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Exelon

EXC · Nasdaq

Rate-case write-offs turned rising revenue into falling operating profit

Revenue rose 9.2% to $7.32B, but operating and maintenance expense climbed to 21.4% of revenue from 17.5%, so operating income fell 8.1% to $1.38B.

Q3 FY2026, the quarter to Sep 30, 2026 · 10-Q filed Oct 30, 2026

Q3 FY2026 · revenue
$7.3B+34.9% on the year
Operating margin
18.8%
Net income
$729.0M
Free cash flow, quarter
—
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Key insights · Q3 FY2026
  1. 01

    Rate-case write-offs turned rising revenue into falling operating profit

    Revenue rose 9.2% to $7.32B, but operating and maintenance expense climbed to 21.4% of revenue from 17.5%, so operating income fell 8.1% to $1.38B.

    Why it matters

    Operating and maintenance expense was $1.56B in the quarter against $1.17B a year earlier, 21.4% of revenue against 17.5%. Total operating expenses rose 14.1% to $5.94B while revenue rose 9.2%, so the operating margin fell to 18.8% from 22.4%.1

    The filing lists "Higher write-offs associated with Pepco's Maryland Base Rate Case at PHI" first among the reasons earnings fell, then higher storm costs at PECO, where storm cost deferrals recognized a year earlier did not recur, and higher project impairments at BGE. The regulatory charge represents "the disallowance of certain capitalized costs". Pepco produced $1.13B of revenue, 15.4% of the total, yet its Maryland order set the direction of the whole quarter.1

    The company removes regulatory matters and project impairments from its adjusted earnings measure, and on that view earnings rose slightly rather than fell. Readers comparing the two should know the gap is these one-time charges, not a change in the underlying delivery business.1

    AnalysisAnalysis: a disallowance is the sharpest cost in the regulated model. Spending a commission refuses to put into rates is expensed at once, while approved spending earns its return over many years. One order can therefore outweigh a quarter of rate increases elsewhere.

  2. 02

    Interest now absorbs 42.6% of operating income

    Net interest rose to $587M as operating income fell to $1.38B, so financing took 42.6% of operating profit against 35.4% a year earlier.

    Why it matters

    Net interest expense was $587M against $531M a year earlier, up 10.5%, while operating income fell 8.1%. Pre-tax income therefore fell 14.3% to $883M, a steeper drop than at the operating line. The filing lists higher interest expense at PECO, PHI and Exelon Corporate among the reasons earnings fell, and ties it mainly to more outstanding debt.1

    Other, net income softened the fall: $97M against $68M, which the filing ties mainly to higher AFUDC equity, the return a utility capitalizes on construction in progress. Income taxes were $154M against $155M, 17.4% of pre-tax income against 15.0%, so taxes gave no relief. Net income fell 16.7% to $729M.1

    AnalysisAnalysis: for a utility, debt is part of the business model, since it pays for the assets that earn the allowed return. The ratio matters because allowed returns are reset in rate cases that lag, while the cost of each new bond reflects the market on the day it is issued.

  3. 03

    Revenue grew on rates and recovered costs, not on customers

    BGE's electric customers grew 0.7% and PECO's slipped 0.1%, yet revenue rose 9.2%: approved rates and pass-through costs, not demand, move the top line.

    Why it matters

    BGE served 1,359,079 electric customers at quarter end against 1,349,869 a year earlier, up 0.7%. PECO served 1,705,498 against 1,707,802, down 0.1%, and its retail deliveries rose 1.2% to 10,135 GWh. Group revenue rose 9.2% to $7.32B over the same period.1

    Purchased power cost $2.87B against $2.65B, 39.1% of revenue against 39.4%, growing in step with revenue because it is billed to customers at cost. Revenues from alternative revenue programs subtracted $35M against $220M a year earlier, 0.5% of revenue against 3.3%, so a smaller regulatory adjustment also lifted the reported line. The filing credits approved rate increases at ComEd, BGE and PHI on the earnings side.1

    AnalysisAnalysis: the 9.2% is mostly a change in price and in recovered cost, not in volume. That makes revenue growth a weak guide to profit for this company: this quarter the top line grew while operating income fell.

  4. 04

    Spending outruns cash, and new shares dilute per-share earnings

    Capital spending was 136.4% of operating cash flow in FY2025, and with 2.4% more shares this quarter, diluted earnings per share fell 18.6% to $0.70.

    Why it matters

    Capital expenditures were $8.53B in FY2025 against operating cash flow of $6.25B, 136.4%, against 157.5% in FY2023. Free cash flow was negative in every fiscal year from FY2019 through FY2025, at negative $2.28B in FY2025.1

    Basic average shares were 1,035M against 1,011M a year earlier, up 2.4%. Net income fell 16.7% to $729M, and diluted earnings per share fell further, to $0.70 from $0.86, down 18.6%.1

    Caveat: the filing reports cash flow year to date, and the quarter's own cash flow could not be separated from it, so this reading uses full fiscal years for the spending comparison.1

    AnalysisAnalysis: the gap between spending and cash generated is filled with debt at the subsidiaries and equity at the parent. That is normal for a growing utility, but per-share results then depend on new investment earning its allowed return fast enough to cover both the added interest and the added shares.

Sources

  1. 1.Exelon 10-Q for the period to 2026-09-30 (the filing), Oct 30, 2026, read Nov 2, 2026

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Business performance

Growth, profit and margin

Revenue went from $18.9B in FY2008 to $24.3B in FY2025, the operating margin from 28.1% to 21.2%, over 17 years.

  • Revenue$24.3B
  • Operating income$5.1B
  • Operating margin21.2%
Period
Q3 FY2026
Revenue
$7.3B
Operating income
$1.4B
Operating margin
18.8%
Net income
$729.0M
Free cash flow
—
Business performance

Does the profit turn into cash?

  • Operating cash flow$6.3B
  • Capital expenditure$8.5B
  • Free cash flow-$2.3B
  • Net income$2.8B

Capital expenditure is drawn below the axis as cash out. Cash conversion is operating cash flow over net income, shown in the tooltip for years with a profit.

Financial data and sources

How the revenue mix has shifted

Each breakdown the filing reports, as shares of revenue, for every period it restates.

Segment Information - Reconciliation to Consolidated Financial Statements (Details). The filing restates this breakdown for 1 period.

Click a member to isolate it across the years shown.

The figures

Margins, cash and growth for the period, each with what it was computed from.

Gross margin
Not reported
the company reports expenses by nature: no cost of revenue or gross profit line exists
Operating margin
18.8%
Source10-Q, Derived from Operating income and Total operating revenues in the 10-Q filed 2026-10-30
Net margin
10.0%
Source10-Q, Derived from Net income and Total operating revenues in the 10-Q filed 2026-10-30
Free cash flow, quarter
Not reported
the quarter's cash flow is year to date in the filing and could not be differenced from the history
Free cash flow margin, quarter
Not reported
the quarter's cash flow is year to date in the filing and could not be differenced from the history
Cash conversion, quarter
Not reported
the quarter's cash flow is year to date in the filing and could not be differenced from the history
Capital spending, quarter
Not reported
the quarter's cash flow is year to date in the filing and could not be differenced from the history
Revenue growth
+34.9%
From the record's own history, against the prior year.

Not reported, or not derivable

  • gross margin: the company reports expenses by nature: no cost of revenue or gross profit line exists
  • free cash flow: the quarter's cash flow is year to date in the filing and could not be differenced from the history
  • fcf margin: the quarter's cash flow is year to date in the filing and could not be differenced from the history
  • capex to revenue: the quarter's cash flow is year to date in the filing and could not be differenced from the history
  • cash conversion: the quarter's cash flow is year to date in the filing and could not be differenced from the history

Where revenue comes from

Every breakdown the filing reports for the period, with each item's share.

Segments

Commonwealth Edison Co$2.5B33.7%
Pepco Holdings LLC$2.3B30.9%
Baltimore Gas and Electric Company$1.4B18.6%
PECO Energy Co$1.2B16.9%
Potomac Electric Power Company$1.1B15.4%
Atlantic City Electric Company$579.0M7.9%
Delmarva Power and Light Company$556.0M7.6%

These items do not sum to total revenue; the filing states them beside it. Source10-Q, us-gaap:Revenues, as reported in the 10-Q filed 2026-10-30

ConsolidationItems

Operating Segment$7.3B100.0%
Corporate, Non-Segment$470.0M6.4%
Intersegment Eliminations-$484.0M-6.6%

Source10-Q, us-gaap:Revenues, as reported in the 10-Q filed 2026-10-30

LegalEntity

Commonwealth Edison Co$2.5B33.7%
Pepco Holdings LLC$2.3B30.9%
Baltimore Gas and Electric Company$1.4B18.6%
PECO Energy Co$1.2B16.9%
Potomac Electric Power Company$1.1B15.4%
Atlantic City Electric Company$579.0M7.9%
Delmarva Power and Light Company$556.0M7.6%

These items do not sum to total revenue; the filing states them beside it. Source10-Q, us-gaap:Revenues, as reported in the 10-Q filed 2026-10-30

PublicUtilityRegulatedOrUnregulatedStatus

Regulated Operation$2.5B33.8%
Other Regulated Revenue-$4.0M-0.1%

These items do not sum to total revenue; the filing states them beside it. Source10-Q, us-gaap:Revenues, as reported in the 10-Q filed 2026-10-30

What it costs

The cost lines beneath operating income, each as a share of revenue, then the operating result.

Costs are reported by nature: what they are (food, labor, occupancy, personnel, marketing), not what they were for, so there is no cost-of-revenue line and no gross profit.

Cost lineQ3 FY2026Of revenueSource
Total operating expenses$5.9B81.2%Source10-Q, us-gaap:CostsAndExpenses, as reported in the 10-Q filed 2026-10-30
Operating income$1.4B18.8%Source10-Q, us-gaap:OperatingIncomeLoss, as reported in the 10-Q filed 2026-10-30

Operating figures the company states

From the text of the filing rather than its statements, each with the sentence that states it.

ACE electric customers
578,756 customers
As of Sep 30, 2026
View source
Total 578,756 576,137
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, 10-Q filed Oct 30, 2026
BGE electric customers
1,359,079 customers
As of Sep 30, 2026
View source
Total 1,359,079 1,349,869
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, 10-Q filed Oct 30, 2026
BGE natural gas customers
707,442 customers
As of Sep 30, 2026
View source
Total 707,442 704,376
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, 10-Q filed Oct 30, 2026
DPL electric customers (Maryland and Delaware)
565,493 customers
As of Sep 30, 2026
View source
Total 565,493 561,443
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, 10-Q filed Oct 30, 2026
PECO electric customers
1,705,498 customers
As of Sep 30, 2026
View source
Total 1,705,498 1,707,802
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, 10-Q filed Oct 30, 2026
PECO electric retail deliveries in the quarter
10,135 gwh
As of Sep 30, 2026
View source
10,135 10,010 1.2 % (1.8) % 27,772 27,768 - % (2.0) %
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, 10-Q filed Oct 30, 2026
Pepco electric customers in Maryland
611,690 customers
As of Sep 30, 2026
View source
Total 611,690 609,734
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, 10-Q filed Oct 30, 2026

The statements, as filed

The income statement, cash flow statement and balance sheet in the company's own order and words. Every line links to the filing.

Income statement30 lines, as presented in the 10-Q
LineQ3 FY2026A year earlierChangeOf revenueSource
Operating revenues
Electricity, US Regulated$7.10B$6.69B+6.2%97.0%Source10-Q, us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax [us-gaap:ElectricityUsRegulatedMember], as reported in the 10-Q filed 2026-10-30
Natural Gas, US Regulated$251.0M$235.0M+6.8%3.4%Source10-Q, us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax [us-gaap:NaturalGasUsRegulatedMember], as reported in the 10-Q filed 2026-10-30
Revenues from alternative revenue programs-$35.0M-$220.0M-84%0.5%Source10-Q, exc:TrueUpAdjustmentsToDecouplingMechanismsAndFormulaRates, as reported in the 10-Q filed 2026-10-30
Total operating revenues$7.32B$6.71B+9.2%100%Source10-Q, us-gaap:Revenues, as reported in the 10-Q filed 2026-10-30
Operating expenses
Electricity, US Regulated$2.87B$2.65B+8.3%39.1%Source10-Q, us-gaap:CostDirectMaterial [us-gaap:ElectricityUsRegulatedMember], as reported in the 10-Q filed 2026-10-30
Natural Gas, US Regulated$52.0M$47.0M+11%0.7%Source10-Q, us-gaap:CostDirectMaterial [us-gaap:NaturalGasUsRegulatedMember], as reported in the 10-Q filed 2026-10-30
Operating and maintenance$1.56B$1.17B+33%21.4%Source10-Q, us-gaap:UtilitiesOperatingExpenseMaintenanceOperationsAndOtherCostsAndExpenses, as reported in the 10-Q filed 2026-10-30
Depreciation and amortization$991.0M$912.0M+8.7%13.5%Source10-Q, us-gaap:CostOfGoodsAndServicesSoldDepreciationAndAmortization, as reported in the 10-Q filed 2026-10-30
Taxes other than income taxes$468.0M$429.0M+9.1%6.4%Source10-Q, us-gaap:TaxesExcludingIncomeAndExciseTaxes, as reported in the 10-Q filed 2026-10-30
Total operating expenses$5.94B$5.21B+14%81.2%Source10-Q, us-gaap:CostsAndExpenses, as reported in the 10-Q filed 2026-10-30
Income Statement
Gain on sale of assets$0$00.0%Source10-Q, us-gaap:GainLossOnSaleOfOtherAssets, as reported in the 10-Q filed 2026-10-30
Operating income$1.38B$1.50B-8.1%18.8%Source10-Q, us-gaap:OperatingIncomeLoss, as reported in the 10-Q filed 2026-10-30
Other income and (deductions)
Interest expense, net (shown as a deduction)($587.0M)$531.0M+11%8.0%Source10-Q, us-gaap:InterestExpenseBorrowings, as reported in the 10-Q filed 2026-10-30
Related Party (shown as a deduction)($6.0M)$7.0M-14%0.1%Source10-Q, us-gaap:InterestExpenseOther [us-gaap:RelatedPartyMember], as reported in the 10-Q filed 2026-10-30
Other, net$97.0M$68.0M+43%1.3%Source10-Q, us-gaap:OtherNonoperatingIncomeExpense, as reported in the 10-Q filed 2026-10-30
Total other income and (deductions)-$496.0M-$470.0M+5.5%6.8%Source10-Q, us-gaap:NonoperatingIncomeExpense, as reported in the 10-Q filed 2026-10-30
Income Statement
Income (Loss) before income taxes$883.0M$1.03B-14%12.1%Source10-Q, us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest, as reported in the 10-Q filed 2026-10-30
Income taxes$154.0M$155.0M-0.6%2.1%Source10-Q, us-gaap:IncomeTaxExpenseBenefit, as reported in the 10-Q filed 2026-10-30
Net income attributable to common shareholders$729.0M$875.0M-17%10.0%Source10-Q, us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic, as reported in the 10-Q filed 2026-10-30
Net income$729.0M$875.0M-17%10.0%Source10-Q, us-gaap:ProfitLoss, as reported in the 10-Q filed 2026-10-30
Other comprehensive income, net of income taxes
Actuarial losses reclassified to periodic benefit cost (shown as a deduction)(-$7.0M)-$5.0M+40%0.1%Source10-Q, us-gaap:OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax, as reported in the 10-Q filed 2026-10-30
Pension and non-pension postretirement benefit plans valuation adjustments$0$00.0%Source10-Q, us-gaap:OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationNetOfTax, as reported in the 10-Q filed 2026-10-30
Unrealized gain (loss) on cash flow hedges$10.0M-$2.0M0.1%Source10-Q, us-gaap:OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax, as reported in the 10-Q filed 2026-10-30
Other comprehensive income$17.0M$3.0M+467%0.2%Source10-Q, us-gaap:OtherComprehensiveIncomeLossNetOfTax, as reported in the 10-Q filed 2026-10-30
Income Statement
Comprehensive income$746.0M$878.0M-15%10.2%Source10-Q, us-gaap:ComprehensiveIncomeNetOfTax, as reported in the 10-Q filed 2026-10-30
Average shares of common stock outstanding:
Basic average shares of common stock outstanding (in shares)1,035,000,0001,011,000,000+2.4%Source10-Q, us-gaap:WeightedAverageNumberOfSharesOutstandingBasic, as reported in the 10-Q filed 2026-10-30
Assumed exercise and/or distributions of stock-based awards (in shares)2,000,0002,000,0000.0%Source10-Q, us-gaap:IncrementalCommonSharesAttributableToShareBasedPaymentArrangements, as reported in the 10-Q filed 2026-10-30
Diluted average shares of common stock outstanding (in shares)1,037,000,0001,013,000,000+2.4%Source10-Q, us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding, as reported in the 10-Q filed 2026-10-30
Earnings Per Share
Earnings Per Share, Basic$1$1-20%0.0%Source10-Q, us-gaap:EarningsPerShareBasic, as reported in the 10-Q filed 2026-10-30
Earnings Per Share, Diluted$1$1-19%0.0%Source10-Q, us-gaap:EarningsPerShareDiluted, as reported in the 10-Q filed 2026-10-30
Cash flow statement2 lines, as presented in the 10-Q

Year to date, as a quarterly filing reports it.

LineQ3 FY2026A year earlierChangeSource
Cash flows from operating activities
Net income$729.0M$875.0M-17%Source10-Q, us-gaap:ProfitLoss, as reported in the 10-Q filed 2026-10-30
Statement of Cash Flows
Cash, restricted cash, and cash equivalents at end of period$2.12B$2.10B+1.0%Source10-Q, us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents, as reported in the 10-Q filed 2026-10-30
Balance sheet56 lines, as presented in the 10-Q
LineQ3 FY2026A year earlierChangeSource
Current assets
Cash and cash equivalents$1.47B$1.53B-4.2%Source10-Q, us-gaap:CashAndCashEquivalentsAtCarryingValue, as reported in the 10-Q filed 2026-10-30
Restricted cash and cash equivalents$602.0M$516.0M+17%Source10-Q, us-gaap:RestrictedCashAndCashEquivalentsAtCarryingValue, as reported in the 10-Q filed 2026-10-30
Accounts receivable
Customer accounts receivable$3.67BSource10-Q, us-gaap:AccountsReceivableGrossCurrent, as reported in the 10-Q filed 2026-10-30
Customer allowance for credit losses (shown as a deduction)($507.0M)Source10-Q, us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent, as reported in the 10-Q filed 2026-10-30
Customer accounts receivable, net$3.16BSource10-Q, us-gaap:AccountsReceivableNetCurrent, as reported in the 10-Q filed 2026-10-30
Other accounts receivable$1.57BSource10-Q, us-gaap:OtherReceivablesGrossCurrent, as reported in the 10-Q filed 2026-10-30
Other allowance for credit losses (shown as a deduction)($96.0M)Source10-Q, us-gaap:AllowanceForDoubtfulOtherReceivablesCurrent, as reported in the 10-Q filed 2026-10-30
Other accounts receivable, net$1.48BSource10-Q, us-gaap:OtherReceivablesNetCurrent, as reported in the 10-Q filed 2026-10-30
Inventories, net
Fossil fuel$99.0MSource10-Q, us-gaap:EnergyRelatedInventoryNaturalGasInStorage, as reported in the 10-Q filed 2026-10-30
Materials and supplies$863.0MSource10-Q, us-gaap:InventoryRawMaterialsAndSuppliesNetOfReserves, as reported in the 10-Q filed 2026-10-30
Current assets
Regulatory assets$1.28BSource10-Q, us-gaap:RegulatoryAssetsCurrent, as reported in the 10-Q filed 2026-10-30
Prepaid renewable energy credits$466.0MSource10-Q, us-gaap:OtherPrepaidExpenseCurrent, as reported in the 10-Q filed 2026-10-30
Other$523.0MSource10-Q, us-gaap:OtherAssetsCurrent, as reported in the 10-Q filed 2026-10-30
Total current assets$9.94BSource10-Q, us-gaap:AssetsCurrent, as reported in the 10-Q filed 2026-10-30
Assets
Property, plant and equipment, net$88.56BSource10-Q, us-gaap:PropertyPlantAndEquipmentNet, as reported in the 10-Q filed 2026-10-30
Deferred debits and other assets
Regulatory assets$9.56BSource10-Q, us-gaap:RegulatoryAssetsNoncurrent, as reported in the 10-Q filed 2026-10-30
Goodwill$6.63BSource10-Q, us-gaap:Goodwill, as reported in the 10-Q filed 2026-10-30
Receivable related to Regulatory Agreement Units$5.20BSource10-Q, us-gaap:NontradeReceivablesNoncurrent, as reported in the 10-Q filed 2026-10-30
Investments$336.0MSource10-Q, us-gaap:LongTermInvestments, as reported in the 10-Q filed 2026-10-30
Other$2.02BSource10-Q, us-gaap:OtherAssetsNoncurrent, as reported in the 10-Q filed 2026-10-30
Total deferred debits and other assets$23.74BSource10-Q, us-gaap:DeferredCostsAndOtherAssets, as reported in the 10-Q filed 2026-10-30
Assets
Total assets$122.24BSource10-Q, us-gaap:Assets, as reported in the 10-Q filed 2026-10-30
Current liabilities
Short-term borrowings$934.0MSource10-Q, us-gaap:ShortTermBorrowings, as reported in the 10-Q filed 2026-10-30
Long-term debt due within one year$1.08BSource10-Q, us-gaap:LongTermDebtAndCapitalLeaseObligationsCurrent, as reported in the 10-Q filed 2026-10-30
Related Party$5.0MSource10-Q, us-gaap:AccountsPayableCurrent [us-gaap:RelatedPartyMember], as reported in the 10-Q filed 2026-10-30
Nonrelated Party$3.71BSource10-Q, us-gaap:AccountsPayableCurrent [us-gaap:NonrelatedPartyMember], as reported in the 10-Q filed 2026-10-30
Accrued expenses$1.69BSource10-Q, us-gaap:AccruedLiabilitiesCurrent, as reported in the 10-Q filed 2026-10-30
Customer deposits$609.0MSource10-Q, us-gaap:ContractWithCustomerRefundLiabilityCurrent, as reported in the 10-Q filed 2026-10-30
Regulatory liabilities$551.0MSource10-Q, us-gaap:RegulatoryLiabilityCurrent, as reported in the 10-Q filed 2026-10-30
Mark-to-market derivative liabilities$21.0MSource10-Q, us-gaap:DerivativeLiabilitiesCurrent, as reported in the 10-Q filed 2026-10-30
Unamortized energy contract liabilities$4.0MSource10-Q, us-gaap:EnergyMarketingContractLiabilitiesCurrent, as reported in the 10-Q filed 2026-10-30
Renewable energy credit obligations$364.0MSource10-Q, exc:RenewableEnergyCreditObligationCurrent, as reported in the 10-Q filed 2026-10-30
Other$675.0MSource10-Q, us-gaap:OtherLiabilitiesCurrent, as reported in the 10-Q filed 2026-10-30
Total current liabilities$9.64BSource10-Q, us-gaap:LiabilitiesCurrent, as reported in the 10-Q filed 2026-10-30
Liabilities and shareholders’ equity
Long-term debt$50.79BSource10-Q, us-gaap:LongTermDebtNoncurrent, as reported in the 10-Q filed 2026-10-30
Long-term debt to financing trusts$390.0MSource10-Q, exc:LongTermDebtToFinancingTrusts, as reported in the 10-Q filed 2026-10-30
Related Party$390.0MSource10-Q, exc:LongTermDebtToFinancingTrusts [us-gaap:RelatedPartyMember], as reported in the 10-Q filed 2026-10-30
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits$14.60BSource10-Q, us-gaap:DeferredIncomeTaxesAndOtherTaxLiabilitiesNoncurrent, as reported in the 10-Q filed 2026-10-30
Regulatory liabilities$11.68BSource10-Q, us-gaap:RegulatoryLiabilityNoncurrent, as reported in the 10-Q filed 2026-10-30
Pension obligations$1.43BSource10-Q, us-gaap:DefinedBenefitPensionPlanLiabilitiesNoncurrent, as reported in the 10-Q filed 2026-10-30
Non-pension postretirement benefit obligations$572.0MSource10-Q, us-gaap:OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent, as reported in the 10-Q filed 2026-10-30
Asset retirement obligations$318.0MSource10-Q, us-gaap:AssetRetirementObligationsNoncurrent, as reported in the 10-Q filed 2026-10-30
Mark-to-market derivative liabilities$96.0MSource10-Q, us-gaap:DerivativeLiabilitiesNoncurrent, as reported in the 10-Q filed 2026-10-30
Unamortized energy contract liabilities$13.0MSource10-Q, us-gaap:EnergyMarketingContractLiabilitiesNoncurrent, as reported in the 10-Q filed 2026-10-30
Other$2.57BSource10-Q, us-gaap:OtherLiabilitiesNoncurrent, as reported in the 10-Q filed 2026-10-30
Total deferred credits and other liabilities$31.28BSource10-Q, us-gaap:DeferredCreditsAndOtherLiabilities, as reported in the 10-Q filed 2026-10-30
Liabilities and shareholders’ equity
Total liabilities$92.11BSource10-Q, us-gaap:Liabilities, as reported in the 10-Q filed 2026-10-30
Common stock, shares authorized (in shares)2,000,000,000Source10-Q, us-gaap:CommonStockSharesAuthorized, as reported in the 10-Q filed 2026-10-30
Common stock (in dollars)$0Source10-Q, us-gaap:CommonStockNoParValue, as reported in the 10-Q filed 2026-10-30
Shareholders’ equity
Common stock$22.66BSource10-Q, us-gaap:CommonStockValue, as reported in the 10-Q filed 2026-10-30
Treasury stock, at cost (shown as a deduction)($123.0M)Source10-Q, us-gaap:TreasuryStockValue, as reported in the 10-Q filed 2026-10-30
Retained earnings$8.33BSource10-Q, us-gaap:RetainedEarningsAccumulatedDeficit, as reported in the 10-Q filed 2026-10-30
Accumulated other comprehensive loss, net-$733.0MSource10-Q, us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax, as reported in the 10-Q filed 2026-10-30
Total shareholders’ equity$30.13BSource10-Q, us-gaap:StockholdersEquity, as reported in the 10-Q filed 2026-10-30
Liabilities and shareholders’ equity
Total liabilities and shareholders’ equity$122.24BSource10-Q, us-gaap:LiabilitiesAndStockholdersEquity, as reported in the 10-Q filed 2026-10-30
Statement of Financial Position
Common stock, shares outstanding (in shares)1,035,000,000Source10-Q, us-gaap:CommonStockSharesOutstanding, as reported in the 10-Q filed 2026-10-30

About this data

Source
Exelon 10-Q, accession 0001109357-26-000095, filed Oct 30, 2026, read on Nov 2, 2026.
History
From the SEC's XBRL company facts, the value from the latest filing that stated each period.
Reading
Paragraphs marked Analysis are CXProWealth's reading; everything else is the filing's own numbers and words, or a cited source.
Version
methodology business-lens-1.0 · schema 1.2.0 · run business-lens-2026-11-02
Edge and risks

What holds Exelon's model up, and what could bend it

Competitive edge

  • Energy costs pass straight through to customers

    Purchased power was 39.1% of revenue against 39.4% a year earlier, because it is recovered at cost, so energy prices barely reach profit.

    The detail

    Where customers buy supply from competitive suppliers, the filing says this "is treated as a pass through" and "financial results are not impacted". For ComEd, operating revenues "are not intended to be impacted by abnormal weather, usage per customer, or number of customers" because of revenue decoupling. PECO and DPL's Delaware business are the exceptions where weather still moves revenue.1

    AnalysisAnalysis: the edge holds because it is written into tariffs, not won in a market. The utility earns a fee for running the network and leaves commodity risk with customers and suppliers.

  • Approved investment keeps lifting the earnings base

    Operating income rose 28.0% from FY2023 to FY2025, and the filing ties ComEd's higher earnings to a larger rate base from new investment.

    The detail

    Operating income was $4.02B in FY2023, $4.32B in FY2024 and $5.15B in FY2025. For ComEd this quarter the filing attributes higher earnings to "higher distribution and transmission rate base driven by incremental investments to serve customers". Depreciation, the cost of a larger asset base, was $991M against $912M a year earlier, up 8.7%.1

    AnalysisAnalysis: the wires and substations are franchise monopolies in their territories, so the investment that grows the base faces no competitor. The limit is what regulators and customer bills will accept, not what a rival can offer.

  • No single commission sets most of the revenue

    ComEd brought in 33.7% of revenue, PHI 30.9%, BGE 18.6% and PECO 16.9%, spreading rate decisions across several state regulators.

    The detail

    ComEd produced $2.47B of the quarter's $7.32B revenue, PHI $2.26B, BGE $1.36B and PECO $1.24B. Within PHI, Pepco produced $1.13B, Atlantic City Electric $579M and Delmarva Power $556M.1

    AnalysisAnalysis: spreading the business across Illinois, Pennsylvania, Maryland, the District of Columbia, Delaware and New Jersey limits how much any one ruling can decide. This quarter shows the limit of that protection: a single Maryland order still moved the consolidated result.

What to watch

  • Regulators can refuse costs already spent

    The filing says recovery of new investment "may be delayed or limited", and the Pepco Maryland write-offs show that risk landing in a single quarter.

    The detail

    The utilities "operate in rate-regulated environments in which the amount of new investment recovery may be delayed or limited", with recovery over an extended period. Maryland has passed a moratorium on rate cases with forecasted test years, Delaware has capped the discretionary spending DPL can recover, and New Jersey has repealed a transmission incentive adder for ACE.1

    FERC has ordered PJM to revisit how reliability upgrade costs were allocated, and the filing says the outcome "could be material to the financial statements".1

  • Lower credit ratings raise the cost of growth

    S&P lowered BGE's rating and Moody's lowered PECO's this year, while interest already takes 42.6% of operating income against 35.4%.

    The detail

    S&P lowered BGE's long-term issuer rating from 'A' to 'A-', and Moody's lowered PECO's long-term issuer rating by a notch. The filing calls the businesses capital intensive and says access to financing on reasonable terms "depends on its credit ratings" and market conditions.1

    AnalysisAnalysis: with spending above operating cash flow every year, the cost of new debt feeds directly into earnings. A wider gap between allowed returns and borrowing costs would slow growth in profit even if the investment plan is approved.

  • Affordability is starting to cap investment plans

    PECO withdrew its electric and gas rate cases this year and says future investment will be informed by customer affordability considerations.

    The detail

    PECO asked the Pennsylvania commission to withdraw its electric and gas distribution rate proceedings, and the commission approved. The filing says decisions on longer-term grid investment "will be informed by customer affordability considerations, system reliability needs, and ongoing engagement with regulators".1

    AnalysisAnalysis: for a company whose earnings grow with capital spent, slower filings trade growth for a lower bill. If other subsidiaries follow, the rate base, and the earnings it carries, would grow more slowly than spending plans suggest.

Sources

  1. 1.Exelon 10-Q for the period to 2026-09-30 (the filing), Oct 30, 2026, read Nov 2, 2026
Go deeper

Exelon, further in

Member research, then your own questions on ChatGPT.

What could change the outlook

What Exelon's numbers depend on from here, read from the filing: the conditions behind this period's margins and growth, and where a change would show first.

  • What Exelon's earnings depend on from here

    How rate-case outcomes, the cost of new debt and the pace of share issuance combine to decide whether rate base growth reaches per-share results.

  • One write-off or a pattern?

    Reading the Maryland, Delaware and New Jersey changes together, and what they signal about how much of future spending regulators will accept.

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Questions to start with
  • How much of Exelon's operating profit is exposed if other states disallow capitalized costs the way Maryland did with Pepco?
  • Why does Exelon's net interest now take 42.6% of operating income, and what would bring that share down?
  • How do decoupling and pass-through pricing let Exelon's revenue rise 9.2% with almost no customer growth?

Business Lens describes Exelon from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing, the dates and the version are under the financial data above.