Exelon Corp.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 30 October 2026: press release. Guidance figures: 1 raised, 1 kept. The quarter’s numbers.

Key takeaways

Adjusted EPS $0.87 against $0.86: Adjusted operating earnings were $0.87 per share, $897 million, against $0.86 and $874 million a year earlier. GAAP net income was $0.70 per share, $729 million, against $0.86 and $875 million. Source
Rates lifted earnings; costs offset: Distribution and transmission rates added $0.06 per share and other energy delivery $0.11; weather added $0.02. Operating and maintenance took $0.07, depreciation $0.05, and interest and other $0.05. Source
ComEd adjusted earnings rose on rate base: ComEd adjusted operating earnings rose to $412 million from $373 million on higher distribution and transmission rate base from investments to serve customers, and higher AFUDC. GAAP net income was $406 million. Source
PECO earnings fell on storm costs: PECO adjusted operating earnings fell to $167 million from $250 million, mainly on storm costs from absence of 2025 deferrals, higher income taxes from tax repairs, and higher contracting, depreciation and interest costs. Source
Utilities ranked 1st, 2nd, 5th, 6th: Exelon's utilities ranked 1st, 2nd, 5th and 6th in the nation for reliability. The release describes the grid investments as delivering for customers. Source
Operating and maintenance expense rose: Operating and maintenance expense was $1,564 million against $1,172 million. The company attributes the PECO increase mainly to storm costs, and the BGE decrease to lower contracting costs. Source
Quarterly dividend of $0.42 declared: The Board declared a regular quarterly dividend of $0.42 per share on October 30, 2026. Source

“Exelon's third-quarter results reflect disciplined investment and consistent performance across our utilities”
Exelon President and Chief Executive Officer Calvin Butler

Guidance

Area	Period	Figure	Against last quarter
Full-year 2026 adjusted (non-GAAP) operating EPS Source	Full year 2026	$2.85-$2.91 per share	Raised from $2.81-$2.91
Adjusted operating EPS compounded annual growth Source	2025 to 2029	near top end of 5-7%	Kept

What changed from last quarter

Guidance raised: Full-year 2026 adjusted operating EPS guidance narrowed to $2.85 to $2.91 from $2.81 to $2.91. Source
New: Pepco Maryland electric distribution base rates increased by $51 million, with rates effective August 10, 2026. Source
New: Final order issued in the Maryland Lessons Learned matter, listed among regulatory progress in the highlights. Source
New: 2026 planned debt financings are completed. The second-quarter release said about 86% had been executed. Source

Third-quarter earnings and drivers

Adjusted EPS $0.87 against $0.86: Adjusted operating earnings were $0.87 per share, $897 million, against $0.86 and $874 million a year earlier. GAAP net income was $0.70 per share, $729 million, against $0.86 and $875 million. Source
Revenue and operating income rose: Operating revenues were $7,319 million against $6,705 million. Operating income was $1,379 million against $1,500 million. Source
Rates lifted earnings; costs offset: Distribution and transmission rates added $0.06 per share and other energy delivery $0.11; weather added $0.02. Operating and maintenance took $0.07, depreciation $0.05, and interest and other $0.05. Source
Nine-month adjusted EPS $2.20: Nine-month adjusted operating earnings were $2.20 per share, $2,265 million, against $2.17 and $2,198 million a year earlier. GAAP net income was $1.98 per share, $2,044 million. Source
Items excluded from adjusted results: Adjusted results exclude regulatory matters of $0.13 per share, project impairments of $0.03, and cost management charges of $0.01, after tax. Source

Operating company results

ComEd adjusted earnings rose on rate base: ComEd adjusted operating earnings rose to $412 million from $373 million on higher distribution and transmission rate base from investments to serve customers, and higher AFUDC. GAAP net income was $406 million. Source
PECO earnings fell on storm costs: PECO adjusted operating earnings fell to $167 million from $250 million, mainly on storm costs from absence of 2025 deferrals, higher income taxes from tax repairs, and higher contracting, depreciation and interest costs. Source
BGE rose on approved rates: BGE adjusted operating earnings rose to $119 million from $82 million, on approved distribution rates and lower contracting costs. GAAP net income was $90 million. Source
PHI adjusted up, GAAP down: PHI adjusted operating earnings rose to $320 million from $290 million on approved distribution rates, partly offset by storm costs, depreciation and interest. GAAP net income fell to $187 million from $291 million. Source

“With our performance for the year, we are narrowing our full-year 2026 guidance range to $2.85 to $2.91 per share”
Exelon Chief Financial Officer Rob Kleczynski

Deliveries, customers and reliability

Utilities ranked 1st, 2nd, 5th, 6th: Exelon's utilities ranked 1st, 2nd, 5th and 6th in the nation for reliability. The release describes the grid investments as delivering for customers. Source
ComEd residential deliveries rose: ComEd residential deliveries rose 2.8 percent in the quarter, while large commercial and industrial deliveries fell 4.1 percent. Weather-normal residential deliveries rose 2.3 percent. Source
PECO gas transportation volume up: PECO natural gas transportation deliveries rose 3.7 percent in the quarter, with revenue up 28.6 percent. Source

Costs, interest and weather

Operating and maintenance expense rose: Operating and maintenance expense was $1,564 million against $1,172 million. The company attributes the PECO increase mainly to storm costs, and the BGE decrease to lower contracting costs. Source
Interest and depreciation higher: Interest expense, net was $593 million against $538 million. Depreciation and amortization was $991 million against $912 million, and purchased power and fuel was $2,917 million against $2,692 million. Source
Cooling demand above normal: Cooling degree-days were 853 against 828 a year earlier and 722 normal, which is 18.1 percent above normal. Heating degree-days were 27 against 37. Source
ComEd earnings insulated by decoupling: Under revenue decoupling, ComEd distribution earnings are not intended to be affected by actual weather or customer usage patterns. Source

“Exelon continues to deliver on our commitment to long-term growth and strengthening the communities we serve.”
Exelon President and Chief Executive Officer Calvin Butler

Capital, cash and shareholder returns

Operating cash flow rose: Net cash from operating activities was $5,404 million for the nine months against $5,010 million. Net income for the nine months was $2,044 million against $2,174 million. Source
Debt issuance lower, retirements higher: Long-term debt issuance was $4,425 million for the nine months against $4,925 million. Retirements were $1,600 million against $807 million, and common stock issuance was $483 million against $173 million. Source
PECO and DPL bond issues: PECO issued $750 million of 5.00% first mortgage bonds in August, and DPL issued $75 million of 5.00% first mortgage bonds in September. Proceeds repaid debt and funded general corporate purposes. Source
Quarterly dividend of $0.42 declared: The Board declared a regular quarterly dividend of $0.42 per share on October 30, 2026. Source
Dividends paid rose: Dividends paid on common stock were $1,294 million for the nine months against $1,212 million a year earlier. Source
Long-term debt balance rose: Long-term debt was $50,791 million at September 30, 2026, against $47,413 million at December 31, 2025. Cash and cash equivalents were $1,469 million against $626 million. Source

Affordability, storage and transmission

Storage and utility generation as solutions: Management cited battery storage and utility-generated power as long-term solutions to the energy supply crisis behind rising energy costs. Source
The Exelon Promise guides bill efforts: The release says The Exelon Promise guides efforts to keep bills as low as possible, in the context of the energy supply crisis. Source
ACE battery storage filing in New Jersey: In the prior quarter, ACE filed a transmission-connected battery storage proposal with the New Jersey Board of Public Utilities.

Coming up, as management said on 30 October 2026

Dividend payable December 15: The $0.42 quarterly dividend is payable December 15, 2026, to holders of record at the close of business December 4, 2026. Source
BGE rate decision expected Q1 2027: BGE's July electric distribution rate request, $156 million, is expected to be decided in the first quarter of 2027, though the company cannot predict the outcome.
Transmission and storage work continues: Management said it will keep advancing transmission and storage solutions, and the release gives no dates for these. Source

Figures management reported

Figure	Reported
Rate cases Source	Pepco Maryland: $51 million annual electric distribution increase; 9.40% ROE
Rate base growth Source	Higher distribution and transmission rate base at ComEd; no dollar figure given
Capital plan Source	Nine-month capital expenditures $6,799 million (2025: $6,095 million)
Customer growth Source	ComEd electric customers 4,187,061 at September 30, 2026, against 4,173,244 a year earlier
Load growth Source	ComEd third-quarter electric deliveries up 0.2 percent; up 1.3 percent weather-normal
EPS growth target Source	Operating EPS compounded annual growth near top end of 5-7%, 2025 to 2029

Risks management discussed

Operational: Storm costs rose at PECO and PHI, offsetting part of the earnings gains in the quarter. Source
Financial: Interest expense rose at ComEd and PECO, with the PECO income tax increase from tax repairs partly timing. Source
Regulatory: Regulatory matters reduced GAAP earnings at PHI by a disallowance of capitalized costs, and capital project impairments were also recorded. Source
Regulatory: PHI nine-month results include increased storm costs and unfavorable effects of the Pepco Maryland multi-year plan reconciliation. Source

Earlier plans management reported on

Ahead: The company reported third-quarter GAAP and adjusted results as above expectations. Source
Met: Second-quarter adjusted EPS of $0.43 was described as in line with expectations discussed on the first-quarter call.
On track: The second-quarter release said the company remained on track for the full-year 2026 range of $2.81 to $2.91 per share.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

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, 2, 5, and 6 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.”

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

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.

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.

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.

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:

(in millions, except per share amounts)	Exelon Earnings per Diluted Share	Exelon	ComEd	PECO	BGE	PHI
2026 GAAP net income	$0.70	$729	$406	$165	$90	$187
Change in environmental costs (net of taxes of $1, and $1, respectively)	-	(3)	-	-	-	(3)
Cost management program (net of taxes of $6, $2, $1, $1, and $1, respectively )	0.01	15	6	2	3	3
Project impairments (net of taxes of $11 and $10, respectively)	0.03	26	-	-	27	-
Regulatory matters (net of taxes of $50 and $47, respectively)	0.13	130	-	-	-	133
2026 Adjusted (non-GAAP) operating earnings	$0.87	$897	$412	$167	$119	$320

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 millions, except per share amounts)	Exelon Earnings per Diluted Share	Exelon	ComEd	PECO	BGE	PHI
2025 GAAP net income	$0.86	$875	$373	$250	$82	$291
Asset retirement obligation (net of taxes of $0)	-	(1)	-	-	-	(1)
2025 Adjusted (non-GAAP) operating earnings	$0.86	$874	$373	$250	$82	$290

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

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

Forward-looking statements notice

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	9
Pepco	12
DPL	13
ACE	15

Consolidating Statements of Operations

	ComEd	PECO	BGE	PHI	Other (a)	Exelon
Three Months Ended September 30, 2026
Operating revenues	$2,470	$1,240	$1,363	$2,260	$(14)	$7,319
Operating expenses
Purchased power and fuel	783	494	650	990	-	2,917
Operating and maintenance	464	313	292	549	(54)	1,564
Depreciation and amortization	438	126	161	250	16	991
Taxes other than income taxes	133	73	100	150	12	468
Total operating expenses	1,818	1,006	1,203	1,939	(26)	5,940
Operating income	652	234	160	321	12	1,379
Other income and (deductions)
Interest expense, net	(149)	(76)	(73)	(111)	(184)	(593)
Other, net	43	15	26	23	(10)	97
Total other income and (deductions)	(106)	(61)	(47)	(88)	(194)	(496)
Income (loss) before income taxes	546	173	113	233	(182)	883
Income taxes	140	8	23	46	(63)	154
Net income (loss) attributable to common shareholders	$406	$165	$90	$187	$(119)	$729
Three Months Ended September 30, 2025
Operating revenues	$2,275	$1,180	$1,209	$2,051	$(10)	$6,705
Operating expenses
Purchased power and fuel	806	446	568	872	-	2,692
Operating and maintenance	409	241	239	335	(52)	1,172
Depreciation and amortization	395	115	155	234	13	912
Taxes other than income taxes	107	69	93	150	10	429
Total operating expenses	1,717	871	1,055	1,591	(29)	5,205
Operating income	558	309	154	460	19	1,500
Other income and (deductions)
Interest expense, net	(135)	(65)	(64)	(102)	(172)	(538)
Other, net	33	11	15	18	(9)	68
Total other income and (deductions)	(102)	(54)	(49)	(84)	(181)	(470)
Income (loss) before income taxes	456	255	105	376	(162)	1,030
Income taxes	83	5	23	85	(41)	155
Net income (loss) attributable to common shareholders	$373	$250	$82	$291	$(121)	$875
Change in net income (loss) from 2025 to 2026	$33	$(85)	$8	$(104)	$2	$(146)

Consolidating Statements of Operations

	ComEd	PECO	BGE	PHI	Other (a)	Exelon
Nine Months Ended September 30, 2026
Operating revenues	$6,368	$3,794	$4,409	$6,002	$(45)	$20,528
Operating expenses
Purchased power and fuel	1,814	1,495	2,002	2,593	-	7,904
Operating and maintenance	1,350	949	910	1,369	(162)	4,416
Depreciation and amortization	1,258	373	496	741	42	2,910
Taxes other than income taxes	345	204	301	445	40	1,335
Total operating expenses	4,767	3,021	3,709	5,148	(80)	16,565
Operating income	1,601	773	700	854	35	3,963
Other income and (deductions)
Interest expense, net	(428)	(219)	(202)	(326)	(546)	(1,721)
Other, net	116	39	64	62	(25)	256
Total other income and (deductions)	(312)	(180)	(138)	(264)	(571)	(1,465)
Income (loss) before income taxes	1,289	593	562	590	(536)	2,498
Income taxes	324	31	119	125	(145)	454
Net income (loss) attributable to common shareholders	$965	$562	$443	$465	$(391)	$2,044
Nine Months Ended September 30, 2025
Operating revenues	$6,176	$3,513	$3,791	$5,408	$(42)	$18,846
Operating expenses
Purchased power and fuel	2,044	1,288	1,584	2,195	-	7,111
Operating and maintenance	1,254	872	807	1,024	(117)	3,840
Depreciation and amortization	1,162	336	473	701	45	2,717
Taxes other than income taxes	303	183	273	426	31	1,216
Total operating expenses	4,763	2,679	3,137	4,346	(41)	14,884
Gain on sale of assets	-	-	-	1	-	1
Operating income (loss)	1,413	834	654	1,063	(1)	3,963
Other income and (deductions)
Interest expense, net	(395)	(188)	(183)	(305)	(507)	(1,578)
Other, net	86	29	35	54	(19)	185
Total other income and (deductions)	(309)	(159)	(148)	(251)	(526)	(1,393)
Income (loss) before income taxes	1,104	675	506	812	(527)	2,570
Income taxes	201	23	108	184	(120)	396
Net income (loss) attributable to common shareholders	$903	$652	$398	$628	$(407)	$2,174
Change in net income (loss) from 2025 to 2026	$62	$(90)	$45	$(163)	$16	$(130)

(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

	September 30, 2026		December 31, 2025
Assets
Current assets
Cash and cash equivalents	$1,469		$626
Restricted cash and cash equivalents	602		525
Accounts receivable
Customer accounts receivable		3,669		3,732
Customer allowance for credit losses		(507)		(435)
Customer accounts receivable, net	3,162		3,297
Other accounts receivable		1,574		1,879
Other allowance for credit losses		(96)		(94)
Other accounts receivable, net	1,478		1,785
Inventories, net
Fossil fuel	99		88
Materials and supplies	863		780
Regulatory assets	1,278		1,359
Prepaid renewable energy credits	466		563
Other	523		523
Total current assets	9,940		9,546
Property, plant, and equipment, net	88,557		84,318
Deferred debits and other assets
Regulatory assets	9,560		9,214
Goodwill	6,630		6,630
Receivable related to Regulatory Agreement Units	5,196		4,755
Investments	336		312
Other	2,018		1,795
Total deferred debits and other assets	23,740		22,706
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 one year	1,078	1,665
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 liabilities	21	30
Unamortized energy contract liabilities	4	5
Renewable energy credit obligations	364	473
Other	675	577
Total current liabilities	9,644	10,331
Long-term debt	50,791	47,413
Long-term debt to financing trusts	390	390
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	14,596	13,715
Regulatory liabilities	11,684	11,016
Pension obligations	1,428	1,749
Non-pension postretirement benefit obligations	572	546
Asset retirement obligations	318	321
Mark-to-market derivative liabilities	96	106
Unamortized energy contract liabilities	13	16
Other	2,573	2,169
Total deferred credits and other liabilities	31,280	29,638
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, net	(733)	(762)
Total shareholders’ equity	30,132	28,798
Total liabilities and shareholders’ equity	$122,237	$116,570

Exelon

Consolidated Statements of Cash Flows

	Nine Months Ended September 30,
	2026	2025
Cash flows from operating activities
Net income	$2,044	$2,174
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion	2,912	2,719
Gain on sales of assets	-	(1)
Asset disallowances, impairments and write-offs	232	-
Deferred income taxes and amortization of investment tax credits	564	293
Net fair value changes related to derivatives	-	3
Other non-cash operating activities	594	1,088
Changes in assets and liabilities:
Accounts receivable	379	(422)
Inventories	(96)	(41)
Accounts payable and accrued expenses	(1)	165
Collateral received (paid), net	39	(25)
Income taxes	(136)	19
Regulatory assets and liabilities, net	(1,063)	(390)
Pension and non-pension postretirement benefit contributions	(370)	(313)
Other assets and liabilities	306	(259)
Net cash flows provided by operating activities	5,404	5,010
Cash flows from investing activities
Capital expenditures	(6,799)	(6,095)
Proceeds from sales of assets	-	2
Other investing activities	12	(7)
Net cash flows used in investing activities	(6,787)	(6,100)
Cash flows from financing activities
Changes in short-term borrowings	(178)	(779)
Proceeds from short-term borrowings with maturities greater than 90 days	500	-
Issuance of long-term debt	4,425	4,925
Retirement of long-term debt	(1,600)	(807)
Issuance of common stock	483	173
Dividends paid on common stock	(1,294)	(1,212)
Proceeds from employee stock plans	37	24
Other financing activities	(71)	(75)
Net cash flows provided by financing activities	2,302	2,249
Increase in cash, restricted cash, and cash equivalents	919	1,159
Cash, restricted cash, and cash equivalents at beginning of period	1,201	939
Cash, restricted cash, and cash equivalents at end of period	$2,120	$2,098

Exelon

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

(in millions, except per share data)

	Exelon Earnings per Diluted Share	ComEd		PECO		BGE		PHI		Other (a)	Exelon
2025 GAAP net income (loss)	$0.86	$373		$250		$82		$291		$(121)	$875
Asset retirement obligation (net of taxes of $0)	-	-		-		-		(1)		-	(1)
2025 Adjusted (non-GAAP) operating earnings (loss)	$0.86	$373		$250		$82		$290		$(121)	$874
Year over year effects on Adjusted (non-GAAP) operating earnings:
Weather	$0.02	$ -	(b)	$14		$ -	(b)	$3	(b)	$ -	$17
Load	(0.01)	-	(b)	(11)		-	(b)	-	(b)	-	(11)
Distribution and transmission rates (1)	0.06	22	(c)	1	(c)	15	(c)	29	(c)	-	67
Other energy delivery (2)	0.11	103	(c)	5	(c)	3	(c)	4	(c)	-	115
Operating and maintenance expense (3)	(0.07)	(34)		(53)		19		(1)		-	(69)
Depreciation and amortization expense (4)	(0.05)	(31)		(8)		1		(8)		(1)	(47)
Interest expense and other (5)	(0.05)	(21)		(31)		(1)		3		1	(49)
Total year over year effects on Adjusted (non-GAAP) Operating Earnings	$0.01	$39		$(83)		$37		$30		$ -	$23
2026 GAAP net income (loss)	$0.70	$406		$165		$90		$187		$(119)	$729
Change in environmental costs (net of taxes of $1 and $1, respectively)	-	-		-		-		(3)		-	(3)
Cost management program (net of taxes of $2, $1, $1, $1, $0, and $6, respectively) (6)	0.01	6		2		3		3		1	15
Project impairments (net of taxes of $10, $1, and $11, respectively) (7)	0.03	-		-		27		-		(1)	26
Regulatory matters (net of taxes of $47, $3, and $50, respectively) (8)	0.13	-		-		-		133		(3)	130
2026 Adjusted (non-GAAP) operating earnings (loss)	$0.87	$412		$167		$119		$320		$(121)	$897

(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.

Exelon

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

(in millions, except per share data)

	Exelon Earnings per Diluted Share	ComEd		PECO		BGE		PHI		Other (a)	Exelon
2025 GAAP net income (loss)	$2.15	$903		$652		$398		$628		$(407)	$2,174
Asset retirement obligation (net of taxes of $0)	-	-		-		-		(1)		-	(1)
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)	$2.17	$926		$652		$398		$628		$(406)	$2,198
Year over year effects on Adjusted (non-GAAP) operating earnings:
Weather	$0.03	$ -	(b)	$30		$ -	(b)	$6	(b)	$ -	$36
Load	(0.02)	-	(b)	(17)		-	(b)	(1)	(b)	-	(18)
Distribution and transmission rates (4)	0.17	54	(c)	5	(c)	55	(c)	56	(c)	-	170
Other energy delivery (5)	0.22	170	(c)	29	(c)	17	(c)	13	(c)	-	229
Operating and maintenance expense (6)	(0.09)	(85)		(45)		34		(30)		38	(88)
Depreciation and amortization expense (7)	(0.13)	(68)		(28)		(10)		(30)		3	(133)
Interest expense and other (8)	(0.13)	(26)		(52)		(7)		(16)		(28)	(129)
Total year over year effects on Adjusted (non-GAAP) operating earnings	$0.03	$45		$(78)		$89		$(2)		$13	$67
2026 GAAP net income (loss)	$1.98	$965		$562		$443		$465		$(391)	$2,044
Change in environmental costs (net of taxes of $1 and $1, respectively)	-	-		-		-		(3)		-	(3)
Cost management program (net of taxes of $2, $4, $7, $8, $0 and $21, respectively) (1)	0.06	6		13		17		20		1	57
Project impairments (net of taxes of $10, $1, and $11, respectively) (9)	0.03	-		-		27		-		(1)	26
Regulatory matters (net of taxes of $51, $3, and $54, respectively) (3)	0.14	-		-		-		144		(3)	141
2026 Adjusted (non-GAAP) operating earnings (loss)	$2.20	$971		$574		$487		$626		$(393)	$2,265

(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.

(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.

ComEd Statistics

Three Months Ended September 30, 2026 and 2025

	Electric Deliveries (in GWhs)						Revenue (in millions)
	2026	2025	% Change		Weather - Normal % Change		2026	2025	% Change
Electric Deliveries and Revenues
Residential	8,903	8,659	2.8%		2.3%		$1,377	$1,365	0.9%
Small commercial & industrial	8,129	8,004	1.6%		1.1%		621	645	(3.7)%
Large commercial & industrial	7,389	7,701	(4.1)%		0.4%		184	217	(15.2)%
Public authorities & electric railroads	210	224	(6.3)%		(4.5)%		12	14	(14.3)%
Other	-	-		n/a		n/a	280	229	22.3%
Total electric revenues	24,631	24,588	0.2%		1.3%		2,474	2,470	0.2%
Other Revenues							(4)	(195)	(97.9)%
Total electric revenues							$2,470	$2,275	8.6%
Purchased Power							$783	$806	(2.9)%

						% Change
Heating and Cooling Degree-Days		2026		2025	Normal	From 2025	From Normal
Heating Degree-Days	27		37		79	(27.0)%	(65.8)%
Cooling Degree-Days	853		828		722	3.0%	18.1%

Nine Months Ended September 30, 2026 and 2025

	Electric Deliveries (in GWhs)						Revenue (in millions)
	2026	2025	% Change		Weather - Normal % Change		2026	2025	% Change
Electric Deliveries and Revenues
Residential	21,473	21,886	(1.9)%		1.0%		$3,501	$3,452	1.4%
Small commercial & industrial	22,262	22,284	(0.1)%		0.4%		1,632	1,799	(9.3)%
Large commercial & industrial	21,988	21,435	2.6%		1.7%		436	689	(36.7)%
Public authorities & electric railroads	650	668	(2.7)%		(1.4)%		35	43	(18.6)%
Other	-	-		n/a		n/a	785	688	14.1%
Total electric revenues	66,373	66,273	0.2%		1.0%		6,389	6,671	(4.2)%
Other Revenues							(21)	(495)	(95.8)%
Total electric revenues							$6,368	$6,176	3.1%
Purchased Power							$1,814	$2,044	(11.3)%

						% Change
Heating and Cooling Degree-Days		2026		2025	Normal	From 2025	From Normal
Heating Degree-Days	3,455		3,698		3,829	(6.6)%	(9.8)%
Cooling Degree-Days	1,113		1,158		988	(3.9)%	12.7%

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 railroads	5,771		5,798
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.

PECO Statistics

Three Months Ended September 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
Residential	4,100	4,063	0.9%		(4.3)%		$796	$735	8.3%
Small commercial & industrial	2,059	2,057	0.1%		(4.0)%		173	167	3.6%
Large commercial & industrial	3,807	3,731	2.0%		1.9%		82	101	(18.8)%
Public authorities & electric railroads	169	159	6.3%		6.3%		8	8	- %
Other	-	-		n/a		n/a	89	78	14.1%
Total electric revenues	10,135	10,010	1.2%		(1.8)%		1,148	1,089	5.4%
Other Revenues							7	8	(12.5)%
Total electric revenues							1,155	1,097	5.3%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues
Residential	2,221	2,064	7.6%		5.1%		54	50	8.0%
Small commercial & industrial	1,932	2,243	(13.9)%		(15.1)%		20	23	(13.0)%
Large commercial & industrial	-	-		n/a	(2.6)%		-	1	(100.0)%
Transportation	5,267	5,081	3.7%		(33.8)%		9	7	28.6%
Other	-	-		n/a		n/a	2	1	100.0%
Total natural gas revenues	9,420	9,388	0.3%		(0.2)%		85	82	3.7%
Other Revenues							-	1	(100.0)%
Total natural gas revenues							85	83	2.4%
Total electric and natural gas revenues							$1,240	$1,180	5.1%
Purchased Power and Fuel							$494	$446	10.8%

						% Change
Heating and Cooling Degree-Days		2026		2025	Normal	From 2025		From Normal
Heating Degree-Days	12		-		19		n/a	(36.8)%
Cooling Degree-Days	1,175		1,095		1,038	7.3%		13.2%

Nine Months Ended September 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
Residential	11,094	10,952	1.3%		(2.0)%		$2,122	$1,921	10.5%
Small commercial & industrial	5,811	5,835	(0.4)%		(2.2)%		502	484	3.7%
Large commercial & industrial	10,365	10,470	(1.0)%		(1.8)%		254	260	(2.3)%
Public authorities & electric railroads	502	511	(1.8)%		(1.8)%		25	26	(3.8)%
Other	-	-		n/a		n/a	244	231	5.6%
Total electric revenues	27,772	27,768	- %		(2.0)%		3,147	2,922	7.7%
Other Revenues							31	11	181.8%
Total electric revenues							3,178	2,933	8.4%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues
Residential	29,182	28,469	2.5%		- %		422	396	6.6%
Small commercial & industrial	16,355	16,046	1.9%		- %		145	140	3.6%
Large commercial & industrial	(9)	14	(164.3)%		(8.1)%		-	1	(100.0)%
Transportation	18,987	17,759	6.9%		(2.9)%		35	28	25.0%
Other	-	-		n/a		n/a	12	13	(7.7)%
Total natural gas revenues	64,515	62,288	3.6%		2.1%		614	578	6.2%
Other Revenues							2	2	- %
Total natural gas revenues							616	580	6.2%
Total electric and natural gas revenues							$3,794	$3,513	8.0%
Purchased Power and Fuel							$1,495	$1,288	16.1%

						% Change
Heating and Cooling Degree-Days		2026		2025	Normal	From 2025	From Normal
Heating Degree-Days	2,732		2,684		2,793	1.8%	(2.2)%
Cooling Degree-Days	1,711		1,521		1,426	12.5%	20.0%

Number of Electric Customers		2026		2025	Number of Natural Gas Customers		2026		2025
Residential	1,537,965		1,539,345		Residential	511,031		510,166
Small commercial & industrial	154,259		154,955		Small commercial & industrial	44,382		44,603
Large commercial & industrial	3,133		3,159		Large commercial & industrial	7		7
Public authorities & electric railroads	10,141		10,343		Transportation	600		619
Total	1,705,498		1,707,802		Total	556,020		555,395

(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.

BGE Statistics

Three Months Ended September 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
Residential	3,646	3,501	4.1%		(0.1)%		$795	$684	16.2%
Small commercial & industrial	732	722	1.4%		(1.8)%		130	113	15.0%
Large commercial & industrial	3,693	3,608	2.4%		0.1%		200	172	16.3%
Public authorities & electric railroads	47	49	(4.1)%		(4.3)%		8	8	- %
Other	-	-		n/a		n/a	115	122	(5.7)%
Total electric revenues	8,118	7,880	3.0%		(0.2)%		1,248	1,099	13.6%
Other Revenues							(1)	(8)	(87.5)%
Total electric revenues							1,247	1,091	14.3%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues
Residential	2,296	2,188	4.9%		3.5%		67	68	(1.5)%
Small commercial & industrial	844	810	4.2%		3.2%		14	14	- %
Large commercial & industrial	6,935	7,183	(3.5)%		(6.1)%		41	37	10.8%
Other	671	691	(2.9)%			n/a	6	6	- %
Total natural gas revenues	10,746	10,872	(1.2)%		(3.3)%		128	125	2.4%
Other Revenues							(12)	(7)	71.4%
Total natural gas revenues							116	118	(1.7)%
Total electric and natural gas revenues							$1,363	$1,209	12.7%
Purchased Power and Fuel							$650	$568	14.4%

						% Change
Heating and Cooling Degree-Days		2026		2025	Normal	From 2025	From Normal
Heating Degree-Days	44		52		66	(15.4)%	(33.3)%
Cooling Degree-Days	699		605		628	15.5%	11.3%

Nine Months Ended September 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
Residential	10,160	9,872	2.9%		(1.1)%		$2,254	$1,829	23.2%
Small commercial & industrial	2,076	2,075	- %		(2.4)%		368	311	18.3%
Large commercial & industrial	10,082	9,981	1.0%		(0.2)%		541	456	18.6%
Public authorities & electric railroads	143	146	(2.1)%		(2.6)%		25	25	- %
Other	-	-		n/a		n/a	353	352	0.3%
Total electric revenues	22,461	22,074	1.8%		(0.9)%		3,541	2,973	19.1%
Other Revenues							2	(22)	(109.1)%
Total electric revenues							3,543	2,951	20.1%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues
Residential	27,576	27,426	0.5%		(6.3)%		561	555	1.1%
Small commercial & industrial	6,844	6,728	1.7%		(1.8)%		95	100	(5.0)%
Large commercial & industrial	29,598	29,504	0.3%		(2.1)%		182	178	2.2%
Other	5,009	5,042	(0.7)%			n/a	42	37	13.5%
Total natural gas revenues	69,027	68,700	0.5%		(3.9)%		880	870	1.1%
Other Revenues							(14)	(30)	(53.3)%
Total natural gas revenues							866	840	3.1%
Total electric and natural gas revenues							$4,409	$3,791	16.3%
Purchased Power and Fuel							$2,002	$1,584	26.4%

						% Change
Heating and Cooling Degree-Days		2026		2025	Normal	From 2025	From Normal
Heating Degree-Days	2,908		2,710		2,876	7.3%	1.1%
Cooling Degree-Days	1,002		896		896	11.8%	11.8%

Number of Electric Customers		2026		2025	Number of Natural Gas Customers		2026		2025
Residential	1,230,325		1,220,937		Residential	663,403		660,241
Small commercial & industrial	115,037		115,246		Small commercial & industrial	37,620		37,731
Large commercial & industrial	13,467		13,432		Large commercial & industrial	6,419		6,404
Public authorities & electric railroads	250		254
Total	1,359,079		1,349,869		Total	707,442		704,376

(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.

Pepco Statistics

Three Months Ended September 30, 2026 and 2025

	Electric Deliveries (in GWhs)						Revenue (in millions)
	2026	2025	% Change		Weather- Normal % Change		2026	2025	% Change
Electric Deliveries and Revenues
Residential	2,436	2,323	4.9%		(1.6)%		$583	$501	16.4%
Small commercial & industrial	295	284	3.9%		1.0%		60	56	7.1%
Large commercial & industrial	3,822	3,798	0.6%		(1.9)%		370	331	11.8%
Public authorities & electric railroads	193	168	14.9%		14.9%		11	8	37.5%
Other	-	-		n/a		n/a	99	98	1.0%
Total electric revenues	6,746	6,573	2.6%		(1.3)%		1,123	994	13.0%
Other Revenues							4	(2)	(300.0)%
Total electric revenues							$1,127	$992	13.6%
Purchased Power							$450	$367	22.6%

						% Change
Heating and Cooling Degree-Days		2026		2025	Normal	From 2025	From Normal
Heating Degree-Days	17		-		8	- %	112.5%
Cooling Degree-Days	1,245		1,080		1,197	15.3%	4.0%

Nine Months Ended September 30, 2026 and 2025

	Electric Deliveries (in GWhs)						Revenue (in millions)
	2026	2025	% Change		Weather- Normal % Change		2026	2025	% Change
Electric Deliveries and Revenues
Residential	6,539	6,396	2.2%		(3.2)%		$1,485	$1,273	16.7%
Small commercial & industrial	845	853	(0.9)%		(3.1)%		163	155	5.2%
Large commercial & industrial	10,541	10,625	(0.8)%		(2.4)%		1,012	911	11.1%
Public authorities & electric railroads	547	500	9.4%		9.0%		32	29	10.3%
Other	-	-		n/a		n/a	286	274	4.4%
Total electric revenues	18,472	18,374	0.5%		(2.4)%		2,978	2,642	12.7%
Other Revenues							(3)	(16)	(81.3)%
Total electric revenues							$2,975	$2,626	13.3%
Purchased Power							$1,178	$942	25.1%

						% Change
Heating and Cooling Degree-Days		2026		2025	Normal	From 2025	From Normal
Heating Degree-Days	2,467		2,205		2,327	11.9%	6.0%
Cooling Degree-Days	1,835		1,630		1,726	12.6%	6.3%

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.

DPL Statistics

Three Months Ended September 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
Residential	1,575	1,510	4.3%		(0.9)%		$319	$283	12.7%
Small commercial & industrial	668	651	2.6%		1.1%		81	72	12.5%
Large commercial & industrial	1,108	1,162	(4.6)%		(6.7)%		34	32	6.3%
Public authorities & electric railroads	8	10	(20.0)%		(18.5)%		4	4	- %
Other	-	-		n/a		n/a	80	77	3.9%
Total electric revenues	3,359	3,333	0.8%		(2.6)%		518	468	10.7%
Other Revenues							(2)	(4)	(50.0)%
Total electric revenues							516	464	11.2%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues
Residential	405	409	(1.0)%		(9.3)%		15	13	15.4%
Small commercial & industrial	368	375	(1.9)%		(6.9)%		8	7	14.3%
Large commercial & industrial	411	404	1.7%		1.8%		1	1	- %
Transportation	1,146	1,239	(7.5)%		(8.3)%		5	4	25.0%
Other	-	-		n/a		n/a	11	2	450.0%
Total natural gas revenues	2,330	2,427	(4.0)%		(6.6)%		40	27	48.1%
Other Revenues							-	-		n/a
Total natural gas revenues							40	27	48.1%
Total electric and natural gas revenues							$556	$491	13.2%
Purchased Power and Fuel							$264	$219	20.5%

Electric Service Territory						% Change
Heating and Cooling Degree-Days		2026		2025	Normal	From 2025	From Normal
Heating Degree-Days	24		4		24	500.0%	- %
Cooling Degree-Days	995		862		933	15.4%	6.6%

Natural Gas Service Territory						% Change
Heating Degree-Days		2026		2025	Normal	From 2025	From Normal
Heating Degree-Days	28		3		32	833.3%	(12.5)%

Nine Months Ended September 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
Residential	4,414	4,245	4.0%		1.2%		$879	$792	11.0%
Small commercial & industrial	1,846	1,824	1.2%		0.3%		218	200	9.0%
Large commercial & industrial	3,056	3,133	(2.5)%		(3.3)%		98	92	6.5%
Public authorities & electric railroads	4	31	(87.1)%		(87.9)%		12	13	(7.7)%
Other	-	-		n/a		n/a	233	224	4.0%
Total electric revenues	9,320	9,233	0.9%		(0.8)%		1,440	1,321	9.0%
Other Revenues							(5)	(9)	(44.4)%
Total electric revenues							1,435	1,312	9.4%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues
Residential	5,812	5,802	0.2%		(3.8)%		106	86	23.3%
Small commercial & industrial	2,979	2,881	3.4%		(0.9)%		46	35	31.4%
Large commercial & industrial	1,239	1,237	0.2%		0.2%		7	6	16.7%
Transportation	4,443	4,626	(4.0)%		(5.3)%		15	13	15.4%
Other	-	-		n/a		n/a	23	8	187.5%
Total natural gas revenues	14,473	14,546	(0.5)%		(3.4)%		197	148	33.1%
Other Revenues							-	-		n/a
Total natural gas revenues							197	148	33.1%
Total electric and natural gas revenues							$1,632	$1,460	11.8%
Purchased Power and Fuel							$747	$637	17.3%

Electric Service Territory						% Change
Heating and Cooling Degree-Days		2026		2025	Normal	From 2025	From Normal
Heating Degree-Days	2,848		2,726		2,774	4.5%	2.7%
Cooling Degree-Days	1,413		1,278		1,297	10.6%	8.9%

Natural Gas Service Territory						% Change
Heating Degree-Days		2026		2025	Normal	From 2025	From Normal
Heating Degree-Days	2,934		2,774		2,957	5.8%	(0.8)%

Number of Electric Customers		2026		2025	Number of Natural Gas Customers		2026		2025
Residential	497,718		494,232		Residential	132,182		131,494
Small commercial & industrial	65,857		65,322		Small commercial & industrial	10,188		10,134
Large commercial & industrial	1,287		1,257		Large commercial & industrial	14		14
Public authorities & electric railroads	631		632		Transportation	156		160
Total	565,493		561,443		Total	142,540		141,802

(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.

ACE Statistics

Three Months Ended September 30, 2026 and 2025

	Electric Deliveries (in GWhs)						Revenue (in millions)
	2026	2025	% Change		Weather - Normal % Change		2026	2025	% Change
Electric Deliveries and Revenues
Residential	1,416	1,335	6.1%		(2.4)%		$381	$363	5.0%
Small commercial & industrial	529	483	9.5%		7.6%		89	82	8.5%
Large commercial & industrial	822	790	4.1%		2.3%		41	43	(4.7)%
Public authorities & electric railroads	10	9	11.1%		6.2%		5	4	25.0%
Other	-	-		n/a		n/a	64	62	3.2%
Total electric revenues	2,777	2,617	6.1%		0.8%		580	554	4.7%
Other Revenues							(1)	16	(106.3)%
Total electric revenues							$579	$570	1.6%
Purchased Power							$276	$286	(3.5)%

						% Change
Heating and Cooling Degree-Days		2026		2025	Normal	From 2025	From Normal
Heating Degree-Days	31		11		31	181.8%	- %
Cooling Degree-Days	930		755		875	23.2%	6.3%

Nine Months Ended September 30, 2026 and 2025

	Electric Deliveries (in GWhs)						Revenue (in millions)
	2026	2025	% Change		Weather - Normal % Change		2026	2025	% Change
Electric Deliveries and Revenues
Residential	3,258	3,180	2.5%		(1.7)%		$880	$782	12.5%
Small commercial & industrial	1,317	1,253	5.1%		3.9%		222	193	15.0%
Large commercial & industrial	2,231	2,237	(0.3)%		(1.0)%		129	141	(8.5)%
Public authorities & electric railroads	32	32	- %		(1.3)%		15	14	7.1%
Other	-	-		n/a		n/a	186	196	(5.1)%
Total electric revenues	6,838	6,702	2.0%		(0.4)%		1,432	1,326	8.0%
Other Revenues							(30)	2		n/a
Total electric revenues							$1,402	$1,328	5.6%
Purchased Power							$668	$616	8.4%

						% Change
Heating and Cooling Degree-Days		2026		2025	Normal	From 2025	From Normal
Heating Degree-Days	3,069		2,851		2,926	7.6%	4.9%
Cooling Degree-Days	1,324		1,093		1,188	21.1%	11.4%

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.

Contacts
Christopher Ford Corporate Communications 312-394-7417 Ryan Brown Investor Relations 779-231-0017