---
title: "Exelon Reports Second Quarter 2026 Results | EXC Stock News"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/294349315.md"
description: "Exelon reported Q2 2026 adjusted operating earnings of $0.43 per share, meeting expectations. The company reaffirmed its full-year guidance of $2.81-$2.91 per share and projected 5-7% annualized EPS growth through 2029. GAAP net income remained steady at $0.39 per share. Key drivers included higher utility earnings from rate increases at ComEd and PHI, partially offset by increased costs at PECO and BGE. Exelon continues to execute its financing plan and invest in grid reliability and storage solutions."
datetime: "2026-07-30T02:50:00.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/294349315.md)
  - [en](https://longbridge.com/en/news/294349315.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/294349315.md)
---

# Exelon Reports Second Quarter 2026 Results | EXC Stock News

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**Earnings Release Highlights**

-   GAAP net income of $0.39 per share and Adjusted (non-GAAP) operating earnings of $0.43 per share for the second quarter of 2026, in line with expectations
-   Affirming full year 2026 Adjusted (non-GAAP) operating earnings guidance range of $2.81-$2.91 per share and operating EPS compounded annual growth near top end of 5-7% from 2025 to 2029
-   All utilities projecting top quartile reliability performance, with ComEd and PHI in the top decile
-   BGE filed an electric distribution rate case with the Maryland Public Service Commission (MDPSC) in July, requesting the funding of investments and operating costs necessary to maintain a safe and reliable electric system, cost of capital, and storm event recovery
-   ACE filed a transmission-connected battery storage proposal with the New Jersey Board of Public Utilities
-   Executed ~86% of 2026 planned debt financings, supporting continued investment across the utilities

CHICAGO--(BUSINESS WIRE)--Exelon Corporation (Nasdaq: EXC) today reported its financial results for the second quarter of 2026.

“At Exelon, we are focused on delivering where it matters most for our customers and communities by providing safe, reliable and affordable energy,” said Exelon President and Chief Executive Officer Calvin Butler. “Our second-quarter results reflect disciplined execution and strong operational performance, keeping us on track to deliver on our financial commitments. As energy demand continues to grow, we remain focused on advancing solutions through The Exelon Promise that strengthen reliability, protect customers, keep bills as low as possible, and create long-term value for the communities we serve. From grid modernization to practical solutions such as storage and virtual power plants, we are helping meet growing energy demand and enabling a more affordable and reliable grid.”

“Exelon delivered second quarter 2026 adjusted operating earnings of $0.43 per share, in line with the expectations we discussed on our first quarter call,” said Exelon Chief Financial Officer Jeanne Jones. “Through the first half of the year, we remain on track to deliver full-year operating earnings of $2.81 to $2.91 per share and annualized earnings growth near the top end of 5% to 7% from 2025 through 2029. With substantial progress on our financing plan, we are well positioned to fund customer-focused investments across our utilities and advance additional solutions, such as storage, that support affordability, reliability and resource adequacy.”

**Second Quarter 2026**

Exelon's GAAP net income for the second quarter of 2026 remained relatively consistent with the prior period at $0.39 per share. Adjusted (non-GAAP) operating earnings for the second quarter of 2026 increased to $0.43 per share from $0.39 per share in the second 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 second quarter of 2026 primarily reflect:

-   Higher utility earnings primarily due to distribution and transmission rates at ComEd and PHI, distribution rates at BGE, absence of customer surcharge credits at PECO, higher allowance for funds used during construction (AFUDC) at ComEd, and favorable weather at PECO. This was partially offset by higher depreciation at PECO and PHI, higher credit loss expense at BGE, and higher interest expense and income taxes at PECO. Note that rate increases are associated with updated recovery rates for costs and investments to serve customers.

-   Lower costs at the Exelon holding company due to the lack of Customer Relief Fund contribution and lower income taxes were offset by higher interest expense.

**Operating Company Results1**

_ComEd_

ComEd's second quarter of 2026 GAAP net income increased to $249 million from $228 million in the second quarter of 2025. ComEd's Adjusted (non-GAAP) operating earnings for the second quarter of 2026 increased to $249 million from $228 million in the second 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 second quarter of 2026 GAAP net income decreased to $119 million from $136 million in the second quarter of 2025. PECO's Adjusted (non-GAAP) operating earnings for the second quarter of 2026 decreased to $130 million from $136 million in the second quarter of 2025, primarily due to an increase in depreciation and interest expense, and higher income taxes due to tax repairs, a portion of which is timing, partially offset by absence of surcharge credits to customers and favorable weather.

\_\_\_\_\_\_\_\_\_\_\_

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

_BGE_

BGE’s second quarter of 2026 GAAP net income remained relatively consistent with the prior period at $55 million in the second quarter of 2025. BGE's Adjusted (non-GAAP) operating earnings for the second quarter of 2026 increased to $70 million from $55 million in the second quarter of 2025, primarily due to approved distribution rates associated with updated recovery of investments to serve customers, driving top quartile reliability and avoiding outage costs, partially offset by an increase in credit loss expense. Due to revenue decoupling, BGE's distribution earnings are not intended to be affected by actual weather or customer usage patterns.

_PHI_

PHI’s second quarter of 2026 GAAP net income decreased to $109 million from $143 million in the second quarter of 2025. PHI’s Adjusted (non-GAAP) operating earnings for the second quarter of 2026 decreased to $126 million from $144 million in the second quarter of 2025, primarily due to an increase in depreciation, partially offset by approved distribution and transmission rates driven by updated recovery of investments to serve customers, driving top quartile reliability and avoiding outage costs. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not intended to be affected by actual weather or customer usage patterns.

**Recent Developments and Second Quarter Highlights**

-   **Dividend:** On July 28, 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 September 15, 2026, to Exelon shareholders of record as of the close of business on September 4, 2026.

-   **Rate Case Developments:**
    -   **BGE Maryland Electric Distribution Rate Case:** On July 2, 2026, BGE filed an application with the MDPSC to increase its annual electric distribution rates by $156 million, reflecting an ROE of 10.40%. BGE currently expects a decision in the first quarter of 2027, but cannot predict if the MDPSC will approve the application as filed.

-   **Financing Activities:**
    -   On May 14, 2026, ComEd issued $1,425 million of its First Mortgage Bonds, consisting of $600 million aggregate principal amount of its First Mortgage Bonds, 4.55% Series due June 1, 2031, and $825 million aggregate principal amount of its First Mortgage Bonds, 5.85% Series due June 1, 2056. ComEd used the proceeds to repay existing indebtedness and for general corporate purposes.
    -   On May 22, 2026, BGE issued $925 million of its notes, consisting of $500 million aggregate principal amount of its 5.15% Series notes due June 1, 2033, and $425 million aggregate principal amount of its 6.05% Series notes due June 1, 2056. BGE used the proceeds to repay existing indebtedness and for general corporate purposes.
    -   On June 17, 2026, Pepco issued $130 million of its First Mortgage Bonds, 5.74% Series due June 17, 2056. Pepco used the proceeds to repay existing indebtedness and for general corporate purposes.

**Adjusted (non-GAAP) Operating Earnings Reconciliation**

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

**(in millions, except per share amounts)**

**Exelon**

**Earnings per**

**Diluted**

**Share**

**Exelon**

**ComEd**

**PECO**

**BGE**

**PHI**

**2026 GAAP net income**

**$**

**0.39**

**$**

**396**

**$**

**249**

**$**

**119**

**$**

**55**

**$**

**109**

Cost management charge (net of taxes of $16, $4, $6, and $7, respectively )

0.04

42

—

11

15

17

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

**$**

**0.43**

**$**

**438**

**$**

**249**

**$**

**130**

**$**

**70**

**$**

**126**

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:

**(in millions, except per share amounts)**

**Exelon**

**Earnings per**

**Diluted**

**Share**

**Exelon**

**ComEd**

**PECO**

**BGE**

**PHI**

**2025 GAAP net income**

**$**

**0.39**

**$**

**391**

**$**

**228**

**$**

**136**

**$**

**55**

**$**

**143**

Income tax-related adjustments (entire amount represents tax expense)

—

1

—

—

—

1

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

**$**

**0.39**

**$**

**392**

**$**

**228**

**$**

**136**

**$**

**55**

**$**

**144**

\_\_\_\_\_\_\_\_\_\_

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 second 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, 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: investors.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on July 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 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.

**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 Earnings

6

Statistics

ComEd

7

PECO

8

BGE

10

Pepco

13

DPL

14

ACE

16

**Consolidating Statements of Operations**

(unaudited)

(in millions)

**ComEd**

**PECO**

**BGE**

**PHI**

**Other (a)**

**Exelon**

**Three Months Ended June 30, 2026**

**Operating revenues**

$

1,985

$

1,062

$

1,218

$

1,712

$

(10

)

$

5,967

**Operating expenses**

Purchased power and fuel

579

389

545

698

—

2,211

Operating and maintenance

449

300

293

395

(51

)

1,386

Depreciation and amortization

416

125

166

245

16

968

Taxes other than income taxes

107

62

96

145

13

423

**Total operating expenses**

1,551

876

1,100

1,483

(22

)

4,988

**Gain on sale of assets**

—

—

—

—

—

—

**Operating income**

434

186

118

229

12

979

**Other income and (deductions)**

Interest expense, net

(143

)

(72

)

(68

)

(108

)

(183

)

(574

)

Other, net

41

13

22

20

(6

)

90

**Total other income and (deductions)**

(102

)

(59

)

(46

)

(88

)

(189

)

(484

)

**Income (loss) before income taxes**

332

127

72

141

(177

)

495

**Income taxes**

83

8

17

32

(41

)

99

**Net income (loss) attributable to common shareholders**

$

249

$

119

$

55

$

109

$

(136

)

$

396

**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

**Change in net income (loss) from 2025 to 2026**

$

21

$

(17

)

$

—

$

(34

)

$

35

$

5

**Consolidating Statements of Operations**

(unaudited)

(in millions)

**ComEd**

**PECO**

**BGE**

**PHI**

**Other (a)**

**Exelon**

**Six Months Ended June 30, 2026**

**Operating revenues**

$

3,898

$

2,554

$

3,046

$

3,742

$

(31

)

$

13,209

**Operating expenses**

Purchased power and fuel

1,031

1,001

1,353

1,602

—

4,987

Operating and maintenance

886

636

619

820

(109

)

2,852

Depreciation and amortization

820

247

334

491

28

1,920

Taxes other than income taxes

212

131

200

296

27

866

**Total operating expenses**

2,949

2,015

2,506

3,209

(54

)

10,625

**Gain on sale of assets**

—

—

—

—

—

—

**Operating income**

949

539

540

533

23

2,584

**Other income and (deductions)**

Interest expense, net

(279

)

(144

)

(129

)

(215

)

(361

)

(1,128

)

Other, net

73

25

38

39

(16

)

159

**Total other income and (deductions)**

(206

)

(119

)

(91

)

(176

)

(377

)

(969

)

**Income (loss) before income taxes**

743

420

449

357

(354

)

1,615

**Income taxes**

184

23

96

79

(82

)

300

**Net income (loss) attributable to common shareholders**

$

559

$

397

$

353

$

278

$

(272

)

$

1,315

**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

**Change in net income (loss) from 2025 to 2026**

$

29

$

(5

)

$

38

$

(59

)

$

12

$

15

\_\_\_\_\_\_\_\_\_\_

(a)

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

**Exelon**

**Consolidated Balance Sheets**

(unaudited)

(in millions)

**June 30, 2026**

**December 31, 2025**

**Assets**

**Current assets**

Cash and cash equivalents

$

1,813

$

626

Restricted cash and cash equivalents

608

525

Accounts receivable

Customer accounts receivable

3,567

3,732

Customer allowance for credit losses

(508

)

(435

)

Customer accounts receivable, net

3,059

3,297

Other accounts receivable

1,294

1,879

Other allowance for credit losses

(94

)

(94

)

Other accounts receivable, net

1,200

1,785

Inventories, net

Fossil fuel

62

88

Materials and supplies

832

780

Regulatory assets

1,352

1,359

Prepaid renewable energy credits

381

563

Other

490

523

**Total current assets**

9,797

9,546

**Property, plant, and equipment, net**

87,123

84,318

**Deferred debits and other assets**

Regulatory assets

9,412

9,214

Goodwill

6,630

6,630

Receivable related to Regulatory Agreement Units

5,280

4,755

Investments

327

312

Other

1,936

1,795

**Total deferred debits and other assets**

23,585

22,706

**Total assets**

$

120,505

$

116,570

**June 30, 2026**

**December 31, 2025**

**Liabilities and shareholders’ equity**

**Current liabilities**

Short-term borrowings

$

1,243

$

612

Long-term debt due within one year

727

1,665

Accounts payable

3,475

3,721

Accrued expenses

1,447

1,582

Payables to affiliates

5

5

Customer deposits

589

533

Regulatory liabilities

573

1,128

Mark-to-market derivative liabilities

23

30

Unamortized energy contract liabilities

4

5

Renewable energy credit obligations

332

473

Other

590

577

**Total current liabilities**

9,008

10,331

**Long-term debt**

50,313

47,413

**Long-term debt to financing trusts**

390

390

**Deferred credits and other liabilities**

Deferred income taxes and unamortized investment tax credits

14,348

13,715

Regulatory liabilities

11,727

11,016

Pension obligations

1,429

1,749

Non-pension postretirement benefit obligations

564

546

Asset retirement obligations

322

321

Mark-to-market derivative liabilities

105

106

Unamortized energy contract liabilities

14

16

Other

2,587

2,169

**Total deferred credits and other liabilities**

31,096

29,638

**Total liabilities**

90,807

87,772

**Commitments and contingencies**

**Shareholders’ equity**

Common stock

22,540

22,106

Treasury stock, at cost

(123

)

(123

)

Retained earnings

8,031

7,577

Accumulated other comprehensive loss, net

(750

)

(762

)

**Total shareholders’ equity**

29,698

28,798

**Total liabilities and shareholders’ equity**

$

120,505

$

116,570

**Exelon**

**Consolidated Statements of Cash Flows**

(unaudited)

(in millions)

**Six Months Ended June 30,**

**2026**

**2025**

**Cash flows from operating activities**

Net income

$

1,315

$

1,300

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

Depreciation, amortization, and accretion

1,921

1,806

Deferred income taxes and amortization of investment tax credits

432

165

Net fair value changes related to derivatives

—

3

Other non-cash operating activities

464

734

Changes in assets and liabilities:

Accounts receivable

787

(460

)

Inventories

(29

)

(20

)

Accounts payable and accrued expenses

(210

)

(38

)

Collateral received, net

72

14

Income taxes

(140

)

(3

)

Regulatory assets and liabilities, net

(874

)

(294

)

Pension and non-pension postretirement benefit contributions

(356

)

(302

)

Other assets and liabilities

287

(194

)

Net cash flows provided by operating activities

3,669

2,711

**Cash flows from investing activities**

Capital expenditures

(4,558

)

(3,959

)

Proceeds from sales of assets

—

2

Other investing activities

(2

)

(5

)

Net cash flows used in investing activities

(4,560

)

(3,962

)

**Cash flows from financing activities**

Changes in short-term borrowings

131

(750

)

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

500

—

Issuance of long-term debt

3,600

3,800

Retirement of long-term debt

(1,600

)

(807

)

Issuance of common stock

382

173

Dividends paid on common stock

(860

)

(808

)

Proceeds from employee stock plans

24

11

Other financing activities

(57

)

(56

)

Net cash flows provided by financing activities

2,120

1,563

**Increase in cash, restricted cash, and cash equivalents**

1,229

312

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

1,201

939

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

$

2,430

$

1,251

**Exelon**

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

Three Months Ended June 30, 2026 and 2025

(unaudited)

(in millions, except per share data)

**Exelon**

**Earnings per**

**Diluted**

**Share**

**ComEd**

**PECO**

**BGE**

**PHI**

**Other (a)**

**Exelon**

**2025 GAAP net income (loss)**

**$**

**0.39**

**$**

**228**

**$**

**136**

**$**

**55**

**$**

**143**

**$**

**(171**

**)**

**$**

**391**

Income tax-related adjustments (entire amount represents tax expense) (1)

—

—

—

—

1

—

1

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

**$**

**0.39**

**$**

**228**

**$**

**136**

**$**

**55**

**$**

**144**

**$**

**(171**

**)**

**$**

**392**

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

Weather

$

—

$

—

(b)

$

4

$

—

(b)

$

—

(b)

$

—

$

4

Load

(0.01

)

—

(b)

(5

)

—

(b)

(1

)

(b)

—

(6

)

Distribution and transmission rates (2)

0.04

17

(c)

(2

)

(c)

12

(c)

14

(c)

—

41

Other energy delivery (3)

0.06

51

(c)

11

(c)

1

(c)

1

(c)

—

64

Operating and maintenance expense (4)

0.03

(19

)

14

13

(11

)

38

35

Depreciation and amortization expense (5)

(0.05

)

(21

)

(10

)

(6

)

(12

)

1

(48

)

Interest expense and other (6)

(0.04

)

(7

)

(18

)

(5

)

(9

)

(4

)

(43

)

**Total year over year effects on Adjusted (non-GAAP) Operating Earnings**

**$**

**0.04**

**$**

**21**

**$**

**(6**

**)**

**$**

**15**

**$**

**(18**

**)**

**$**

**35**

**$**

**46**

**2026 GAAP net income (loss)**

**$**

**0.39**

**$**

**249**

**$**

**119**

**$**

**55**

**$**

**109**

**$**

**(136**

**)**

**$**

**396**

Cost management program (net of taxes of $4, $6, $7, and $16, respectively) (7)

0.04

—

11

15

17

—

42

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

**$**

**0.43**

**$**

**249**

**$**

**130**

**$**

**70**

**$**

**126**

**$**

**(136**

**)**

**$**

**438**

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)

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

(1)

Reflects the adjustment to state deferred income taxes due to changes in forecasted apportionment.

(2)

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

(3)

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

(4)

Represents Operating and maintenance expense. For Corporate, reflects the absence of the Customer Relief Fund contribution recorded in the prior period.

(5)

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

(6)

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 Corporate, reflects an increase in interest expense offset by a decrease in income tax expense due to timing.

(7)

Primarily represents severance costs related to cost management program.

**Exelon**

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

Six Months Ended June 30, 2026 and 2025

(unaudited)

(in millions, except per share data)

**Exelon**

**Earnings**

**per Diluted**

**Share**

**ComEd**

**PECO**

**BGE**

**PHI**

**Other (a)**

**Exelon**

**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 program (net of taxes of $0) (1)

—

—

(1

)

—

—

—

(1

)

Income tax-related adjustments (entire amount represents tax expense) (2)

—

—

—

—

1

—

1

Regulatory matters (net of taxes of $7) (3)

0.02

21

—

—

—

1

22

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

**$**

**1.31**

**$**

**553**

**$**

**401**

**$**

**315**

**$**

**338**

**$**

**(283**

**)**

**$**

**1,324**

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

Weather

$

0.02

$

—

(b)

$

16

$

—

(b)

$

3

(b)

$

—

$

19

Load

(0.01

)

—

(b)

(6

)

—

(b)

—

(b)

—

(6

)

Distribution and transmission rates (4)

0.10

32

(c)

4

(c)

40

(c)

27

(c)

—

103

Other energy delivery (5)

0.11

68

(c)

23

(c)

14

(c)

7

(c)

—

112

Operating and maintenance expense (6)

(0.02

)

(50

)

7

16

(28

)

39

(16

)

Depreciation and amortization expense (7)

(0.09

)

(38

)

(20

)

(14

)

(23

)

4

(91

)

Interest expense and other (8)

(0.07

)

(6

)

(17

)

(3

)

(18

)

(32

)

(76

)

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

**$**

**0.02**

**$**

**6**

**$**

**7**

**$**

**53**

**$**

**(32**

**)**

**$**

**11**

**$**

**44**

**2026 GAAP net income (loss)**

**$**

**1.28**

**$**

**559**

**$**

**397**

**$**

**353**

**$**

**278**

**$**

**(272**

**)**

**$**

**1,315**

Cost management program (net of taxes of $4, $6, $7, and $16, respectively) (1)

0.04

—

11

15

17

—

42

Regulatory matters (net of taxes of $4) (3)

0.01

—

—

—

11

—

11

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

**$**

**1.33**

**$**

**559**

**$**

**408**

**$**

**368**

**$**

**306**

**$**

**(272**

**)**

**$**

**1,368**

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)

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

(1)

Primarily represents severance costs related to 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 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. For PHI, reflects higher distribution and transmission revenues due to higher fully recoverable costs.

(6)

Represents Operating and maintenance expense. For PHI, reflects unfavorable impacts of the Pepco Maryland multi-year plan reconciliation. For Corporate, reflects the absence of the Customer Relief Fund contribution recorded in the prior period.

(7)

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

(8)

For ComEd, reflects an increase in interest expense, offset by an increase in AFUDC. For PECO, PHI, and Corporate, reflects an increase in interest expense.

**ComEd Statistics**

**Three Months Ended June 30, 2026 and 2025**

**Electric Deliveries (in GWhs)**

**Revenue (in millions)**

**2026**

**2025**

**% Change**

**Weather - Normal % Change**

**2026**

**2025**

**% Change**

**Electric Deliveries and Revenues(a)**

Residential

6,010

6,553

(8.3

)%

1.0

%

$

1,101

$

1,094

0.6

%

Small commercial & industrial

6,815

6,920

(1.5

)%

—

%

527

553

(4.7

)%

Large commercial & industrial

7,637

6,731

13.5

%

6.1

%

131

177

(26.0

)%

Public authorities & electric railroads

196

166

18.1

%

15.6

%

12

12

—

%

Other(b)

—

—

n/a

n/a

255

224

13.8

%

Total electric revenues(c)

20,658

20,370

1.4

%

2.5

%

2,026

2,060

(1.7

)%

**Other Revenues(d)**

(41

)

(224

)

(81.7

)%

Total electric revenues

$

1,985

$

1,836

8.1

%

**Purchased Power**

$

579

$

550

5.3

%

**% Change**

**Heating and Cooling Degree-Days**

**2026**

**2025**

**Normal**

**From 2025**

**From Normal**

Heating Degree-Days

560

676

697

(17.2

)%

(19.7

)%

Cooling Degree-Days

259

330

266

(21.5

)%

(2.6

)%

**Six Months Ended June 30, 2026 and 2025**

**Electric Deliveries (in GWhs)**

**Revenue (in millions)**

**2026**

**2025**

**% Change**

**Weather - Normal % Change**

**2026**

**2025**

**% Change**

**Electric Deliveries and Revenues(a)**

Residential

12,570

13,227

(5.0

)%

0.2

%

$

2,126

$

2,087

1.9

%

Small commercial & industrial

14,133

14,279

(1.0

)%

—

%

1,011

1,153

(12.3

)%

Large commercial & industrial

14,599

13,734

6.3

%

2.4

%

251

472

(46.8

)%

Public authorities & electric railroads

440

444

(0.9

)%

0.2

%

23

29

(20.7

)%

Other(b)

—

—

n/a

n/a

504

461

9.3

%

Total electric revenues(c)

41,742

41,684

0.1

%

0.9

%

3,915

4,202

(6.8

)%

**Other Revenues(d)**

(17

)

(301

)

(94.4

)%

Total electric revenues

$

3,898

$

3,901

(0.1

)%

**Purchased Power**

$

1,031

$

1,239

(16.8

)%

**% Change**

**Heating and Cooling Degree-Days**

**2026**

**2025**

**Normal**

**From 2025**

**From Normal**

Heating Degree-Days

3,428

3,661

3,750

(6.4

)%

(8.6

)%

Cooling Degree-Days

260

330

266

(21.2

)%

(2.3

)%

**Number of Electric Customers**

**2026**

**2025**

Residential

3,779,015

3,758,791

Small commercial & industrial

397,129

397,795

Large commercial & industrial

1,970

1,922

Public authorities & electric railroads

5,795

5,789

Total

4,183,909

4,164,297

\_\_\_\_\_\_\_\_\_\_

(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 and $10 million for the three months ended June 30, 2026 and 2025, respectively, and $13 million and $17 million for the six months ended June 30, 2026 and 2025, respectively.

(d)

Includes alternative revenue programs and late payment charges.

**PECO Statistics**

**Three Months Ended June 30, 2026 and 2025**

**Electric and Natural Gas Deliveries**

**Revenue (in millions)**

**2026**

**2025**

**% Change**

**Weather-**

**Normal**

**% Change**

**2026**

**2025**

**% Change**

**Electric (in GWhs)**

**Electric Deliveries and Revenues(a)**

Residential

3,042

3,030

0.4

%

(1.8

)%

$

601

$

555

8.3

%

Small commercial & industrial

1,742

1,832

(4.9

)%

(3.6

)%

157

155

1.3

%

Large commercial & industrial

3,426

3,314

3.4

%

2.4

%

85

75

13.3

%

Public authorities & electric railroads

157

163

(3.7

)%

(3.6

)%

9

10

(10.0

)%

Other(b)

—

—

n/a

n/a

77

77

—

%

Total electric revenues(c)

8,367

8,339

0.3

%

(0.5

)%

929

872

6.5

%

**Other Revenues(d)**

12

8

50.0

%

Total Electric Revenues

941

880

6.9

%

**Natural Gas (in mmcfs)**

**Natural Gas Deliveries and Revenues(e)**

Residential

4,525

4,571

(1.0

)%

1.9

%

84

79

6.3

%

Small commercial & industrial

3,072

3,398

(9.6

)%

(9.0

)%

29

31

(6.5

)%

Large commercial & industrial

1

2

(50.0

)%

2.3

%

—

—

n/a

Transportation

6,578

5,436

21.0

%

25.6

%

6

8

(25.0

)%

Other(f)

—

—

n/a

n/a

1

2

(50.0

)%

Total natural gas revenues(g)

14,176

13,407

5.7

%

8.1

%

120

120

—

%

**Other Revenues(d)**

1

—

n/a

Total Natural Gas Revenues

121

120

0.8

%

Total Electric and Natural Gas Revenues

$

1,062

$

1,000

6.2

%

**Purchased Power and Fuel**

$

389

$

339

14.7

%

**% Change**

**Heating and Cooling Degree-Days**

**2026**

**2025**

**Normal**

**From 2025**

**From Normal**

Heating Degree-Days

321

333

415

(3.6

)%

(22.7

)%

Cooling Degree-Days

526

425

387

23.8

%

35.9

%

**Six Months Ended June 30, 2026**

**Electric and Natural Gas Deliveries**

**Revenue (in millions)**

**2026**

**2025**

**% Change**

**Weather-**

**Normal**

**% Change**

**2026**

**2025**

**% Change**

**Electric (in GWhs)**

**Electric Deliveries and Revenues(a)**

Residential

6,994

6,889

1.5

%

(0.7

)%

$

1,326

$

1,186

11.8

%

Small commercial & industrial

3,752

3,778

(0.7

)%

(1.2

)%

329

317

3.8

%

Large commercial & industrial

6,558

6,739

(2.7

)%

(3.9

)%

172

159

8.2

%

Public authorities & electric railroads

333

352

(5.4

)%

(5.4

)%

17

18

(5.6

)%

Other(b)

—

—

n/a

n/a

154

153

0.7

%

Total electric revenues(c)

17,637

17,758

(0.7

)%

(2.1

)%

1,998

1,833

9.0

%

**Other Revenues(d)**

25

3

733.3

%

Total electric revenues

2,023

1,836

10.2

%

**Natural Gas (in mmcfs)**

**Natural Gas Deliveries and Revenues(e)**

Residential

26,961

26,405

2.1

%

(-0.4

)%

369

346

6.6

%

Small commercial & industrial

14,423

13,803

4.5

%

2.3

%

125

117

6.8

%

Large commercial & industrial

(9

)

14

(164.3

)%

(10.5

)%

—

—

n/a

Transportation

13,720

12,678

8.2

%

9.2

%

26

21

23.8

%

Other(f)

—

—

n/a

n/a

9

12

(25.0

)%

Total natural gas revenues(g)

55,095

52,900

4.1

%

2.5

%

529

496

6.7

%

**Other Revenues(d)**

2

1

100.0

%

Total natural gas revenues

531

497

6.8

%

Total electric and natural gas revenues

$

2,554

$

2,333

9.5

%

**Purchased Power and Fuel**

$

1,001

$

841

19.0

%

**% Change**

**Heating and Cooling Degree-Days**

**2026**

**2025**

**Normal**

**From 2025**

**From Normal**

Heating Degree-Days

2,720

2,684

2,774

1.3

%

(1.9

)%

Cooling Degree-Days

536

426

388

25.8

%

38.1

%

**Number of Electric Customers**

**2026**

**2025**

**Number of Natural Gas Customers**

**2026**

**2025**

Residential

1,540,384

1,538,280

Residential

511,121

509,671

Small commercial & industrial

154,463

154,977

Small commercial & industrial

44,494

44,646

Large commercial & industrial

3,141

3,155

Large commercial & industrial

7

7

Public authorities & electric railroads

10,133

10,343

Transportation

605

623

Total

1,708,121

1,706,755

Total

556,227

554,947

\_\_\_\_\_\_\_\_\_\_

(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 $2 million and $3 million for the three months ended June 30, 2026 and 2025, respectively, and $6 million and $5 million for the six months ended June 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 and less than $1 million for the three months ended June 30, 2026 and 2025, respectively, and $1 million for both six months ended June 30, 2026 and 2025.

**BGE Statistics**

**Three Months Ended June 30, 2026 and 2025**

**Electric and Natural Gas Deliveries**

**Revenue (in millions)**

**2026**

**2025**

**% Change**

**Weather-**

**Normal**

**% Change**

**2026**

**2025**

**% Change**

**Electric (in GWhs)**

**Electric Deliveries and Revenues(a)**

Residential

2,725

2,701

0.9

%

0.6

%

$

641

$

497

29.0

%

Small commercial & industrial

615

624

(1.4

)%

—

%

108

90

20.0

%

Large commercial & industrial

3,178

3,229

(1.6

)%

(0.6

)%

161

140

15.0

%

Public authorities & electric railroads

48

49

(2.0

)%

(1.6

)%

8

8

—

%

Other(b)

—

—

n/a

n/a

121

118

2.5

%

Total electric revenues(c)

6,566

6,603

(0.6

)%

(0.1

)%

1,039

853

21.8

%

**Other Revenues(d)**

11

(4

)

(375.0

)%

Total electric revenues

1,050

849

23.7

%

**Natural Gas (in mmcfs)**

**Natural Gas Deliveries and Revenues(e)**

Residential

3,981

4,368

(8.9

)%

(18.6

)%

93

108

(13.9

)%

Small commercial & industrial

1,211

1,349

(10.2

)%

(15.9

)%

17

23

(26.1

)%

Large commercial & industrial

8,213

7,943

3.4

%

(0.7

)%

48

46

4.3

%

Other(f)

823

506

62.6

%

n/a

7

7

—

%

Total natural gas revenues(g)

14,228

14,166

0.4

%

(8.4

)%

165

184

(10.3

)%

**Other Revenues(d)**

3

(4

)

(175.0

)%

Total natural gas revenues

168

180

(6.7

)%

Total electric and natural gas revenues

$

1,218

$

1,029

18.4

%

**Purchased Power and Fuel**

$

545

$

406

34.2

%

**% Change**

**Heating and Cooling Degree-Days**

**2026**

**2025**

**Normal**

**From 2025**

**From Normal**

Heating Degree-Days

420

356

479

18.0

%

(12.3

)%

Cooling Degree-Days

289

291

266

(0.7

)%

8.6

%

**Six Months Ended June 30, 2026 and 2025**

**Electric and Natural Gas Deliveries**

**Revenue (in millions)**

**2026**

**2025**

**% Change**

**Weather-**

**Normal**

**% Change**

**2026**

**2025**

**% Change**

**Electric (in GWhs)**

**Electric Deliveries and Revenues(a)**

Residential

6,513

6,370

2.2

%

(1.9

)%

$

1,459

$

1,145

27.4

%

Small commercial & industrial

1,344

1,354

(0.7

)%

(2.4

)%

238

199

19.6

%

Large commercial & industrial

6,390

6,373

0.3

%

(0.7

)%

342

284

20.4

%

Public authorities & electric railroads

96

97

(1.0

)%

(1.7

)%

17

17

—

%

Other(b)

—

—

n/a

n/a

237

230

3.0

%

Total electric revenues(c)

14,343

14,194

1.0

%

(1.4

)%

2,293

1,875

22.3

%

**Other Revenues(d)**

2

(14

)

(114.3

)%

Total electric revenues

2,295

1,861

23.3

%

**Natural Gas (in mmcfs)**

**Natural Gas Deliveries and Revenues(e)**

Residential

25,279

25,239

0.2

%

(7.1

)%

494

486

1.6

%

Small commercial & industrial

6,001

5,917

1.4

%

(2.4

)%

80

86

(7.0

)%

Large commercial & industrial

22,663

22,321

1.5

%

(0.8

)%

141

142

(0.7

)%

Other(f)

4,338

4,351

(0.3

)%

n/a

38

31

22.6

%

Total natural gas revenues(g)

58,281

57,828

0.8

%

(4.0

)%

753

745

1.1

%

**Other Revenues(d)**

(2

)

(23

)

(91.3

)%

Total natural gas revenues

751

722

4.0

%

Total electric and natural gas revenues

$

3,046

$

2,583

17.9

%

**Purchased Power and Fuel**

$

1,353

$

1,016

33.2

%

**% Change**

**Heating and Cooling Degree-Days**

**2026**

**2025**

**Normal**

**From 2025**

**From Normal**

Heating Degree-Days

2,864

2,659

2,810

7.7

%

1.9

%

Cooling Degree-Days

303

291

269

4.1

%

12.6

%

**Number of Electric Customers**

**2026**

**2025**

**Number of Natural Gas Customers**

**2026**

**2025**

Residential

1,230,523

1,219,904

Residential

664,257

660,049

Small commercial & industrial

114,986

115,316

Small commercial & industrial

37,638

37,806

Large commercial & industrial

13,430

13,345

Large commercial & industrial

6,406

6,387

Public authorities & electric railroads

250

257

Total

1,359,189

1,348,822

Total

708,301

704,242

\_\_\_\_\_\_\_\_\_\_

(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 $2 million and $1 million for the three months ended June 30, 2026 and 2025, respectively, and $4 million and $3 million for the six months ended June 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 June 30, 2026 and 2025, respectively, and $1 million for both the six months ended June 30, 2026 and 2025, respectively.

**Pepco Statistics**

**Three Months Ended June 30, 2026 and 2025**

**Electric Deliveries (in GWhs)**

**Revenue (in millions)**

**2026**

**2025**

**% Change**

**Weather-**

**Normal**

**% Change**

**2026**

**2025**

**% Change**

**Electric Deliveries and Revenues(a)**

Residential

1,744

1,737

0.4

%

(3.5

)%

$

396

$

348

13.8

%

Small commercial & industrial

256

269

(4.8

)%

(5.7

)%

49

48

2.1

%

Large commercial & industrial

3,418

3,488

(2.0

)%

(2.6

)%

321

292

9.9

%

Public authorities & electric railroads

180

172

4.7

%

4.3

%

11

12

(8.3

)%

Other(b)

—

—

n/a

n/a

94

91

3.3

%

Total electric revenues(c)

5,598

5,666

(1.2

)%

(2.8

)%

871

791

10.1

%

**Other Revenues(d)**

(12

)

(15

)

(20.0

)%

Total electric revenues

$

859

$

776

10.7

%

**Purchased Power**

$

316

$

256

23.4

%

**% Change**

**Heating and Cooling Degree-Days**

**2026**

**2025**

**Normal**

**From 2025**

**From Normal**

Heating Degree-Days

263

218

284

20.6

%

(7.4

)%

Cooling Degree-Days

575

525

525

9.5

%

9.5

%

**Six Months Ended June 30, 2026 and 2025**

**Electric Deliveries (in GWhs)**

**Revenue (in millions)**

**2026**

**2025**

**% Change**

**Weather-**

**Normal**

**% Change**

**2026**

**2025**

**% Change**

**Electric Deliveries and Revenues(a)**

Residential

4,103

4,073

0.7

%

(4.1

)%

$

902

$

772

16.8

%

Small commercial & industrial

551

569

(3.2

)%

(5.1

)%

103

99

4.0

%

Large commercial & industrial

6,719

6,827

(1.6

)%

(2.7

)%

642

581

10.5

%

Public authorities & electric railroads

354

332

6.6

%

6.0

%

21

20

5.0

%

Other(b)

—

—

n/a

n/a

188

176

6.8

%

Total electric revenues(c)

11,727

11,801

(0.6

)%

(3.1

)%

1,856

1,648

12.6

%

**Other Revenues(d)**

(7

)

(13

)

(46.2

)%

Total electric revenues

$

1,849

$

1,635

13.1

%

**Purchased Power**

$

727

$

574

26.7

%

**% Change**

**Heating and Cooling Degree-Days**

**2026**

**2025**

**Normal**

**From 2025**

**From Normal**

Heating Degree-Days

2,450

2,205

2,320

11.1

%

5.6

%

Cooling Degree-Days

591

550

530

7.5

%

11.5

%

**Number of Electric Customers**

**2026**

**2025**

Residential

887,885

883,151

Small commercial & industrial

54,091

53,952

Large commercial & industrial

23,208

23,175

Public authorities & electric railroads

209

205

Total

965,393

960,483

\_\_\_\_\_\_\_\_\_\_

(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 for both the three months ended June 30, 2026 and 2025, respectively, and $4 million for both the six months ended June 30, 2026 and 2025, respectively.

(d)

Includes alternative revenue programs and late payment charge revenues.

**DPL Statistics**

**Three Months Ended June 30, 2026 and 2025**

**Electric and Natural Gas Deliveries**

**Revenue (in millions)**

**2026**

**2025**

**% Change**

**Weather -**

**Normal**

**% Change**

**2026**

**2025**

**% Change**

**Electric (in GWhs)**

**Electric Deliveries and Revenues(a)**

Residential

1,130

1,090

3.7

%

3.9

%

$

230

$

210

9.5

%

Small commercial & industrial

570

587

(2.9

)%

(2.5

)%

66

64

3.1

%

Large commercial & industrial

1,019

1,033

(1.4

)%

(0.9

)%

33

31

6.5

%

Public authorities & electric railroads

(14

)

11

(227.3

)%

(219.7

)%

4

5

(20.0

)%

Other(b)

—

—

n/a

n/a

78

77

1.3

%

Total electric revenues(c)

2,705

2,721

(0.6

)%

(0.3

)%

411

387

6.2

%

**Other Revenues(d)**

3

1

200.0

%

Total electric revenues

414

388

6.7

%

**Natural Gas (in mmcfs)**

**Natural Gas Deliveries and Revenues(e)**

Residential

729

803

(9.2

)%

(8.8

)%

18

17

5.9

%

Small commercial & industrial

482

535

(9.9

)%

(10.0

)%

9

8

12.5

%

Large commercial & industrial

400

405

(1.2

)%

(1.3

)%

1

1

—

%

Transportation

1,270

1,282

(0.9

)%

(1.3

)%

4

4

—

%

Other(f)

—

—

n/a

n/a

8

3

166.7

%

Total natural gas revenues

2,881

3,025

(4.8

)%

(5.1

)%

40

33

21.2

%

**Other Revenues(d)**

—

—

n/a

Total natural gas revenues

40

33

21.2

%

Total electric and natural gas revenues

$

454

$

421

7.8

%

**Purchased Power and Fuel**

$

195

$

172

13.4

%

**Electric Service Territory**

**% Change**

**Heating and Cooling Degree-Days**

**2026**

**2025**

**Normal**

**From 2025**

**From Normal**

Heating Degree-Days

381

368

427

3.5

%

(10.8

)%

Cooling Degree-Days

409

406

362

0.7

%

13.0

%

**Natural Gas Service Territory**

**% Change**

**Heating Degree-Days**

**2026**

**2025**

**Normal**

**From 2025**

**From Normal**

Heating Degree-Days

376

373

476

0.8

%

(21.0

)%

**Six Months Ended June 30, 2026 and 2025**

**Electric and Natural Gas Deliveries**

**Revenue (in millions)**

**2026**

**2025**

**% Change**

**Weather -**

**Normal**

**% Change**

**2026**

**2025**

**% Change**

**Electric (in GWhs)**

**Electric Deliveries and Revenues(a)**

Residential

2,839

2,735

3.8

%

2.4

%

$

559

$

508

10.0

%

Small commercial & industrial

1,178

1,173

0.4

%

—

%

137

128

7.0

%

Large commercial & industrial

1,948

1,971

(1.2

)%

(1.2

)%

64

60

6.7

%

Public authorities & electric railroads

(5

)

21

(123.8

)%

(122.4

)%

9

9

—

%

Other(b)

—

—

n/a

n/a

153

148

3.4

%

Total electric revenues(c)

5,960

5,900

1.0

%

0.2

%

922

853

8.1

%

**Other Revenues(d)**

(3

)

(4

)

(25.0

)%

Total electric revenues

919

849

8.2

%

**Natural Gas (in mmcfs)**

**Natural Gas Deliveries and Revenues(e)**

Residential

5,407

5,393

0.3

%

(3.4

)%

92

73

26.0

%

Small commercial & industrial

2,606

2,502

4.2

%

—

%

38

28

35.7

%

Large commercial & industrial

833

837

(0.5

)%

(0.5

)%

5

4

25.0

%

Transportation

3,297

3,387

(2.7

)%

(4.3

)%

10

9

11.1

%

Other(f)

—

—

n/a

n/a

12

6

100.0

%

Total natural gas revenues

12,143

12,119

0.2

%

(2.7

)%

157

120

30.8

%

**Other Revenues(d)**

—

—

n/a

Total natural gas revenues

157

120

30.8

%

Total electric and natural gas revenues

$

1,076

$

969

11.0

%

**Purchased Power and Fuel**

$

483

$

419

15.3

%

**Electric Service Territory**

**% Change**

**Heating and Cooling Degree-Days**

**2026**

**2025**

**Normal**

**From 2025**

**From Normal**

Heating Degree-Days

2,824

2,722

2,750

3.7

%

2.7

%

Cooling Degree-Days

418

416

364

0.5

%

14.8

%

**Natural Gas Service Territory**

**% Change**

**Heating Degree-Days**

**2026**

**2025**

**Normal**

**From 2025**

**From Normal**

Heating Degree-Days

2,906

2,771

2,925

4.9

%

(0.6

)%

**Number of Electric Customers**

**2026**

**2025**

**Number of Natural Gas Customers**

**2026**

**2025**

Residential

496,515

492,999

Residential

131,951

131,332

Small commercial & industrial

65,710

65,177

Small commercial & industrial

10,207

10,146

Large commercial & industrial

1,295

1,253

Large commercial & industrial

14

14

Public authorities & electric railroads

626

628

Transportation

160

161

Total

564,146

560,057

Total

142,332

141,653

\_\_\_\_\_\_\_\_\_\_

(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 $2 million for both the three months ended June 30, 2026 and 2025, and $4 million for both the six months ended June 30, 2026 and 2025.

(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.

**ACE Statistics**

**Three Months Ended June 30, 2026 and 2025**

**Electric Deliveries (in GWhs)**

**Revenue (in millions)**

**2026**

**2025**

**% Change**

**Weather -**

**Normal**

**% Change**

**2026**

**2025**

**% Change**

**Electric Deliveries and Revenues(a)**

Residential

887

942

(5.8

)%

(5.9

)%

$

241

$

222

8.6

%

Small commercial & industrial

384

381

0.8

%

0.2

%

65

56

16.1

%

Large commercial & industrial

721

734

(1.8

)%

(2.0

)%

43

47

(8.5

)%

Public authorities & electric railroads

10

10

—

%

1.0

%

5

5

—

%

Other(b)

—

—

n/a

n/a

58

67

(13.4

)%

Total electric revenues(c)

2,002

2,067

(3.1

)%

(3.3

)%

412

397

3.8

%

**Other Revenues(d)**

(11

)

(13

)

(15.4

)%

Total electric revenues

$

401

$

384

4.4

%

**Purchased Power**

$

187

$

173

8.1

%

**% Change**

**Heating and Cooling Degree-Days**

**2026**

**2025**

**Normal**

**From 2025**

**From Normal**

Heating Degree-Days

496

432

509

14.8

%

(2.6

)%

Cooling Degree-Days

391

338

312

15.7

%

25.3

%

**Six Months Ended June 30, 2026 and 2025**

**Electric Deliveries (in GWhs)**

**Revenue (in millions)**

**2026**

**2025**

**% Change**

**Weather -**

**Normal**

**% Change**

**2026**

**2025**

**% Change**

**Electric Deliveries and Revenues(a)**

Residential

1,842

1,844

(0.1

)%

(1.2

)%

$

499

$

418

19.4

%

Small commercial & industrial

788

771

2.2

%

1.6

%

133

111

19.8

%

Large commercial & industrial

1,409

1,447

(2.6

)%

(2.8

)%

87

97

(10.3

)%

Public authorities & electric railroads

22

23

(4.3

)%

(4.2

)%

10

10

—

%

Other(b)

—

—

n/a

n/a

122

134

(9.0

)%

Total electric revenues(c)

4,061

4,085

(0.6

)%

(1.2

)%

851

770

10.5

%

**Other Revenues(d)**

(29

)

(13

)

n/a

Total electric revenues

$

822

$

757

8.6

%

**Purchased Power**

$

392

$

329

19.1

%

**% Change**

**Heating and Cooling Degree-Days**

**2026**

**2025**

**Normal**

**From 2025**

**From Normal**

Heating Degree-Days

3,039

2,840

2,895

7.0

%

5.0

%

Cooling Degree-Days

394

338

313

16.6

%

25.9

%

**Number of Electric Customers**

**2026**

**2025**

Residential

511,568

508,775

Small commercial & industrial

63,070

62,817

Large commercial & industrial

2,665

2,803

Public authorities & electric railroads

767

729

Total

578,070

575,124

\_\_\_\_\_\_\_\_\_\_

(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 and less than $1 million for the three months ended June 30, 2026 and 2025, respectively, and $2 million and $1 million for the six months ended June 30, 2026 and 2025, respectively.

(d)

Includes alternative revenue programs.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260730326292/en/

Khanya Brann  
Corporate Communications  
301-535-3292

Ryan Brown  
Investor Relations  
779-231-0017

Source: Exelon Corporation

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