Exelon Reports Second Quarter 2025 Results
Business Wire2 days ago
CHICAGO--(BUSINESS WIRE)--Exelon Corporation (Nasdaq: EXC) today reported its financial results for the second quarter of 2025.
"Exelon's second-quarter performance reflects our disciplined execution across all fronts," said Exelon President and Chief Executive Officer Calvin Butler.
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"Exelon's second-quarter performance reflects our disciplined execution across all fronts," said Exelon President and Chief Executive Officer Calvin Butler. "We remain focused on delivering long-term value through operational excellence, customer affordability solutions and a balanced investment strategy that supports grid modernization and energy security. As we reaffirm our financial guidance, we are confident in our ability to meet the evolving needs of our customers and communities while advancing a cleaner, more resilient energy future."
'I'm pleased to announce we delivered second quarter 2025 adjusted operating earnings of $0.39 per share, overcoming an active start to the summer storm season, including one of the largest in recent history at PECO with peak outages over 325,000 customers," said Exelon Chief Financial Officer Jeanne Jones. "We remain on track to deliver within our full-year earnings guidance range of $2.64 - $2.74 per share, and our performance underscores our ability to deliver strong financial and operational results while keeping our customers front and center.'
Second Quarter 2025
Exelon's GAAP net income for the second quarter of 2025 decreased to $0.39 per share from $0.45 per share in the second quarter of 2024. Adjusted (non-GAAP) operating earnings for the second quarter of 2025 decreased to $0.39 per share from $0.47 per share in the second quarter of 2024. 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 second quarter of 2025 primarily reflect:
Lower utility earnings primarily due to timing of distribution earnings at ComEd, increased storm costs at PECO, lower impacts of the Maryland multi-year plan reconciliations at PHI, lower transmission peak load at ComEd, and higher credit loss and interest expense at PHI. This was partially offset by distribution rate increases at PECO and BGE, distribution and transmission rate increases at ComEd and PHI, and a higher return on regulatory assets at ComEd.
Higher costs at Exelon holding company due to the Customer Relief Fund contribution and higher interest expense. The Customer Relief Fund is a one-time charitable contribution to trusted local nonprofits to assist low and middle-income customers with higher energy costs.
Operating Company Results 1
ComEd
ComEd's second quarter of 2025 GAAP net income decreased to $228 million from $270 million in the second quarter of 2024. ComEd's Adjusted (non-GAAP) operating earnings for the second quarter of 2025 decreased to $228 million from $285 million in the second quarter of 2024, primarily due to the timing of distribution earnings and lower transmission peak load, partially offset by higher distribution and transmission rate base driven by incremental investments to serve customers and higher return on regulatory assets primarily due to an increase in asset balances. Due to revenue decoupling, ComEd's distribution earnings are not intended to be affected by actual weather or customer usage patterns.
PECO
PECO's second quarter of 2025 GAAP net income increased to $136 million from $90 million in the second quarter of 2024. PECO's Adjusted (non-GAAP) operating earnings for the second quarter of 2025 increased to $136 million from $93 million in the second quarter of 2024, primarily due to higher electric and gas distribution rates associated with updated recovery of investments to serve customers, partially offset by an increase in storm costs.
___________
1 Exelon's four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois; 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.
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BGE
BGE's second quarter of 2025 GAAP net income increased to $55 million from $45 million in the second quarter of 2024. BGE's Adjusted (non-GAAP) operating earnings for the second quarter of 2025 increased to $55 million from $45 million in the second quarter of 2024, primarily due to distribution rates associated with updated recovery of investments to serve customers, partially offset by the derecognition of regulatory assets and liabilities as a result of the Next Generation Energy Act. Due to revenue decoupling, BGE's distribution earnings are not intended to be affected by actual weather or customer usage patterns.
PHI
PHI's second quarter of 2025 GAAP net income decreased to $143 million from $158 million in the second quarter of 2024. PHI's Adjusted (non-GAAP) operating earnings for the second quarter of 2025 decreased to $144 million from $162 million in the second quarter of 2024, primarily due to lower impacts of the Maryland multi-year plans reconciliations, increases in credit loss and interest expense, and storm costs at Pepco, partially offset by favorable distribution and transmission rates driven by updated recovery of investments to serve customers. 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.
Recent Developments and Second Quarter Highlights
Dividend: On July 29, 2025, Exelon's Board of Directors declared a regular quarterly dividend of $0.40 per share on Exelon's common stock. The dividend is payable on September 15, 2025, to Exelon's shareholders of record as of the close of business on August 11, 2025.
Rate Case Developments:
There were no rate case developments in the second quarter.
Financing Activities:
On May 16, 2025, BGE issued $650 million of its 5.45% Notes due June 1, 2035. BGE used the proceeds to repay outstanding commercial paper obligations and for general corporate purposes.
On May 19, 2025, ComEd issued $725 million of its First Mortgage 5.95% Series Bonds due June 1, 2055. ComEd used the proceeds to repay outstanding commercial paper obligations and for general corporate purposes.
On July 1, 2025, DPL completed the reoffering of its $78.4 million of its 2020 Series A Bonds. In connection with the reoffering of the Bonds, the interest rate was modified to 3.60% per annum, and the maturity date was modified to January 1, 2031. DPL did not directly receive any proceeds from the reoffering.
Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) operating earnings for the second quarter of 2025 do not include the following items (after tax) that were included in reported GAAP net income:
Adjusted (non-GAAP) operating earnings for the second quarter of 2024 do not include the following items (after tax) that were included in reported GAAP net income:
Webcast Information
Exelon will discuss second quarter 2025 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 www.exeloncorp.com/investor-relations.
About Exelon
Exelon (Nasdaq: EXC) is a Fortune 200 company and one of the nation's largest utility companies, serving more than 10.7 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 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.
Non-GAAP Financial Measures
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 July 31, 2025.
Cautionary Statements Regarding Forward-Looking Information
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; adverse impact of the activities associated with the past deferred prosecution agreement (DPA) and now-resolved SEC investigation on Exelon's and ComEd's reputation and relationships with legislators, regulators, and customers; 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 capacity to meet actual or forecasted demand or disruptions at power 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 Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (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, 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 Statements of Operations
(unaudited)
(in millions)
Three Months Ended June 30, 2025
Operating revenues
$
1,836
$
1,000
$
1,029
$
1,579
$
(17
)
$
5,427
Operating expenses
Purchased power and fuel
550
339
406
601
—
1,896
Operating and maintenance
422
305
264
340
(10
)
1,321
Depreciation and amortization
387
112
154
233
16
902
Taxes other than income taxes
97
54
85
136
11
383
Total operating expenses
1,456
810
909
1,310
17
4,502
Gain on sale of assets
—
—
—
2
—
2
Operating income (loss)
380
190
120
271
(34
)
927
Other income and (deductions)
Interest expense, net
(131
)
(60
)
(61
)
(103
)
(176
)
(531
)
Other, net
31
10
11
17
(4
)
65
Total other income and (deductions)
(100
)
(50
)
(50
)
(86
)
(180
)
(466
)
Income (loss) before income taxes
280
140
70
185
(214
)
461
Income taxes
52
4
15
42
(43
)
70
Net income (loss) attributable to common shareholders
$
228
$
136
$
55
$
143
$
(171
)
$
391
Three Months Ended June 30, 2024
Operating revenues
$
2,079
$
891
$
928
$
1,471
$
(8
)
$
5,361
Operating expenses
Purchased power and fuel
763
323
343
562
1
1,992
Operating and maintenance
449
270
250
281
(41
)
1,209
Depreciation and amortization
374
107
162
235
16
894
Taxes other than income taxes
94
52
80
126
8
360
Total operating expenses
1,680
752
835
1,204
(16
)
4,455
Gain on sale of assets
5
2
—
—
—
7
Operating income
404
141
93
267
8
913
Other income and (deductions)
Interest expense, net
(123
)
(57
)
(53
)
(92
)
(158
)
(483
)
Other, net
20
9
8
29
(2
)
64
Total other income and (deductions)
(103
)
(48
)
(45
)
(63
)
(160
)
(419
)
Income (loss) before income taxes
301
93
48
204
(152
)
494
Income taxes
31
3
4
46
(38
)
46
Net income (loss) attributable to common shareholders
$
270
$
90
$
44
$
158
$
(114
)
$
448
Expand
Consolidating Statements of Operations
(unaudited)
(in millions)
Six Months Ended June 30, 2025
Operating revenues
$
3,901
$
2,333
$
2,583
$
3,357
$
(33
)
$
12,141
Operating expenses
Purchased power and fuel
1,239
841
1,016
1,322
—
4,418
Operating and maintenance
845
631
568
689
(65
)
2,668
Depreciation and amortization
767
221
318
467
32
1,805
Taxes other than income taxes
196
115
181
276
20
788
Total operating expenses
3,047
1,808
2,083
2,754
(13
)
9,679
Gain on sale of assets
—
—
—
1
—
1
Operating income (loss)
854
525
500
604
(20
)
2,463
Other income and (deductions)
Interest expense, net
(260
)
(124
)
(120
)
(203
)
(333
)
(1,040
)
Other, net
53
18
20
35
(9
)
117
Total other income and (deductions)
(207
)
(106
)
(100
)
(168
)
(342
)
(923
)
Income (loss) before income taxes
647
419
400
436
(362
)
1,540
Income taxes
117
17
85
99
(78
)
240
Net income (loss) attributable to common shareholders
$
530
$
402
$
315
$
337
$
(284
)
$
1,300
Six Months Ended June 30, 2024
Operating revenues
$
4,174
$
1,945
$
2,225
$
3,077
$
(18
)
$
11,403
Operating expenses
Purchased power and fuel
1,670
727
807
1,197
—
4,401
Operating and maintenance
867
563
514
607
(70
)
2,481
Depreciation and amortization
737
210
312
481
33
1,773
Taxes other than income taxes
188
103
169
254
17
731
Total operating expenses
3,462
1,603
1,802
2,539
(20
)
9,386
Gain on sale of assets
5
4
—
—
—
9
Operating income
717
346
423
538
2
2,026
Other income and (deductions)
Interest expense, net
(246
)
(112
)
(103
)
(183
)
(306
)
(950
)
Other, net
41
18
16
57
7
139
Total other income and (deductions)
(205
)
(94
)
(87
)
(126
)
(299
)
(811
)
Income (loss) before income taxes
512
252
336
412
(297
)
1,215
Income taxes
49
13
28
86
(67
)
109
Net income (loss) attributable to common shareholders
$
463
$
239
$
308
$
326
$
(230
)
$
1,106
Expand
_____________
(a)
Other primarily includes eliminating and consolidating adjustments, Exelon's corporate operations, shared service entities, and other financing and investment activities.
Expand
Exelon
Consolidated Balance Sheets
(unaudited)
(in millions)
June 30, 2025
December 31, 2024
Assets
Current assets
Cash and cash equivalents
$
724
$
357
Restricted cash and cash equivalents
478
541
Accounts receivable
Customer accounts receivable
3,529
3,144
Customer allowance for credit losses
(465)
(406)
Customer accounts receivable, net
3,064
2,738
Other accounts receivable
1,156
1,123
Other allowance for credit losses
(107)
(107)
Other accounts receivable, net
1,049
1,016
Inventories, net
Fossil fuel
59
72
Materials and supplies
809
781
Regulatory assets
1,668
1,940
Prepaid renewable energy credits
349
494
Other
476
445
Total current assets
8,676
8,384
Property, plant, and equipment, net
80,609
78,182
Deferred debits and other assets
Regulatory assets
8,835
8,710
Goodwill
6,630
6,630
Receivable related to Regulatory Agreement Units
4,411
4,026
Investments
297
290
Other
1,689
1,562
Total deferred debits and other assets
21,862
21,218
Total assets
$
111,147
$
107,784
June 30, 2025
December 31, 2024
Liabilities and shareholders' equity
Current liabilities
Short-term borrowings
$
1,109
$
1,859
Long-term debt due within one year
1,818
1,453
Accounts payable
3,043
2,994
Accrued expenses
1,318
1,468
Payables to affiliates
5
5
Customer deposits
486
446
Regulatory liabilities
485
411
Mark-to-market derivative liabilities
24
29
Unamortized energy contract liabilities
5
5
Renewable energy credit obligations
327
429
Other
536
512
Total current liabilities
9,156
9,611
Long-term debt
45,527
42,947
Long-term debt to financing trusts
390
390
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits
13,221
12,793
Regulatory liabilities
10,644
10,198
Pension obligations
1,478
1,745
Non-pension postretirement benefit obligations
486
472
Asset retirement obligations
308
301
Mark-to-market derivative liabilities
119
103
Unamortized energy contract liabilities
18
21
Other
2,180
2,282
Total deferred credits and other liabilities
28,454
27,915
Total liabilities
83,527
80,863
Commitments and contingencies
Shareholders' equity
Common stock
21,544
21,338
Treasury stock, at cost
(123
)
(123
)
Retained earnings
6,917
6,426
Accumulated other comprehensive loss, net
(718
)
(720
)
Total shareholders' equity
27,620
26,921
Total liabilities and shareholders' equity
$
111,147
$
107,784
Expand
Exelon
Consolidated Statements of Cash Flows
(unaudited)
(in millions)
Six Months Ended June 30,
2025
2024
Cash flows from operating activities
Net income
$
1,300
$
1,106
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion
1,806
1,774
Gain on sales of assets
—
(9
)
Deferred income taxes and amortization of investment tax credits
165
72
Net fair value changes related to derivatives
3
—
Other non-cash operating activities
734
246
Changes in assets and liabilities:
Accounts receivable
(460
)
(443
)
Inventories
(20
)
(25
)
Accounts payable and accrued expenses
(38
)
(120
)
Collateral received, net
14
13
Income taxes
(3
)
(39
)
Regulatory assets and liabilities, net
(294
)
265
Pension and non-pension postretirement benefit contributions
(302
)
(125
)
Other assets and liabilities
(194
)
(261
)
Net cash flows provided by operating activities
2,711
2,454
Cash flows from investing activities
Capital expenditures
(3,959
)
(3,466
)
Proceeds from sales of assets
2
—
Other investing activities
(5
)
(1
)
Net cash flows used in investing activities
(3,962
)
(3,467
)
Cash flows from financing activities
Changes in short-term borrowings
(750
)
(670
)
Proceeds from short-term borrowings with maturities greater than 90 days
—
150
Repayments on short-term borrowings with maturities greater than 90 days
—
(549
)
Issuance of long-term debt
3,800
4,225
Retirement of long-term debt
(807
)
(903
)
Issuance of common stock
173
—
Dividends paid on common stock
(808
)
(761
)
Proceeds from employee stock plans
11
22
Other financing activities
(56
)
(67
)
Net cash flows provided by financing activities
1,563
1,447
Increase in cash, restricted cash, and cash equivalents
312
434
Cash, restricted cash, and cash equivalents at beginning of period
939
1,101
Cash, restricted cash, and cash equivalents at end of period
$
1,251
$
1,535
Expand
Exelon
Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Three Months Ended June 30, 2025 and 2024
(unaudited)
(in millions, except per share data)
Change in environmental liabilities (net of taxes of $0)
—
—
—
—
(1
)
—
(1
)
Change in FERC Audit Liability (net of taxes of $5)
0.01
14
—
—
—
1
15
Cost management charge (net of taxes of $1, $0, $2, and $3, respectively) (1)
0.01
—
3
1
5
—
9
2024 Adjusted (non-GAAP) operating earnings (loss)
$
0.47
$
285
$
93
$
45
$
162
$
(113
)
$
472
Year over year effects on Adjusted (non-GAAP) operating earnings:
Weather
$
(0.01
)
$
—
(b)
$
(6
)
$
—
(b)
$
(1
)
(b)
$
—
$
(7
)
Load
(0.01
)
—
(b)
(11
)
—
(b)
1
(b)
—
(10
)
Distribution and transmission rates (2)
0.14
9
(c)
82
(c)
15
(c)
33
(c)
—
139
Other energy delivery (3)
—
(33
)
(c)
7
(c)
3
(c)
18
(c)
—
(5
)
Operating and maintenance expense (4)
(0.13
)
(20
)
(26
)
(11
)
(46
)
(33
)
(136
)
Pension and non-pension postretirement benefits
—
(1
)
(1
)
—
—
—
(2
)
Depreciation and amortization expense (5)
—
(9
)
(4
)
8
1
1
(3
)
Interest expense and other (6)
(0.06
)
(3
)
2
(5
)
(24
)
(26
)
(56
)
Total year over year effects on Adjusted (non-GAAP) Operating Earnings
$
(0.08
)
$
(57
)
$
43
$
10
$
(18
)
$
(58
)
$
(80
)
2025 GAAP net income (loss)
$
0.39
$
228
$
136
$
55
$
143
$
(171
)
$
391
Income tax-related adjustments (entire amount represents tax expense) (7)
—
—
—
—
1
—
1
2025 Adjusted (non-GAAP) operating earnings (loss)
$
0.39
$
228
$
136
$
55
$
144
$
(171
)
$
392
Expand
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 2025 and 2024 ranged from 24.0% to 29.0%.
(a)
Other primarily includes eliminating and consolidating adjustments, Exelon's corporate operations, shared service entities, and other financing and investment activities.
(b)
For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.
(c)
ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For regulatory recovery mechanisms, including transmission formula rates and 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).
(1)
Primarily represents severance and reorganization costs related to cost management.
(2)
For ComEd, reflects higher distribution and transmission rate base. For PECO, reflects increased distribution revenue primarily due to higher electric and gas rates. For BGE, reflects increased distribution and transmission revenue due to higher rates. For PHI, reflects higher distribution and transmission revenue primarily due to higher rates.
(3)
For ComEd, reflects decreased electric distribution revenues due to the timing of distribution earnings and lower transmission peak load, partially offset by a higher return on regulatory assets. For PHI, reflects higher distribution and transmission revenues due to higher fully recoverable costs.
(4)
Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, reflects increased contracting costs. For PECO, primarily reflects increased storm costs for which PECO anticipates filing a petition with the PA PUC in the third quarter of 2025 to defer the extraordinary June storm costs. For PHI, reflects lower impacts of the Maryland multi-year plans reconciliations and increased credit loss expense. For Corporate, primarily reflects the Customer Relief Fund contribution.
(5)
Across all utilities, reflects ongoing capital expenditures offset by regulatory asset amortization.
(6)
For PHI and Corporate, primarily reflects an increase in interest expense.
Expand
Exelon
Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Six Months Ended June 30, 2025 and 2024
(unaudited)
(in millions, except per share data)
2024 GAAP net income (loss)
$
1.10
$
463
$
239
$
308
$
326
$
(230
)
$
1,106
Change in environmental liabilities (net of taxes of $0)
—
—
—
—
(1
)
—
(1
)
Change in FERC audit liability (net of taxes of $13)
0.04
40
—
—
—
2
42
Cost management charge (net of taxes of $1, $0, $2, and $3, respectively) (1)
0.01
—
3
1
5
—
9
2024 Adjusted (non-GAAP) operating earnings (loss)
$
1.16
$
503
$
242
$
309
$
330
$
(228
)
$
1,156
Year over year effects on Adjusted (non-GAAP) operating earnings:
Weather
$
0.03
$
—
(b)
$
27
$
—
(b)
$
4
(b)
$
—
$
31
Load
—
—
(b)
(2
)
—
(b)
3
(b)
—
1
Distribution and transmission rates (2)
0.29
17
(c)
164
(c)
37
(c)
71
(c)
—
289
Other energy delivery (3)
0.13
65
(c)
27
(c)
3
(c)
35
(c)
—
130
Operating and maintenance expense (4)
(0.16
)
(1
)
(55
)
(24
)
(64
)
(21
)
(165
)
Pension and non-pension postretirement benefits
(0.01
)
(2
)
(2
)
(1
)
1
(2
)
(6
)
Depreciation and amortization expense (5)
(0.01
)
(22
)
(7
)
5
10
—
(14
)
Interest expense and other (6)
(0.10
)
(7
)
7
(14
)
(52
)
(32
)
(98
)
Total year over year effects on Adjusted (non-GAAP) operating earnings
$
0.15
$
50
$
159
$
6
$
8
$
(55
)
$
168
2025 GAAP net income (loss)
$
1.29
$
530
$
402
$
315
$
337
$
(284
)
$
1,300
Change in FERC audit liability (net of taxes of $1)
—
2
—
—
—
—
2
Cost management charge (net of taxes of $0) (1)
—
—
(1
)
—
—
—
(1
)
Income tax-related adjustments (entire amount represents tax expense) (7)
—
—
—
—
1
—
1
Regulatory matters (net of taxes of $7) (8)
0.02
21
—
—
—
1
22
2025 Adjusted (non-GAAP) operating earnings (loss)
$
1.31
$
553
$
401
$
315
$
338
$
(283
)
$
1,324
Expand
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 2025 and 2024 ranged from 24.0% to 29.0%.
(a)
Other primarily includes eliminating and consolidating adjustments, Exelon's corporate operations, shared service entities, and other financing and investment activities.
(b)
For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.
(c)
ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For other regulatory recovery mechanisms, including transmission formula rates and 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).
(1)
Primarily represents severance and reorganization costs related to cost management.
(2)
For ComEd, reflects higher distribution and transmission rate base. For PECO, reflects increased distribution revenue primarily due to higher electric and gas rates. For BGE, reflects increased distribution and transmission revenue due to higher rates. For PHI, reflects increased distribution and transmission revenue primarily due to higher rates.
(3)
For ComEd, reflects increased electric distribution revenues due to timing of distribution earnings, increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs, and a higher return on regulatory assets, partially offset by lower transmission peak load. For PECO, reflects increased energy efficiency revenues due to regulatory required programs, offset in Operating and maintenance expense. For PHI, reflects higher distribution and transmission revenues due to higher fully recoverable costs.
(4)
Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For PECO, reflects program costs related to regulatory required programs, offset in Other energy delivery, as well as increased storm costs for which PECO anticipates filing a petition with the PA PUC in the third quarter of 2025 to defer the extraordinary June storm costs. For BGE, reflects increased contracting costs. For PHI, reflects lower impacts of the Maryland multi-year plans reconciliations and increased credit loss expense. For Corporate, reflects the Customer Relief Fund contribution, partially offset by a decrease in Operating and maintenance expense with an offsetting decrease in other income for an absence of costs billed to Constellation for services provided by Exelon through the TSA.
(5)
Across all utilities, reflects ongoing capital expenditures offset by regulatory asset amortization.
(6)
For PECO, primarily reflects lower income tax expense due to timing of tax repairs deduction partially offset by an increase in interest expense. For BGE and PHI, primarily reflects an increase in interest expense. For Corporate, primarily reflects an absence of billings to Constellation for services provided by Exelon through the TSA with an offsetting decrease in Operating and maintenance expense and an increase in interest expense.
(7)
(8)
Represents the probable disallowance of certain capitalized costs.
Expand
% Change
Heating and Cooling Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
676
445
697
51.9
%
(3.0
)%
Cooling Degree-Days
330
358
266
(7.8
)%
24.1
%
Expand
Six Months Ended June 30, 2025 and 2024
Electric Deliveries (in GWhs)
2025
2024
% Change
Weather - Normal % Change
2025
2024
% Change
Electric Deliveries and Revenues (a)
Residential
13,227
13,210
0.1
%
0.1
%
$
2,087
$
1,900
9.8
%
Small commercial & industrial
14,279
13,717
4.1
%
0.4
%
1,153
1,154
(0.1
)%
Large commercial & industrial
13,734
13,674
0.4
%
2.3
%
472
589
(19.9
)%
Public authorities & electric railroads
444
379
17.2
%
16.1
%
29
32
(9.4
)%
Other (b)
—
—
n/a
n/a
461
523
(11.9
)%
Total electric revenues (c)
41,684
40,980
1.7
%
1.1
%
4,202
4,198
0.1
%
Other Revenues (d)
(301
)
(24
)
1,154.2
%
Total electric revenues
$
3,901
$
4,174
(6.5
)%
Purchased Power
$
1,239
$
1,670
(25.8
)%
Expand
% Change
Heating and Cooling Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
3,661
3,013
3,750
21.5
%
(2.4
)%
Cooling Degree-Days
330
358
266
(7.8
)%
24.1
%
Expand
Number of Electric Customers
2025
2024
Residential
3,758,791
3,722,798
Small commercial & industrial
397,795
395,951
Large commercial & industrial
1,922
2,060
Public authorities & electric railroads
5,789
5,798
Total
4,164,297
4,126,607
Expand
__________
(a)
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.
(b)
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)
Includes operating revenues from affiliates totaling $10 million and $2 million for the three months ended June 30, 2025 and 2024, respectively, and $17 million and $4 million for the six months ended June 30, 2025 and 2024, respectively.
(d)
Includes alternative revenue programs and late payment charges.
Expand
% Change
Heating and Cooling Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
333
351
419
(5.1
)%
(20.5
)%
Cooling Degree-Days
425
537
386
(20.9
)%
10.1
%
Expand
Six Months Ended June 30, 2025 and 2024
Electric and Natural Gas Deliveries
Revenue (in millions)
Electric (in GWhs)
Electric Deliveries and Revenues (a)
Residential
6,889
6,751
2.0
%
(1.1
)%
$
1,186
$
1,042
13.8
%
Small commercial & industrial
3,778
3,747
0.8
%
(1.9
)%
317
254
24.8
%
Large commercial & industrial
6,739
6,763
(0.4
)%
(1.0
)%
159
118
34.7
%
Public authorities & electric railroads
352
314
12.1
%
12.1
%
18
14
28.6
%
Other (b)
—
—
n/a
n/a
153
147
4.1
%
Total electric revenues (c)
17,758
17,575
1.0
%
(1.0
)%
1,833
1,575
16.4
%
Other Revenues (d)
3
2
50.0
%
Total electric revenues
1,836
1,577
16.4
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues (e)
Residential
26,405
23,420
12.7
%
0.5
%
346
256
35.2
%
Small commercial & industrial
13,803
12,809
7.8
%
(0.3
)%
117
89
31.5
%
Large commercial & industrial
14
16
(12.5
)%
(1.0
)%
—
—
n/a
Transportation
12,678
12,016
5.5
%
1.6
%
21
13
61.5
%
Other (f)
—
—
n/a
n/a
12
9
33.3
%
Total natural gas revenues (g)
52,900
48,261
9.6
%
0.5
%
496
367
35.1
%
Other Revenues (d)
1
1
—
%
Total natural gas revenues
497
368
35.1
%
Total electric and natural gas revenues
$
2,333
$
1,945
19.9
%
Purchased Power and Fuel
$
841
$
727
15.7
%
Expand
% Change
Heating and Cooling Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
2,684
2,440
2,807
10.0
%
(4.4
)%
Cooling Degree-Days
426
537
387
(20.7
)%
10.1
%
Expand
Number of Electric Customers
2025
2024
Number of Natural Gas Customers
2025
2024
Residential
1,538,280
1,533,909
Residential
509,671
506,193
Small commercial & industrial
154,977
156,036
Small commercial & industrial
44,646
44,697
Large commercial & industrial
3,155
3,162
Large commercial & industrial
7
7
Public authorities & electric railroads
10,343
10,712
Transportation
623
644
Expand
__________
(a)
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.
(b)
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)
Includes operating revenues from affiliates totaling $3 million and $2 million for the three months ended June 30, 2025 and 2024, respectively, and $5 million and $3 million for the six months ended June 30, 2025 and 2024, respectively.
(d)
Includes alternative revenue programs and late payment charges.
(e)
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.
(f)
Includes revenues primarily from off-system sales.
(g)
Includes operating revenues from affiliates totaling less than $1 million for both the three months ended June 30, 2025 and 2024, respectively, and $1 million for both the six months ended June 30, 2025 and 2024, respectively.
Expand
% Change
Heating and Cooling Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
356
362
483
(1.7
)%
(26.3
)%
Cooling Degree-Days
291
339
246
(14.2
)%
18.3
%
Expand
Six Months Ended June 30, 2025 and 2024
Electric and Natural Gas Deliveries
Revenue (in millions)
Electric (in GWhs)
Electric Deliveries and Revenues (a)
Residential
6,370
6,165
3.3
%
(2.3
)%
$
1,145
$
999
14.6
%
Small commercial & industrial
1,354
1,346
0.6
%
(1.7
)%
199
178
11.8
%
Large commercial & industrial
6,373
6,386
(0.2
)%
(0.4
)%
284
271
4.8
%
Public authorities & electric railroads
97
104
(6.7
)%
(6.3
)%
17
15
13.3
%
Other (b)
—
—
n/a
n/a
230
194
18.6
%
Total electric revenues (c)
14,194
14,001
1.4
%
(1.5
)%
1,875
1,657
13.2
%
Other Revenues (d)
(14
)
7
(300.0
)%
Total electric revenues
1,861
1,664
11.8
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues (e)
Residential
25,239
22,280
13.3
%
(2.8
)%
486
360
35.0
%
Small commercial & industrial
5,917
5,212
13.5
%
2.2
%
86
65
32.3
%
Large commercial & industrial
22,321
21,832
2.2
%
(2.1
)%
142
112
26.8
%
Other (f)
4,351
897
385.1
%
n/a
31
8
287.5
%
Total natural gas revenues (g)
57,828
50,221
15.1
%
(2.0
)%
745
545
36.7
%
Other Revenues (d)
(23
)
16
(243.8
)%
Total natural gas revenues
722
561
28.7
%
Total electric and natural gas revenues
$
2,583
$
2,225
16.1
%
Purchased Power and Fuel
$
1,016
$
807
25.9
%
Expand
% Change
Heating and Cooling Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
2,659
2,381
2,812
11.7
%
(5.4
)%
Cooling Degree-Days
291
339
246
(14.2
)%
18.3
%
Expand
Number of Electric Customers
2025
2024
Number of Natural Gas Customers
2025
2024
Residential
1,219,904
1,212,331
Residential
660,049
656,690
Small commercial & industrial
115,316
115,384
Small commercial & industrial
37,806
37,859
Large commercial & industrial
13,345
13,156
Large commercial & industrial
6,387
6,340
Public authorities & electric railroads
257
260
Total
1,348,822
1,341,131
Total
704,242
700,889
Expand
__________
(a)
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.
(b)
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)
Includes operating revenues from affiliates totaling $1 million for both the three months ended June 30, 2025 and 2024, respectively, and $3 million for both the six months ended June 30, 2025 and 2024, respectively.
(d)
Includes alternative revenue programs and late payment charges.
(e)
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.
(f)
Includes revenues primarily from off-system sales.
(g)
Includes operating revenues from affiliates totaling $1 million for both the three months ended June 30, 2025 and 2024, respectively, and $1 million and $2 million for the six months ended June 30, 2025 and 2024, respectively.
Expand
Pepco Statistics
Three Months Ended June 30, 2025 and 2024
Electric Deliveries (in GWhs)
Revenue (in millions)
2025
2024
% Change
Weather-
Normal
% Change
2025
2024
% Change
Electric Deliveries and Revenues (a)
Residential
1,737
1,770
(1.9
)%
5.4
%
$
348
$
315
10.5
%
Small commercial & industrial
269
265
1.5
%
6.0
%
48
43
11.6
%
Large commercial & industrial
3,488
3,409
2.3
%
5.5
%
292
251
16.3
%
Public authorities & electric railroads
172
128
34.4
%
34.5
%
12
7
71.4
%
Other (b)
—
—
n/a
n/a
91
75
21.3
%
Total electric revenues (c)
5,666
5,572
1.7
%
6.2
%
791
691
14.5
%
Other Revenues (d)
(15
)
9
(266.7
)%
Total electric revenues
$
776
$
700
10.9
%
Purchased Power
$
256
$
234
9.4
%
Expand
% Change
Heating and Cooling Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
218
218
292
—
%
(25.3
)%
Cooling Degree-Days
525
646
517
(18.7
)%
1.5
%
Expand
Six Months Ended June 30, 2025 and 2024
Electric Deliveries (in GWhs)
Revenue (in millions)
2025
2024
% Change
Weather-
Normal
% Change
2025
2024
% Change
Electric Deliveries and Revenues (a)
Residential
4,073
3,868
5.3
%
5.1
%
$
772
$
659
17.1
%
Small commercial & industrial
569
550
3.5
%
4.3
%
99
89
11.2
%
Large commercial & industrial
6,827
6,701
1.9
%
2.7
%
581
513
13.3
%
Public authorities & electric railroads
332
290
14.5
%
13.8
%
20
18
11.1
%
Other (b)
—
—
n/a
n/a
176
138
27.5
%
Total electric revenues (c)
11,801
11,409
3.4
%
3.9
%
1,648
1,417
16.3
%
Other Revenues (d)
(13
)
42
(131.0
)%
Total electric revenues
$
1,635
$
1,459
12.1
%
Purchased Power
$
574
$
514
11.7
%
Expand
% Change
Heating and Cooling Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
2,205
2,006
2,342
9.9
%
(5.8
)%
Cooling Degree-Days
550
651
521
(15.5
)%
5.6
%
Expand
Number of Electric Customers
2025
2024
Residential
883,151
871,009
Small commercial & industrial
53,952
54,080
Large commercial & industrial
23,175
23,057
Public authorities & electric railroads
205
207
Total
960,483
948,353
Expand
__________
(a)
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.
(b)
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)
Includes operating revenues from affiliates totaling $1 million and $2 million for the three months ended June 30, 2025 and 2024, respectively, and $4 million and $3 million six months ended June 30, 2025 and 2024 respectively.
(d)
Includes alternative revenue programs and late payment charge revenues.
Expand
DPL Statistics
Three Months Ended June 30, 2025 and 2024
Electric and Natural Gas Deliveries
Revenue (in millions)
2025
2024
% Change
Weather -
Normal
% Change
2025
2024
% Change
Electric (in GWhs)
Electric Deliveries and Revenues (a)
Residential
1,090
1,122
(2.9
)%
(2.4
)%
$
210
$
202
4.0
%
Small commercial & industrial
587
564
4.1
%
4.9
%
64
60
6.7
%
Large commercial & industrial
1,033
1,027
0.6
%
0.5
%
31
31
—
%
Public authorities & electric railroads
11
10
10.0
%
9.3
%
5
4
25.0
%
Other (b)
—
—
n/a
n/a
77
64
20.3
%
Total electric revenues (c)
2,721
2,723
(0.1
)%
0.3
%
387
361
7.2
%
Other Revenues (d)
1
1
—
%
Total electric revenues
388
362
7.2
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues (e)
Residential
803
852
(5.8
)%
(0.7
)%
17
15
13.3
%
Small commercial & industrial
535
531
0.8
%
4.4
%
8
7
14.3
%
Large commercial & industrial
405
402
0.7
%
0.7
%
1
1
—
%
Transportation
1,282
1,340
(4.3
)%
(3.4
)%
4
4
—
%
Other (f)
—
—
n/a
n/a
3
1
200.0
%
Total natural gas revenues
3,025
3,125
(3.2
)%
(0.7
)%
33
28
17.9
%
Other Revenues (d)
—
—
n/a
Total natural gas revenues
33
28
17.9
%
Total electric and natural gas revenues
$
421
$
390
7.9
%
Purchased Power and Fuel
$
172
$
156
10.3
%
Expand
Electric Service Territory
% Change
Heating and Cooling Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
368
391
440
(5.9
)%
(16.4
)%
Cooling Degree-Days
406
398
350
2.0
%
16.0
%
Expand
Natural Gas Service Territory
% Change
Heating Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
373
404
482
(7.7
)%
(22.6
)%
Expand
Six Months Ended June 30, 2025 and 2024
Electric and Natural Gas Deliveries
Revenue (in millions)
2025
2024
% Change
Weather -
Normal
% Change
2025
2024
% Change
Electric (in GWhs)
Electric Deliveries and Revenues (a)
Residential
2,735
2,610
4.8
%
—
%
$
508
$
458
10.9
%
Small commercial & industrial
1,173
1,121
4.6
%
3.9
%
128
122
4.9
%
Large commercial & industrial
1,971
2,000
(1.5
)%
(2.1
)%
60
60
—
%
Public authorities & electric railroads
21
20
5.0
%
5.1
%
9
8
12.5
%
Other (b)
—
—
n/a
n/a
148
126
17.5
%
Total electric revenues (c)
5,900
5,751
2.6
%
—
%
853
774
10.2
%
Other Revenues (d)
(4
)
6
(166.7
)%
Total electric revenues
849
780
8.8
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues (e)
Residential
5,393
4,764
13.2
%
7.0
%
73
61
19.7
%
Small commercial & industrial
2,502
2,244
11.5
%
4.9
%
28
24
16.7
%
Large commercial & industrial
837
834
0.4
%
0.3
%
4
3
33.3
%
Transportation
3,387
3,301
2.6
%
0.4
%
"Exelon's second-quarter performance reflects our disciplined execution across all fronts," said Exelon President and Chief Executive Officer Calvin Butler.
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"Exelon's second-quarter performance reflects our disciplined execution across all fronts," said Exelon President and Chief Executive Officer Calvin Butler. "We remain focused on delivering long-term value through operational excellence, customer affordability solutions and a balanced investment strategy that supports grid modernization and energy security. As we reaffirm our financial guidance, we are confident in our ability to meet the evolving needs of our customers and communities while advancing a cleaner, more resilient energy future."
'I'm pleased to announce we delivered second quarter 2025 adjusted operating earnings of $0.39 per share, overcoming an active start to the summer storm season, including one of the largest in recent history at PECO with peak outages over 325,000 customers," said Exelon Chief Financial Officer Jeanne Jones. "We remain on track to deliver within our full-year earnings guidance range of $2.64 - $2.74 per share, and our performance underscores our ability to deliver strong financial and operational results while keeping our customers front and center.'
Second Quarter 2025
Exelon's GAAP net income for the second quarter of 2025 decreased to $0.39 per share from $0.45 per share in the second quarter of 2024. Adjusted (non-GAAP) operating earnings for the second quarter of 2025 decreased to $0.39 per share from $0.47 per share in the second quarter of 2024. 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 second quarter of 2025 primarily reflect:
Lower utility earnings primarily due to timing of distribution earnings at ComEd, increased storm costs at PECO, lower impacts of the Maryland multi-year plan reconciliations at PHI, lower transmission peak load at ComEd, and higher credit loss and interest expense at PHI. This was partially offset by distribution rate increases at PECO and BGE, distribution and transmission rate increases at ComEd and PHI, and a higher return on regulatory assets at ComEd.
Higher costs at Exelon holding company due to the Customer Relief Fund contribution and higher interest expense. The Customer Relief Fund is a one-time charitable contribution to trusted local nonprofits to assist low and middle-income customers with higher energy costs.
Operating Company Results 1
ComEd
ComEd's second quarter of 2025 GAAP net income decreased to $228 million from $270 million in the second quarter of 2024. ComEd's Adjusted (non-GAAP) operating earnings for the second quarter of 2025 decreased to $228 million from $285 million in the second quarter of 2024, primarily due to the timing of distribution earnings and lower transmission peak load, partially offset by higher distribution and transmission rate base driven by incremental investments to serve customers and higher return on regulatory assets primarily due to an increase in asset balances. Due to revenue decoupling, ComEd's distribution earnings are not intended to be affected by actual weather or customer usage patterns.
PECO
PECO's second quarter of 2025 GAAP net income increased to $136 million from $90 million in the second quarter of 2024. PECO's Adjusted (non-GAAP) operating earnings for the second quarter of 2025 increased to $136 million from $93 million in the second quarter of 2024, primarily due to higher electric and gas distribution rates associated with updated recovery of investments to serve customers, partially offset by an increase in storm costs.
___________
1 Exelon's four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois; 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.
Expand
BGE
BGE's second quarter of 2025 GAAP net income increased to $55 million from $45 million in the second quarter of 2024. BGE's Adjusted (non-GAAP) operating earnings for the second quarter of 2025 increased to $55 million from $45 million in the second quarter of 2024, primarily due to distribution rates associated with updated recovery of investments to serve customers, partially offset by the derecognition of regulatory assets and liabilities as a result of the Next Generation Energy Act. Due to revenue decoupling, BGE's distribution earnings are not intended to be affected by actual weather or customer usage patterns.
PHI
PHI's second quarter of 2025 GAAP net income decreased to $143 million from $158 million in the second quarter of 2024. PHI's Adjusted (non-GAAP) operating earnings for the second quarter of 2025 decreased to $144 million from $162 million in the second quarter of 2024, primarily due to lower impacts of the Maryland multi-year plans reconciliations, increases in credit loss and interest expense, and storm costs at Pepco, partially offset by favorable distribution and transmission rates driven by updated recovery of investments to serve customers. 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.
Recent Developments and Second Quarter Highlights
Dividend: On July 29, 2025, Exelon's Board of Directors declared a regular quarterly dividend of $0.40 per share on Exelon's common stock. The dividend is payable on September 15, 2025, to Exelon's shareholders of record as of the close of business on August 11, 2025.
Rate Case Developments:
There were no rate case developments in the second quarter.
Financing Activities:
On May 16, 2025, BGE issued $650 million of its 5.45% Notes due June 1, 2035. BGE used the proceeds to repay outstanding commercial paper obligations and for general corporate purposes.
On May 19, 2025, ComEd issued $725 million of its First Mortgage 5.95% Series Bonds due June 1, 2055. ComEd used the proceeds to repay outstanding commercial paper obligations and for general corporate purposes.
On July 1, 2025, DPL completed the reoffering of its $78.4 million of its 2020 Series A Bonds. In connection with the reoffering of the Bonds, the interest rate was modified to 3.60% per annum, and the maturity date was modified to January 1, 2031. DPL did not directly receive any proceeds from the reoffering.
Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) operating earnings for the second quarter of 2025 do not include the following items (after tax) that were included in reported GAAP net income:
Adjusted (non-GAAP) operating earnings for the second quarter of 2024 do not include the following items (after tax) that were included in reported GAAP net income:
Webcast Information
Exelon will discuss second quarter 2025 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 www.exeloncorp.com/investor-relations.
About Exelon
Exelon (Nasdaq: EXC) is a Fortune 200 company and one of the nation's largest utility companies, serving more than 10.7 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 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.
Non-GAAP Financial Measures
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 July 31, 2025.
Cautionary Statements Regarding Forward-Looking Information
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; adverse impact of the activities associated with the past deferred prosecution agreement (DPA) and now-resolved SEC investigation on Exelon's and ComEd's reputation and relationships with legislators, regulators, and customers; 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 capacity to meet actual or forecasted demand or disruptions at power 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 Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (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, 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 Statements of Operations
(unaudited)
(in millions)
Three Months Ended June 30, 2025
Operating revenues
$
1,836
$
1,000
$
1,029
$
1,579
$
(17
)
$
5,427
Operating expenses
Purchased power and fuel
550
339
406
601
—
1,896
Operating and maintenance
422
305
264
340
(10
)
1,321
Depreciation and amortization
387
112
154
233
16
902
Taxes other than income taxes
97
54
85
136
11
383
Total operating expenses
1,456
810
909
1,310
17
4,502
Gain on sale of assets
—
—
—
2
—
2
Operating income (loss)
380
190
120
271
(34
)
927
Other income and (deductions)
Interest expense, net
(131
)
(60
)
(61
)
(103
)
(176
)
(531
)
Other, net
31
10
11
17
(4
)
65
Total other income and (deductions)
(100
)
(50
)
(50
)
(86
)
(180
)
(466
)
Income (loss) before income taxes
280
140
70
185
(214
)
461
Income taxes
52
4
15
42
(43
)
70
Net income (loss) attributable to common shareholders
$
228
$
136
$
55
$
143
$
(171
)
$
391
Three Months Ended June 30, 2024
Operating revenues
$
2,079
$
891
$
928
$
1,471
$
(8
)
$
5,361
Operating expenses
Purchased power and fuel
763
323
343
562
1
1,992
Operating and maintenance
449
270
250
281
(41
)
1,209
Depreciation and amortization
374
107
162
235
16
894
Taxes other than income taxes
94
52
80
126
8
360
Total operating expenses
1,680
752
835
1,204
(16
)
4,455
Gain on sale of assets
5
2
—
—
—
7
Operating income
404
141
93
267
8
913
Other income and (deductions)
Interest expense, net
(123
)
(57
)
(53
)
(92
)
(158
)
(483
)
Other, net
20
9
8
29
(2
)
64
Total other income and (deductions)
(103
)
(48
)
(45
)
(63
)
(160
)
(419
)
Income (loss) before income taxes
301
93
48
204
(152
)
494
Income taxes
31
3
4
46
(38
)
46
Net income (loss) attributable to common shareholders
$
270
$
90
$
44
$
158
$
(114
)
$
448
Expand
Consolidating Statements of Operations
(unaudited)
(in millions)
Six Months Ended June 30, 2025
Operating revenues
$
3,901
$
2,333
$
2,583
$
3,357
$
(33
)
$
12,141
Operating expenses
Purchased power and fuel
1,239
841
1,016
1,322
—
4,418
Operating and maintenance
845
631
568
689
(65
)
2,668
Depreciation and amortization
767
221
318
467
32
1,805
Taxes other than income taxes
196
115
181
276
20
788
Total operating expenses
3,047
1,808
2,083
2,754
(13
)
9,679
Gain on sale of assets
—
—
—
1
—
1
Operating income (loss)
854
525
500
604
(20
)
2,463
Other income and (deductions)
Interest expense, net
(260
)
(124
)
(120
)
(203
)
(333
)
(1,040
)
Other, net
53
18
20
35
(9
)
117
Total other income and (deductions)
(207
)
(106
)
(100
)
(168
)
(342
)
(923
)
Income (loss) before income taxes
647
419
400
436
(362
)
1,540
Income taxes
117
17
85
99
(78
)
240
Net income (loss) attributable to common shareholders
$
530
$
402
$
315
$
337
$
(284
)
$
1,300
Six Months Ended June 30, 2024
Operating revenues
$
4,174
$
1,945
$
2,225
$
3,077
$
(18
)
$
11,403
Operating expenses
Purchased power and fuel
1,670
727
807
1,197
—
4,401
Operating and maintenance
867
563
514
607
(70
)
2,481
Depreciation and amortization
737
210
312
481
33
1,773
Taxes other than income taxes
188
103
169
254
17
731
Total operating expenses
3,462
1,603
1,802
2,539
(20
)
9,386
Gain on sale of assets
5
4
—
—
—
9
Operating income
717
346
423
538
2
2,026
Other income and (deductions)
Interest expense, net
(246
)
(112
)
(103
)
(183
)
(306
)
(950
)
Other, net
41
18
16
57
7
139
Total other income and (deductions)
(205
)
(94
)
(87
)
(126
)
(299
)
(811
)
Income (loss) before income taxes
512
252
336
412
(297
)
1,215
Income taxes
49
13
28
86
(67
)
109
Net income (loss) attributable to common shareholders
$
463
$
239
$
308
$
326
$
(230
)
$
1,106
Expand
_____________
(a)
Other primarily includes eliminating and consolidating adjustments, Exelon's corporate operations, shared service entities, and other financing and investment activities.
Expand
Exelon
Consolidated Balance Sheets
(unaudited)
(in millions)
June 30, 2025
December 31, 2024
Assets
Current assets
Cash and cash equivalents
$
724
$
357
Restricted cash and cash equivalents
478
541
Accounts receivable
Customer accounts receivable
3,529
3,144
Customer allowance for credit losses
(465)
(406)
Customer accounts receivable, net
3,064
2,738
Other accounts receivable
1,156
1,123
Other allowance for credit losses
(107)
(107)
Other accounts receivable, net
1,049
1,016
Inventories, net
Fossil fuel
59
72
Materials and supplies
809
781
Regulatory assets
1,668
1,940
Prepaid renewable energy credits
349
494
Other
476
445
Total current assets
8,676
8,384
Property, plant, and equipment, net
80,609
78,182
Deferred debits and other assets
Regulatory assets
8,835
8,710
Goodwill
6,630
6,630
Receivable related to Regulatory Agreement Units
4,411
4,026
Investments
297
290
Other
1,689
1,562
Total deferred debits and other assets
21,862
21,218
Total assets
$
111,147
$
107,784
June 30, 2025
December 31, 2024
Liabilities and shareholders' equity
Current liabilities
Short-term borrowings
$
1,109
$
1,859
Long-term debt due within one year
1,818
1,453
Accounts payable
3,043
2,994
Accrued expenses
1,318
1,468
Payables to affiliates
5
5
Customer deposits
486
446
Regulatory liabilities
485
411
Mark-to-market derivative liabilities
24
29
Unamortized energy contract liabilities
5
5
Renewable energy credit obligations
327
429
Other
536
512
Total current liabilities
9,156
9,611
Long-term debt
45,527
42,947
Long-term debt to financing trusts
390
390
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits
13,221
12,793
Regulatory liabilities
10,644
10,198
Pension obligations
1,478
1,745
Non-pension postretirement benefit obligations
486
472
Asset retirement obligations
308
301
Mark-to-market derivative liabilities
119
103
Unamortized energy contract liabilities
18
21
Other
2,180
2,282
Total deferred credits and other liabilities
28,454
27,915
Total liabilities
83,527
80,863
Commitments and contingencies
Shareholders' equity
Common stock
21,544
21,338
Treasury stock, at cost
(123
)
(123
)
Retained earnings
6,917
6,426
Accumulated other comprehensive loss, net
(718
)
(720
)
Total shareholders' equity
27,620
26,921
Total liabilities and shareholders' equity
$
111,147
$
107,784
Expand
Exelon
Consolidated Statements of Cash Flows
(unaudited)
(in millions)
Six Months Ended June 30,
2025
2024
Cash flows from operating activities
Net income
$
1,300
$
1,106
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion
1,806
1,774
Gain on sales of assets
—
(9
)
Deferred income taxes and amortization of investment tax credits
165
72
Net fair value changes related to derivatives
3
—
Other non-cash operating activities
734
246
Changes in assets and liabilities:
Accounts receivable
(460
)
(443
)
Inventories
(20
)
(25
)
Accounts payable and accrued expenses
(38
)
(120
)
Collateral received, net
14
13
Income taxes
(3
)
(39
)
Regulatory assets and liabilities, net
(294
)
265
Pension and non-pension postretirement benefit contributions
(302
)
(125
)
Other assets and liabilities
(194
)
(261
)
Net cash flows provided by operating activities
2,711
2,454
Cash flows from investing activities
Capital expenditures
(3,959
)
(3,466
)
Proceeds from sales of assets
2
—
Other investing activities
(5
)
(1
)
Net cash flows used in investing activities
(3,962
)
(3,467
)
Cash flows from financing activities
Changes in short-term borrowings
(750
)
(670
)
Proceeds from short-term borrowings with maturities greater than 90 days
—
150
Repayments on short-term borrowings with maturities greater than 90 days
—
(549
)
Issuance of long-term debt
3,800
4,225
Retirement of long-term debt
(807
)
(903
)
Issuance of common stock
173
—
Dividends paid on common stock
(808
)
(761
)
Proceeds from employee stock plans
11
22
Other financing activities
(56
)
(67
)
Net cash flows provided by financing activities
1,563
1,447
Increase in cash, restricted cash, and cash equivalents
312
434
Cash, restricted cash, and cash equivalents at beginning of period
939
1,101
Cash, restricted cash, and cash equivalents at end of period
$
1,251
$
1,535
Expand
Exelon
Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Three Months Ended June 30, 2025 and 2024
(unaudited)
(in millions, except per share data)
Change in environmental liabilities (net of taxes of $0)
—
—
—
—
(1
)
—
(1
)
Change in FERC Audit Liability (net of taxes of $5)
0.01
14
—
—
—
1
15
Cost management charge (net of taxes of $1, $0, $2, and $3, respectively) (1)
0.01
—
3
1
5
—
9
2024 Adjusted (non-GAAP) operating earnings (loss)
$
0.47
$
285
$
93
$
45
$
162
$
(113
)
$
472
Year over year effects on Adjusted (non-GAAP) operating earnings:
Weather
$
(0.01
)
$
—
(b)
$
(6
)
$
—
(b)
$
(1
)
(b)
$
—
$
(7
)
Load
(0.01
)
—
(b)
(11
)
—
(b)
1
(b)
—
(10
)
Distribution and transmission rates (2)
0.14
9
(c)
82
(c)
15
(c)
33
(c)
—
139
Other energy delivery (3)
—
(33
)
(c)
7
(c)
3
(c)
18
(c)
—
(5
)
Operating and maintenance expense (4)
(0.13
)
(20
)
(26
)
(11
)
(46
)
(33
)
(136
)
Pension and non-pension postretirement benefits
—
(1
)
(1
)
—
—
—
(2
)
Depreciation and amortization expense (5)
—
(9
)
(4
)
8
1
1
(3
)
Interest expense and other (6)
(0.06
)
(3
)
2
(5
)
(24
)
(26
)
(56
)
Total year over year effects on Adjusted (non-GAAP) Operating Earnings
$
(0.08
)
$
(57
)
$
43
$
10
$
(18
)
$
(58
)
$
(80
)
2025 GAAP net income (loss)
$
0.39
$
228
$
136
$
55
$
143
$
(171
)
$
391
Income tax-related adjustments (entire amount represents tax expense) (7)
—
—
—
—
1
—
1
2025 Adjusted (non-GAAP) operating earnings (loss)
$
0.39
$
228
$
136
$
55
$
144
$
(171
)
$
392
Expand
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 2025 and 2024 ranged from 24.0% to 29.0%.
(a)
Other primarily includes eliminating and consolidating adjustments, Exelon's corporate operations, shared service entities, and other financing and investment activities.
(b)
For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.
(c)
ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For regulatory recovery mechanisms, including transmission formula rates and 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).
(1)
Primarily represents severance and reorganization costs related to cost management.
(2)
For ComEd, reflects higher distribution and transmission rate base. For PECO, reflects increased distribution revenue primarily due to higher electric and gas rates. For BGE, reflects increased distribution and transmission revenue due to higher rates. For PHI, reflects higher distribution and transmission revenue primarily due to higher rates.
(3)
For ComEd, reflects decreased electric distribution revenues due to the timing of distribution earnings and lower transmission peak load, partially offset by a higher return on regulatory assets. For PHI, reflects higher distribution and transmission revenues due to higher fully recoverable costs.
(4)
Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, reflects increased contracting costs. For PECO, primarily reflects increased storm costs for which PECO anticipates filing a petition with the PA PUC in the third quarter of 2025 to defer the extraordinary June storm costs. For PHI, reflects lower impacts of the Maryland multi-year plans reconciliations and increased credit loss expense. For Corporate, primarily reflects the Customer Relief Fund contribution.
(5)
Across all utilities, reflects ongoing capital expenditures offset by regulatory asset amortization.
(6)
For PHI and Corporate, primarily reflects an increase in interest expense.
Expand
Exelon
Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Six Months Ended June 30, 2025 and 2024
(unaudited)
(in millions, except per share data)
2024 GAAP net income (loss)
$
1.10
$
463
$
239
$
308
$
326
$
(230
)
$
1,106
Change in environmental liabilities (net of taxes of $0)
—
—
—
—
(1
)
—
(1
)
Change in FERC audit liability (net of taxes of $13)
0.04
40
—
—
—
2
42
Cost management charge (net of taxes of $1, $0, $2, and $3, respectively) (1)
0.01
—
3
1
5
—
9
2024 Adjusted (non-GAAP) operating earnings (loss)
$
1.16
$
503
$
242
$
309
$
330
$
(228
)
$
1,156
Year over year effects on Adjusted (non-GAAP) operating earnings:
Weather
$
0.03
$
—
(b)
$
27
$
—
(b)
$
4
(b)
$
—
$
31
Load
—
—
(b)
(2
)
—
(b)
3
(b)
—
1
Distribution and transmission rates (2)
0.29
17
(c)
164
(c)
37
(c)
71
(c)
—
289
Other energy delivery (3)
0.13
65
(c)
27
(c)
3
(c)
35
(c)
—
130
Operating and maintenance expense (4)
(0.16
)
(1
)
(55
)
(24
)
(64
)
(21
)
(165
)
Pension and non-pension postretirement benefits
(0.01
)
(2
)
(2
)
(1
)
1
(2
)
(6
)
Depreciation and amortization expense (5)
(0.01
)
(22
)
(7
)
5
10
—
(14
)
Interest expense and other (6)
(0.10
)
(7
)
7
(14
)
(52
)
(32
)
(98
)
Total year over year effects on Adjusted (non-GAAP) operating earnings
$
0.15
$
50
$
159
$
6
$
8
$
(55
)
$
168
2025 GAAP net income (loss)
$
1.29
$
530
$
402
$
315
$
337
$
(284
)
$
1,300
Change in FERC audit liability (net of taxes of $1)
—
2
—
—
—
—
2
Cost management charge (net of taxes of $0) (1)
—
—
(1
)
—
—
—
(1
)
Income tax-related adjustments (entire amount represents tax expense) (7)
—
—
—
—
1
—
1
Regulatory matters (net of taxes of $7) (8)
0.02
21
—
—
—
1
22
2025 Adjusted (non-GAAP) operating earnings (loss)
$
1.31
$
553
$
401
$
315
$
338
$
(283
)
$
1,324
Expand
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 2025 and 2024 ranged from 24.0% to 29.0%.
(a)
Other primarily includes eliminating and consolidating adjustments, Exelon's corporate operations, shared service entities, and other financing and investment activities.
(b)
For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.
(c)
ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For other regulatory recovery mechanisms, including transmission formula rates and 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).
(1)
Primarily represents severance and reorganization costs related to cost management.
(2)
For ComEd, reflects higher distribution and transmission rate base. For PECO, reflects increased distribution revenue primarily due to higher electric and gas rates. For BGE, reflects increased distribution and transmission revenue due to higher rates. For PHI, reflects increased distribution and transmission revenue primarily due to higher rates.
(3)
For ComEd, reflects increased electric distribution revenues due to timing of distribution earnings, increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs, and a higher return on regulatory assets, partially offset by lower transmission peak load. For PECO, reflects increased energy efficiency revenues due to regulatory required programs, offset in Operating and maintenance expense. For PHI, reflects higher distribution and transmission revenues due to higher fully recoverable costs.
(4)
Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For PECO, reflects program costs related to regulatory required programs, offset in Other energy delivery, as well as increased storm costs for which PECO anticipates filing a petition with the PA PUC in the third quarter of 2025 to defer the extraordinary June storm costs. For BGE, reflects increased contracting costs. For PHI, reflects lower impacts of the Maryland multi-year plans reconciliations and increased credit loss expense. For Corporate, reflects the Customer Relief Fund contribution, partially offset by a decrease in Operating and maintenance expense with an offsetting decrease in other income for an absence of costs billed to Constellation for services provided by Exelon through the TSA.
(5)
Across all utilities, reflects ongoing capital expenditures offset by regulatory asset amortization.
(6)
For PECO, primarily reflects lower income tax expense due to timing of tax repairs deduction partially offset by an increase in interest expense. For BGE and PHI, primarily reflects an increase in interest expense. For Corporate, primarily reflects an absence of billings to Constellation for services provided by Exelon through the TSA with an offsetting decrease in Operating and maintenance expense and an increase in interest expense.
(7)
(8)
Represents the probable disallowance of certain capitalized costs.
Expand
% Change
Heating and Cooling Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
676
445
697
51.9
%
(3.0
)%
Cooling Degree-Days
330
358
266
(7.8
)%
24.1
%
Expand
Six Months Ended June 30, 2025 and 2024
Electric Deliveries (in GWhs)
2025
2024
% Change
Weather - Normal % Change
2025
2024
% Change
Electric Deliveries and Revenues (a)
Residential
13,227
13,210
0.1
%
0.1
%
$
2,087
$
1,900
9.8
%
Small commercial & industrial
14,279
13,717
4.1
%
0.4
%
1,153
1,154
(0.1
)%
Large commercial & industrial
13,734
13,674
0.4
%
2.3
%
472
589
(19.9
)%
Public authorities & electric railroads
444
379
17.2
%
16.1
%
29
32
(9.4
)%
Other (b)
—
—
n/a
n/a
461
523
(11.9
)%
Total electric revenues (c)
41,684
40,980
1.7
%
1.1
%
4,202
4,198
0.1
%
Other Revenues (d)
(301
)
(24
)
1,154.2
%
Total electric revenues
$
3,901
$
4,174
(6.5
)%
Purchased Power
$
1,239
$
1,670
(25.8
)%
Expand
% Change
Heating and Cooling Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
3,661
3,013
3,750
21.5
%
(2.4
)%
Cooling Degree-Days
330
358
266
(7.8
)%
24.1
%
Expand
Number of Electric Customers
2025
2024
Residential
3,758,791
3,722,798
Small commercial & industrial
397,795
395,951
Large commercial & industrial
1,922
2,060
Public authorities & electric railroads
5,789
5,798
Total
4,164,297
4,126,607
Expand
__________
(a)
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.
(b)
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)
Includes operating revenues from affiliates totaling $10 million and $2 million for the three months ended June 30, 2025 and 2024, respectively, and $17 million and $4 million for the six months ended June 30, 2025 and 2024, respectively.
(d)
Includes alternative revenue programs and late payment charges.
Expand
% Change
Heating and Cooling Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
333
351
419
(5.1
)%
(20.5
)%
Cooling Degree-Days
425
537
386
(20.9
)%
10.1
%
Expand
Six Months Ended June 30, 2025 and 2024
Electric and Natural Gas Deliveries
Revenue (in millions)
Electric (in GWhs)
Electric Deliveries and Revenues (a)
Residential
6,889
6,751
2.0
%
(1.1
)%
$
1,186
$
1,042
13.8
%
Small commercial & industrial
3,778
3,747
0.8
%
(1.9
)%
317
254
24.8
%
Large commercial & industrial
6,739
6,763
(0.4
)%
(1.0
)%
159
118
34.7
%
Public authorities & electric railroads
352
314
12.1
%
12.1
%
18
14
28.6
%
Other (b)
—
—
n/a
n/a
153
147
4.1
%
Total electric revenues (c)
17,758
17,575
1.0
%
(1.0
)%
1,833
1,575
16.4
%
Other Revenues (d)
3
2
50.0
%
Total electric revenues
1,836
1,577
16.4
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues (e)
Residential
26,405
23,420
12.7
%
0.5
%
346
256
35.2
%
Small commercial & industrial
13,803
12,809
7.8
%
(0.3
)%
117
89
31.5
%
Large commercial & industrial
14
16
(12.5
)%
(1.0
)%
—
—
n/a
Transportation
12,678
12,016
5.5
%
1.6
%
21
13
61.5
%
Other (f)
—
—
n/a
n/a
12
9
33.3
%
Total natural gas revenues (g)
52,900
48,261
9.6
%
0.5
%
496
367
35.1
%
Other Revenues (d)
1
1
—
%
Total natural gas revenues
497
368
35.1
%
Total electric and natural gas revenues
$
2,333
$
1,945
19.9
%
Purchased Power and Fuel
$
841
$
727
15.7
%
Expand
% Change
Heating and Cooling Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
2,684
2,440
2,807
10.0
%
(4.4
)%
Cooling Degree-Days
426
537
387
(20.7
)%
10.1
%
Expand
Number of Electric Customers
2025
2024
Number of Natural Gas Customers
2025
2024
Residential
1,538,280
1,533,909
Residential
509,671
506,193
Small commercial & industrial
154,977
156,036
Small commercial & industrial
44,646
44,697
Large commercial & industrial
3,155
3,162
Large commercial & industrial
7
7
Public authorities & electric railroads
10,343
10,712
Transportation
623
644
Expand
__________
(a)
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.
(b)
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)
Includes operating revenues from affiliates totaling $3 million and $2 million for the three months ended June 30, 2025 and 2024, respectively, and $5 million and $3 million for the six months ended June 30, 2025 and 2024, respectively.
(d)
Includes alternative revenue programs and late payment charges.
(e)
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.
(f)
Includes revenues primarily from off-system sales.
(g)
Includes operating revenues from affiliates totaling less than $1 million for both the three months ended June 30, 2025 and 2024, respectively, and $1 million for both the six months ended June 30, 2025 and 2024, respectively.
Expand
% Change
Heating and Cooling Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
356
362
483
(1.7
)%
(26.3
)%
Cooling Degree-Days
291
339
246
(14.2
)%
18.3
%
Expand
Six Months Ended June 30, 2025 and 2024
Electric and Natural Gas Deliveries
Revenue (in millions)
Electric (in GWhs)
Electric Deliveries and Revenues (a)
Residential
6,370
6,165
3.3
%
(2.3
)%
$
1,145
$
999
14.6
%
Small commercial & industrial
1,354
1,346
0.6
%
(1.7
)%
199
178
11.8
%
Large commercial & industrial
6,373
6,386
(0.2
)%
(0.4
)%
284
271
4.8
%
Public authorities & electric railroads
97
104
(6.7
)%
(6.3
)%
17
15
13.3
%
Other (b)
—
—
n/a
n/a
230
194
18.6
%
Total electric revenues (c)
14,194
14,001
1.4
%
(1.5
)%
1,875
1,657
13.2
%
Other Revenues (d)
(14
)
7
(300.0
)%
Total electric revenues
1,861
1,664
11.8
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues (e)
Residential
25,239
22,280
13.3
%
(2.8
)%
486
360
35.0
%
Small commercial & industrial
5,917
5,212
13.5
%
2.2
%
86
65
32.3
%
Large commercial & industrial
22,321
21,832
2.2
%
(2.1
)%
142
112
26.8
%
Other (f)
4,351
897
385.1
%
n/a
31
8
287.5
%
Total natural gas revenues (g)
57,828
50,221
15.1
%
(2.0
)%
745
545
36.7
%
Other Revenues (d)
(23
)
16
(243.8
)%
Total natural gas revenues
722
561
28.7
%
Total electric and natural gas revenues
$
2,583
$
2,225
16.1
%
Purchased Power and Fuel
$
1,016
$
807
25.9
%
Expand
% Change
Heating and Cooling Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
2,659
2,381
2,812
11.7
%
(5.4
)%
Cooling Degree-Days
291
339
246
(14.2
)%
18.3
%
Expand
Number of Electric Customers
2025
2024
Number of Natural Gas Customers
2025
2024
Residential
1,219,904
1,212,331
Residential
660,049
656,690
Small commercial & industrial
115,316
115,384
Small commercial & industrial
37,806
37,859
Large commercial & industrial
13,345
13,156
Large commercial & industrial
6,387
6,340
Public authorities & electric railroads
257
260
Total
1,348,822
1,341,131
Total
704,242
700,889
Expand
__________
(a)
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.
(b)
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)
Includes operating revenues from affiliates totaling $1 million for both the three months ended June 30, 2025 and 2024, respectively, and $3 million for both the six months ended June 30, 2025 and 2024, respectively.
(d)
Includes alternative revenue programs and late payment charges.
(e)
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.
(f)
Includes revenues primarily from off-system sales.
(g)
Includes operating revenues from affiliates totaling $1 million for both the three months ended June 30, 2025 and 2024, respectively, and $1 million and $2 million for the six months ended June 30, 2025 and 2024, respectively.
Expand
Pepco Statistics
Three Months Ended June 30, 2025 and 2024
Electric Deliveries (in GWhs)
Revenue (in millions)
2025
2024
% Change
Weather-
Normal
% Change
2025
2024
% Change
Electric Deliveries and Revenues (a)
Residential
1,737
1,770
(1.9
)%
5.4
%
$
348
$
315
10.5
%
Small commercial & industrial
269
265
1.5
%
6.0
%
48
43
11.6
%
Large commercial & industrial
3,488
3,409
2.3
%
5.5
%
292
251
16.3
%
Public authorities & electric railroads
172
128
34.4
%
34.5
%
12
7
71.4
%
Other (b)
—
—
n/a
n/a
91
75
21.3
%
Total electric revenues (c)
5,666
5,572
1.7
%
6.2
%
791
691
14.5
%
Other Revenues (d)
(15
)
9
(266.7
)%
Total electric revenues
$
776
$
700
10.9
%
Purchased Power
$
256
$
234
9.4
%
Expand
% Change
Heating and Cooling Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
218
218
292
—
%
(25.3
)%
Cooling Degree-Days
525
646
517
(18.7
)%
1.5
%
Expand
Six Months Ended June 30, 2025 and 2024
Electric Deliveries (in GWhs)
Revenue (in millions)
2025
2024
% Change
Weather-
Normal
% Change
2025
2024
% Change
Electric Deliveries and Revenues (a)
Residential
4,073
3,868
5.3
%
5.1
%
$
772
$
659
17.1
%
Small commercial & industrial
569
550
3.5
%
4.3
%
99
89
11.2
%
Large commercial & industrial
6,827
6,701
1.9
%
2.7
%
581
513
13.3
%
Public authorities & electric railroads
332
290
14.5
%
13.8
%
20
18
11.1
%
Other (b)
—
—
n/a
n/a
176
138
27.5
%
Total electric revenues (c)
11,801
11,409
3.4
%
3.9
%
1,648
1,417
16.3
%
Other Revenues (d)
(13
)
42
(131.0
)%
Total electric revenues
$
1,635
$
1,459
12.1
%
Purchased Power
$
574
$
514
11.7
%
Expand
% Change
Heating and Cooling Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
2,205
2,006
2,342
9.9
%
(5.8
)%
Cooling Degree-Days
550
651
521
(15.5
)%
5.6
%
Expand
Number of Electric Customers
2025
2024
Residential
883,151
871,009
Small commercial & industrial
53,952
54,080
Large commercial & industrial
23,175
23,057
Public authorities & electric railroads
205
207
Total
960,483
948,353
Expand
__________
(a)
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.
(b)
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)
Includes operating revenues from affiliates totaling $1 million and $2 million for the three months ended June 30, 2025 and 2024, respectively, and $4 million and $3 million six months ended June 30, 2025 and 2024 respectively.
(d)
Includes alternative revenue programs and late payment charge revenues.
Expand
DPL Statistics
Three Months Ended June 30, 2025 and 2024
Electric and Natural Gas Deliveries
Revenue (in millions)
2025
2024
% Change
Weather -
Normal
% Change
2025
2024
% Change
Electric (in GWhs)
Electric Deliveries and Revenues (a)
Residential
1,090
1,122
(2.9
)%
(2.4
)%
$
210
$
202
4.0
%
Small commercial & industrial
587
564
4.1
%
4.9
%
64
60
6.7
%
Large commercial & industrial
1,033
1,027
0.6
%
0.5
%
31
31
—
%
Public authorities & electric railroads
11
10
10.0
%
9.3
%
5
4
25.0
%
Other (b)
—
—
n/a
n/a
77
64
20.3
%
Total electric revenues (c)
2,721
2,723
(0.1
)%
0.3
%
387
361
7.2
%
Other Revenues (d)
1
1
—
%
Total electric revenues
388
362
7.2
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues (e)
Residential
803
852
(5.8
)%
(0.7
)%
17
15
13.3
%
Small commercial & industrial
535
531
0.8
%
4.4
%
8
7
14.3
%
Large commercial & industrial
405
402
0.7
%
0.7
%
1
1
—
%
Transportation
1,282
1,340
(4.3
)%
(3.4
)%
4
4
—
%
Other (f)
—
—
n/a
n/a
3
1
200.0
%
Total natural gas revenues
3,025
3,125
(3.2
)%
(0.7
)%
33
28
17.9
%
Other Revenues (d)
—
—
n/a
Total natural gas revenues
33
28
17.9
%
Total electric and natural gas revenues
$
421
$
390
7.9
%
Purchased Power and Fuel
$
172
$
156
10.3
%
Expand
Electric Service Territory
% Change
Heating and Cooling Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
368
391
440
(5.9
)%
(16.4
)%
Cooling Degree-Days
406
398
350
2.0
%
16.0
%
Expand
Natural Gas Service Territory
% Change
Heating Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
373
404
482
(7.7
)%
(22.6
)%
Expand
Six Months Ended June 30, 2025 and 2024
Electric and Natural Gas Deliveries
Revenue (in millions)
2025
2024
% Change
Weather -
Normal
% Change
2025
2024
% Change
Electric (in GWhs)
Electric Deliveries and Revenues (a)
Residential
2,735
2,610
4.8
%
—
%
$
508
$
458
10.9
%
Small commercial & industrial
1,173
1,121
4.6
%
3.9
%
128
122
4.9
%
Large commercial & industrial
1,971
2,000
(1.5
)%
(2.1
)%
60
60
—
%
Public authorities & electric railroads
21
20
5.0
%
5.1
%
9
8
12.5
%
Other (b)
—
—
n/a
n/a
148
126
17.5
%
Total electric revenues (c)
5,900
5,751
2.6
%
—
%
853
774
10.2
%
Other Revenues (d)
(4
)
6
(166.7
)%
Total electric revenues
849
780
8.8
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues (e)
Residential
5,393
4,764
13.2
%
7.0
%
73
61
19.7
%
Small commercial & industrial
2,502
2,244
11.5
%
4.9
%
28
24
16.7
%
Large commercial & industrial
837
834
0.4
%
0.3
%
4
3
33.3
%
Transportation
3,387
3,301
2.6
%
0.4
%
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