v3.26.1
Segment Information (All Registrants)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information (All Registrants) Segment Information (All Registrants)
Operating segments for each of the Registrants are determined based on information used by the CODMs in deciding how to evaluate performance and allocate resources at each of the Registrants. The Chief Executive Officer is the CODM for Exelon. For PHI and each of the Utility Registrants, CODM responsibilities are shared by Exelon's Chief Operating Officer and the Utility Registrant's Chief Executive Officer.
Exelon has six reportable segments, which include ComEd, PECO, BGE, and PHI's three reportable segments consisting of Pepco, DPL, and ACE. ComEd, PECO, BGE, Pepco, DPL, and ACE each represent a single reportable segment, and as such, no separate segment information is provided for these Registrants. Exelon, ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE's CODMs rely on a variety of business considerations, including net income, in evaluating segment performance, determining reinvestment of profits, and establishing the amounts of dividend distributions.
An analysis and reconciliation of the Registrants’ reportable segment information to the respective information in the consolidated financial statements for the three and six months ended June 30, 2026 and 2025 is as follows:
Three Months Ended June 30, 2026 and 2025
ComEdPECOBGEPHI
Other(a)
Intersegment
Eliminations		Exelon
Operating revenues(b):
2026
Electric revenues$1,985 $941 $1,050 $1,670 $— $(7)$5,639 
Natural gas revenues— 121 168 40 — (1)328 
Shared service and other revenues— — — 2 471 (473)— 
Total operating revenues$1,985 $1,062 $1,218 $1,712 $471 $(481)$5,967 
2025
Electric revenues$1,836 $880 $849 $1,544 $— $(13)$5,096 
Natural gas revenues— 120 180 33 — (2)331 
Shared service and other revenues— — — 2 468 (470)— 
Total operating revenues$1,836 $1,000 $1,029 $1,579 $468 $(485)$5,427 
Less:
Purchased power
2026$579 $352 $522 $679 $— $— $2,132 
2025550 304 367 590 — — 1,811 
Purchased fuel
2026$— $37 $23 $19 $— $— $79 
2025— 35 39 11 — — 85 
Operating and maintenance
2026$339 $232 $222 $337 $430 $(174)$1,386 
2025322 242 201 291 477 (212)1,321 
Operating and maintenance from affiliates
2026$110 $68 $71 $58 $11 $(318)$— 
2025100 63 63 49 10 (285)— 
Depreciation and amortization
2026$416 $125 $166 $245 $16 $— $968 
2025387 112 154 233 16 — 902 
Taxes other than income taxes
2026$107 $62 $96 $145 $13 $— $423 
202597 54 85 136 11 — 383 
(Gain) on sale of assets
2026$— $— $— $— $— $— $— 
2025— — — (2)— — (2)
Interest expense, net(c)
2026$140 $70 $68 $107 $183 $— $568 
2025128 57 61 102 176 — 524 
Interest expense to affiliates, net(c)
2026$3 $2 $— $1 $— $— $6 
20253 3 — 1 — — 7 
Other, net
2026$(41)$(13)$(22)$(20)$(5)$11 $(90)
2025(31)(10)(11)(17)(8)12 (65)
Income Taxes
2026$83 $8 $17 $32 $(41)$— $99 
202552 4 15 42 (43)— 70 
Net income (loss) attributable to common shareholders
2026$249 $119 $55 $109 $(136)$— $396 
2025228 136 55 143 (171)— 391 
Supplemental segment information
Intersegment revenues(d)
2026$2 $3 $3 $2 $469 $(479)$— 
202510 3 2 2 466 (483)— 
Capital Expenditures
2026$786 $495 $385 $504 $30 $— $2,200 
2025599 408 398 595 13 — 2,013 
__________
(a)Other primarily includes Exelon’s corporate operations, shared service entities, and other financing and investment activities.
(b)Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in Taxes other than income taxes in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 14 — Supplemental Financial Information for additional information on total utility taxes.
(c)Interest expense, net and Interest expense to affiliates, net are primarily inclusive of Interest expense, which is partially offset by an immaterial amount of Interest income.
(d)See Note 15 — Related Party Transactions for additional information on intersegment revenues.

PHI:
PepcoDPLACE
Other(a)
Intersegment
Eliminations		PHI
Operating revenues(b):
2026
Electric revenues$859 $414 $401 $— $(4)$1,670 
Natural gas revenues— 40 — — — 40 
Shared service and other revenues— — — 120 (118)2 
Total operating revenues$859 $454 $401 $120 $(122)$1,712 
2025
Electric revenues$776 $388 $384 $— $(4)$1,544 
Natural gas revenues— 33 — — — 33 
Shared service and other revenues— — — 111 (109)2 
Total operating revenues$776 $421 $384 $111 $(113)$1,579 
Less:
Purchased power
2026$316 $176 $187 $— $— $679 
2025256 161 173 — — 590 
Purchased fuel
2026$— $19 $— $— $— $19 
2025— 11 — — — 11 
Operating and maintenance
2026$118 $62 $55 $102 $— $337 
202591 50 55 95 — 291 
Operating and maintenance from affiliates
2026$72 $50 $44 $14 $(122)$58 
202564 45 40 13 (113)49 
Depreciation and amortization
2026$114 $67 $63 $1 $— $245 
2025107 63 62 1 — 233 
Taxes other than income taxes
2026$113 $24 $3 $5 $— $145 
2025109 20 3 4 — 136 
(Gain) on sale of assets
2026$— $— $— $— $— $— 
2025(2)— — — — (2)
Interest expense, net(c)
2026$56 $26 $22 $3 $— $107 
202554 25 20 3 — 102 
Interest expense to affiliates, net(c)
2026$— $— $— $1 $— $1 
2025— — — 1 — 1 
Other, net
2026$(12)$(4)$(3)$(1)$— $(20)
2025(9)(4)(2)(2)— (17)
Income Taxes
2026$17 $8 $8 $(1)$— $32 
202522 11 9 — — 42 
Net income (loss) attributable to common shareholders
2026$65 $26 $22 $(4)$— $109 
202584 39 24 (4)— 143 
Supplemental segment information
Intersegment revenues(d)
2026$1 $2 $1 $119 $(121)$2 
20251 2 — 111 (112)2 
Capital Expenditures
2026$232 $153 $118 $1 $— $504 
2025229 121 91 154 — 595 
__________
(a)Other primarily includes PHI’s corporate operations, shared service entities, and other financing and investment activities.
(b)Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in Taxes other than income taxes in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 14 — Supplemental Financial Information for additional information on total utility taxes.
(c)Interest expense, net and Interest expense to affiliates, net are primarily inclusive of Interest expense, which is partially offset by an immaterial amount of Interest income.
(d)Includes intersegment revenues with ComEd, PECO, and BGE, which are eliminated at Exelon.
Electric and Gas Revenue by Customer Class (Utility Registrants):
The following tables disaggregate the Registrants' revenues recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. For the Utility Registrants, the disaggregation of revenues reflects the two primary utility services of electric sales and natural gas sales (where applicable), with further disaggregation of these tariff sales provided by major customer groups. Exelon’s disaggregated revenues are consistent with the Utility Registrants, but exclude any intercompany revenues.
Three Months Ended June 30, 2026
Revenues from contracts with customersComEdPECOBGEPHIPepcoDPLACE
Electric revenues
Residential$1,101 $601 $641 $867 $396 $230 $241 
Small commercial & industrial527 157 108 180 49 66 65 
Large commercial & industrial131 85 161 397 321 33 43 
Public authorities & electric railroads12 9 8 20 11 4 5 
Other(a)
255 77 121 228 94 78 58 
Total electric revenues(b)
$2,026 $929 $1,039 $1,692 $871 $411 $412 
Natural gas revenues
Residential$— $84 $93 $18 $— $18 $— 
Small commercial & industrial— 29 17 9 — 9 — 
Large commercial & industrial— — 48 1 — 1 — 
Transportation— 6 — 4 — 4 — 
Other(c)
— 1 7 8 — 8 — 
Total natural gas revenues(d)
$— $120 $165 $40 $— $40 $— 
Total revenues from contracts with customers$2,026 $1,049 $1,204 $1,732 $871 $451 $412 
Other revenues
Revenues from alternative revenue programs$(55)$5 $5 $(24)$(15)$2 $(11)
Other electric revenues(e)
14 7 7 4 3 1 — 
Other natural gas revenues(e)
— 1 2 — — — — 
Total other revenues$(41)$13 $14 $(20)$(12)$3 $(11)
Total revenues for reportable segments$1,985 $1,062 $1,218 $1,712 $859 $454 $401 
Three Months Ended June 30, 2025
Revenues from contracts with customersComEdPECOBGEPHIPepcoDPLACE
Electric revenues
Residential$1,094 $555 $497 $780 $348 $210 $222 
Small commercial & industrial553 155 90 168 48 64 56 
Large commercial & industrial177 75 140 370 292 31 47 
Public authorities & electric railroads12 10 8 22 12 5 5 
Other(a)
224 77 118 233 91 77 67 
Total electric revenues(b)
$2,060 $872 $853 $1,573 $791 $387 $397 
Natural gas revenues
Residential$— $79 $108 $17 $— $17 $— 
Small commercial & industrial— 31 23 8 — 8 — 
Large commercial & industrial— — 46 1 — 1 — 
Transportation— 8 — 4 — 4 — 
Other(c)
— 2 7 3 — 3 — 
Total natural gas revenues(d)
$— $120 $184 $33 $— $33 $— 
Total revenues from contracts with customers$2,060 $992 $1,037 $1,606 $791 $420 $397 
Other revenues
Revenues from alternative revenue programs$(234)$1 $(13)$(29)$(16)$— $(13)
Other electric revenues(e)
10 7 4 2 1 1 — 
Other natural gas revenues(e)
— — 1 — — — — 
Total other revenues$(224)$8 $(8)$(27)$(15)$1 $(13)
Total revenues for reportable segments$1,836 $1,000 $1,029 $1,579 $776 $421 $384 
__________
(a)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(b)Includes operating revenues from affiliates in 2026 and 2025 respectively of:
•$2 million, $10 million at ComEd
•$2 million, $3 million at PECO
•$2 million, $1 million at BGE
•$2 million, $2 million at PHI
•$1 million, $1 million at Pepco
•$2 million, $2 million at DPL
•$1 million, less than $1 million at ACE
(c)Includes revenues from off-system natural gas sales.
(d)Includes operating revenues from affiliates in 2026 and 2025 respectively of:
•$1 million, less than $1 million at PECO
•$1 million, $1 million at BGE
(e)Includes late payment charge revenues

Six Months Ended June 30, 2026 and 2025

ComEdPECOBGEPHI
Other(a)
Intersegment
Eliminations		Exelon
Operating revenues(b):
2026
Electric revenues$3,898 $2,023 $2,295 $3,580 $— $(23)$11,773 
Natural gas revenues— 531 751 157 — (3)1,436 
Shared service and other revenues— — — 5 959 (964)— 
Total operating revenues$3,898 $2,554 $3,046 $3,742 $959 $(990)$13,209 
2025
Electric revenues$3,901 $1,836 $1,861 $3,232 $— $(26)$10,804 
Natural gas revenues— 497 722 120 — (2)1,337 
Shared service and other revenues— — — 5 934 (939)— 
Total operating revenues$3,901 $2,333 $2,583 $3,357 $934 $(967)$12,141 
Less:
Purchased power
2026$1,031 $803 $1,152 $1,529 $— $— $4,515 
20251,239 665 818 1,273 — — 3,995 
Purchased fuel
2026$— $198 $201 $73 $— $— $472 
2025— 176 198 49 — — 423 
Operating and maintenance
2026$674 $502 $481 $702 $878 $(385)$2,852 
2025645 507 443 586 904 (417)2,668 
Operating and maintenance from affiliates
2026$212 $134 $138 $118 $23 $(625)$— 
2025200 124 125 103 22 (574)— 
Depreciation and amortization
2026$820 $247 $334 $491 $28 $— $1,920 
2025767 221 318 467 32 — 1,805 
Taxes other than income taxes
2026$212 $131 $200 $296 $27 $— $866 
2025196 115 181 276 20 — 788 
(Gain) on sale of assets
2026$— $— $— $— $— $— $— 
2025— — — (1)— — (1)
Interest expense, net(c)
2026$272 $139 $129 $213 $363 $— $1,116 
2025253 117 120 201 337 — 1,028 
Interest expense to affiliates, net(c)
2026$7 $5 $— $2 $— $(2)$12 
20257 7 — 2 — (4)12 
Other, net
2026$(73)$(25)$(38)$(39)$(6)$22 $(159)
2025(53)(18)(20)(35)(19)28 (117)
Income taxes
2026$184 $23 $96 $79 $(82)$— $300 
2025117 17 85 99 (78)— 240 
Net income (loss) attributable to common shareholders
2026$559 $397 $353 $278 $(272)$— $1,315 
2025530 402 315 337 (284)— 1,300 
Supplemental segment information
Intersegment revenues(d)
2026$13 $7 $5 $5 $954 $(984)$— 
202517 6 4 5 929 (961)— 
Capital expenditures
2026$1,671 $964 $822 $1,062 $39 $— $4,558 
20251,189 832 804 1,108 26 — 3,959 
Total assets
June 30, 2026$49,947 $20,495 $18,173 $30,008 $6,086 $(4,204)$120,505 
December 31, 202548,285 19,362 17,184 29,715 6,170 (4,146)116,570 
__________
(a)Other primarily includes Exelon’s corporate operations, shared service entities, and other financing and investment activities.
(b)Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in Taxes other than income taxes in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 14 — Supplemental Financial Information for additional information on total utility taxes.
(c)Interest expense, net and Interest expense to affiliates, net are primarily inclusive of Interest expense, which is partially offset by an immaterial amount of Interest income.
(d)See Note 15 — Related Party Transactions for additional information on intersegment revenues.
PHI:
PepcoDPLACE
Other(a)
Intersegment
Eliminations		PHI
Operating revenues(b):
2026
Electric revenues$1,849 $919 $822 $— $(10)$3,580 
Natural gas revenues— 157 — — — 157 
Shared service and other revenues— — — 229 (224)5 
Total operating revenues$1,849 $1,076 $822 $229 $(234)$3,742 
2025
Electric revenues$1,635 $849 $757 $— $(9)$3,232 
Natural gas revenues— 120 — — — 120 
Shared service and other revenues— — — 217 (212)5 
Total operating revenues$1,635 $969 $757 $217 $(221)$3,357 
Less:
Purchased power
2026$727 $410 $392 $— $— $1,529 
2025574 370 329 — — 1,273 
Purchased fuel
2026$— $73 $— $— $— $73 
2025— 49 — — — 49 
Operating and maintenance
2026$270 $134 $105 $193 $— $702 
2025187 110 106 183 — 586 
Operating and maintenance from affiliates
2026$139 $97 $87 $29 $(234)$118 
2025126 91 79 28 (221)103 
Depreciation and amortization
2026$228 $133 $128 $2 $— $491 
2025212 126 127 2 — 467 
Taxes other than income taxes
2026$231 $50 $5 $10 $— $296 
2025222 41 5 8 — 276 
(Gain) on sale of assets
2026$— $— $— $— $— $— 
2025(1)— — — — (1)
Interest expense, net(c)
2026$111 $53 $44 $5 $— $213 
2025106 50 41 4 — 201 
Interest expense to affiliates, net(c)
2026$— $— $— $2 $— $2 
2025— — — 2 — 2 
Other, net
2026$(23)$(8)$(5)$(3)$— $(39)
2025(20)(8)(6)(1)— (35)
Income taxes
2026$33 $31 $17 $(2)$— $79 
202548 32 20 (1)— 99 
Net income (loss) attributable to common shareholders
2026$133 $103 $49 $(7)$— $278 
2025181 108 56 (8)— 337 
Supplemental segment information
Intersegment revenues(d)
2026$4 $4 $2 $229 $(234)$5 
20254 4 1 217 (221)5 
Capital expenditures
2026$517 $300 $240 $5 $— $1,062 
2025469 277 196 166 — 1,108 
Total assets
June 30, 2026$12,951 $6,824 $5,795 $4,586 $(148)$30,008 
December 31, 202512,728 6,789 5,632 4,602 (36)29,715 
__________
(a)Other primarily includes PHI’s corporate operations, shared service entities, and other financing and investment activities.
(b)Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in Taxes other than income taxes in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 14 — Supplemental Financial Information for additional information on total utility taxes.
(c)Interest expense, net and Interest expense to affiliates, net are primarily inclusive of Interest expense, which is partially offset by an immaterial amount of Interest income.
(d)Includes intersegment revenues with ComEd, PECO, and BGE, which are eliminated at Exelon.
Electric and Gas Revenue by Customer Class (Utility Registrants):
The following tables disaggregate the Registrants' revenues recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. For the Utility Registrants, the disaggregation of revenues reflects the two primary utility services of electric sales and natural gas sales (where applicable), with further disaggregation of these tariff sales provided by major customer groups. Exelon’s disaggregated revenues are consistent with the Utility Registrants, but exclude any intercompany revenues.
Six Months Ended June 30, 2026
Revenues from contracts with customersComEdPECOBGEPHIPepcoDPLACE
Electric revenues
Residential$2,126 $1,326 $1,459 $1,960 $902 $559 $499 
Small commercial & industrial1,011 329 238 373 103 137 133 
Large commercial & industrial251 172 342 793 642 64 87 
Public authorities & electric railroads23 17 17 40 21 9 10 
Other(a)
504 154 237 458 188 153 122 
Total electric revenues(b)
$3,915 $1,998 $2,293 $3,624 $1,856 $922 $851 
Natural gas revenues
Residential$— $369 $494 $92 $— $92 $— 
Small commercial & industrial— 125 80 38 — 38 — 
Large commercial & industrial— — 141 5 — 5 — 
Transportation— 26 — 10 — 10 — 
Other(c)
— 9 38 12 — 12 — 
Total natural gas revenues(d)
$— $529 $753 $157 $— $157 $— 
Total revenues from contracts with customers$3,915 $2,527 $3,046 $3,781 $1,856 $1,079 $851 
Other revenues
Revenues from alternative revenue programs$(46)$10 $(18)$(48)$(14)$(5)$(29)
Other electric revenues(e)
29 15 13 9 7 2 — 
Other natural gas revenues(e)
— 2 5 — — — — 
Total other revenues$(17)$27 $— $(39)$(7)$(3)$(29)
Total revenues for reportable segments$3,898 $2,554 $3,046 $3,742 $1,849 $1,076 $822 
Six Months Ended June 30, 2025
Revenues from contracts with customersComEdPECOBGEPHIPepcoDPLACE
Electric revenues
Residential$2,087 $1,186 $1,145 $1,698 $772 $508 $418 
Small commercial & industrial1,153 317 199 338 99 128 111 
Large commercial & industrial472 159 284 738 581 60 97 
Public authorities & electric railroads29 18 17 39 20 9 10 
Other(a)
461 153 230 454 176 148 134 
Total electric revenues(b)
$4,202 $1,833 $1,875 $3,267 $1,648 $853 $770 
Natural gas revenues
Residential$— $346 $486 $73 $— $73 $— 
Small commercial & industrial— 117 86 28 — 28 — 
Large commercial & industrial— — 142 4 — 4 — 
Transportation— 21 — 9 — 9 — 
Other(c)
— 12 31 6 — 6 — 
Total natural gas revenues(d)
$— $496 $745 $120 $— $120 $— 
Total revenues from contracts with customers$4,202 $2,329 $2,620 $3,387 $1,648 $973 $770 
Other revenues
Revenues from alternative revenue programs$(319)$(8)$(43)$(32)$(14)$(5)$(13)
Other electric revenues(e)
18 11 5 2 1 1 — 
Other natural gas revenues(e)
— 1 1 — — — — 
Total other revenues$(301)$4 $(37)$(30)$(13)$(4)$(13)
Total revenues for reportable segments$3,901 $2,333 $2,583 $3,357 $1,635 $969 $757 
__________
(a)Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(b)Includes operating revenues from affiliates in 2026 and 2025 respectively of:
•$13 million, $17 million at ComEd
•$6 million, $5 million at PECO
•$4 million, $3 million at BGE
•$5 million, $5 million at PHI
•$4 million, $4 million at Pepco
•$4 million, $4 million at DPL
•$2 million, $1 million at ACE
(c)Includes revenues from off-system natural gas sales.
(d)Includes operating revenues from affiliates in 2026 and 2025 respectively of:
•$1 million, $1 million at PECO
•$1 million, $1 million at BGE
(e)Includes late payment charge revenues.