ONCOR REPORTS 2025 RESULTS; ANNOUNCES $47.5 BILLION 2026-2030 BASE CAPITAL PLAN

Rhea-AI Summary

Oncor (SRE) reported $1.07 billion net income for the twelve months ended Dec 31, 2025, up $102 million from 2024. Oncor announced a $47.5 billion 2026–2030 base capital plan with annual spends of ~$9.0–10.1 billion and identified ~$10 billion in incremental opportunities.

The company filed a rate stipulation seeking an estimated $560 million revenue increase (≈8.8%), a 56.5/43.5 debt/equity ratio, ROE 9.75%, and a 4.94% cost of debt; residential bills could rise ~3% if approved. Available liquidity totaled ≈$3.6 billion.

Positive

• Net income increased by $102 million year-over-year
• Five-year capital plan of $47.5 billion (2026–2030)
• Proposed $560 million annual revenue increase (≈8.8%) in rate stipulation
• $3.5 billion customer collateral for active POI requests

Negative

• Higher interest and depreciation expenses tied to increased invested capital
• Proposed rates could increase residential bills by ~3% if approved

Key Figures

Net income 2025: $1.07 billion Net income 2024: $968 million Q4 2025 net income: $250 million +5 more

8 metrics

Net income 2025 $1.07 billion Twelve months ended Dec 31, 2025

Net income 2024 $968 million Twelve months ended Dec 31, 2024

Q4 2025 net income $250 million Three months ended Dec 31, 2025

Q4 2024 net income $168 million Three months ended Dec 31, 2024

Base capital plan $47.5 billion Planned capex for 2026–2030

Base rate revenue increase $560 million (8.8%) Estimated increase over 2024 test-year adjusted annualized revenues

Residential bill impact 3% per month Based on 1,000 kWh/month at $0.15/kWh if stipulation approved

Available liquidity $3.6 billion As of Feb 25, 2026

Market Reality Check

Price: $94.50 Vol: Volume 4,171,763 is sligh...

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Volume Volume 4,171,763 is slightly below 20-day average 4,360,205 (relative 0.96x). normal

Technical Price $94.50 is trading above 200-day MA at $84.92 and within 1.3% of 52-week high $95.74.

Peers on Argus

SRE is up 0.56% while peers are mixed: BIP +0.97%, AQN +0.59%, but AES -0.3%, AL...

SRE is up 0.56% while peers are mixed: BIP +0.97%, AQN +0.59%, but AES -0.3%, ALE -0.1%, AVA -2.1%, indicating a stock-specific tilt rather than a broad utilities move.

Historical Context

5 past events · Latest: Feb 10 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 10	Earnings timing update	Positive	+2.5%	Announced date and logistics for releasing 2025 Oncor results.
Feb 09	Earnings timing update	Positive	+2.5%	Set fourth-quarter and full-year 2025 earnings release and call.
Feb 09	Customer outreach event	Neutral	+0.1%	SoCalGas highlighted safety and reliability resources at World Ag Expo.
Feb 05	Reputation ranking	Positive	+0.8%	Sempra named to Fortune’s World’s Most Admired Companies list again.
Feb 04	Regulatory petition	Negative	-0.4%	SoCalGas sought changes to CPUC hydrogen blending demonstration requirements.

Pattern Detected

Recent SRE/Oncor headlines have generally seen modestly positive price reactions, with no clear pattern of selling into good news.

Recent Company History

Over recent months, Sempra-related news has focused on scheduling of 2025 results, investor communications, operational outreach, and corporate reputation. Two earnings-date announcements around February 2026 coincided with price gains of 2.54%. Operational updates from SoCalGas and recognition in Fortune’s rankings also saw small positive moves. A regulatory petition on hydrogen blending produced only a minor decline. Against this backdrop, Oncor’s 2025 results and large $47.5 billion capital plan extend the theme of regulated growth and infrastructure investment within the Sempra family.

Market Pulse Summary

This announcement highlights Oncor’s higher 2025 net income of $1.07 billion, strong fourth-quarter ...

Analysis

This announcement highlights Oncor’s higher 2025 net income of $1.07 billion, strong fourth-quarter performance, and an ambitious $47.5 billion capital plan for 2026–2030. The proposed base rate stipulation implies about $560 million in additional revenue and a modest residential bill impact, subject to PUCT approval. With available liquidity near $3.6 billion and significant transmission growth tied to ERCOT plans, investors should watch upcoming regulatory decisions and execution on major grid projects.

Key Terms

public utility commission of texas, certificate of convenience and necessity, electric reliability council of texas, form 10-k

4 terms

public utility commission of texas regulatory

"base rate review proceeding, Public Utility Commission of Texas ("PUCT") Docket No. 58306"

State agency that oversees and sets rules for utilities—mainly electricity, and certain telecommunications and water services—within Texas. Think of it as a referee and rulebook keeper that approves rates, enforces reliability and safety standards, and decides whether infrastructure projects move forward; its decisions can change utility revenues, costs and operational risk, so investors watch it closely for signals about future profits and regulatory exposure.

certificate of convenience and necessity regulatory

"filed 16 new Certificate of Convenience and Necessity ("CCN") amendment applications for needed transmission projects"

A certificate of convenience and necessity is a government permit that gives a company the legal right to build and operate public-service infrastructure, like power lines, pipelines or transit routes, in a specific area. For investors it matters because the certificate is often required before revenue can be earned and construction begins; think of it as the official green light that reduces legal and market risk and makes a project fundable and bankable.

electric reliability council of texas regulatory

"high-voltage transmission expansions in the Electric Reliability Council of Texas, Inc.'s ("ERCOT") 765-kV Strategic Transmission Expansion Plan"

The Electric Reliability Council of Texas (ERCOT) is the organization that manages the flow of electricity across most of Texas, like an air traffic controller for the power grid: it matches supply and demand in real time, schedules power plants, and coordinates outages and emergency actions. Investors care because ERCOT’s decisions and grid conditions influence electricity prices, revenue for utilities and generators, and the risk of outages or regulatory actions that can affect company earnings and stock values.

form 10-k regulatory

"Oncor's Annual Report on Form 10-K for the year ended December 31, 2025 will be filed"

A Form 10-K is a comprehensive report that publicly traded companies are required to file annually with regulators. It provides a detailed overview of a company's financial health, operations, and risks, similar to a detailed health report. Investors use this information to assess the company's performance and make informed decisions about buying or selling its stock.

AI-generated analysis. Not financial advice.

DALLAS, Feb. 26, 2026 /PRNewswire/ -- Oncor Electric Delivery Company LLC ("Oncor") today reported net income of $1.07 billion for the twelve months ended December 31, 2025 compared to net income of $968 million in the twelve months ended December 31, 2024. The increase in net income of $102 million was driven by overall higher net revenues primarily attributable to an increase in other regulated revenues recognized related to  the establishment of the Unified Tracker Mechanism ("UTM"), updated interim rates to reflect increases in invested capital, customer growth, and higher annual energy efficiency program performance bonus revenues, partially offset by higher interest expense and depreciation expense associated with increases in invested capital, and higher operation and maintenance expense. Oncor reported net income of $250 million in the three months ended December 31, 2025 compared to net income of $168 million in the three months ended December 31, 2024. This $82 million increase was driven by overall higher net revenues primarily attributable to an increase in other regulated revenues recognized related to  the establishment of the UTM, updated interim rates to reflect increases in invested capital, higher annual energy efficiency program performance bonus revenues, higher customer consumption, primarily attributable to favorable weather, and customer growth, partially offset by higher interest expense and depreciation expense associated with increases in invested capital, and higher operation and maintenance expense. Financial and operational results are provided in Tables A, B, C, D, and E below.

On January 29, 2026, Oncor filed a stipulation in its comprehensive base rate review proceeding, Public Utility Commission of Texas ("PUCT") Docket No. 58306. The stipulation requests PUCT approval of an unopposed comprehensive settlement of all issues in the docket among the parties to the proceeding. The stipulation provides for:

• An estimated increase of approximately $560 million over Oncor's 2024 test year adjusted annualized revenues (an increase of approximately 8.8%);
• A regulatory capital structure ratio of 56.5% debt to 43.5% equity;
• An authorized return on equity of 9.75%, and a 4.94% authorized cost of debt.

If approved as requested, Oncor estimates the proposed rates would result in an increase to residential customer bills of 3% per month based on 1,000 kWh/month usage at an average retail electric price of $0.15/kWh. The PUCT Commissioners are expected to rule on the stipulation within the coming months. If approved as requested, Oncor currently expects positive impacts to its future earnings, cash flow, and credit metrics.

"Customers in Texas continue to call for a record amount of electric infrastructure to meet unprecedented projected load growth, strengthen the grid, and enhance the reliability and resiliency of our entire service territory. Our new $47.5 billion capital plan is designed to provide a historic amount of investment to meet these needs, and we are pleased to have reached a settlement in our rate review that is supportive of this plan. We look forward to the Public Utility Commission of Texas's consideration of the stipulation," said Oncor CEO Allen Nye. "I would also like to thank our team that worked tirelessly and safely through the restoration required by Winter Storm Fern. I know that any amount of time without power during such difficult winter conditions is a hardship on our customers. Oncor prepositioned equipment and more than 10,000 employees and contractors across our system to be able to respond to customer outages as quickly as conditions allowed. We will continue to prepare our system to be resilient against inclement weather."

Five-Year Capital Plan
Today, Oncor is announcing a new five-year base capital plan of approximately $47.5 billion for the 2026 to 2030 period, which includes a projected spend of approximately $9 billion in 2026, $10 billion in 2027, $10.1 billion in 2028, $9.4 billion in 2029, and $9 billion in 2030, reflecting Oncor's important role in providing the infrastructure necessary to support expected continued growth and electrification across Texas.

Oncor's 2026 through 2030 base capital plan has increased approximately $11.4 billion from the 2025 to 2029 five-year base capital plan arising primarily from the following items:

• $6 billion for remaining projects in the Permian Basin Reliability Plan ("PBRP") that were not included in the prior five-year capital plan due to pending regulatory approvals;
• $2 billion for other new transmission projects;
• $2 billion for distribution upgrades and other capital needs; and
• $1 billion for transmission projects in the Delaware Basin Load Integration Plan that were not included in the prior five-year base capital plan due to pending regulatory approvals.

Notably, Oncor's 2026 through 2030 base capital plan includes only major transmission projects that either (i) have received necessary regulatory approvals or (ii) are part of the PBRP. For large commercial and industrial customers ("LC&I") seeking transmission-level interconnection, such as data centers, the base plan includes only those projects that have achieved certain development milestones.

In addition to its base capital plan, Oncor has identified approximately $10 billion in potential incremental capital opportunities over the 2026 through 2030 period. These incremental projects include high-voltage transmission expansions in the Electric Reliability Council of Texas, Inc.'s ("ERCOT") 765-kV Strategic Transmission Expansion Plan ("STEP") primarily outside of the PBRP for which Oncor is responsible (currently estimated by Oncor at $3 billion for the 2026 through 2030 period), additional transmission upgrades currently pending ERCOT approval, and anticipated updates to Oncor's System Resiliency Plan ("SRP") for 2028 through 2030. Incremental capital opportunities also include LC&I interconnection projects that Oncor believes have a strong likelihood of completion but do not have necessary external approvals or where the project scope is still being finalized.

Regulatory Update
Oncor plans to make its first UTM filing in the first half of 2026, following the receipt of a final order in its base rate review. The UTM, authorized by Texas House Bill 5247 passed in the 2025 Texas legislative session, combines the existing interim capital tracker mechanisms into a single annual proceeding. The UTM filing allows for recovery of costs recorded to a regulatory asset arising from eligible capital investment. In 2025, Oncor began recognizing revenues associated with qualifying investments for eligible transmission and distribution infrastructure placed in service during calendar year 2025 and plans to seek recovery of these costs in its UTM filing. Additionally, the UTM is expected to benefit residential customers by updating customer allocations annually.

In 2025, Oncor filed 16 new Certificate of Convenience and Necessity ("CCN") amendment applications for needed transmission projects and received regulatory approval on 12 applications. Oncor anticipates filing approximately 18 additional CCNs in 2026, including three related to the 765 kV Permian Basin import paths.

Strategic Growth and Operational Highlights
Oncor continues to coordinate closely with ERCOT and industry stakeholders to advance extra high-voltage transmission (765 kV) infrastructure that supports regional reliability and long-term economic growth. In December 2025, ERCOT endorsed phase two of STEP, which consists of the non-PBRP projects. In total, Oncor anticipates being responsible for more than half of the investment related to the STEP.

In 2025, Oncor built, rebuilt, or upgraded approximately 3,100 circuit miles of transmission and distribution lines and increased its premise count by over 65,000, reflecting ongoing population and business growth in Texas. Active transmission point-of-interconnection ("POI") requests increased 24% year over year. As of February 25, 2026, Oncor held approximately $3.5 billion in customer collateral for active generation and LC&I transmission POI requests. This collateral, which is subject to refund once projects are placed into service or upon certain other conditions, helps reduce the risk of rate payers bearing costs for projects that are cancelled after Oncor has expended funds toward building the infrastructure.

As of December 31, 2025, Oncor had 562 active generation POI requests in queue, composed of approximately 48% storage, 40% solar, 8% wind, and 4% gas. In addition, Oncor's active LC&I interconnection queue included 650 requests at the end of 2025. Those requests include approximately 255 gigawatts from data centers and over 18 gigawatts of load from various other industrial sectors, demonstrating broad-based industrial growth within Oncor's service territory. Oncor has currently identified at least 38 gigawatts of large load interconnection requests that meet the 2026 Regional Transmission Plan ("RTP") qualification standards and continues to work diligently with additional customers to determine which projects will be included in Oncor's April 1, 2026 RTP filing to ERCOT.

Oncor is deeply engaged with ERCOT stakeholders around the development of a batch study process to review transmission capacity needs for large load interconnections. Oncor continues to advance significant transmission projects necessary to serve new large loads through the ERCOT Regional Planning Group process, which are expected to support approximately 14 gigawatts of new large load.

Liquidity 
As of February 25, 2026, Oncor's available liquidity totaled approximately $3.6 billion, consisting of cash on hand and available borrowing capacity under its credit facilities, commercial paper programs, and accounts receivable facility. Oncor anticipates these resources, combined with projected cash flows from operations and future financing activities, will be sufficient to meet capital expenditures, maturities of long-term debt, and other operational needs for at least the next twelve months.

Sempra Internet Broadcast Today
Sempra (NYSE: SRE) will broadcast a live discussion of its earnings results over the Internet today at 12 p.m. ET, which will include discussion of 2025 results and other information relating to Oncor. Oncor executives will also participate in the broadcast. Access to the broadcast is available by logging onto the Investors section of Sempra's website, sempra.com/investors. Prior to the conference call, an accompanying slide presentation will be posted on sempra.com/investors. For those unable to participate in the live webcast, it will be available on replay a few hours after its conclusion at sempra.com/investors.

Annual Report on Form 10-K
Oncor's Annual Report on Form 10-K for the year ended December 31, 2025 will be filed with the U.S. Securities and Exchange Commission after Sempra's conference call and once filed, will be available on Oncor's website, oncor.com. The annual financial statements of Oncor Electric Delivery Holdings Company LLC (which holds 80.25% of Oncor's outstanding equity interests and is indirectly wholly owned by Sempra) for the year ended December 31, 2025 will be included as an exhibit to Sempra's Annual Report on Form 10-K for the year ended December 31, 2025.

About Oncor
Headquartered in Dallas, Oncor is a regulated electricity transmission and distribution business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor (together with its subsidiaries) operates the largest transmission and distribution system in Texas, delivering electricity to more than 4.1 million homes and businesses and operating more than 145,000 circuit miles of transmission and distribution lines in Texas. While Oncor is owned by two investors (indirect majority owner, Sempra, and minority owner, Texas Transmission Investment LLC), Oncor is managed by its Board of Directors, which is comprised of a majority of disinterested directors.

Oncor Electric Delivery Company LLC
Table A – Statements of Consolidated Income (Three Months Periods Unaudited)
		Three Months Ended December 31,							Twelve Months Ended December 31,
		2025			2024				2025					2024
		(U.S. dollars in millions)
Operating revenues		$	1,731		$	1,472				$	6,778				$	6,082
Operating expenses:
Wholesale transmission service			381			341					1,475					1,394
Operation and maintenance			419			361					1,542					1,293
Depreciation and amortization			307			273					1,184					1,060
Provision in lieu of income taxes			55			36					229					208
Taxes other than amounts related to income taxes			147			140					590					571
Total operating expenses			1,309			1,151					5,020					4,526
Operating income			422			321					1,758					1,556
Other (income) and deductions – net			(38)			(18)					(99)					(63)
Non-operating benefit in lieu of income taxes			-			(1)					(1)					(2)
Interest expense and related charges			210			172					788					653
Net income		$	250		$	168				$	1,070				$	968

 

Oncor Electric Delivery Company LLC
Table B – Statements of Consolidated Cash Flows
		Twelve Months Ended December 31,
		2025			2024
		(U.S. dollars in millions)
Cash flows – operating activities:
Net income		$	1,070		$	968
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization, including regulatory amortization			1,358			1,233
Provision in lieu of deferred income taxes – net			213			155
Other – net			-			1
Changes in operating assets and liabilities:
Accounts receivable			(82)			(29)
Inventories			(228)			(121)
Accounts payable – trade			76			78
Regulatory assets – recoverable SRP			(183)			(1)
Regulatory assets – recoverable UTM			(104)			-
Regulatory assets – self-insurance reserve costs incurred			(171)			(327)
Regulatory under/over recoveries – net			66			15
Customer deposits			400			86
Pension and OPEB plans			(155)			(56)
Interest accruals			67			32
Other – assets			(147)			(176)
Other – liabilities			160			129
Cash provided by operating activities			2,340			1,987
Cash flows – financing activities:
Issuances of senior secured notes			3,466			1,992
Repayments of senior secured notes			(524)			(500)
Borrowings under term loan credit agreements			925			-
Borrowings under AR Facility			835			900
Repayments under AR Facility			(510)			(900)
Borrowings under $500M Credit Facility			-			500
Repayments under $500M Credit Facility			-			(20)
Payment for senior secured notes extinguishment			(441)			-
Net change in short-term borrowings			(594)			312
Capital contributions from members			2,504			1,211
Distributions to members			(792)			(753)
Debt discount, premium, financing and reacquisition costs – net			(44)			(24)
Cash provided by financing activities			4,825			2,718
Cash flows – investing activities:
Capital expenditures			(6,761)			(4,683)
Sales tax audit settlement refund			9			56
Other – net			44			33
Cash used in investing activities			(6,708)			(4,594)
Net change in cash, cash equivalents and restricted cash			457			111
Cash, cash equivalents and restricted cash – beginning balance			262			151
Cash, cash equivalents and restricted cash – ending balance		$	719		$	262

 

Oncor Electric Delivery Company LLC
Table C – Consolidated Balance Sheets
		At December 31,
		2025			2024
		(U.S. dollars in millions)
ASSETS
Current assets:
Cash and cash equivalents		$	87		$	36
Restricted cash, current			11			20
Accounts receivable – net			1,048			970
Amounts receivable from members related to income taxes			48			30
Materials and supplies inventories – at average cost			690			462
Prepayments and other current assets			140			124
Total current assets			2,024			1,642
Restricted cash, noncurrent			621			206
Investments and other property			203			183
Property, plant and equipment – net			37,834			31,769
Goodwill			4,740			4,740
Regulatory assets			2,049			1,671
Right-of-use operating lease assets			265			209
Other noncurrent assets			59			31
Total assets		$	47,795		$	40,451
LIABILITIES AND MEMBERSHIP INTERESTS
Current liabilities:
Short-term borrowings		$	-		$	594
Accounts payable – trade			1,332			770
Amounts payable to members related to income taxes			31			29
Accrued taxes other than amounts related to income			296			274
Accrued interest			216			149
Operating lease and other current liabilities			409			367
Total current liabilities			2,284			2,183
Long-term debt, noncurrent			19,043			15,234
Liability in lieu of deferred income taxes			2,841			2,552
Regulatory liabilities			3,034			2,973
Employee benefit plan obligations			1,275			1,384
Operating lease obligations			239			193
Other noncurrent obligations			711			302
Total liabilities			29,427			24,821
Commitments and contingencies
Membership interests:
Capital account – number of units outstanding 2025 and 2024 – 635,000,000			18,596			15,814
Accumulated other comprehensive loss			(228)			(184)
Total membership interests			18,368			15,630
Total liabilities and membership interests		$	47,795		$	40,451

 

Oncor Electric Delivery Company LLC
Table D – Operating Statistics
Mixed Measures
		Twelve Months Ended December 31,				%
		2025		2024		Change
Reliability statistics (a):
System Average Interruption Duration Index (SAIDI) (non-storm)		78.1		74.7		4.6
System Average Interruption Frequency Index (SAIFI) (non-storm)		1.1		1.1		0.0
Customer Average Interruption Duration Index (CAIDI) (non-storm)		70.4		69.8		0.9
Electricity points of delivery (end of period and in thousands):
Electricity distribution points of delivery (based on number of active meters)		4,111		4,046		1.6

 

		Three Months Ended December 31,				Increase					Twelve Months Ended December 31,								Increase
		2025		2024		(Decrease)					2025				2024				(Decrease)
Residential system weighted weather data (b):
Cooling degree days		174		187		(13)					1,884				2,071				(187)
Heating degree days		199		150		49					788				610				178
		Three Months Ended December 31,				%					Twelve Months Ended December 31,								%
		2025		2024		Change					2025				2024				Change
Operating statistics:
Electric energy volumes (gigawatt-hours)
Residential		9,745		9,331		4.4					47,312				46,444				1.9
Commercial, industrial, small business and other		31,037		29,496		5.2					125,463				116,247				7.9
Total electric energy volumes		40,782		38,827		5.0					172,775				162,691				6.2

__________

(a)

SAIDI is the average number of minutes electric service is interrupted per consumer in a twelve-month period. SAIFI is the average number of electric service interruptions per consumer in a twelve-month period. CAIDI is the average duration in minutes per electric service interruption in a twelve-month period. In each case, Oncor's non-storm reliability performance reflects electric service interruptions of one minute or more per customer. Each of these results excludes outages during significant storm events.

(b)

Degree days are measures of how warm or cold it is throughout Oncor's service territory. A degree day compares the average of the hourly outdoor temperatures during each day to a 65° Fahrenheit standard temperature. The more extreme the outside temperature, the higher the number of degree days. A high number of degree days generally results in higher levels of energy use for space cooling or heating.

 

Oncor Electric Delivery Company LLC
Table E – Operating Revenues (Three Months Period Unaudited)
		Three Months Ended December 31,						$			Twelve Months Ended December 31,						$
		2025			2024			Change			2025			2024			Change
		(U.S. dollars in millions)
Operating revenues
Revenues contributing to earnings:
Revenues from contracts with customers
Distribution base revenues
Residential (a)		$	343		$	311		$	32		$	1,613		$	1,477		$	136
LC&I (b)			348			323			25			1,390			1,283			107
Other (c)			32			32			-			128			125			3
Total distribution base revenues (d)			723			666			57			3,131			2,885			246
Transmission base revenues (TCOS revenues)
Billed to third-party wholesale customers			279			263			16			1,091			1,050			41
Billed to REPs serving Oncor distribution customers, through TCRF			155			143			12			605			574			31
Total TCOS revenues			434			406			28			1,696			1,624			72
Other miscellaneous revenues			24			22			2			96			95			1
Total revenues from contracts with customers			1,181			1,094			87			4,923			4,604			319
Other regulated revenues
SRP revenues (e)			69			1			68			180			1			179
UTM revenues (f)			49			-			49			104			-			104
Energy efficiency program performance bonus revenues			33			17			16			33			17			16
Total other regulated revenues			151			18			133			317			18			299
Total revenues contributing to earnings			1,332			1,112			220			5,240			4,622			618
Revenues collected for pass-through expenses:
TCRF – third-party wholesale transmission service			381			341			40			1,475			1,394			81
EECRF and other revenues			18			19			(1)			63			66			(3)
Total revenues collected for pass-through expenses			399			360			39			1,538			1,460			78
Total operating revenues		$	1,731		$	1,472		$	259		$	6,778		$	6,082		$	696

____________

(a)	Distribution base revenues from residential customers are generally based on actual monthly consumption (kWh). On a weather-normalized basis, distribution base revenues from residential customers increased 7.4% in the three months ended December 31, 2025 as compared to the three months ended December 31, 2024 and increased 9.2% in the twelve months ended December 31, 2025 as compared to the twelve months ended December 31, 2024.
(b)	Depending on size and annual load factor, distribution base revenues from LC&I customers are generally based either on actual monthly demand (kilowatts) or the greater of actual monthly demand (kilowatts) or 80% of peak monthly demand during the prior 11 months.
(c)	Includes distribution base revenues from small business customers whose billing is generally based on actual monthly consumption (kWh), lighting sites and other miscellaneous distribution base revenues.
(d)	The 8.6% increase in distribution base revenues in the three months ended December 31, 2025 as compared to the three months ended December 31, 2024 (7.1% increase on a weather-normalized basis) primarily due to incremental distribution cost recovery factor ("DCRF") rates to reflect increases in invested capital, higher customer consumption and customer growth. The 8.5% increase in distribution base revenues in the twelve months ended December 31, 2025 as compared to the twelve months ended December 31, 2024 (8.5% increase on a weather-normalized basis) primarily reflects updated interim DCRF rates implemented to reflect increases in invested capital, customer growth, and higher customer consumption.
(e)	Includes revenues recognized for recoverable costs associated with distribution related SRP, including operations and maintenance expenses, depreciation expenses, carrying costs on unrecovered balances and related taxes.
(f)	Includes revenues recognized for recoverable costs associated with UTM eligible transmission and distribution capital investments put into service after December 31, 2024 through December 31, 2025, including depreciation expenses, carrying costs on unrecovered balances and related taxes.

Forward-Looking Statements
This news release contains forward-looking statements relating to Oncor within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. All statements, other than statements of historical facts, that are included in this news release, as well as statements made in presentations, in response to questions or otherwise, that address activities, events or developments that Oncor expects or anticipates to occur in the future, including such matters as projections, capital allocation, future capital expenditures, business strategy, competitive strengths, goals, future acquisitions or dispositions, development or operation of facilities, market and industry developments and the growth of Oncor's business and operations (often, but not always, through the use of words or phrases such as "intends," "plans," "will likely result," "expects," "expected to," "will continue," "is anticipated," "estimated," "forecast," "should," "projection," "target," "goal," "objective" and "outlook"), are forward-looking statements. Although Oncor believes that in making any such forward-looking statement its expectations are based on reasonable assumptions, any such forward-looking statement involves risks, uncertainties and assumptions. Factors that could cause Oncor's actual results to differ materially from those projected in such forward-looking statements include: legislation, governmental policies and orders, and regulatory actions; legal and administrative proceedings and settlements, including the exercise of equitable powers by courts; ERCOT protocols, rules, policies, regulations, guidelines, directives, and orders applicable to Oncor's business; weather conditions and other natural phenomena, including severe weather events, natural disasters or wildfires; cyber-attacks on Oncor or Oncor's third-party vendors; changes in expected ERCOT and service territory growth; changes in, or cancellations of, anticipated projects, including customer requested interconnection projects; physical attacks on Oncor's system, acts of sabotage, wars, terrorist activities, wildfires, fires, explosions, natural disasters, hazards customary to the industry, or other emergency events; Oncor's ability to obtain adequate insurance on reasonable terms and the possibility that it may not have adequate insurance to cover all losses incurred by Oncor or third-party liabilities; adverse actions by credit rating agencies; health epidemics and pandemics, including their impact on Oncor's business and the economy in general; interrupted or degraded service on key technology platforms, facilities failures, or equipment interruptions; economic conditions, including the impact of a recessionary environment, inflation, foreign policy, and global trade restrictions; supply chain disruptions, including as a result of tariffs, volatile commodity prices, global trade disruptions, competition for goods and services, and service provider availability; unanticipated changes in electricity demand in ERCOT or Oncor's service territory; ERCOT grid needs and ERCOT market conditions, including insufficient electricity generation within the ERCOT market or disruptions at power generation facilities that supply power within the ERCOT market; changes in business strategy, development plans or vendor relationships; changes in interest rates, foreign currency exchange rates, or rates of inflation; significant changes in operating expenses, liquidity needs and/or capital expenditures; inability of various counterparties to meet their financial and other obligations to Oncor, including failure of counterparties to timely perform under agreements; general industry and ERCOT trends; significant decreases in demand or consumption of electricity delivered by Oncor, including as a result of increased consumer use of third-party distributed energy resources or other technologies; changes in technology used by and services offered by Oncor; changes in employee and contractor labor availability and cost; significant changes in Oncor's relationship with its employees, and the potential adverse effects if labor disputes or grievances were to occur; changes in assumptions used to estimate costs of providing employee benefits, including pension and other postretirement employee benefits, and future funding requirements related thereto; significant changes in accounting policies or critical accounting estimates material to Oncor; commercial bank and financial market conditions, macroeconomic conditions, access to capital, the cost of such capital, and the results of financing and refinancing efforts, including availability of funds and the potential impact of any disruptions in U.S. or foreign capital and credit markets; financial market volatility and the impact of volatile financial markets on investments, including investments held by Oncor's pension and other postretirement employee benefit plans; circumstances which may contribute to future impairment of goodwill, intangible or other long-lived assets; Oncor's adoption and deployment of artificial intelligence; financial and other restrictions under Oncor's debt agreements; Oncor's ability to generate sufficient cash flow to make interest payments on its debt instruments; and Oncor's ability to effectively execute its operational and financing strategy.

Further discussion of risks and uncertainties that could cause actual results to differ materially from management's current projections, forecasts, estimates and expectations is contained in filings made by Oncor with the U.S. Securities and Exchange Commission. Specifically, Oncor makes reference to the section entitled "Risk Factors" in its annual and quarterly reports. Any forward-looking statement speaks only as of the date on which it is made, and, except as may be required by law, Oncor undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for Oncor to predict all of them; nor can it assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. As such, you should not unduly rely on such forward-looking statements.

The information contained on, or that can be accessed through, any website referenced in this press release, is not, and shall not be deemed to be, part of this document.

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SOURCE Oncor Electric Delivery Company LLC

FAQ

What did Oncor (SRE) report for net income in 2025 versus 2024?

Oncor reported $1.07 billion net income for 2025, up $102 million from 2024. According to Oncor, the increase was driven by higher net revenues tied to the Unified Tracker Mechanism, updated interim rates, customer growth, and energy efficiency bonuses.

What is Oncor's new 2026–2030 capital plan and annual spending guidance?

Oncor announced a $47.5 billion base capital plan for 2026–2030 with annual spends of about $9.0–10.1 billion. According to Oncor, the plan funds transmission and distribution projects to support load growth and system resilience across Texas.

What does Oncor's filed rate stipulation propose and how might it affect bills?

The stipulation requests an estimated $560 million revenue increase (≈8.8%), a 56.5/43.5 debt/equity mix, ROE 9.75%, and cost of debt 4.94%. According to Oncor, if approved, residential bills could rise by about 3% per month based on 1,000 kWh usage.

How much liquidity did Oncor report and will it cover near-term needs?

As of Feb 25, 2026, Oncor reported approximately $3.6 billion in available liquidity. According to Oncor, combined with projected cash flows and future financings, these resources are expected to meet capital and debt needs for at least the next twelve months.

How large is Oncor’s interconnection pipeline for generation and large customers?

Oncor held 562 active generation POI requests and 650 LC&I interconnection requests at year-end 2025, including about 255 GW from data centers. According to Oncor, queues reflect strong industrial and storage growth and ongoing transmission development needs.