Exelon Reports Third Quarter 2026 Results

Higher revenue and adjusted earnings contrasted with lower GAAP profit and increased operating costs.

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Earnings Release Highlights

• GAAP net income of $0.70 per share and Adjusted (non-GAAP) operating earnings of $0.87 per share for the third quarter of 2026, above expectations
• Narrowing full year 2026 Adjusted (non-GAAP) operating earnings guidance range to $2.85-$2.91 per share and affirming operating EPS compounded annual growth near top end of 5-7% from 2025 to 2029
• Exelon’s utilities now rank 1^st, 2^nd, 5^th, and 6^th in best reliability in the nation
• Continued regulatory progress, with final orders issued in the Pepco Maryland base rate case and Maryland Lessons Learned
• Completed 2026 planned debt financings, supporting continued investment across the utilities

CHICAGO--(BUSINESS WIRE)-- 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 Results¹

ComEd

ComEd's third quarter of 2026 GAAP net income increased to $406 million from $373 million in the third quarter of 2025. ComEd's Adjusted (non-GAAP) operating earnings for the third quarter of 2026 increased to $412 million from $373 million in the third quarter of 2025, primarily due to an increase in higher distribution and transmission rate base driven by incremental investments to serve customers, driving top quartile reliability and avoiding outage costs, and higher AFUDC. Due to revenue decoupling, ComEd's distribution earnings are not intended to be affected by actual weather or customer usage patterns.

PECO

PECO’s third quarter of 2026 GAAP net income decreased to $165 million from $250 million in the third quarter of 2025. PECO's Adjusted (non-GAAP) operating earnings for the third quarter of 2026 decreased to $167 million from $250 million in the third quarter of 2025, primarily due to higher storm costs resulting from the absence of extraordinary February and June storm cost deferrals recognized in 2025 and an increase in storm costs, higher income taxes due to tax repairs, a portion of which is timing, and an increase in contracting costs, depreciation, and interest expense, partially offset by absence of surcharge credits to customers and favorable weather.

BGE

BGE’s third quarter of 2026 GAAP net income increased to $90 million from $82 million in the third quarter of 2025. BGE's Adjusted (non-GAAP) operating earnings for the third quarter of 2026 increased to $119 million from $82 million in the third quarter of 2025, primarily due to approved distribution rates associated with updated recovery of investments to serve customers, driving top quartile reliability and avoiding outage costs and a decrease in contracting costs. Due to revenue decoupling, BGE's distribution earnings are not intended to be affected by actual weather or customer usage patterns.

___________

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

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

__________

Note:

Amounts may not sum due to rounding.

Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2026 and 2025 ranged from 24.0% to 29.0%.

Webcast Information

Exelon will discuss third quarter 2026 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at investors.exeloncorp.com/.

About Exelon

Exelon (Nasdaq: EXC) is a Fortune 200 company and one of the nation’s largest utility companies, serving almost 11 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). Exelon's more than 20,000 employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, economic development and volunteerism. Follow @Exelon on X and LinkedIn.

Non-GAAP Financial Measures

In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) operating earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) operating earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) operating earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) operating earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP net income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) operating earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: investors.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on October 30, 2026.

Cautionary Statements Regarding Forward-Looking Information

This press release contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “should,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to: unfavorable legislative and/or regulatory actions; uncertainty as to outcomes and timing of regulatory approval proceedings and/or negotiated settlements thereof; environmental liabilities and remediation costs; state and federal legislation requiring use of low-emission, renewable, and/or alternate fuel sources and/or mandating implementation of energy conservation programs requiring implementation of new technologies; challenges to tax positions taken, tax law changes, and difficulty in quantifying potential tax effects of business decisions; negative outcomes in legal proceedings; physical security and cybersecurity risks; extreme weather events, natural disasters, operational accidents such as wildfires or natural gas explosions, war, acts and threats of terrorism, public health crises, epidemics, pandemics, or other significant events; disruptions or cost increases in the supply chain, including shortages in labor, materials or parts, or significant increases in relevant tariffs; lack of sufficient power generation resources to meet actual or forecasted demand or disruptions at generation facilities owned by third parties; emerging technologies that could affect or transform the energy industry; instability in capital and credit markets; a downgrade of any Registrant’s credit ratings or other failure to satisfy the credit standards in the Registrants’ agreements or regulatory financial requirements; significant economic downturns or increases in customer rates; impacts of climate change and weather on energy usage and maintenance and capital costs; and impairment of long-lived assets, goodwill, and other assets.

New factors emerge from time to time, and it is impossible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. For more information, see those factors discussed with respect to Exelon, ComEd, PECO, BGE, Pepco Holdings LLC (PHI), Pepco, DPL, and ACE (Registrants) in the Registrants' most recent Annual Report on Form 10-K, including in Part I, ITEM 1A, any subsequent Quarterly Reports on Form 10-Q, and in other reports filed by the Registrants from time to time with the SEC.

Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.

Exelon uses its corporate website, www.exeloncorp.com, investor relations website, investors.exeloncorp.com, and social media channels to communicate with Exelon's investors and the public about the Registrants and other matters. Exelon's posts through these channels may be deemed material. Accordingly, Exelon encourages investors and others interested in the Registrants to routinely monitor these channels, in addition to following the Registrants' press releases, Securities and Exchange Commission filings and public conference calls and webcasts. The contents of Exelon's websites and social media channels are not, however, incorporated by reference into this press release.

Earnings Release Attachments Table of Contents
Consolidating Statement of Operations	1
Consolidated Balance Sheets	2
Consolidated Statements of Cash Flows	4
Reconciliation of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings	6
Statistics
ComEd	7
PECO	8
BGE	10
Pepco	13
DPL	14
ACE	16

Consolidating Statements of Operations (unaudited) (in millions)
	ComEd				PECO				BGE				PHI				Other (a)				Exelon
Three Months Ended 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 (unaudited) (in millions)
	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 (unaudited) (in millions)
		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 (unaudited) (in millions)
		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 Three Months Ended September 30, 2026 and 2025 (unaudited) (in millions, except per share data)
	Exelon Earnings per Diluted Share				ComEd				PECO				BGE				PHI				Other (a)				Exelon
2025 GAAP net income (loss)	$	0.86			$	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

Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2026 and 2025 ranged from 24.0% to 29.0%.
(a)	Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.
(b)	For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.
(c)	For transmission formula rates and various riders across the utilities, as well as ComEd’s distribution rates, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure, and ROE (which impact net earnings).
(1)	For ComEd, reflects higher distribution and transmission rate base. For BGE, reflects increased distribution and transmission revenue due to approved rates. For PHI, reflects increased distribution revenue due to approved rates.
(2)	For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs.
(3)	Represents Operating and maintenance expense. For PECO, primarily reflects higher storm costs due to absence of extraordinary February and June storm cost deferrals recognized in 2025 and increased storm and contracting costs. For BGE, primarily reflects decreased contracting costs. For PHI, primarily reflects increased storm costs.
(4)	Across all utilities, reflects ongoing capital expenditures depreciation and regulatory asset amortization.
(5)	For ComEd, reflects an increase in interest expense, offset by an increase in AFUDC. For PECO, reflects an increase in income tax expense due to tax repairs, a portion of which is timing, and interest expense. For Corporate, reflects a decrease in income tax expense due to timing, partially offset by an increase in interest expense.
(6)	Represents third-party consulting and severance costs related to a cost management program.
(7)	Represents costs related to capital project impairments.
(8)	Represents the disallowance of certain capitalized costs.

Exelon Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Nine Months Ended September 30, 2026 and 2025 (unaudited) (in millions, except per share data)
	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

Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2026 and 2025 ranged from 24.0% to 29.0%.
(a)	Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.
(b)	For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.
(c)	For transmission formula rates and various riders across the utilities, as well as ComEd’s distribution rates, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure, and ROE (which impact net earnings).
(1)	In 2025, primarily represents severance costs related to a cost management program. In 2026, represents third-party consulting and severance costs related to a cost management program.
(2)	Reflects the adjustment to state deferred income taxes due to changes in forecasted apportionment.
(3)	Represents the disallowance of certain capitalized costs.
(4)	For ComEd, reflects higher distribution and transmission rate base. For BGE, reflects increased distribution and transmission revenue due to approved rates. For PHI, reflects increased distribution and transmission revenue due to approved rates.
(5)	For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs, offset by decreased electric distribution revenues due to timing of distribution earnings. For PECO, reflects the absence of electric surcharge credits to customers recognized in 2025.
(6)	Represents Operating and maintenance expense. For PECO, primarily reflects higher storm costs due to absence of extraordinary February and June storm cost deferrals recognized in 2025 and increased contracting costs, partially offset by decreased storm costs. For BGE, primarily reflects decreased contracting costs. For PHI, reflects increased storm costs and unfavorable impacts of the Pepco Maryland multi-year plan reconciliation. For Corporate, reflects the absence of the Customer Relief Fund contribution recognized in 2025.
(7)	Across all utilities, reflects ongoing capital expenditures depreciation and regulatory asset amortization.
(8)	For ComEd, reflects an increase in interest expense, offset by an increase in AFUDC. For PECO, reflects an increase in interest expense and income tax expense due to tax repairs, a portion of which is timing. For PHI, reflects an increase in interest expense. For Corporate, reflects an increase in interest expense, partially offset by a decrease in income tax expense due to timing.
(9)	Represents costs related to capital project impairments.

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(a)
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(b)	—		—		n/a			n/a				280				229			22.3	%
Total electric revenues(c)	24,631		24,588		0.2	%		1.3	%			2,474				2,470			0.2	%
Other Revenues(d)												(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(a)
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(b)	—		—		n/a			n/a				785				688			14.1	%
Total electric revenues(c)	66,373		66,273		0.2	%		1.0	%			6,389				6,671			(4.2	)%
Other Revenues(d)												(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.
(d)	Includes alternative revenue programs and late payment charges.

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(a)
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(b)	—		—		n/a			n/a				89			78		14.1	%
Total electric revenues(c)	10,135		10,010		1.2	%		(1.8	)%			1,148			1,089		5.4	%
Other Revenues(d)												7			8		(12.5	)%
Total electric revenues												1,155			1,097		5.3	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
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(f)	—		—		n/a			n/a				2			1		100.0	%
Total natural gas revenues(g)	9,420		9,388		0.3	%		(0.2	)%			85			82		3.7	%
Other Revenues(d)												—			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(a)
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(b)	—			—		n/a			n/a				244			231		5.6	%
Total electric revenues(c)	27,772			27,768		—	%		(2.0	)%			3,147			2,922		7.7	%
Other Revenues(d)													31			11		181.8	%
Total electric revenues													3,178			2,933		8.4	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
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(f)	—			—		n/a			n/a				12			13		(7.7	)%
Total natural gas revenues(g)	64,515			62,288		3.6	%		2.1	%			614			578		6.2	%
Other Revenues(d)													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.
(d)	Includes alternative revenue programs and late payment charges.
(e)	Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas.
(f)	Includes revenues primarily from off-system sales.
(g)	Includes operating revenues from affiliates totaling $1 million for both the three months ended September 30, 2026 and 2025, respectively, and $2 million for both the nine months ended September 30, 2026 and 2025.

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(a)
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(b)	—		—		n/a			n/a				115				122			(5.7	)%
Total electric revenues(c)	8,118		7,880		3.0	%		(0.2	)%			1,248				1,099			13.6	%
Other Revenues(d)												(1	)			(8	)		(87.5	)%
Total electric revenues												1,247				1,091			14.3	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
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(f)	671		691		(2.9	)%		n/a				6				6			—	%
Total natural gas revenues(g)	10,746		10,872		(1.2	)%		(3.3	)%			128				125			2.4	%
Other Revenues(d)												(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(a)
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(b)	—		—		n/a			n/a				353				352			0.3	%
Total electric revenues(c)	22,461		22,074		1.8	%		(0.9	)%			3,541				2,973			19.1	%
Other Revenues(d)												2				(22	)		(109.1	)%
Total electric revenues												3,543				2,951			20.1	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
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(f)	5,009		5,042		(0.7	)%		n/a				42				37			13.5	%
Total natural gas revenues(g)	69,027		68,700		0.5	%		(3.9	)%			880				870			1.1	%
Other Revenues(d)												(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.
(d)	Includes alternative revenue programs and late payment charges.
(e)	Reflects delivery volumes and revenues from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from BGE, revenue also reflects the cost of natural gas.
(f)	Includes revenues primarily from off-system sales.
(g)	Includes operating revenues from affiliates totaling $1 million for both the three months ended September 30, 2026 and 2025, respectively, and $2 million for both the nine months ended September 30, 2026 and 2025, respectively.

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(a)
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(b)	—		—		n/a			n/a				99			98			1.0	%
Total electric revenues(c)	6,746		6,573		2.6	%		(1.3	)%			1,123			994			13.0	%
Other Revenues(d)												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(a)
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(b)	—		—		n/a			n/a				286				274			4.4	%
Total electric revenues(c)	18,472		18,374		0.5	%		(2.4	)%			2,978				2,642			12.7	%
Other Revenues(d)												(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(a)
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(b)	—		—		n/a			n/a				80				77			3.9	%
Total electric revenues(c)	3,359		3,333		0.8	%		(2.6	)%			518				468			10.7	%
Other Revenues(d)												(2	)			(4	)		(50.0	)%
Total electric revenues												516				464			11.2	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
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(f)	—		—		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(d)												—				—			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(a)
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(b)	—		—		n/a			n/a				233				224			4.0	%
Total electric revenues(c)	9,320		9,233		0.9	%		(0.8	)%			1,440				1,321			9.0	%
Other Revenues(d)												(5	)			(9	)		(44.4	)%
Total electric revenues												1,435				1,312			9.4	%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
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(f)	—		—		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(d)												—				—			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.
(d)	Includes alternative revenue programs and late payment charges.
(e)	Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas.
(f)	Includes revenues primarily from off-system sales.

ACE Statistics Three Months Ended 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(a)
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(b)	—		—		n/a			n/a				64				62		3.2	%
Total electric revenues(c)	2,777		2,617		6.1	%		0.8	%			580				554		4.7	%
Other Revenues(d)												(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(a)
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(b)	—		—		n/a			n/a				186				196		(5.1	)%
Total electric revenues(c)	6,838		6,702		2.0	%		(0.4	)%			1,432				1,326		8.0	%
Other Revenues(d)												(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.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20261030814260/en/

Christopher Ford
Corporate Communications
312-394-7417

Ryan Brown
Investor Relations
779-231-0017

Source: Exelon Corporation

Key Terms

non-gaap financial

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

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afudc financial

Allowance for Funds Used During Construction (AFUDC) is an accounting method that adds the cost of financing — typically interest and sometimes a return — to the value of a long-term project while it’s being built, rather than charging that cost immediately as an expense. Think of it like capitalizing the loan interest on a house while it’s under construction so the cost becomes part of the asset; this raises reported asset value and delays expense recognition, which can make current earnings look stronger and affect future regulated rates and investor returns.

revenue decoupling regulatory

Revenue decoupling describes a situation where a company’s sales or top-line income moves in a different direction or at a different rate than other key indicators like user growth, units sold, or market activity. For investors it signals a change in the business relationship between customers and income—like raising prices, one-time gains, or accounting shifts—and can indicate stronger pricing power or potential sustainability problems; it’s like a car’s speed rising while the number of passengers falls, prompting questions about why.

roe financial

Return on equity (ROE) measures how much profit a company generates from the money shareholders have invested, like checking how effectively a chef turns ingredients into meals. Investors use it to compare how well companies turn investor funds into earnings—higher ROE usually means management is using capital more efficiently, while a low ROE can signal weaker profitability or poor use of equity.

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