(3.8)%

(6.1)%

- %

Other(f)

n/a

33.3 %

Total natural gas revenues

9,262

9,094

1.8 %

(1.9)%

116

31.8 %

Other Revenues(d)

n/a

Total natural gas revenues

116

31.8 %

Total electric and natural gas revenues

$ 622

$ 548

13.5 %

Purchased Power and Fuel

$ 289

$ 247

17.0 %

Electric Service Territory

% Change

Heating and Cooling Degree-Days

2026

2025

Normal

From 2025 From Normal

Heating Degree-Days

2,443

2,354

2,323

3.8 % 5.2 %

Cooling Degree-Days

Natural Gas Service Territory

(10.0)% 350.0 %

% Change

Heating Degree-Days

2026

2025

Normal

From 2025 From Normal

Heating Degree-Days

2,531

2,399

2,449

5.5 % 3.3 %

Number of Electric Customers

2026

2025

Number of Natural Gas Customers

2026

2025

Residential

496,074

491,907

Residential

132,419

131,716

Small commercial & industrial

65,604

64,999

Small commercial & industrial

10,285

10,254

Large commercial & industrial

1,288

1,251

Large commercial & industrial

Public authorities & electric railroads

628

617

Transportation

159

161

Total

563,594

558,774

Total

142,877

142,146

Reflects delivery volumes and revenues from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from DPL, revenues also reflect the cost of energy and transmission.

Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.

Includes operating revenues from affiliates totaling $2 million for both the three months ended March 31, 2026 and 2025, respectively.

Includes alternative revenue programs and late payment charges.

Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas.

Includes revenues primarily from off-system sales.

Three Months Ended March 31, 2026 and 2025

Electric Deliveries (in GWhs) Revenue (in millions)

Weather -Normal

2026

2025

% Change

2026

2025

% Change

Electric Deliveries and Revenues(a)

Residential

955

902

5.9 %

3.7%

$ 258

$ 196

31.6 %

Small commercial & industrial

405

390

3.8 %

3.0%

25.9 %

Large commercial & industrial

688

713

(3.5)%

(12.0)%

Public authorities & electric railroads

(7.7)%

(8.3)%

- %

Other(b)

n/a

(5.9)%

Total electric revenues(c)

2,060

2,018

2.1 %

0.9 %

439

373

17.7 %

Other Revenues(d)

(18)

n/a

Total electric revenues

$ 421

$ 373

12.9 %

Purchased Power

$ 205

$ 157

30.6 %

% Change

Heating and Cooling Degree-Days

2026

2025

Normal

From 2025

From Normal

Heating Degree-Days

2,543

2,408

2,386

5.6 %

6.6 %

Cooling Degree-Days

- %

200.0 %

Number of Electric Customers

2026

2025

Residential

510,569

508,354

Small commercial & industrial

63,174

62,861

Large commercial & industrial

2,660

2,824

Public authorities & electric railroads

756

723

Total

577,159

574,762

Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, revenues also reflect the cost of energy and transmission.

Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.

Includes operating revenues from affiliates totaling $1 million for both the three months ended March 31, 2026 and 2025, respectively.

Includes alternative revenue programs.

Disclaimer

Exelon Corporation published this content on May 06, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 06, 2026 at 11:01 UTC.