ONCOR REPORTS THIRD QUARTER 2025 RESULTS
DALLAS, Nov. 5, 2025 /PRNewswire/ — Oncor Electric Delivery Company LLC (Oncor) today reported net income of $380 million for the three months ended September 30, 2025, compared to net income of $324 million in the three months ended September 30, 2024. The increase in net income of $56 million was driven by overall higher revenues primarily attributable to updated interim rates to reflect increases in invested capital, an increase in other regulated revenues recognized related to Oncor’s System Resiliency Plan (SRP) and the Unified Tracker Mechanism (UTM), 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.
“Oncor continues to execute on its company-record capital plan, a capital plan that we expect to continue to grow to meet the critical needs of our growing State,” said Oncor CEO Allen Nye. “Oncor is currently finalizing its next long-term capital plan and anticipates unveiling in early 2026 a new base five-year plan that is at least 30% higher than our previous five-year plan.”
Oncor also reported net income of $820 million for the nine months ended September 30, 2025, compared to net income of $800 million in the nine months ended September 30, 2024. The increase in net income of $20 million was driven by overall higher revenues primarily attributable to updated interim rates to reflect increases in invested capital, an increase in other regulated revenues recognized related to the SRP and the establishment of the UTM, and customer growth, partially offset by higher operation and maintenance expense, and higher interest expense and depreciation expense associated with increases in invested capital.
Oncor is finalizing its 2026 through 2030 base five-year capital plan and expects to announce that new plan in the first half of 2026. Oncor currently anticipates that new base five-year capital plan will be at least 30% higher than the 2025 through 2029 $36.1 billion base capital plan. Oncor also expects significant potential capital expenditure opportunities incremental to the 2026 through 2030 base capital plan.
Management Updates
In October, Oncor’s Executive Vice president and Chief Operating Officer Jim Greer submitted notice of his intention to retire effective December 31, 2025. Oncor’s Board of Directors has elected Ellen Buck, who has served as Oncor’s Vice President of Business and Operations Services since 2017, to serve as Oncor’s Senior Vice President and Chief Operating Officer, effective January 1, 2026.
“After 41 years of dedicated service to Oncor, my good friend Jim Greer is retiring, leaving a legacy of excellence and safety that has shaped this company and the communities we serve,” said Nye. “I can’t thank Jim enough for his service to our company and our State, and I wish him all the best in his retirement. I’m excited that Ellen will be stepping into the Chief Operating Officer role upon Jim’s retirement. Ellen has two decades of experience at the company and is truly one of the finest operators in the United States. Her leadership will be key as Oncor continues to execute the biggest capital deployment strategy in the company’s history.”
In addition, Oncor’s Board of Directors has promoted Don Clevenger, who currently serves as Oncor’s Senior Vice President and Chief Financial Officer, to serve as Oncor’s Executive Vice President and Chief Financial Officer, effective January 1, 2026.
Operational Highlights
Oncor is executing on its portion of the Permian Basin Reliability Plan (PBRP) recently approved by the Public Utility Commission of Texas (PUCT) by securing critical long-lead time equipment, including large power transformers, high-voltage circuit breakers, and electrical reactors. Leveraging its supplier relationships, Oncor has obtained commitments from suppliers on delivery timelines, with initial equipment expected to arrive in the first quarter of 2027 to help meet expedited project timelines. In addition, Oncor has begun securing the real estate rights to support the buildout for PBRP substations. This execution strategy extends to Oncor’s Certificate of Convenience and Necessity (CCN) amendment filings. During the third quarter, Oncor filed two new CCN amendment applications for needed transmission projects, building on the eleven filings filed in the first and second quarters of 2025. Six previously filed projects also received regulatory approval during the third quarter, continuing the momentum of efficient and timely regulatory approvals. Oncor’s first PBRP 765 kV line is expected to be energized by the end of 2028. All PBRP projects are targeted for completion by the end of 2030.
In addition to the PBRP, Oncor anticipates completing significant projects related to the buildout of the Eastern Portion of the Electric Reliability Council of Texas, Inc.’s (ERCOT) Strategic Transmission Expansion Plan (STEP). Oncor has also submitted the remainder of its 138 kV and 345 kV projects identified in the 2024 ERCOT’s Regional Transmission Plan for review at ERCOT. In total, Oncor anticipates being responsible for more than half of the investment related to the PBRP and the Eastern portion of STEP.
In the third quarter of 2025, Oncor built, rebuilt, or upgraded approximately 660 circuit miles of transmission and distribution lines and increased premises by nearly 16,000, reflecting ongoing population and business growth in Texas. Active transmission point-of-interconnection (POI) requests continued to rise in the third quarter, remaining well above year-ago levels. As of November 4, 2025, Oncor held approximately $2.8 billion in customer collateral for active generation and large commercial and industrial (LC&I) transmission POI requests.
As of September 30, 2025, Oncor’s active LC&I interconnection queue included over 600 requests which is approximately 60% higher than at the same time last year. Those requests include approximately 210 gigawatts from data centers and over 16 gigawatts of load from various other industrial sectors, demonstrating broad-based industrial growth within Oncor’s service territory. In addition, Oncor had 573 active generation POI requests in queue at September 30, 2025, composed of approximately 48% storage, 40% solar, 8% wind, and 4% gas.
Regulatory Update
Oncor’s pending base rate review continues to advance. In September, the administrative law judge assigned to Oncor’s base rate review approved a settlement agreement among the parties relating to interim rates that provides, if the proceeding is still pending on January 1, 2026, Oncor will be able to surcharge (or refund) final approved rates back to that date. In advance of the scheduled hearing on the merits in mid-November, Oncor continues to engage in settlement discussions with parties.
Liquidity
As of November 4, 2025, 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 third quarter 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.
Quarterly Report on Form 10-Q
Oncor’s Quarterly Report on Form 10-Q for the period ended September 30, 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.
About Oncor
Headquartered in Dallas, Oncor Electric Delivery Company LLC 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 144,000 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.
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Operating revenues |
$ |
1,845 |
$ |
1,660 |
$ |
5,047 |
$ |
4,610 |
|||||||||
|
Operating expenses: |
|||||||||||||||||
|
Wholesale transmission service |
374 |
351 |
1,094 |
1,053 |
|||||||||||||
|
Operation and maintenance |
385 |
338 |
1,123 |
932 |
|||||||||||||
|
Depreciation and amortization |
300 |
269 |
877 |
787 |
|||||||||||||
|
Provision in lieu of income taxes |
80 |
72 |
174 |
172 |
|||||||||||||
|
Taxes other than amounts related to income taxes |
154 |
151 |
443 |
431 |
|||||||||||||
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Total operating expenses |
1,293 |
1,181 |
3,711 |
3,375 |
|||||||||||||
|
Operating income |
552 |
479 |
1,336 |
1,235 |
|||||||||||||
|
Other (income) and deductions – net |
(29) |
(15) |
(61) |
(45) |
|||||||||||||
|
Non-operating benefit in lieu of income taxes |
– |
– |
(1) |
(1) |
|||||||||||||
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Interest expense and related charges |
201 |
170 |
578 |
481 |
|||||||||||||
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Net income |
$ |
380 |
$ |
324 |
$ |
820 |
$ |
800 |
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Cash flows – operating activities: |
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Net income |
$ |
820 |
$ |
800 |
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Adjustments to reconcile net income to cash provided by operating activities: |
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Depreciation and amortization, including regulatory amortization |
1,002 |
914 |
||||
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Provision in lieu of deferred income taxes – net |
166 |
117 |
||||
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Other – net |
– |
(1) |
||||
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Changes in operating assets and liabilities: |
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Accounts receivable |
(200) |
(222) |
||||
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Inventories |
(143) |
(53) |
||||
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Accounts payable – trade |
5 |
12 |
||||
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Regulatory assets – recoverable SRP |
(111) |
– |
||||
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Regulatory assets – recoverable UTM |
(55) |
– |
||||
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Regulatory assets – self-insurance reserve |
(165) |
(337) |
||||
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Regulatory under/over recoveries – net |
110 |
25 |
||||
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Customer deposits |
53 |
58 |
||||
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Pension and OPEB plans |
(144) |
(45) |
||||
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Interest accruals |
120 |
72 |
||||
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Other – assets |
(127) |
(107) |
||||
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Other – liabilities |
80 |
6 |
||||
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Cash provided by operating activities |
1,411 |
1,239 |
||||
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Cash flows – financing activities: |
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Issuances of senior secured notes |
3,466 |
1,442 |
||||
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Repayments of senior secured notes |
(350) |
(500) |
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Borrowings under AR Facility |
510 |
900 |
||||
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Repayments under AR Facility |
(510) |
(400) |
||||
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Borrowings under $500M Credit Facility |
– |
500 |
||||
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Payment for senior secured notes extinguishment |
(441) |
– |
||||
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Net change in short-term borrowings |
(594) |
(218) |
||||
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Capital contributions from members |
1,857 |
720 |
||||
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Distributions to members |
(573) |
(376) |
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Debt premium, discount, financing and reacquisition costs – net |
(42) |
(18) |
||||
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Cash provided by financing activities |
3,323 |
2,050 |
||||
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Cash flows – investing activities: |
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Capital expenditures |
(4,547) |
(3,314) |
||||
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Sales tax audit settlement refund |
– |
56 |
||||
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Other – net |
32 |
25 |
||||
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Cash used in investing activities |
(4,515) |
(3,233) |
||||
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Net change in cash, cash equivalents and restricted cash |
219 |
56 |
||||
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Cash, cash equivalents and restricted cash – beginning balance |
262 |
151 |
||||
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Cash, cash equivalents and restricted cash – ending balance |
$ |
481 |
$ |
207 |
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Current assets: |
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Cash and cash equivalents |
$ |
198 |
$ |
36 |
||
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Restricted cash, current |
22 |
20 |
||||
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Accounts receivable – net |
1,166 |
970 |
||||
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Amounts receivable from members related to income taxes |
48 |
30 |
||||
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Materials and supplies inventories – at average cost |
605 |
462 |
||||
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Prepayments and other current assets |
139 |
124 |
||||
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Total current assets |
2,178 |
1,642 |
||||
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Restricted cash, noncurrent |
261 |
206 |
||||
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Investments and other property |
196 |
183 |
||||
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Property, plant and equipment – net |
35,701 |
31,769 |
||||
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Goodwill |
4,740 |
4,740 |
||||
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Regulatory assets |
1,919 |
1,671 |
||||
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Right-of-use operating lease assets |
241 |
209 |
||||
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Other noncurrent assets |
112 |
31 |
||||
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Total assets |
$ |
45,348 |
$ |
40,451 |
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Current liabilities: |
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Short-term borrowings |
$ |
– |
$ |
594 |
||
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Accounts payable – trade |
1,022 |
770 |
||||
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Amounts payable to members related to income taxes |
22 |
29 |
||||
|
Accrued taxes other than amounts related to income |
249 |
274 |
||||
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Accrued interest |
269 |
149 |
||||
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Operating lease and other current liabilities |
405 |
367 |
||||
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Total current liabilities |
1,967 |
2,183 |
||||
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Long-term debt, noncurrent |
17,958 |
15,234 |
||||
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Liability in lieu of deferred income taxes |
2,765 |
2,552 |
||||
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Regulatory liabilities |
3,087 |
2,973 |
||||
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Employee benefit plan obligations |
1,244 |
1,384 |
||||
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Operating lease obligations |
220 |
193 |
||||
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Other noncurrent obligations |
436 |
302 |
||||
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Total liabilities |
27,677 |
24,821 |
||||
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Commitments and contingencies |
||||||
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Membership interests: |
||||||
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Capital account – number of units outstanding at September 30, 2025 and December 31, 2024 – 635,000,000 |
17,918 |
15,814 |
||||
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Accumulated other comprehensive loss |
(247) |
(184) |
||||
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Total membership interests |
17,671 |
15,630 |
||||
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Total liabilities and membership interests |
$ |
45,348 |
$ |
40,451 |
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||||||
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System Average Interruption Duration Index (SAIDI) (non-storm) |
82.2 |
71.1 |
15.6 |
|||
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System Average Interruption Frequency Index (SAIFI) (non-storm) |
1.2 |
1.0 |
20.0 |
|||
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Customer Average Interruption Duration Index (CAIDI) (non-storm) |
70.8 |
70.4 |
0.6 |
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|
||||||
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Electricity distribution points of delivery (based on number of active meters) |
4,100 |
4,027 |
1.8 |
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Cooling degree days |
1,112 |
1,207 |
(95) |
1,710 |
1,884 |
(174) |
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|
Heating degree days |
– |
– |
– |
589 |
459 |
130 |
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Electric energy volumes (gigawatt-hours) |
|||||||||||||||||||
|
Residential |
15,034 |
15,217 |
(1.2) |
37,567 |
37,113 |
1.2 |
|||||||||||||
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Commercial, industrial, small business and other |
35,727 |
30,991 |
15.3 |
94,426 |
86,751 |
8.8 |
|||||||||||||
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Total electric energy volumes |
50,761 |
46,208 |
9.9 |
131,993 |
123,864 |
6.6 |
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(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, our 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. |
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(b) |
Degree days are measures of how warm or cold it is throughout our 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. |
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Revenues from contracts with customers |
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Distribution base revenues |
|||||||||||||||||||||||||
|
Residential (a) |
$ |
508 |
$ |
479 |
$ |
29 |
$ |
1,270 |
$ |
1,166 |
$ |
104 |
|||||||||||||
|
Large commercial & industrial (b) |
375 |
343 |
32 |
1,042 |
960 |
82 |
|||||||||||||||||||
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Other (c) |
34 |
34 |
– |
96 |
93 |
3 |
|||||||||||||||||||
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Total distribution base revenues (d) |
917 |
856 |
61 |
2,408 |
2,219 |
189 |
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Transmission base revenues (TCOS revenues) |
|||||||||||||||||||||||||
|
Billed to third-party wholesale customers |
279 |
262 |
17 |
812 |
787 |
25 |
|||||||||||||||||||
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Billed to REPs serving Oncor distribution customers, through TCRF |
155 |
143 |
12 |
450 |
431 |
19 |
|||||||||||||||||||
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Total TCOS revenues |
434 |
405 |
29 |
1,262 |
1,218 |
44 |
|||||||||||||||||||
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Other miscellaneous revenues |
24 |
27 |
(3) |
72 |
73 |
(1) |
|||||||||||||||||||
|
Total revenues from contracts with customers |
1,375 |
1,288 |
87 |
3,742 |
3,510 |
232 |
|||||||||||||||||||
|
Other regulated revenues |
|||||||||||||||||||||||||
|
SRP revenues |
41 |
– |
41 |
111 |
– |
111 |
|||||||||||||||||||
|
UTM revenues (e) |
36 |
– |
36 |
55 |
– |
55 |
|||||||||||||||||||
|
Total other regulated revenues |
77 |
– |
77 |
166 |
– |
166 |
|||||||||||||||||||
|
Total revenues contributing to earnings |
1,452 |
1,288 |
164 |
3,908 |
3,510 |
398 |
|||||||||||||||||||
|
|
|||||||||||||||||||||||||
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TCRF – third-party wholesale transmission service |
374 |
351 |
23 |
1,094 |
1,053 |
41 |
|||||||||||||||||||
|
EECRF and other revenues |
19 |
21 |
(2) |
45 |
47 |
(2) |
|||||||||||||||||||
|
Total revenues collected for pass-through expenses |
393 |
372 |
21 |
1,139 |
1,100 |
39 |
|||||||||||||||||||
|
Total operating revenues |
$ |
1,845 |
$ |
1,660 |
$ |
185 |
$ |
5,047 |
$ |
4,610 |
$ |
437 |
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(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 11.1% in the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 and increased 9.7% in the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. |
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(b) |
Depending on size and annual load factor, distribution base revenues from large commercial & industrial 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. |
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(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. |
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(d) |
The 7.1% increase in distribution base revenues in the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 (10.2% increase on a weather-normalized basis) primarily due to incremental interim distribution cost recovery factor (DCRF) rates to reflect increases in invested capital and customer growth; partially offset by lower customer consumption, primarily attributable to milder weather. The 8.5% increase in distribution base revenues in the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 (9.0% increase on a weather-normalized basis) primarily reflects updated interim DCRF rates, increase in customer growth, and increase due to higher customer consumption, primarily attributable to weather. |
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(e) |
Includes revenues recognized for recoverable costs, associated with UTM eligible transmission and distribution capital investments put into service after December 31, 2024, including depreciation expenses, carrying costs on unrecovered balances and related taxes. |
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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,” “is 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; 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, 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.
None of the website references in this press release are active hyperlinks, and the information contained on, or that can be accessed through, any such website is not, and shall not be deemed to be, part of this document.
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SOURCE Oncor Electric Delivery Company LLC
