EXELON CORP 10-Q

Financial Statements (unaudited)

ITEM 1. FINANCIAL STATEMENTS 9 Table of Contents Exelon Corporation and Subsidiary Companies Consolidated Statements of Operations and Comprehensive Income (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (In millions, except per share data) 2026 2025 2026 2025 Operating revenues Electric operating revenues $ 5,710 $ 5,365 $ 11,868 $ 11,182 Natural gas operating revenues 327 337 1,443 1,361 Revenues from alternative revenue programs ( 70 ) ( 275 ) ( 102 ) ( 402 ) Total operating revenues 5,967 5,427 13,209 12,141 Operating expenses Purchased power 2,132 1,811 4,515 3,995 Purchased fuel 79 85 472 423 Operating and maintenance 1,386 1,321 2,852 2,668 Depreciation and amortization 968 902 1,920 1,805 Taxes other than income taxes 423 383 866 788 Total operating expenses 4,988 4,502 10,625 9,679 Gain on sale of assets — 2 — 1 Operating income 979 927 2,584 2,463 Other income and (deductions) Interest expense, net ( 568 ) ( 524 ) ( 1,116 ) ( 1,028 ) Interest expense to affiliates ( 6 ) ( 7 ) ( 12 ) ( 12 ) Other, net 90 65 159 117 Total other income and (deductions) ( 484 ) ( 466 ) ( 969 ) ( 923 ) Income before income taxes 495 461 1,615 1,540 Income taxes 99 70 300 240 Net income attributable to common shareholders $ 396 $ 391 $ 1,315 $ 1,300 Comprehensive income, net of income taxes Net income $ 396 $ 391 $ 1,315 $ 1,300 Other comprehensive income, net of income taxes Pension and non-pension postretirement benefit plans: Actuarial losses reclassified to periodic benefit cost 7 5 14 11 Pension and non-pension postretirement benefit plans valuation adjustments ( 1 ) 1 3 5 Unrealized (loss) on cash flow hedges — ( 6 ) ( 5 ) ( 14 ) Other comprehensive income 6 — 12 2 Comprehensive income attributable to common shareholders $ 402 $ 391 $ 1,327 $ 1,302 Average shares of common stock outstanding: Basic 1,025 1,010 1,025 1,009 Assumed exercise and/or distributions of stock-based awards (a) 3 2 2 2 Diluted 1,028 1,012 1,027 1,011 Earnings per average common share Basic $ 0.39 $ 0.39 $ 1.28 $ 1.29 Diluted $ 0.39 $ 0.39 $ 1.28 $ 1.29 __________ (a) The dilutive effects of stock-based compensation awards are calculated using the treasury stock method for all periods presented. See the Combined Notes to Consolidated Financial Statements 10 Table of Contents Exelon Corporation and Subsidiary Companies Consolidated Statements of Cash Flows (Unaudited) Six Mont