EXC — what changed in the latest 10-Q
A section-by-section comparison of EXC's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-06 vs the prior 10-Q · 2025-11-04
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +77 | −129 | ~52 | 90 |
| Market risk (Item 3) | Text added/removed | +1 | 0 | ~7 | 5 |
| Controls & procedures | Text added/removed | +3 | −1 | ~1 | 0 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 0 |
| Risk factors | Text added/removed | 0 | 0 | ~1 | 0 |
| Other information | Text added/removed | +1 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-06
Three Months Ended March 31,Favorable (Unfavorable) Variance
•Favorable impacts of approved rate increases at ComEd, BGE and PHI;
Note that rate increases are associated with updated recovery rates for costs and investments to serve customers, driving top quartile reliability and avoiding outage costs. The increases were partially offset by:
•Unfavorable impacts of the Pepco Maryland multi-year plan reconciliation at PHI.
Regulatory matters (net of taxes of $4 and $7, respectively)(b)
Text removed vs the prior filing · source: 10-Q · 2025-11-04
Three Months Ended September 30,Favorable (Unfavorable) VarianceNine Months Ended September 30,Favorable (Unfavorable) Variance
•Lower storm costs at PECO, due to deferral of extraordinary February and June storm costs;
Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024. Net income attributable to common shareholders increased by $361 million and diluted earnings per average common share increased to $2.15 in 2025 from $1.81 in 2024 primarily due to:
•Higher interest expense at PECO, BGE, PHI, and Exelon Corporate;
•Lower transmission peak load due to lower energy demand at ComEd;
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-05-06
Credit risk for the Utility Registrants is governed by credit and collection policies, which are aligned with state regulatory requirements. The Utility Registrants are currently obligated to provide service to all electric customers within their franchised territories. The Utility Registrants recor…
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-05-06
Accordingly, as of March 31, 2026, the principal executive officer and principal financial officer of each of the Registrants concluded that such Registrant’s disclosure controls and procedures were effective (Item 307 of Regulation S‑K).
The Registrants continually strive to improve disclosure controls and procedures to enhance the quality of financial reporting and to maintain dynamic systems that change as conditions warrant. During the first quarter of 2026, a new ERP system was implemented for a majority of the financial account…
over financial reporting. There have been no other changes in internal control over financial reporting that occurred during the first quarter of 2026 that have materially affected, or are reasonably likely to materially affect, any of the Registrants' internal control over financial reporting.
Text removed vs the prior filing · source: 10-Q · 2025-11-04
Accordingly, as of September 30, 2025, the principal executive officer and principal financial officer of each of the Registrants concluded that such Registrant’s disclosure controls and procedures were effective to accomplish its objectives. The Registrants continually strive to improve their discl…
Other information
Text added vs the prior filing · source: 10-Q · 2026-05-06
On March 13, 2026, Calvin G. Butler, Jr., President and Chief Executive Officer, Exelon Corporation, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 246,000 shares of Exelon's common stock in multiple transactions,…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice