EXELON REPORTS THIRD QUARTER 2026 RESULTS
Christopher Ford Corporate Communications Contact: 312-394-7417 Ryan Brown Investor Relations 779-231-0017
GAAP net income of $0.70 per share and Adjusted (non-GAAP) operating earnings of $0.87 per share for the third quarter of 2026, above expectations
• Narrowing full year 2026 Adjusted (non-GAAP) operating earnings guidance range to $2.85-$2.91 per share and affirming operating EPS compounded annual growth near top end of 5-7% from 2025 to 2029 • Exelon’s utilities now rank 1 st , 2 nd , 5 th , and 6 th in best reliability in the nation • Continued regulatory progress, with final orders issued in the Pepco Maryland base rate case and Maryland Lessons Learned
• Completed 2026 planned debt financings, supporting continued investment across the utilities
— Exelon Corporation (Nasdaq: EXC) today reported its financial results for the third quarter of 2026.
“Exelon's third-quarter results reflect disciplined investment and consistent performance across our utilities – a strategy that helped prevent outages during a summer of severe weather and kept customer rates below the national average," said Exelon President and Chief Executive Officer Calvin Butler." Meanwhile, The Exelon Promise continues to guide our efforts to keep bills as low as possible, including our efforts to address the energy supply crisis at the heart of rising energy costs through long-term solutions like battery storage and utility- generated power. Exelon continues to deliver on our commitment to long-term growth and strengthening the communities we serve.”
“Exelon delivered $0.87 adjusted operating earnings per share in the third quarter,” said Exelon Chief Financial Officer Rob Kleczynski. “Our investments in the grid continue to deliver for customers, with Exelon’s utilities now ranking 1st, 2nd, 5th and 6th in the nation for reliability. With our performance for the year, we are narrowing our full-year 2026 guidance range to $2.85 to $2.91 per share, and affirming annualized earnings growth near the top end of 5% to 7% from 2025 through 2029. Looking ahead, we continue to advance transmission and storage solutions that support growth and affordability for our customers, while maintaining the financial discipline that underpins our plan.” 1
Exelon's GAAP net income for the third quarter of 2026 decreased to $0.70 per share from $0.86 per share in the third quarter of 2025. Adjusted (non-GAAP) operating earnings for the third quarter of 2026 increased to $0.87 per share from $0.86 per share in the third quarter of 2025. For the reconciliations of GAAP net income to Adjusted (non-GAAP) operating earnings, refer to the tables beginning on page 4.
The GAAP net income and Adjusted (non-GAAP) operating earnings in the third quarter of 2026 primarily reflect:
• Higher utility earnings primarily due to distribution and transmission rates at ComEd, BGE, and PHI associated with updated recovery rates for costs and investments to serve customers; absence of customer surcharge credits and favorable weather at PECO; higher AFUDC at ComEd; and lower contracting costs at BGE. This was partially offset by higher storm costs, interest, and depreciation expense at PECO and PHI; and higher income taxes and contracting costs at PECO.
ComEd's third quarter of 2026 GAAP net income increased to $406 million from $373 million in the third quarter of 2025. ComEd's Adjusted (non-GAAP) operating earnings for the third quarter of 2026 increased to $412 million from $373 million in the third quarter of 2025, primarily due to an increase in higher distribution and transmission rate base driven by incremental investments to serve customers, driving top quartile reliability and avoiding outage costs, and higher AFUDC. Due to revenue decoupling, ComEd's distribution earnings are not intended to be affected by actual weather or customer usage patterns.
PECO’s third quarter of 2026 GAAP net income decreased to $165 million from $250 million in the third quarter of 2025. PECO's Adjusted (non-GAAP) operating earnings for the third quarter of 2026 decreased to $167 million from $250 million in the third quarter of 2025, primarily due to higher storm costs resulting from the absence of extraordinary February and June storm cost deferrals recognized in 2025 and an increase in storm costs, higher income taxes due to tax repairs, a portion of which is timing, and an increase in contracting costs, depreciation, and interest expense, partially offset by absence of surcharge credits to customers and favorable weather.
BGE’s third quarter of 2026 GAAP net income increased to $90 million from $82 million in the third quarter of 2025. BGE's Adjusted (non-GAAP) operating earnings for the third quarter of 2026 increased to $119 million from $82 million in the third quarter of 2025, primarily due to approved distribution rates associated with updated recovery of investments to serve customers, driving top quartile reliability and avoiding outage costs and a decrease in contracting costs. Due to revenue decoupling, BGE's distribution earnings are not intended to be affected by actual weather or customer usage patterns.
1 Exelon’s four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois (and transmission in a small portion of northwestern Indiana); PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; and PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware. 2 PHI
PHI’s third quarter of 2026 GAAP net income decreased to $187 million from $291 million in the third quarter of 2025. PHI’s Adjusted (non-GAAP) operating earnings for the third quarter of 2026 increased to $320 million from $290 million in the third quarter of 2025, primarily due to approved distribution rates driven by updated recovery of investments to serve customers, driving top quartile reliability and avoiding outage costs, partially offset by an increase in storm costs, depreciation, and interest expense. 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.
Dividend: On October 30, 2026, Exelon's Board of Directors declared a regular quarterly dividend of $0.42 per share on Exelon's common stock. The dividend is payable on December 15, 2026, to Exelon shareholders of record as of the close of business on December 4, 2026.
◦ Pepco Maryland Electric Distribution Rate Case: On August 28, 2026, the Maryland Public Service Commission approved an increase in Pepco's annual electric distribution base rates of $51 million, reflecting an ROE of 9.40%, with rates effective August 10, 2026.
◦ On August 10, 2026, PECO issued $750 million of its First Mortgage Bonds, 5.00% Series due September 1, 2031. PECO used the proceeds to repay existing indebtedness and for general corporate purposes.
◦ On September 16, 2026, DPL issued $75 million of its First Mortgage Bonds, 5.00% Series due September 16, 2036. DPL used the proceeds to repay existing indebtedness and for general corporate purposes. 3 Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) operating earnings for the third quarter of 2026 do not include the following items (after tax) that were included in reported GAAP net income:
Adjusted (non-GAAP) operating earnings for the third quarter of 2025 do not include the following items (after tax) that were included in reported GAAP net income:
Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2026 and 2025 ranged from 24.0% to 29.0%.
Exelon will discuss third quarter 2026 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at investors.exeloncorp.com/.
Exelon (Nasdaq: EXC) is a Fortune 200 company and one of the nation’s largest utility companies, serving almost 11 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). Exelon's more than 20,000 employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, economic development and volunteerism. Follow @Exelon on X and LinkedIn.
4 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: investors.exeloncorp.com , and have been furnished to the Securities and Exchange Commission on Form 8-K on October 30, 2026.
This press release contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “should,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward- looking statements. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to: unfavorable legislative and/or regulatory actions; uncertainty as to outcomes and timing of regulatory approval proceedings and/or negotiated settlements thereof; environmental liabilities and remediation costs; state and federal legislation requiring use of low-emission, renewable, and/or alternate fuel sources and/or mandating implementation of energy conservation programs requiring implementation of new technologies; challenges to tax positions taken, tax law changes, and difficulty in quantifying potential tax effects of business decisions; negative outcomes in legal proceedings; physical security and cybersecurity risks; extreme weather events, natural disasters, operational accidents such as wildfires or natural gas explosions, war, acts and threats of terrorism, public health crises, epidemics, pandemics, or other significant events; disruptions or cost increases in the supply chain, including shortages in labor, materials or parts, or significant increases in relevant tariffs; lack of sufficient power generation resources to meet actual or forecasted demand or disruptions at generation facilities owned by third parties; emerging technologies that could affect or transform the energy industry; instability in capital and credit markets; a downgrade of any Registrant’s credit ratings or other failure to satisfy the credit standards in the Registrants’ agreements or regulatory financial requirements; significant economic downturns or increases in customer rates; impacts of climate change and weather on energy usage and maintenance and capital costs; and impairment of long-lived assets, goodwill, and other assets.
New factors emerge from time to time, and it is impossible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking 5 statements. For more information, see those factors discussed with respect to Exelon, ComEd, PECO, BGE, Pepco Holdings LLC (PHI), Pepco, DPL, and ACE (Registrants) in the Registrants' most recent Annual Report on Form 10-K, including in Part I, ITEM 1A, any subsequent Quarterly Reports on Form 10-Q, and in other reports filed by the Registrants from time to time with the SEC.
Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.
Exelon uses its corporate website, 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. 6 Table of Contents
Consolidating Statement of Operations 1 Consolidated Balance Sheets 2 Consolidated Statements of Cash Flows 4 Reconciliation of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings and Analysis of 6 Earnings Statistics ComEd 7 PECO 8 BGE 9 Pepco 12 DPL 13 ACE 15
__________ (a) Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. 1 Table of Contents
September 30, 2026 December 31, 2025 ────────────────────────────────────────────────────────────────────────────── Assets Current assets Cash and cash $ 1,469 $ 626 equivalents Restricted cash and 602 525 cash equivalents Accounts receivable Customer accounts 3,669 3,732 receivable Customer allowance -507 -435 for credit losses Customer accounts 3,162 3,297 receivable, net Other accounts 1,574 1,879 receivable Other allowance for -96 -94 credit losses Other accounts 1,478 1,785 receivable, net Inventories, net Fossil fuel 99 88 Materials and 863 780 supplies Regulatory assets 1,278 1,359 Prepaid renewable 466 563 energy credits Other 523 523 Total current 9,940 9,546 assets Property, plant, 88,557 84,318 and equipment, net Deferred debits and other assets Regulatory assets 9,560 9,214 Goodwill 6,630 6,630 Receivable related to Regulatory 5,196 4,755 Agreement Units Investments 336 312 Other 2,018 1,795 Total deferred debits and other 23,740 22,706 assets Total assets $ 122,237 $ 116,570
September 30, 2026 December 31, 2025 ────────────────────────────────────────────────────────────────────────────── Liabilities and shareholders’ equity Current liabilities Short-term borrowings $ 934 $ 612 Long-term debt due within 1,078 1,665 one year Accounts payable 3,711 3,721 Accrued expenses 1,692 1,582 Payables to affiliates 5 5 Customer deposits 609 533 Regulatory liabilities 551 1,128 Mark-to-market derivative 21 30 liabilities Unamortized energy contract 4 5 liabilities Renewable energy credit 364 473 obligations Other 675 577 Total current liabilities 9,644 10,331 Long-term debt 50,791 47,413 Long-term debt to financing 390 390 trusts Deferred credits and other liabilities Deferred income taxes and unamortized 14,596 13,715 investment tax credits Regulatory liabilities 11,684 11,016 Pension obligations 1,428 1,749 Non-pension postretirement benefit 572 546 obligations Asset retirement 318 321 obligations Mark-to-market derivative 96 106 liabilities Unamortized energy contract 13 16 liabilities Other 2,573 2,169 Total deferred credits and other 31,280 29,638 liabilities Total liabilities 92,105 87,772 Commitments and contingencies Shareholders’ equity Common stock 22,663 22,106 Treasury stock, at cost -123 -123 Retained earnings 8,325 7,577 Accumulated other comprehensive loss, -733 -762 net Total shareholders’ equity 30,132 28,798 Total liabilities and shareholders’ $ 122,237 $ 116,570 equity
Nine Months Ended Cash flows from September 30, operating activities 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 2,044 $ 2,174 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation, amortization, and 2,912 2,719 accretion Gain on sales of assets — -1 Asset disallowances, impairments and 232 — write-offs Deferred income taxes and amortization 564 293 of investment tax credits Net fair value changes related to — 3 derivatives Other non-cash operating 594 1,088 activities Changes in assets and liabilities: Accounts receivable 379 -422 Inventories -96 -41 Accounts payable and -1 165 accrued expenses Collateral received 39 -25 (paid), net Income taxes -136 19 Regulatory assets and -1,063 -390 liabilities, net Pension and non-pension postretirement -370 -313 benefit contributions Other assets and 306 -259 liabilities Net cash flows provided by operating 5,404 5,010 activities Cash flows from investing activities Capital expenditures -6,799 -6,095 Proceeds from sales of — 2 assets Other investing 12 -7 activities Net cash flows used in investing -6,787 -6,100 activities Cash flows from financing activities Changes in short-term -178 -779 borrowings Proceeds from short-term borrowings with 500 — maturities greater than 90 days Issuance of long-term 4,425 4,925 debt Retirement of long-term -1,600 -807 debt Issuance of common stock 483 173 Dividends paid on common -1,294 -1,212 stock Proceeds from employee 37 24 stock plans Other financing -71 -75 activities Net cash flows provided by financing 2,302 2,249 activities Increase in cash, restricted cash, and 919 1,159 cash equivalents Cash, restricted cash, and cash 1,201 939 equivalents at beginning of period Cash, restricted cash, and cash $ 2,120 $ 2,098 equivalents at end of period
Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2026 and 2025 ranged from 24.0% to 29.0%.
(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) For transmission formula rates and various riders across the utilities, as well as ComEd’s distribution rates, 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) For ComEd, reflects higher distribution and transmission rate base. For BGE, reflects increased distribution and transmission revenue due to approved rates. For PHI, reflects increased distribution revenue due to approved rates.
(2) For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs.
(3) Represents Operating and maintenance expense. For PECO, primarily reflects higher storm costs due to absence of extraordinary February and June storm cost deferrals recognized in 2025 and increased storm and contracting costs. For BGE, primarily reflects decreased contracting costs. For PHI, primarily reflects increased storm costs.
(4) Across all utilities, reflects ongoing capital expenditures depreciation and regulatory asset amortization.
(5) For ComEd, reflects an increase in interest expense, offset by an increase in AFUDC. For PECO, reflects an increase in income tax expense due to tax repairs, a portion of which is timing, and interest expense. For Corporate, reflects a decrease in income tax expense due to timing, partially offset by an increase in interest expense.
(6) Represents third-party consulting and severance costs related to a cost management program.
(8) Represents the disallowance of certain capitalized costs. 5 Table of Contents
Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2026 and 2025 ranged from 24.0% to 29.0%.
(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) For transmission formula rates and various riders across the utilities, as well as ComEd’s distribution rates, 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) In 2025, primarily represents severance costs related to a cost management program. In 2026, represents third-party consulting and severance costs related to a cost management program.
(2) Reflects the adjustment to state deferred income taxes due to changes in forecasted apportionment.
(4) For ComEd, reflects higher distribution and transmission rate base. For BGE, reflects increased distribution and transmission revenue due to approved rates. For PHI, reflects increased distribution and transmission revenue due to approved rates.
(5) For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs, offset by decreased electric distribution revenues due to timing of distribution earnings. For PECO, reflects the absence of electric surcharge credits to customers recognized in 2025.
(6) Represents Operating and maintenance expense. For PECO, primarily reflects higher storm costs due to absence of extraordinary February and June storm cost deferrals recognized in 2025 and increased contracting costs, partially offset by decreased storm costs. For BGE, primarily reflects decreased contracting costs. For PHI, reflects increased storm costs and unfavorable impacts of the Pepco Maryland multi-year plan reconciliation. For Corporate, reflects the absence of the Customer Relief Fund contribution recognized in 2025.
(7) Across all utilities, reflects ongoing capital expenditures depreciation and regulatory asset amortization.
(8) For ComEd, reflects an increase in interest expense, offset by an increase in AFUDC. For PECO, reflects an increase in interest expense and income tax expense due to tax repairs, a portion of which is timing. For PHI, reflects an increase in interest expense. For Corporate, reflects an increase in interest expense, partially offset by a decrease in income tax expense due to timing.
(9) Represents costs related to capital project impairments. 6 Table of Contents
Number of Electric Customers 2026 2025 Residential 3,783,141 3,767,493 Small commercial & industrial 396,161 398,022 Large commercial & industrial 1,988 1,931 Public authorities & electric 5,771 5,798 railroads Total 4,187,061 4,173,244
__________ (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 $2 million for both the three months ended September 30, 2026 and 2025, respectively, and $15 million and $19 million for the nine months ended September 30, 2026 and 2025, respectively.
(d) Includes alternative revenue programs and late payment charges. 7 Table of Contents
__________ (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 $4 million and $2 million for the three months ended September 30, 2026 and 2025, respectively, and $11 million and $7 million for the nine months ended September 30, 2026 and 2025, respectively.
(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.
(g) Includes operating revenues from affiliates totaling $1 million for both the three months ended September 30, 2026 and 2025, respectively, and $2 million for both the nine months ended September 30, 2026 and 2025. 9 Table of Contents
__________ (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 September 30, 2026 and 2025, respectively, and $5 million and $4 million for the nine months ended September 30, 2026 and 2025, respectively.
(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.
(g) Includes operating revenues from affiliates totaling $1 million for both the three months ended September 30, 2026 and 2025, respectively, and $2 million for both the nine months ended September 30, 2026 and 2025, respectively. 11 Table of Contents
Number of Electric Customers 2026 2025 Residential 889,048 885,063 Small commercial & industrial 54,090 53,939 Large commercial & industrial 23,212 23,203 Public authorities & electric railroads 211 205 Total 966,561 962,410
__________ (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 $3 million and $2 million the three months ended September 30, 2026 and 2025, respectively, and $7 million and $4 million for both the nine months ended September 30, 2026 and 2025, respectively.
(d) Includes alternative revenue programs and late payment charge revenues. 12 Table of Contents
__________ (a) Reflects delivery volumes and revenues from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from DPL, revenues also reflect the cost of energy and transmission.
(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 September 30, 2026 and 2025, respectively, and $7 million and $6 million the nine months ended September 30, 2026 and 2025, respectively.
(e) Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas.
Number of Electric Customers 2026 2025 Residential 512,248 509,739 Small commercial & industrial 63,063 62,923 Large commercial & industrial 2,663 2,730 Public authorities & electric railroads 782 745 Total 578,756 576,137
__________ (a) Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, revenues also reflect the cost of energy and transmission.
(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 September 30, 2026 and 2025, respectively, and $4 million and $3 million for the nine months ended September 30, 2026 and 2025, respectively.
Full text with the tables
Exhibit 99.1
News Release
Christopher Ford
Corporate Communications
Contact: 312-394-7417
Ryan Brown
Investor Relations
779-231-0017
EXELON REPORTS THIRD QUARTER 2026 RESULTS
Earnings Release Highlights
•
GAAP net income of $0.70 per share and Adjusted (non-GAAP) operating earnings of
$0.87 per share for the third quarter of 2026, above expectations
• Narrowing full year 2026 Adjusted (non-GAAP) operating earnings guidance range
to $2.85-$2.91 per share and affirming operating EPS compounded annual growth
near top end of 5-7% from 2025 to 2029
• Exelon’s utilities now rank 1 st , 2 nd , 5 th , and 6 th in best reliability
in the nation
• Continued regulatory progress, with final orders issued in the Pepco Maryland
base rate case and Maryland Lessons Learned
• Completed 2026 planned debt financings, supporting continued investment across
the utilities
CHICAGO (Oct 30, 2026)
— Exelon Corporation (Nasdaq: EXC) today reported its financial results for the
third quarter of 2026.
“Exelon's third-quarter results reflect disciplined investment and consistent
performance across our utilities – a strategy that helped prevent outages during
a summer of severe weather and kept customer rates below the national average,"
said Exelon President and Chief Executive Officer Calvin Butler." Meanwhile, The
Exelon Promise continues to guide our efforts to keep bills as low as possible,
including our efforts to address the energy supply crisis at the heart of rising
energy costs through long-term solutions like battery storage and utility-
generated power. Exelon continues to deliver on our commitment to long-term
growth and strengthening the communities we serve.”
“Exelon delivered $0.87 adjusted operating earnings per share in the third
quarter,” said Exelon Chief Financial Officer Rob Kleczynski. “Our investments
in the grid continue to deliver for customers, with Exelon’s utilities now
ranking 1st, 2nd, 5th and 6th in the nation for reliability. With our
performance for the year, we are narrowing our full-year 2026 guidance range to
$2.85 to $2.91 per share, and affirming annualized earnings growth near the top
end of 5% to 7% from 2025 through 2029. Looking ahead, we continue to advance
transmission and storage solutions that support growth and affordability for our
customers, while maintaining the financial discipline that underpins our plan.”
1
Third Quarter 2026
Exelon's GAAP net income for the third quarter of 2026 decreased to $0.70 per
share from $0.86 per share in the third quarter of 2025. Adjusted (non-GAAP)
operating earnings for the third quarter of 2026 increased to $0.87 per share
from $0.86 per share in the third quarter of 2025. For the reconciliations of
GAAP net income to Adjusted (non-GAAP) operating earnings, refer to the tables
beginning on page 4.
The GAAP net income and Adjusted (non-GAAP) operating earnings in the third
quarter of 2026 primarily reflect:
• Higher utility earnings primarily due to distribution and transmission rates
at ComEd, BGE, and PHI associated with updated recovery rates for costs and
investments to serve customers; absence of customer surcharge credits and
favorable weather at PECO; higher AFUDC at ComEd; and lower contracting costs at
BGE. This was partially offset by higher storm costs, interest, and depreciation
expense at PECO and PHI; and higher income taxes and contracting costs at PECO.
Operating Company Results
1
ComEd
ComEd's third quarter of 2026 GAAP net income increased to $406 million from
$373 million in the third quarter of 2025. ComEd's Adjusted (non-GAAP) operating
earnings for the third quarter of 2026 increased to $412 million from $373
million in the third quarter of 2025, primarily due to an increase in higher
distribution and transmission rate base driven by incremental investments to
serve customers, driving top quartile reliability and avoiding outage costs, and
higher AFUDC. Due to revenue decoupling, ComEd's distribution earnings are not
intended to be affected by actual weather or customer usage patterns.
PECO
PECO’s third quarter of 2026 GAAP net income decreased to $165 million from $250
million in the third quarter of 2025. PECO's Adjusted (non-GAAP) operating
earnings for the third quarter of 2026 decreased to $167 million from $250
million in the third quarter of 2025, primarily due to higher storm costs
resulting from the absence of extraordinary February and June storm cost
deferrals recognized in 2025 and an increase in storm costs, higher income taxes
due to tax repairs, a portion of which is timing, and an increase in contracting
costs, depreciation, and interest expense, partially offset by absence of
surcharge credits to customers and favorable weather.
BGE
BGE’s third quarter of 2026 GAAP net income increased to $90 million from $82
million in the third quarter of 2025. BGE's Adjusted (non-GAAP) operating
earnings for the third quarter of 2026 increased to $119 million from $82
million in the third quarter of 2025, primarily due to approved distribution
rates associated with updated recovery of investments to serve customers,
driving top quartile reliability and avoiding outage costs and a decrease in
contracting costs. Due to revenue decoupling, BGE's distribution earnings are
not intended to be affected by actual weather or customer usage patterns.
___________
1 Exelon’s four business units include ComEd, which consists of electricity
transmission and distribution operations in northern Illinois (and transmission
in a small portion of northwestern Indiana); PECO, which consists of electricity
transmission and distribution operations and retail natural gas distribution
operations in southeastern Pennsylvania; BGE, which consists of electricity
transmission and distribution operations and retail natural gas distribution
operations in central Maryland; and PHI, which consists of electricity
transmission and distribution operations in the District of Columbia and
portions of Maryland, Delaware, and New Jersey and retail natural gas
distribution operations in northern Delaware.
2
PHI
PHI’s third quarter of 2026 GAAP net income decreased to $187 million from $291
million in the third quarter of 2025. PHI’s Adjusted (non-GAAP) operating
earnings for the third quarter of 2026 increased to $320 million from $290
million in the third quarter of 2025, primarily due to approved distribution
rates driven by updated recovery of investments to serve customers, driving top
quartile reliability and avoiding outage costs, partially offset by an increase
in storm costs, depreciation, and interest expense. 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 Third Quarter Highlights
•
Dividend: On October 30, 2026, Exelon's Board of Directors declared a regular
quarterly dividend of $0.42 per share on Exelon's common stock. The dividend is
payable on December 15, 2026, to Exelon shareholders of record as of the close
of business on December 4, 2026.
•
Rate Case Developments:
◦ Pepco Maryland Electric Distribution Rate Case: On August 28, 2026, the
Maryland Public Service Commission approved an increase in Pepco's annual
electric distribution base rates of $51 million, reflecting an ROE of 9.40%,
with rates effective August 10, 2026.
•
Financing Activities:
◦ On August 10, 2026, PECO issued $750 million of its First Mortgage Bonds,
5.00% Series due September 1, 2031. PECO used the proceeds to repay existing
indebtedness and for general corporate purposes.
◦ On September 16, 2026, DPL issued $75 million of its First Mortgage Bonds,
5.00% Series due September 16, 2036. DPL used the proceeds to repay existing
indebtedness and for general corporate purposes.
3
Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) operating earnings for the third quarter of 2026 do not
include the following items (after tax) that were included in reported GAAP net
income:
(…
m… Ex…
e… Ea…
p… per
s… Di…
a… Sh… Ex… Com… PE… BGE PHI
──────────────────────────────────────────────────────────────────────────────
2…
G… $ 0.70 $ 729 $ 406 $ 165 $ 90 $ 187
n…
i…
C…
in
e…
c…
(…
of — -3 — — — -3
t…
of
$…
a…
$…
r…
C…
m…
p…
(…
of
t…
of
$… 0.01 15 6 2 3 3
$…
$…
$…
a…
$…
r…
)
P…
i…
(…
of
t… 0.03 26 — — 27 —
of
$…
a…
$…
r…
R…
m…
(…
of
t… 0.13 130 — — — 133
of
$…
a…
$…
r…
2…
A…
(… $ 0.87 $ 897 $ 412 $ 167 $ 119 $ 320
o…
e…
Adjusted (non-GAAP) operating earnings for the third quarter of 2025 do not
include the following items (after tax) that were included in reported GAAP net
income:
(in
mi… Ex…
ex… Ea…
per per
sh… Di…
am… Sh… Ex… Com… PE… BGE PHI
──────────────────────────────────────────────────────────────────────────────
20…
GA… $ 0.86 $ 875 $ 373 $ 250 $ 82 $ 291
net
in…
As…
re…
ob…
(n… — -1 — — — -1
of
ta…
of
$0)
20…
Ad…
(n… $ 0.86 $ 874 $ 373 $ 250 $ 82 $ 290
op…
ea…
__________
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between
GAAP net income and Adjusted (non-GAAP) operating earnings is based on the
marginal statutory federal and state income tax rates for each Registrant,
taking into account whether the income or expense item is taxable or deductible,
respectively, in whole or in part. For all items, the marginal statutory income
tax rates for 2026 and 2025 ranged from 24.0% to 29.0%.
Webcast Information
Exelon will discuss third quarter 2026 earnings in a conference call scheduled
for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and
associated materials can be accessed at investors.exeloncorp.com/.
About Exelon
Exelon (Nasdaq: EXC) is a Fortune 200 company and one of the nation’s largest
utility companies, serving almost 11 million customers through six fully
regulated transmission and distribution utilities — Atlantic City Electric
(ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva
Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power
Company (Pepco). Exelon's more than 20,000 employees dedicate their time and
expertise to supporting our communities through reliable, affordable and
efficient energy delivery, workforce development, economic development and
volunteerism. Follow @Exelon on X and LinkedIn.
Non-GAAP Financial Measures
4
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:
investors.exeloncorp.com , and have been furnished to the Securities and
Exchange Commission on Form 8-K on October 30, 2026.
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; physical security and
cybersecurity risks; extreme weather events, natural disasters, operational
accidents such as wildfires or natural gas explosions, war, acts and threats of
terrorism, public health crises, epidemics, pandemics, or other significant
events; disruptions or cost increases in the supply chain, including shortages
in labor, materials or parts, or significant increases in relevant tariffs; lack
of sufficient power generation resources to meet actual or forecasted demand or
disruptions at generation facilities owned by third parties; emerging
technologies that could affect or transform the energy industry; instability in
capital and credit markets; a downgrade of any Registrant’s credit ratings or
other failure to satisfy the credit standards in the Registrants’ agreements or
regulatory financial requirements; significant economic downturns or increases
in customer rates; impacts of climate change and weather on energy usage and
maintenance and capital costs; and impairment of long-lived assets, goodwill,
and other assets.
New factors emerge from time to time, and it is impossible for us to predict all
of such factors, nor can we assess the impact of each such factor on the
business or the extent to which any factor, or combination of factors, may cause
actual results to differ materially from those contained in any forward-looking
5
statements. For more information, see those factors discussed with respect to
Exelon, ComEd, PECO, BGE, Pepco Holdings LLC (PHI), Pepco, DPL, and ACE
(Registrants) in the Registrants' most recent Annual Report on Form 10-K,
including in Part I, ITEM 1A, any subsequent Quarterly Reports on Form 10-Q, and
in other reports filed by the Registrants from time to time with the SEC.
Investors are cautioned not to place undue reliance on these forward-looking
statements, whether written or oral, which apply only as of the date of this
press release. None of the Registrants undertakes any obligation to publicly
release any revision to its forward-looking statements to reflect events or
circumstances after the date of this press release.
Exelon uses its corporate website, 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.
6
Table of Contents
Earnings Release Attachments
Table of Contents
Consolidating Statement of Operations 1
Consolidated Balance Sheets 2
Consolidated Statements of Cash Flows 4
Reconciliation of GAAP Net Income to Adjusted
(non-GAAP) Operating Earnings and Analysis of 6
Earnings
Statistics
ComEd 7
PECO 8
BGE 9
Pepco 12
DPL 13
ACE 15
Table of Contents
Consolidating Statements of Operations
(unaudited)
(in millions)
T…
M…
E…
S…
3… Oth…
2… Co… PE… BGE PHI (a) Exe…
──────────────────────────────────────────────────────────────────────────────
O… $ 2,… $ 1,… $ 1,… $ 2,… $ -14 $ 7,…
r…
O…
e…
P…
p… 783 494 650 990 — 2,…
a…
f…
O…
a… 464 313 292 549 -54 1,…
m…
D…
a… 438 126 161 250 16 991
a…
T…
o…
t… 133 73 100 150 12 468
i…
t…
T…
o… 1,… 1,… 1,… 1,… -26 5,…
e…
O… 652 234 160 321 12 1,…
i…
O…
i…
a…
(…
I…
e… -1… -76 -73 -1… -1… -5…
n…
O… 43 15 26 23 -10 97
n…
T…
o…
i… -1… -61 -47 -88 -1… -4…
a…
(…
I…
(…
b… 546 173 113 233 -1… 883
i…
t…
I… 140 8 23 46 -63 154
t…
N…
i…
(…
a… $ 406 $ 165 $ 90 $ 187 $ -1… $ 729
to
c…
s…
T…
M…
E…
S…
3…
2…
O… $ 2,… $ 1,… $ 1,… $ 2,… $ -10 $ 6,…
r…
O…
e…
P…
p… 806 446 568 872 — 2,…
a…
f…
O…
a… 409 241 239 335 -52 1,…
m…
D…
a… 395 115 155 234 13 912
a…
T…
o…
t… 107 69 93 150 10 429
i…
t…
T…
o… 1,… 871 1,… 1,… -29 5,…
e…
O… 558 309 154 460 19 1,…
i…
O…
i…
a…
(…
I…
e… -1… -65 -64 -1… -1… -5…
n…
O… 33 11 15 18 -9 68
n…
T…
o…
i… -1… -54 -49 -84 -1… -4…
a…
(…
I…
(…
b… 456 255 105 376 -1… 1,…
i…
t…
I… 83 5 23 85 -41 155
t…
N…
i…
(…
a… $ 373 $ 250 $ 82 $ 291 $ -1… $ 875
to
c…
s…
C…
in
n…
i…
(… $ 33 $ -85 $ 8 $ -1… $ 2 $ -1…
f…
2…
to
2…
1
Table of Contents
Consolidating Statements of Operations
(unaudited)
(in millions)
N…
M…
E…
S…
3… Oth…
2… Co… PE… BGE PHI (a) Exe…
──────────────────────────────────────────────────────────────────────────────
O… $ 6,… $ 3,… $ 4,… $ 6,… $ -45 $ 20…
r…
O…
e…
P…
p… 1,… 1,… 2,… 2,… — 7,…
a…
f…
O…
a… 1,… 949 910 1,… -1… 4,…
m…
D…
a… 1,… 373 496 741 42 2,…
a…
T…
o…
t… 345 204 301 445 40 1,…
i…
t…
T…
o… 4,… 3,… 3,… 5,… -80 16…
e…
O… 1,… 773 700 854 35 3,…
i…
O…
i…
a…
(…
I…
e… -4… -2… -2… -3… -5… -1…
n…
O… 116 39 64 62 -25 256
n…
T…
o…
i… -3… -1… -1… -2… -5… -1…
a…
(…
I…
(…
b… 1,… 593 562 590 -5… 2,…
i…
t…
I… 324 31 119 125 -1… 454
t…
N…
i…
(…
a… $ 965 $ 562 $ 443 $ 465 $ -3… $ 2,…
to
c…
s…
N…
M…
E…
S…
3…
2…
O… $ 6,… $ 3,… $ 3,… $ 5,… $ -42 $ 18…
r…
O…
e…
P…
p… 2,… 1,… 1,… 2,… — 7,…
a…
f…
O…
a… 1,… 872 807 1,… -1… 3,…
m…
D…
a… 1,… 336 473 701 45 2,…
a…
T…
o…
t… 303 183 273 426 31 1,…
i…
t…
T…
o… 4,… 2,… 3,… 4,… -41 14…
e…
G…
on
s… — — — 1 — 1
of
a…
O…
i… 1,… 834 654 1,… -1 3,…
(…
O…
i…
a…
(…
I…
e… -3… -1… -1… -3… -5… -1…
n…
O… 86 29 35 54 -19 185
n…
T…
o…
i… -3… -1… -1… -2… -5… -1…
a…
(…
I…
(…
b… 1,… 675 506 812 -5… 2,…
i…
t…
I… 201 23 108 184 -1… 396
t…
N…
i…
(…
a… $ 903 $ 652 $ 398 $ 628 $ -4… $ 2,…
to
c…
s…
C…
in
n…
i…
(… $ 62 $ -90 $ 45 $ -1… $ 16 $ -1…
f…
2…
to
2…
__________
(a) Other primarily includes eliminating and consolidating adjustments, Exelon’s
corporate operations, shared service entities, and other financing and
investment activities.
1
Table of Contents
Exelon
Consolidated Balance Sheets
(unaudited)
(in millions)
September 30, 2026 December 31, 2025
──────────────────────────────────────────────────────────────────────────────
Assets
Current assets
Cash and cash $ 1,469 $ 626
equivalents
Restricted cash and 602 525
cash equivalents
Accounts receivable
Customer accounts 3,669 3,732
receivable
Customer allowance -507 -435
for credit losses
Customer accounts 3,162 3,297
receivable, net
Other accounts 1,574 1,879
receivable
Other allowance for -96 -94
credit losses
Other accounts 1,478 1,785
receivable, net
Inventories, net
Fossil fuel 99 88
Materials and 863 780
supplies
Regulatory assets 1,278 1,359
Prepaid renewable 466 563
energy credits
Other 523 523
Total current 9,940 9,546
assets
Property, plant, 88,557 84,318
and equipment, net
Deferred debits and
other assets
Regulatory assets 9,560 9,214
Goodwill 6,630 6,630
Receivable related
to Regulatory 5,196 4,755
Agreement Units
Investments 336 312
Other 2,018 1,795
Total deferred
debits and other 23,740 22,706
assets
Total assets $ 122,237 $ 116,570
2
Table of Contents
September 30, 2026 December 31, 2025
──────────────────────────────────────────────────────────────────────────────
Liabilities and
shareholders’ equity
Current liabilities
Short-term borrowings $ 934 $ 612
Long-term debt due within 1,078 1,665
one year
Accounts payable 3,711 3,721
Accrued expenses 1,692 1,582
Payables to affiliates 5 5
Customer deposits 609 533
Regulatory liabilities 551 1,128
Mark-to-market derivative 21 30
liabilities
Unamortized energy contract 4 5
liabilities
Renewable energy credit 364 473
obligations
Other 675 577
Total current liabilities 9,644 10,331
Long-term debt 50,791 47,413
Long-term debt to financing 390 390
trusts
Deferred credits and other
liabilities
Deferred income taxes and
unamortized 14,596 13,715
investment tax credits
Regulatory liabilities 11,684 11,016
Pension obligations 1,428 1,749
Non-pension postretirement
benefit 572 546
obligations
Asset retirement 318 321
obligations
Mark-to-market derivative 96 106
liabilities
Unamortized energy contract 13 16
liabilities
Other 2,573 2,169
Total deferred credits and
other 31,280 29,638
liabilities
Total liabilities 92,105 87,772
Commitments and
contingencies
Shareholders’ equity
Common stock 22,663 22,106
Treasury stock, at cost -123 -123
Retained earnings 8,325 7,577
Accumulated other
comprehensive loss, -733 -762
net
Total shareholders’ equity 30,132 28,798
Total liabilities and
shareholders’ $ 122,237 $ 116,570
equity
3
Table of Contents
Exelon
Consolidated Statements of Cash Flows
(unaudited)
(in millions)
Nine Months Ended
Cash flows from September 30,
operating activities 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 2,044 $ 2,174
Adjustments to reconcile
net income to
net cash flows provided
by operating
activities:
Depreciation,
amortization, and 2,912 2,719
accretion
Gain on sales of assets — -1
Asset disallowances,
impairments and 232 —
write-offs
Deferred income taxes
and amortization 564 293
of investment tax
credits
Net fair value changes
related to — 3
derivatives
Other non-cash operating 594 1,088
activities
Changes in assets and
liabilities:
Accounts receivable 379 -422
Inventories -96 -41
Accounts payable and -1 165
accrued expenses
Collateral received 39 -25
(paid), net
Income taxes -136 19
Regulatory assets and -1,063 -390
liabilities, net
Pension and non-pension
postretirement -370 -313
benefit contributions
Other assets and 306 -259
liabilities
Net cash flows provided
by operating 5,404 5,010
activities
Cash flows from
investing activities
Capital expenditures -6,799 -6,095
Proceeds from sales of — 2
assets
Other investing 12 -7
activities
Net cash flows used in
investing -6,787 -6,100
activities
Cash flows from
financing activities
Changes in short-term -178 -779
borrowings
Proceeds from short-term
borrowings with 500 —
maturities greater than
90 days
Issuance of long-term 4,425 4,925
debt
Retirement of long-term -1,600 -807
debt
Issuance of common stock 483 173
Dividends paid on common -1,294 -1,212
stock
Proceeds from employee 37 24
stock plans
Other financing -71 -75
activities
Net cash flows provided
by financing 2,302 2,249
activities
Increase in cash,
restricted cash, and 919 1,159
cash equivalents
Cash, restricted cash,
and cash 1,201 939
equivalents at beginning
of period
Cash, restricted cash,
and cash $ 2,120 $ 2,098
equivalents at end of
period
4
Table of Contents
Exelon
Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating
Earnings and Analysis of Earnings
Three Months Ended September 30, 2026 and 2025
(unaudited)
(in millions, except per share data)
…
…
…
… …
… … … … … … …
──────────────────────────────────────────────────────────────────────────────
$ … $ … $ … $ … $ … $ … $ …
— — — — … — …
$ … $ … $ … $ … $ … $ … $ …
$ … $ — … $ … $ — … $ 3 … $ — $ …
… — … … — … — … — …
… … … 1 … … … … … — …
… … … 5 … 3 … 4 … — …
… … … … … — …
… … … 1 … … …
… … … … 3 1 …
$ … $ … $ … $ … $ … $ — $ …
$ … $ … $ … $ … $ … $ … $ …
— — — — … — …
… 6 2 3 3 1 …
… — — … — … …
… — — — … … …
$ … $ … $ … $ … $ … $ … $ …
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between
GAAP net income and Adjusted (non-GAAP) operating earnings is based on the
marginal statutory federal and state income tax rates for each Registrant,
taking into account whether the income or expense item is taxable or deductible,
respectively, in whole or in part. For all items, the marginal statutory income
tax rates for 2026 and 2025 ranged from 24.0% to 29.0%.
(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) For transmission formula rates and various riders across the utilities, as
well as ComEd’s distribution rates, 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) For ComEd, reflects higher distribution and transmission rate base. For BGE,
reflects increased distribution and transmission revenue due to approved rates.
For PHI, reflects increased distribution revenue due to approved rates.
(2) For ComEd, reflects increased electric distribution, transmission, and
energy efficiency revenues due to higher fully recoverable costs.
(3) Represents Operating and maintenance expense. For PECO, primarily reflects
higher storm costs due to absence of extraordinary February and June storm cost
deferrals recognized in 2025 and increased storm and contracting costs. For BGE,
primarily reflects decreased contracting costs. For PHI, primarily reflects
increased storm costs.
(4) Across all utilities, reflects ongoing capital expenditures depreciation and
regulatory asset amortization.
(5) For ComEd, reflects an increase in interest expense, offset by an increase
in AFUDC. For PECO, reflects an increase in income tax expense due to tax
repairs, a portion of which is timing, and interest expense. For Corporate,
reflects a decrease in income tax expense due to timing, partially offset by an
increase in interest expense.
(6) Represents third-party consulting and severance costs related to a cost
management program.
(7) Represents costs related to capital project impairments.
(8) Represents the disallowance of certain capitalized costs.
5
Table of Contents
Exelon
Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating
Earnings and Analysis of Earnings
Nine Months Ended September 30, 2026 and 2025
(unaudited)
(in millions, except per share data)
…
…
…
… …
… … … … … … …
──────────────────────────────────────────────────────────────────────────────
$ … $ … $ … $ … $ … $ … $ …
— — — — … — …
— 2 — — — — 2
— — … — — — …
— — — — 1 — 1
… … — — — 1 …
$ … $ … $ … $ … $ … $ … $ …
$ … $ — … $ … $ — … $ 6 … $ — $ …
… — … … — … … … — …
… … … 5 … … … … … — …
… … … … … … … … … — …
… … … … … … …
… … … … … 3 …
… … … … … … …
$ … $ … $ … $ … $ … $ … $ …
$ … $ … $ … $ … $ … $ … $ …
— — — — … — …
… 6 … … … 1 …
… — — … — … …
… — — — … … …
$ … $ … $ … $ … $ … $ … $ …
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between
GAAP net income and Adjusted (non-GAAP) operating earnings is based on the
marginal statutory federal and state income tax rates for each Registrant,
taking into account whether the income or expense item is taxable or deductible,
respectively, in whole or in part. For all items, the marginal statutory income
tax rates for 2026 and 2025 ranged from 24.0% to 29.0%.
(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) For transmission formula rates and various riders across the utilities, as
well as ComEd’s distribution rates, 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) In 2025, primarily represents severance costs related to a cost management
program. In 2026, represents third-party consulting and severance costs related
to a cost management program.
(2) Reflects the adjustment to state deferred income taxes due to changes in
forecasted apportionment.
(3) Represents the disallowance of certain capitalized costs.
(4) For ComEd, reflects higher distribution and transmission rate base. For BGE,
reflects increased distribution and transmission revenue due to approved rates.
For PHI, reflects increased distribution and transmission revenue due to
approved rates.
(5) For ComEd, reflects increased electric distribution, transmission, and
energy efficiency revenues due to higher fully recoverable costs, offset by
decreased electric distribution revenues due to timing of distribution earnings.
For PECO, reflects the absence of electric surcharge credits to customers
recognized in 2025.
(6) Represents Operating and maintenance expense. For PECO, primarily reflects
higher storm costs due to absence of extraordinary February and June storm cost
deferrals recognized in 2025 and increased contracting costs, partially offset
by decreased storm costs. For BGE, primarily reflects decreased contracting
costs. For PHI, reflects increased storm costs and unfavorable impacts of the
Pepco Maryland multi-year plan reconciliation. For Corporate, reflects the
absence of the Customer Relief Fund contribution recognized in 2025.
(7) Across all utilities, reflects ongoing capital expenditures depreciation and
regulatory asset amortization.
(8) For ComEd, reflects an increase in interest expense, offset by an increase
in AFUDC. For PECO, reflects an increase in interest expense and income tax
expense due to tax repairs, a portion of which is timing. For PHI, reflects an
increase in interest expense. For Corporate, reflects an increase in interest
expense, partially offset by a decrease in income tax expense due to timing.
(9) Represents costs related to capital project impairments.
6
Table of Contents
ComEd Statistics
Three Months Ended September 30, 2026 and 2025
E… W…
… D… - …
… (… N… …
… G… % % … %
… 2… 2… … C… … … …
──────────────────────────────────────────────────────────────────────────────
… 8… 8… 2… % … % $ 1… $ 1… 0… %
…
… 8… 8… 1… % … % 6… 6… -… %
&
…
…
… 7… 7… -… % … % 1… 2… -… %
&
…
…
…
& 2… 2… -… % … % 12 14 -… %
…
…
… — — … n… 2… 2… 2… %
…
… 2… 2… 0… % … % 2… 2… 0… %
…
… -4 -… -… %
…
…
… $ 2… $ 2… 8… %
…
… $ 7… $ 8… -… %
…
%
Cha…
He…
and 2026 2025 Nor… From From
Co… 2025 Nor…
De…
He… 27 37 79 -27… % -65… %
De…
Co… 853 828 722 3.0 % 18.1 %
De…
Nine Months Ended September 30, 2026 and 2025
E… W…
… D… - …
… (… N… …
… G… % % … %
… 2… 2… … C… … … …
──────────────────────────────────────────────────────────────────────────────
… 2… 2… -… % … % $ 3… $ 3… 1… %
…
… 2… 2… -… % … % 1… 1… -… %
&
…
…
… 2… 2… 2… % … % 4… 6… -… %
&
…
…
…
& 6… 6… -… % … % 35 43 -… %
…
…
… — — … n… 7… 6… 1… %
…
… 6… 6… 0… % … % 6… 6… -… %
…
… -… -… -… %
…
…
… $ 6… $ 6… 3… %
…
… $ 1… $ 2… -… %
…
%
Cha…
He…
and 2026 2025 Nor… From From
Co… 2025 Nor…
De…
He… 3,4… 3,6… 3,… -6… % -9… %
De…
Co… 1,1… 1,1… 988 -3… % 12… %
De…
Number of Electric Customers 2026 2025
Residential 3,783,141 3,767,493
Small commercial & industrial 396,161 398,022
Large commercial & industrial 1,988 1,931
Public authorities & electric 5,771 5,798
railroads
Total 4,187,061 4,173,244
__________
(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 $2 million for both the
three months ended September 30, 2026 and 2025, respectively, and $15 million
and $19 million for the nine months ended September 30, 2026 and 2025,
respectively.
(d) Includes alternative revenue programs and late payment charges.
7
Table of Contents
PECO Statistics
Three Months Ended September 30, 2026 and 2025
…
… E…
… a…
… N… W… …
… G… N… …
… D… % % … %
… 2… 2… … C… … … …
──────────────────────────────────────────────────────────────────────────────
… 4… 4… 0… % … % $ 7… $ 7… 8… %
…
… 2… 2… 0… % … % 1… 1… 3… %
&
…
…
… 3… 3… 2… % … % 82 1… -… %
&
…
…
…
& 1… 1… 6… % … % 8 8 — %
…
…
… — — … n… 89 78 1… %
…
… 1… 1… 1… % … % 1… 1… 5… %
…
… 7 8 -… %
…
…
… 1… 1… 5… %
…
…
…
…
…
…
…
…
…
…
… 2… 2… 7… % … % 54 50 8… %
…
… 1… 2… -… % … % 20 23 -… %
&
…
…
… — — … … % — 1 -… %
&
…
… 5… 5… 3… % … % 9 7 2… %
… — — … n… 2 1 1… %
…
… 9… 9… 0… % … % 85 82 3… %
…
…
… — 1 -… %
…
…
… 85 83 2… %
…
…
…
…
… $ 1… $ 1… 5… %
…
…
…
…
… $ 4… $ 4… 1… %
…
…
%
Ch…
He…
and 2026 20… No… Fr… From
Co… 20… Nor…
De…
He… 12 — 19 n/a -3… %
De…
Co… 1,1… 1,0… 1,0… 7.3 % 13… %
De…
8
Table of Contents
Nine Months Ended September 30, 2026 and 2025
…
… E…
… a…
… N… W… …
… G… N… …
… D… % % … %
… 2… 2… … C… … … …
──────────────────────────────────────────────────────────────────────────────
… 1… 1… 1… % … % $ 2… $ 1… 1… %
…
… 5… 5… -… % … % 5… 4… 3… %
&
…
…
… 1… 1… -… % … % 2… 2… -… %
&
…
…
…
& 5… 5… -… % … % 25 26 -… %
…
…
… — — … n… 2… 2… 5… %
…
… 2… 2… — % … % 3… 2… 7… %
…
… 31 11 1… %
…
…
… 3… 2… 8… %
…
…
…
…
…
…
…
…
…
…
… 2… 2… 2… % — % 4… 3… 6… %
…
… 1… 1… 1… % — % 1… 1… 3… %
&
…
…
… -9 14 -… % … % — 1 -… %
&
…
… 1… 1… 6… % … % 35 28 2… %
… — — … n… 12 13 -… %
…
… 6… 6… 3… % … % 6… 5… 6… %
…
…
… 2 2 — %
…
…
… 6… 5… 6… %
…
…
…
…
… $ 3… $ 3… 8… %
…
…
…
…
… $ 1… $ 1… 1… %
…
…
%
Cha…
He…
and 2026 2025 Nor… From From
Co… 2025 Nor…
De…
He… 2,7… 2,6… 2,… 1.8 % -2… %
De…
Co… 1,7… 1,5… 1,… 12… % 20… %
De…
Num… Number
of of
Ele… 2026 2025 Natur… 2026 2025
Cus… Gas
Custo…
Res… 1,537… 1,53… Resid… 511,… 510,1…
Sma… Small
com… 154,2… 154,… comme… 44,3… 44,603
& &
ind… indus…
Lar… Large
com… 3,133 3,159 comme… 7 7
& &
ind… indus…
Pub…
aut…
& 10,141 10,3… Trans… 600 619
ele…
rai…
Tot… 1,705… 1,70… Total 556,… 555,3…
__________
(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 $4 million and $2
million for the three months ended September 30, 2026 and 2025, respectively,
and $11 million and $7 million for the nine months ended September 30, 2026 and
2025, 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 $1 million for both the
three months ended September 30, 2026 and 2025, respectively, and $2 million for
both the nine months ended September 30, 2026 and 2025.
9
Table of Contents
BGE Statistics
Three Months Ended September 30, 2026 and 2025
…
… E…
… a…
… N… W… …
… G… N… …
… D… % % … %
… 2… 2… … C… … … …
──────────────────────────────────────────────────────────────────────────────
… 3… 3… 4… % … % $ 7… $ 6… 1… %
…
… 7… 7… 1… % … % 1… 1… 1… %
&
…
…
… 3… 3… 2… % … % 2… 1… 1… %
&
…
…
…
& 47 49 -… % … % 8 8 — %
…
…
… — — … n… 1… 1… -… %
…
… 8… 7… 3… % … % 1… 1… 1… %
…
… -1 -8 -… %
…
…
… 1… 1… 1… %
…
…
…
…
…
…
…
…
…
…
… 2… 2… 4… % … % 67 68 -… %
…
… 8… 8… 4… % … % 14 14 — %
&
…
…
… 6… 7… -… % … % 41 37 1… %
&
…
… 6… 6… -… % n… 6 6 — %
…
… 1… 1… -… % … % 1… 1… 2… %
…
…
… -… -7 7… %
…
…
… 1… 1… -… %
…
…
…
…
… $ 1… $ 1… 1… %
…
…
…
…
… $ 6… $ 5… 1… %
…
…
%
Cha…
He…
and 2026 2025 Nor… From From
Co… 2025 Nor…
De…
He… 44 52 66 -15… % -33… %
De…
Co… 699 605 628 15.5 % 11.3 %
De…
10
Table of Contents
Nine Months Ended September 30, 2026 and 2025
…
… E…
… a…
… N… W… …
… G… N… …
… D… % % … %
… 2… 2… … C… … … …
──────────────────────────────────────────────────────────────────────────────
… 1… 9… 2… % … % $ 2… $ 1… 2… %
…
… 2… 2… — % … % 3… 3… 1… %
&
…
…
… 1… 9… 1… % … % 5… 4… 1… %
&
…
…
…
& 1… 1… -… % … % 25 25 — %
…
…
… — — … n… 3… 3… 0… %
…
… 2… 2… 1… % … % 3… 2… 1… %
…
… 2 -… -… %
…
…
… 3… 2… 2… %
…
…
…
…
…
…
…
…
…
…
… 2… 2… 0… % … % 5… 5… 1… %
…
… 6… 6… 1… % … % 95 1… -… %
&
…
…
… 2… 2… 0… % … % 1… 1… 2… %
&
…
… 5… 5… -… % n… 42 37 1… %
…
… 6… 6… 0… % … % 8… 8… 1… %
…
…
… -… -… -… %
…
…
… 8… 8… 3… %
…
…
…
…
… $ 4… $ 3… 1… %
…
…
…
…
… $ 2… $ 1… 2… %
…
…
%
Cha…
He…
and 2026 2025 Nor… From From
Co… 2025 Nor…
De…
He… 2,9… 2,7… 2,… 7.3 % 1.1 %
De…
Co… 1,0… 896 896 11… % 11… %
De…
Num… Number
of of
Ele… 2026 2025 Natur… 2026 2025
Cus… Gas
Custo…
Res… 1,230… 1,22… Resid… 663,… 660,2…
Sma… Small
com… 115,0… 115,… comme… 37,6… 37,731
& &
ind… indus…
Lar… Large
com… 13,467 13,4… comme… 6,419 6,404
& &
ind… indus…
Pub…
aut…
& 250 254
ele…
rai…
Tot… 1,359… 1,34… Total 707,… 704,3…
__________
(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 September 30, 2026 and 2025, respectively, and $5 million and
$4 million for the nine months ended September 30, 2026 and 2025, 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 September 30, 2026 and 2025, respectively, and $2 million for
both the nine months ended September 30, 2026 and 2025, respectively.
11
Table of Contents
Pepco Statistics
Three Months Ended September 30, 2026 and 2025
E…
… D… W… …
… (… N… …
… G… % % … %
… 2… 2… … C… … … …
──────────────────────────────────────────────────────────────────────────────
… 2… 2… 4… % … % $ 5… $ 5… 1… %
…
… 2… 2… 3… % … % 60 56 7… %
&
…
…
… 3… 3… 0… % … % 3… 3… 1… %
&
…
…
…
& 1… 1… 1… % … % 11 8 3… %
…
…
… — — … n… 99 98 1… %
…
… 6… 6… 2… % … % 1… 9… 1… %
…
… 4 -2 -… %
…
…
… $ 1… $ 9… 1… %
…
… $ 4… $ 3… 2… %
…
%
Cha…
He…
and 2026 2025 Nor… From From
Co… 2025 Nor…
De…
He… 17 — 8 — % 11… %
De…
Co… 1,2… 1,0… 1,… 15… % 4.0 %
De…
Nine Months Ended September 30, 2026 and 2025
E…
… D… W… …
… (… N… …
… G… % % … %
… 2… 2… … C… … … …
──────────────────────────────────────────────────────────────────────────────
… 6… 6… 2… % … % $ 1… $ 1… 1… %
…
… 8… 8… -… % … % 1… 1… 5… %
&
…
…
… 1… 1… -… % … % 1… 9… 1… %
&
…
…
…
& 5… 5… 9… % … % 32 29 1… %
…
…
… — — … n… 2… 2… 4… %
…
… 1… 1… 0… % … % 2… 2… 1… %
…
… -3 -… -… %
…
…
… $ 2… $ 2… 1… %
…
… $ 1… $ 9… 2… %
…
%
Ch…
He…
and 2026 2025 Nor… Fr… Fr…
Co… 20… No…
De…
He… 2,4… 2,2… 2,3… 11.9 % 6.0 %
De…
Co… 1,8… 1,6… 1,7… 12.6 % 6.3 %
De…
Number of Electric Customers 2026 2025
Residential 889,048 885,063
Small commercial & industrial 54,090 53,939
Large commercial & industrial 23,212 23,203
Public authorities & electric railroads 211 205
Total 966,561 962,410
__________
(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 $3 million and $2
million the three months ended September 30, 2026 and 2025, respectively, and $7
million and $4 million for both the nine months ended September 30, 2026 and
2025, respectively.
(d) Includes alternative revenue programs and late payment charge revenues.
12
Table of Contents
DPL Statistics
Three Months Ended September 30, 2026 and 2025
…
… E…
… a… …
… N… - R…
… G… … (…
… D… % % m… %
… 2… 2… C… … 2… 2… C…
──────────────────────────────────────────────────────────────────────────────
… 1… … … % -… % $ … $ … … %
…
… 6… … … % 1… % … … … %
&
…
…
… 1… … … % -… % … … … %
&
…
…
…
& 8 … … % -… % 4 4 — %
…
…
… — — n… … … … … %
…
… 3… … … % -… % … … … %
…
… … … … %
…
…
… … … … %
…
…
…
…
…
…
…
…
…
…
… 4… … … % -… % … … … %
…
… 3… … … % -… % 8 7 … %
&
…
…
… 4… … … % 1… % 1 1 — %
&
…
… 1… … … % -… % 5 4 … %
… — — n… … … 2 … %
…
… 2… … … % -… % … … … %
…
…
… — — n…
…
…
… … … … %
…
…
…
…
… $ … $ … … %
…
…
…
…
… $ … $ … … %
…
…
El… %
Se… Cha…
Te…
He…
and 2026 2025 Nor… From From
Co… 2025 Nor…
De…
He… 24 4 24 500.0 % — %
De…
Co… 995 862 933 15.4 % 6.6 %
De…
Nat…
Gas %
Ser… Chan…
Ter…
Hea… 2026 2025 Norm… From From
Deg… 2025 Norm…
Hea… 28 3 32 833… % -12… %
Deg…
13
Table of Contents
Nine Months Ended September 30, 2026 and 2025
…
… E…
… a… …
… N… - R…
… G… … (…
… D… % % m… %
… 2… 2… C… … 2… 2… C…
──────────────────────────────────────────────────────────────────────────────
… 4… … … % 1… % $ … $ … … %
…
… 1… … … % 0… % … … … %
&
…
…
… 3… … … % -… % … … … %
&
…
…
…
& 4 … … % -… % … … … %
…
…
… — — n… … … … … %
…
… 9… … … % -… % … … … %
…
… … … … %
…
…
… … … … %
…
…
…
…
…
…
…
…
…
…
… 5… … … % -… % … … … %
…
… 2… … … % -… % … … … %
&
…
…
… 1… … … % 0… % 7 6 … %
&
…
… 4… … … % -… % … … … %
… — — n… … … 8 … %
…
… 1… … … % -… % … … … %
…
…
… — — n…
…
…
… … … … %
…
…
…
…
… $ … $ … … %
…
…
…
…
… $ … $ … … %
…
…
El… %
Se… Ch…
Te…
He…
and 2026 2025 Nor… Fr… Fr…
Co… 20… No…
De…
He… 2,8… 2,7… 2,7… 4.5 % 2.7 %
De…
Co… 1,4… 1,2… 1,2… 10.6 % 8.9 %
De…
Na…
Gas %
Se… Ch…
Te…
He… 2026 2025 Nor… Fr… From
De… 20… Nor…
He… 2,9… 2,7… 2,9… 5.8 % -0… %
De…
Num… Number
of of
Ele… 2026 2025 Natur… 2026 2025
Cus… Gas
Custo…
Res… 497,7… 494,… Resid… 132,… 131,4…
Sma… Small
com… 65,857 65,3… comme… 10,1… 10,134
& &
ind… indus…
Lar… Large
com… 1,287 1,257 comme… 14 14
& &
ind… indus…
Pub…
aut…
& 631 632 Trans… 156 160
ele…
rai…
Tot… 565,4… 561,… Total 142,… 141,8…
__________
(a) Reflects delivery volumes and revenues from customers purchasing electricity
directly from DPL and customers purchasing electricity from a competitive
electric generation supplier as all customers are assessed distribution charges.
For customers purchasing electricity from DPL, revenues also reflect the cost of
energy and transmission.
(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 September 30, 2026 and 2025, respectively,
and $7 million and $6 million the nine months ended September 30, 2026 and 2025,
respectively.
(d) Includes alternative revenue programs and late payment charges.
(e) Reflects delivery volumes and revenues from customers purchasing natural gas
directly from DPL and customers purchasing natural gas from a competitive
natural gas supplier as all customers are assessed distribution charges. For
customers purchasing natural gas from DPL, revenue also reflects the cost of
natural gas.
(f) Includes revenues primarily from off-system sales.
14
Table of Contents
ACE Statistics
Three Months Ended September 30, 2026 and 2025
E… W…
… D… - …
… (… N… …
… G… % % … %
… 2… 2… … C… … … …
──────────────────────────────────────────────────────────────────────────────
… 1… 1… 6… % … % $ 3… $ 3… 5… %
…
… 5… 4… 9… % … % 89 82 8… %
&
…
…
… 8… 7… 4… % … % 41 43 -… %
&
…
…
…
& 10 9 1… % … % 5 4 2… %
…
…
… — — … n… 64 62 3… %
…
… 2… 2… 6… % … % 5… 5… 4… %
…
… -1 16 -… %
…
…
… $ 5… $ 5… 1… %
…
… $ 2… $ 2… -… %
…
%
Cha…
He…
and 2026 2025 Nor… From From
Co… 2025 Nor…
De…
He… 31 11 31 181.8 % — %
De…
Co… 930 755 875 23.2 % 6.3 %
De…
Nine Months Ended September 30, 2026 and 2025
E… …
… D… - R…
… (… … (…
… G… % % m… %
… 2… 2… C… … 2… 2… C…
──────────────────────────────────────────────────────────────────────────────
… 3… … … % -… % $ … $ … … %
…
… 1… … … % 3… % … … … %
&
…
…
… 2… … … % -… % … … … %
&
…
…
…
& 32 … — % -… % … … … %
…
…
… — — n… … … … … %
…
… 6… … … % -… % … … … %
…
… … 2 n…
…
…
… $ … $ … … %
…
… $ … $ … … %
…
%
Cha…
He…
and 2026 2025 Nor… From From
Co… 2025 Nor…
De…
He… 3,0… 2,8… 2,… 7.6 % 4.9 %
De…
Co… 1,3… 1,0… 1,… 21… % 11… %
De…
Number of Electric Customers 2026 2025
Residential 512,248 509,739
Small commercial & industrial 63,063 62,923
Large commercial & industrial 2,663 2,730
Public authorities & electric railroads 782 745
Total 578,756 576,137
__________
(a) Reflects delivery volumes and revenues from customers purchasing electricity
directly from ACE and customers purchasing electricity from a competitive
electric generation supplier as all customers are assessed distribution charges.
For customers purchasing electricity from ACE, revenues also reflect the cost of
energy and transmission.
(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 September 30, 2026 and 2025, respectively, and $4 million and
$3 million for the nine months ended September 30, 2026 and 2025, respectively.
(d) Includes alternative revenue programs.
15