v3.26.3
Segment Information (All Registrants)
 9 Months Ended
Sep. 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. The CODMs of Exelon, ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE 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 nine months ended September 30, 2026 and 2025 is as follows:
Three Months Ended September 30, 2026 and 2025
ComEdPECOBGEPHI
Other(a)
Intersegment
Eliminations		Exelon
Operating revenues(b):
2026
Electric revenues$2,470 $1,155 $1,247 $2,215 $— $(8)$7,079 
Natural gas revenues— 85 116 40 — (1)240 
Shared service and other revenues— — — 5 470 (475)— 
Total operating revenues$2,470 $1,240 $1,363 $2,260 $470 $(484)$7,319 
2025
Electric revenues$2,275 $1,097 $1,091 $2,021 $— $(6)$6,478 
Natural gas revenues— 83 118 27 — (1)227 
Shared service and other revenues— — — 3 447 (450)— 
Total operating revenues$2,275 $1,180 $1,209 $2,051 $447 $(457)$6,705 
Less:
Purchased power
2026$783 $475 $636 $971 $— $— $2,865 
2025806 428 547 864 — — 2,645 
Purchased fuel
2026$— $19 $14 $19 $— $— $52 
2025— 18 21 8 — — 47 
Operating and maintenance
2026$359 $258 $236 $510 $428 $(227)$1,564 
2025313 183 179 290 409 (202)1,172 
Operating and maintenance from affiliates
2026$105 $55 $56 $39 $12 $(267)$— 
202596 58 60 45 11 (270)— 
Depreciation and amortization
2026$438 $126 $161 $250 $16 $— $991 
2025395 115 155 234 13 — 912 
Taxes other than income taxes
2026$133 $73 $100 $150 $12 $— $468 
2025107 69 93 150 10 — 429 
Interest expense, net(c)
2026$146 $74 $73 $110 $184 $— $587 
2025132 63 64 102 170 — 531 
Interest expense to affiliates, net(c)
2026$3 $2 $— $1 $— $— $6 
20253 2 — — — 2 7 
Other, net
2026$(43)$(15)$(26)$(23)$(2)$12 $(97)
2025(33)(11)(15)(18)(4)13 (68)
Income Taxes
2026$140 $8 $23 $46 $(62)$(1)$154 
202583 5 23 85 (41)— 155 
Net income (loss) attributable to common shareholders
2026$406 $165 $90 $187 $(118)$(1)$729 
2025373 250 82 291 (121)— 875 
Supplemental segment information
Intersegment revenues(d)
2026$2 $5 $2 $5 $465 $(479)$— 
20252 3 2 2 444 (453)— 
Capital Expenditures
2026$851 $505 $402 $461 $24 $— $2,243 
2025781 502 407 444 2 — 2,136 
__________
(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 15 — 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 16 — Related Party Transactions for additional information on intersegment revenues.

PHI:
PepcoDPLACE
Other(a)
Intersegment
Eliminations		PHI
Operating revenues(b):
2026
Electric revenues$1,127 $516 $579 $— $(7)$2,215 
Natural gas revenues— 40 — — — 40 
Shared service and other revenues— — — 105 (100)5 
Total operating revenues$1,127 $556 $579 $105 $(107)$2,260 
2025
Electric revenues$992 $464 $570 $— $(5)$2,021 
Natural gas revenues— 27 — — — 27 
Shared service and other revenues— — — 106 (103)3 
Total operating revenues$992 $491 $570 $106 $(108)$2,051 
Less:
Purchased power
2026$450 $245 $276 $— $— $971 
2025367 211 286 — — 864 
Purchased fuel
2026$— $19 $— $— $— $19 
2025— 8 — — — 8 
Operating and maintenance
2026$294 $66 $61 $89 $— $510 
202595 51 55 89 — 290 
Operating and maintenance from affiliates
2026$60 $42 $31 $14 $(108)$39 
202559 43 37 14 (108)45 
Depreciation and amortization
2026$115 $67 $67 $1 $— $250 
2025110 63 61 — — 234 
Taxes other than income taxes
2026$128 $16 $2 $4 $— $150 
2025122 21 2 5 — 150 
Interest expense, net(c)
2026$58 $28 $23 $1 $— $110 
202553 26 20 3 — 102 
Interest expense to affiliates, net(c)
2026$(1)$— $— $1 $1 $1 
2025— — — 1 (1)— 
Other, net
2026$(13)$(7)$(3)$— $— $(23)
2025(11)(4)(2)(1)— (18)
Income Taxes
2026$(4)$19 $32 $(1)$— $46 
202541 17 29 (2)— 85 
Net income (loss) attributable to common shareholders
2026$40 $61 $90 $(4)$— $187 
2025156 55 82 (2)— 291 
Supplemental segment information
Intersegment revenues(d)
2026$3 $3 $1 $105 $(107)$5 
20252 2 1 106 (109)2 
Capital Expenditures
2026$231 $129 $99 $2 $— $461 
2025221 125 96 2 — 444 
__________
(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 15 — 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 September 30, 2026
Revenues from contracts with customersComEdPECOBGEPHIPepcoDPLACE
Electric revenues
Residential$1,377 $796 $795 $1,283 $583 $319 $381 
Small commercial & industrial621 173 130 230 60 81 89 
Large commercial & industrial184 82 200 445 370 34 41 
Public authorities & electric railroads12 8 8 20 11 4 5 
Other(a)
280 89 115 241 99 80 64 
Total electric revenues(b)
$2,474 $1,148 $1,248 $2,219 $1,123 $518 $580 
Natural gas revenues
Residential$— $54 $67 $15 $— $15 $— 
Small commercial & industrial— 20 14 8 — 8 — 
Large commercial & industrial— — 41 1 — 1 — 
Transportation— 9 — 5 — 5 — 
Other(c)
— 2 6 11 — 11 — 
Total natural gas revenues(d)
$— $85 $128 $40 $— $40 $— 
Total revenues from contracts with customers$2,474 $1,233 $1,376 $2,259 $1,123 $558 $580 
Other revenues
Revenues from alternative revenue programs$(15)$1 $(18)$(3)$1 $(3)$(1)
Other electric revenues(e)
11 6 5 4 3 1 — 
Other natural gas revenues(e)
— — — — — — — 
Total other revenues$(4)$7 $(13)$1 $4 $(2)$(1)
Total revenues for reportable segments$2,470 $1,240 $1,363 $2,260 $1,127 $556 $579 
Three Months Ended September 30, 2025
Revenues from contracts with customersComEdPECOBGEPHIPepcoDPLACE
Electric revenues
Residential$1,365 $735 $684 $1,147 $501 $283 $363 
Small commercial & industrial645 167 113 210 56 72 82 
Large commercial & industrial217 101 172 406 331 32 43 
Public authorities & electric railroads14 8 8 16 8 4 4 
Other(a)
229 78 122 235 98 77 62 
Total electric revenues(b)
$2,470 $1,089 $1,099 $2,014 $994 $468 $554 
Natural gas revenues
Residential$— $50 $68 $13 $— $13 $— 
Small commercial & industrial— 23 14 7 — 7 — 
Large commercial & industrial— 1 37 1 — 1 — 
Transportation— 7 — 4 — 4 — 
Other(c)
— 1 6 2 — 2 — 
Total natural gas revenues(d)
$— $82 $125 $27 $— $27 $— 
Total revenues from contracts with customers$2,470 $1,171 $1,224 $2,041 $994 $495 $554 
Other revenues
Revenues from alternative revenue programs$(206)$2 $(20)$6 $(5)$(5)$16 
Other electric revenues(e)
11 6 4 4 3 1 — 
Other natural gas revenues(e)
— 1 1 — — — — 
Total other revenues$(195)$9 $(15)$10 $(2)$(4)$16 
Total revenues for reportable segments$2,275 $1,180 $1,209 $2,051 $992 $491 $570 
__________
(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, $2 million at ComEd
•$4 million, $2 million at PECO
•$1 million, $1 million at BGE
•$5 million, $2 million at PHI
•$3 million, $2 million at Pepco
•$3 million, $2 million at DPL
•$1 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

Nine Months Ended September 30, 2026 and 2025

ComEdPECOBGEPHI
Other(a)
Intersegment
Eliminations		Exelon
Operating revenues(b):
2026
Electric revenues$6,368 $3,178 $3,543 $5,795 $— $(32)$18,852 
Natural gas revenues— 616 866 197 — (3)1,676 
Shared service and other revenues— — — 10 1,429 (1,439)— 
Total operating revenues$6,368 $3,794 $4,409 $6,002 $1,429 $(1,474)$20,528 
2025
Electric revenues$6,176 $2,933 $2,951 $5,253 $— $(30)$17,283 
Natural gas revenues— 580 840 148 — (5)1,563 
Shared service and other revenues— — — 7 1,381 (1,388)— 
Total operating revenues$6,176 $3,513 $3,791 $5,408 $1,381 $(1,423)$18,846 
Less:
Purchased power
2026$1,814 $1,278 $1,787 $2,501 $— $— $7,380 
20252,044 1,093 1,365 2,138 — — 6,640 
Purchased fuel
2026$— $217 $215 $92 $— $— $524 
2025— 195 219 57 — — 471 
Operating and maintenance
2026$1,033 $760 $716 $1,212 $1,308 $(613)$4,416 
2025958 690 621 876 1,313 (618)3,840 
Operating and maintenance from affiliates
2026$317 $189 $194 $157 $37 $(894)$— 
2025296 182 186 148 32 (844)— 
Depreciation and amortization
2026$1,258 $373 $496 $741 $42 $— $2,910 
20251,162 336 473 701 45 — 2,717 
Taxes other than income taxes
2026$345 $204 $301 $445 $40 $— $1,335 
2025303 183 273 426 31 — 1,216 
(Gain) on sale of assets
2026$— $— $— $— $— $— $— 
2025— — — (1)— — (1)
Interest expense, net(c)
2026$418 $213 $202 $323 $546 $— $1,702 
2025385 179 183 303 510 — 1,560 
Interest expense to affiliates, net(c)
2026$10 $6 $— $3 $— $— $19 
202510 9 — 2 (1)(2)18 
Other, net
2026$(116)$(39)$(64)$(62)$(8)$33 $(256)
2025(86)(29)(35)(54)(22)41 (185)
Income taxes
2026$324 $31 $119 $125 $(145)$— $454 
2025201 23 108 184 (120)— 396 
Net income (loss) attributable to common shareholders
2026$965 $562 $443 $465 $(391)$— $2,044 
2025903 652 398 628 (407)— 2,174 
Supplemental segment information
Intersegment revenues(d)
2026$15 $13 $7 $10 $1,419 $(1,464)$— 
202519 9 6 7 1,374 (1,415)— 
Capital expenditures
2026$2,522 $1,469 $1,224 $1,521 $63 $— $6,799 
20251,970 1,334 1,211 1,552 28 — 6,095 
Total assets
September 30, 2026$50,538 $21,314 $18,441 $30,317 $5,762 $(4,135)$122,237 
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 15 — 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 16 — Related Party Transactions for additional information on intersegment revenues.
PHI:
PepcoDPLACE
Other(a)
Intersegment
Eliminations		PHI
Operating revenues(b):
2026
Electric revenues$2,975 $1,435 $1,402 $— $(17)$5,795 
Natural gas revenues— 197 — — — 197 
Shared service and other revenues— — — 335 (325)10 
Total operating revenues$2,975 $1,632 $1,402 $335 $(342)$6,002 
2025
Electric revenues$2,626 $1,312 $1,328 $— $(13)$5,253 
Natural gas revenues— 148 — — — 148 
Shared service and other revenues— — — 323 (316)7 
Total operating revenues$2,626 $1,460 $1,328 $323 $(329)$5,408 
Less:
Purchased power
2026$1,178 $655 $668 $— $— $2,501 
2025942 580 616 — — 2,138 
Purchased fuel
2026$— $92 $— $— $— $92 
2025— 57 — — — 57 
Operating and maintenance
2026$564 $200 $166 $282 $— $1,212 
2025282 162 161 271 — 876 
Operating and maintenance from affiliates
2026$198 $139 $119 $43 $(342)$157 
2025184 134 116 43 (329)148 
Depreciation and amortization
2026$343 $200 $195 $3 $— $741 
2025321 189 188 3 — 701 
Taxes other than income taxes
2026$359 $66 $8 $12 $— $445 
2025344 63 7 12 — 426 
(Gain) on sale of assets
2026$— $— $— $— $— $— 
2025(1)— — — — (1)
Interest expense, net(c)
2026$169 $81 $67 $6 $— $323 
2025159 75 62 7 — 303 
Interest expense to affiliates, net(c)
2026$(1)$— $— $3 $1 $3 
2025— — — 2 — 2 
Other, net
2026$(37)$(14)$(8)$(2)$(1)$(62)
2025(31)(12)(8)(3)— (54)
Income taxes
2026$29 $49 $48 $(1)$— $125 
202589 49 48 (2)— 184 
Net income (loss) attributable to common shareholders
2026$173 $164 $139 $(11)$— $465 
2025337 163 138 (10)— 628 
Supplemental segment information
Intersegment revenues(d)
2026$7 $7 $4 $334 $(342)$10 
20254 6 3 323 (329)7 
Capital expenditures
2026$747 $429 $339 $6 $— $1,521 
2025690 402 292 168 — 1,552 
Total assets
September 30, 2026$12,984 $6,981 $5,834 $4,577 $(59)$30,317 
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 15 — 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.
Nine Months Ended September 30, 2026
Revenues from contracts with customersComEdPECOBGEPHIPepcoDPLACE
Electric revenues
Residential$3,501 $2,122 $2,254 $3,244 $1,485 $879 $880 
Small commercial & industrial1,632 502 368 603 163 218 222 
Large commercial & industrial436 254 541 1,239 1,012 98 129 
Public authorities & electric railroads35 25 25 59 32 12 15 
Other(a)
785 244 353 698 286 233 186 
Total electric revenues(b)
$6,389 $3,147 $3,541 $5,843 $2,978 $1,440 $1,432 
Natural gas revenues
Residential$— $422 $561 $106 $— $106 $— 
Small commercial & industrial— 145 95 46 — 46 — 
Large commercial & industrial— — 182 7 — 7 — 
Transportation— 35 — 15 — 15 — 
Other(c)
— 12 42 23 — 23 — 
Total natural gas revenues(d)
$— $614 $880 $197 $— $197 $— 
Total revenues from contracts with customers$6,389 $3,761 $4,421 $6,040 $2,978 $1,637 $1,432 
Other revenues
Revenues from alternative revenue programs$(62)$10 $(35)$(51)$(13)$(8)$(30)
Other electric revenues(e)
41 21 18 13 10 3 — 
Other natural gas revenues(e)
— 2 5 — — — — 
Total other revenues$(21)$33 $(12)$(38)$(3)$(5)$(30)
Total revenues for reportable segments$6,368 $3,794 $4,409 $6,002 $2,975 $1,632 $1,402 
Nine Months Ended September 30, 2025
Revenues from contracts with customersComEdPECOBGEPHIPepcoDPLACE
Electric revenues
Residential$3,452 $1,921 $1,829 $2,847 $1,273 $792 $782 
Small commercial & industrial1,799 484 311 548 155 200 193 
Large commercial & industrial689 260 456 1,144 911 92 141 
Public authorities & electric railroads43 26 25 56 29 13 14 
Other(a)
688 231 352 688 274 224 196 
Total electric revenues(b)
$6,671 $2,922 $2,973 $5,283 $2,642 $1,321 $1,326 
Natural gas revenues
Residential$— $396 $555 $86 $— $86 $— 
Small commercial & industrial— 140 100 35 — 35 — 
Large commercial & industrial— 1 178 6 — 6 — 
Transportation— 28 — 13 — 13 — 
Other(c)
— 13 37 8 — 8 — 
Total natural gas revenues(d)
$— $578 $870 $148 $— $148 $— 
Total revenues from contracts with customers$6,671 $3,500 $3,843 $5,431 $2,642 $1,469 $1,326 
Other revenues
Revenues from alternative revenue programs$(525)$(6)$(63)$(27)$(19)$(10)$2 
Other electric revenues(e)
30 17 9 4 3 1 — 
Other natural gas revenues(e)
— 2 2 — — — — 
Total other revenues$(495)$13 $(52)$(23)$(16)$(9)$2 
Total revenues for reportable segments$6,176 $3,513 $3,791 $5,408 $2,626 $1,460 $1,328 
__________
(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:
•$15 million, $19 million at ComEd
•$11 million, $7 million at PECO
•$5 million, $4 million at BGE
•$10 million, $7 million at PHI
•$7 million, $4 million at Pepco
•$7 million, $6 million at DPL
•$4 million, $3 million at ACE
(c)Includes revenues from off-system natural gas sales.
(d)Includes operating revenues from affiliates in 2026 and 2025 respectively of:
•$2 million, $2 million at PECO
•$2 million, $2 million at BGE
(e)Includes late payment charge revenues.