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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________________________

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2026

― OR ―

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 333-100240

Oncor Electric Delivery Company LLC

(Exact name of registrant as specified in its charter)


Delaware	75-2967830
(State of organization)	(I.R.S. Employer Identification No.)

1616 Woodall Rodgers Fwy., Dallas, TX 75202	(214) 486-2000
(Address of principal executive offices) (Zip Code)	(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
None	None	None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐

Non-accelerated filer ☒ Smaller reporting company ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

As of May 7, 2026, 635,000,000 limited liability company membership interests of Oncor Electric Delivery Company LLC were outstanding, 80.25% of which were directly held by Oncor Electric Delivery Holdings Company LLC and 19.75% of which were held by Texas Transmission Investment LLC. None of the membership interests are publicly traded.

TABLE OF CONTENTS


	Page
GLOSSARY	3
PART I. FINANCIAL INFORMATION	7
Item 1. Financial Statements (Unaudited)	7
Condensed Statements of Consolidated Income — ‎Three Months Ended March 31, 2026 and 2025	7
Condensed Statements of Consolidated Comprehensive Income — ‎Three Months Ended March 31, 2026 and 2025	8
Condensed Statements of Consolidated Cash Flows — ‎Three Months Ended March 31, 2026 and 2025	9
Condensed Consolidated Balance Sheets — ‎March 31, 2026 and December 31, 2025	10
Notes to Condensed Consolidated Financial Statements	11
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	45
Item 3. Quantitative and Qualitative Disclosures About Market Risk	60
Item 4. Controls and Procedures	64
PART II. OTHER INFORMATION	64
Item 1. Legal Proceedings	64
Item 1A. Risk Factors	65
Item 5. Other Information	65
Item 6. Exhibits	66
SIGNATURE	68

Oncor Electric Delivery Company LLC (Oncor) makes its filings with the Securities and Exchange Commission available to the public, free of charge, on Oncor’s website at http://www.oncor.com as soon as reasonably practicable after they have been filed with or furnished to the Securities and Exchange Commission. The information on Oncor’s website or available by hyperlink from its website shall not be deemed a part of, or incorporated by reference into, this Quarterly Report on Form 10-Q. The representations and warranties contained in any agreement that we have filed as an exhibit to, or incorporated by reference into, this Quarterly Report on Form 10-Q or that we have or may publicly file, or incorporate by reference, in the future may contain representations and warranties made by and to the parties thereto as of specific dates. Such representations and warranties may be subject to exceptions and qualifications contained in separate disclosure schedules, may represent the parties’ risk allocation in the particular transaction, or may be qualified by materiality standards that differ from what may be viewed as material for securities law purposes.

This Quarterly Report on Form 10-Q and other Securities and Exchange Commission filings of Oncor occasionally make references to Oncor (or “we,” “our,” “us,” or “the company”) when describing actions, rights or obligations of Oncor and/or its subsidiaries. These references reflect the fact that the subsidiaries are consolidated with Oncor for financial reporting purposes. However, these references should not be interpreted to imply that Oncor is actually undertaking the action or has the rights or obligations of any subsidiary or that any subsidiary company is undertaking an action or has the rights or obligations of its parent company or of any other affiliate.

GLOSSARY


When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below.

$500M Credit Facility	Refers to the unsecured $500 million revolving credit agreement, dated as of February 21, 2024, among Oncor, as borrower, the lenders from time-to-time party thereto, and Wells Fargo Bank, National Association, as administrative agent, maturing on February 21, 2027
$1B Credit Facility	Refers to the unsecured $1 billion revolving credit agreement, dated as of February 20, 2025, among Oncor, as borrower, the lenders from time-to-time party thereto, Wells Fargo Bank, National Association, as administrative agent and swingline lender, and the other financial institutions party thereto, as amended, maturing on February 20, 2029
$2B Credit Facility	Refers to the amended and restated unsecured $2 billion revolving credit agreement, dated as of February 20, 2025, among Oncor, as borrower, the lenders from time-to-time party thereto, JPMorgan Chase Bank, N.A., as administrative agent and swingline lender, the fronting banks from time-to-time party thereto, and the other financial institutions party thereto, as amended, maturing on February 20, 2031
2025 Form 10-K	Oncor’s annual report on Form 10-K for the year ended December 31, 2025
2031 Euro Notes	Refers to the €500 million aggregate principal amount of euro-denominated senior secured notes due May 15, 2031, which were issued by Oncor in May 2024
2034 Euro Notes	Refers to the €700 million aggregate principal amount of euro-denominated senior secured notes due June 15, 2034, which were issued by Oncor in June 2025
acquisition accounting	The acquisition method of accounting for a business combination as prescribed by GAAP, whereby the cost or “acquisition price” of a business combination, including the amount paid for the equity and certain transaction costs, is allocated to identifiable assets and liabilities (including intangible assets) based upon their fair values. The excess of the purchase price over the fair values of assets and liabilities is recorded as goodwill
AFUDC	Allowance for funds used during construction
AOCI	Accumulated other comprehensive income (loss)
AR Facility	Refers to the accounts receivable facility entered into by Oncor on April 28, 2023, providing for the contribution of certain accounts receivable and certain other related rights to Receivables LLC, which, in turn, obtains loans secured by the receivables from various third-party lenders, as amended, maturing on May 4, 2029
ASC	Accounting Standards Codification
CAD Notes	Refers to the C$500 million aggregate principal amount of Canadian dollar-denominated senior secured notes due October 1, 2035, which were issued by Oncor in September 2025
CODM	Chief operating decision maker
CP Notes	Unsecured commercial paper notes issued under the CP Program
CP Program	Oncor’s commercial paper program, as amended

Credit Facilities	Refers collectively to the $500M Credit Facility, the $1B Credit Facility and the $2B Credit Facility
DCRF	Distribution cost recovery factor
Deed of Trust	Deed of Trust, Security Agreement and Fixture Filing, dated as of May 15, 2008, made by Oncor to and for the benefit of The Bank of New York Mellon Trust Company, N.A. (as successor to The Bank of New York Mellon, formerly The Bank of New York), as collateral agent, as amended
Disinterested Director	Refers to a member of our board of directors who is, pursuant to our LLC Agreement, one of the seven members of our 13-member board of directors who qualifies as a “disinterested director,” defined as a director who (i) shall be an independent director in all material respects under the rules of the NYSE in relation to Sempra or its subsidiaries and affiliated entities and any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings, and (ii) shall have no material relationship with Sempra or its subsidiaries or affiliated entities or any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings, currently or within the previous ten years
EECRF	Energy efficiency cost recovery factor
EPA	U.S. Environmental Protection Agency
ERCOT	Electric Reliability Council of Texas, Inc., the independent system operator and the regional coordinator of various electricity systems within Texas
Euro Notes	Refers to the 2031 Euro Notes and the 2034 Euro Notes
FASB	Financial Accounting Standards Board
FERC	U.S. Federal Energy Regulatory Commission
Fitch	Fitch Ratings, Inc. (a credit rating agency)
GAAP	Generally accepted accounting principles of the U.S.
I.R.S.	U.S. Internal Revenue Service
kV	Kilovolts
kW	kilowatt
kWh	Kilowatt-hours
LC&I	Large Commercial & Industrial
LLC Agreement	The Third Amended and Restated Limited Liability Company Agreement of Oncor, dated as of March 9, 2018, by and between Oncor Holdings and Texas Transmission, as amended
Moody’s	Moody’s Investors Service, Inc. (a credit rating agency)
NERC	North American Electric Reliability Corporation
NYSE	New York Stock Exchange
OCI	Other comprehensive income (loss)
Oncor	Oncor Electric Delivery Company LLC, a direct, majority-owned subsidiary of Oncor Holdings
Oncor Holdings	Oncor Electric Delivery Holdings Company LLC, which is the direct majority owner (80.25% equity interest) of Oncor and is wholly owned by STIH
Oncor Retirement Plan	Refers to a defined benefit pension plan sponsored by Oncor

Oncor Ring-Fenced Entities	Refers to Oncor Holdings and its direct and indirect subsidiaries, including Oncor and Oncor’s direct and indirect subsidiaries
OPEB	Other postretirement employee benefits
OPEB Plans	Refers to plans sponsored by Oncor that offer certain postretirement health care and life insurance benefits to eligible current and former employees of Oncor and certain former affiliated companies and their eligible dependents
PBRP	Refers to the Permian Basin Reliability Plan developed by ERCOT and approved by the PUCT in 2025 in PUCT Docket No. 55718
PUCT	Public Utility Commission of Texas
PURA	Texas Public Utility Regulatory Act, as amended
Receivables LLC	Oncor Receivables LLC, a bankruptcy-remote special purpose entity and a wholly-owned subsidiary of Oncor
REP	Retail electric provider
S&P	S&P Global Ratings, a division of S&P Global Inc. (a credit rating agency)
Sempra	Sempra, a California corporation
Sempra Order	Refers to the final order issued by the PUCT in 2018 in PUCT Docket No. 47675 approving Sempra’s indirect acquisition of Oncor Holdings
Sharyland	Sharyland Utilities, L.L.C.
SOFR	Refers to the secured overnight financing rate as administered by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate)
SOFR Adjustment	Refers to an adjustment of +0.10% to term SOFR
SRP	Refers to Oncor’s system resiliency plan to enhance the resiliency of its transmission and distribution system, which plan was approved by the PUCT in 2024 in PUCT Docket No. 56545
STEP	Refers to the Texas 765-kV Strategic Transmission Expansion Plan developed by ERCOT, which includes the PBRP, as well as additional transmission projects outside of the Permian Basin
STH	Sempra Texas Holdings Corp., a Texas corporation, which is wholly owned by Sempra and the direct parent of STIH
STIH	Sempra Texas Intermediate Holding Company LLC, a Delaware limited liability company, which is a wholly owned, indirect subsidiary of Sempra and the sole member of Oncor Holdings
Supplemental Retirement Plan	Refers to the Oncor Supplemental Retirement Plan, as amended
TCEQ	Texas Commission on Environmental Quality
TCOS	Transmission cost of service
TCRF	Transmission cost recovery factor
Term Loan Credit Agreement	Refers to the unsecured $1.4 billion term loan credit agreement, dated as of December 23, 2025, among Oncor, as borrower, the lenders from time to time party thereto, and Sumitomo Mitsui Banking Corporation, as administrative agent, maturing on March 1, 2027

Texas margin tax	A privilege tax imposed on taxable entities chartered/organized or doing business in the State of Texas that, for accounting purposes, is reported as an income tax
Texas RE	Texas Reliability Entity, Inc., an independent organization that develops reliability standards for the ERCOT region and monitors and enforces compliance with NERC standards and ERCOT protocols
Texas Transmission	Texas Transmission Investment LLC, a limited liability company that owns a 19.75% equity interest in Oncor and is indirectly owned by OMERS Administration Corporation (acting through its infrastructure investment entity, OMERS Infrastructure Management Inc.) and GIC Private Limited
U.S.	United States of America
UTM	Refers to the unified tracker mechanism, established by Texas House Bill 5247, which became effective on June 20, 2025
VIE	Variable interest entity
Vistra	Vistra Corp. and/or its subsidiaries, depending on context
Vistra Retirement Plan	Refers to a defined benefit pension plan sponsored by an affiliate of Vistra

‎

PART I. FINANCIAL INFORMATION

ITEM 1.FINANCIAL STATEMENTS

ONCOR ELECTRIC DELIVERY COMPANY LLC

CONDENSED STATEMENTS OF CONSOLIDATED INCOME

(Unaudited)


	Three Months Ended March 31,
	2026		2025
	(U.S. dollars in millions)
Operating revenues (Note 3)	$	1,724	$	1,548
Operating expenses:
Wholesale transmission service		381		353
Operation and maintenance		403		370
Depreciation and amortization		328		287
Provision in lieu of income taxes (Note 9)		46		39
Taxes other than amounts related to income taxes		160		147
Total operating expenses		1,318		1,196
Operating income		406		352
Other (income) and deductions – net (Note 12)		(33)		(13)
Non-operating benefit in lieu of income taxes		-		(1)
Interest expense and related charges (Note 12)		227		185
Net income	$	212	$	181

See Notes to Condensed Consolidated Financial Statements.

ONCOR ELECTRIC DELIVERY COMPANY LLC

CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME

(Unaudited)


	Three months ended March 31, 2026 and 2025
	Pre-Tax Amount		Income Tax (Expense) Benefit		Net-of-Tax Amount
	(U.S. dollars in millions)
2026
Net income	$	258	$	(46)	$	212
Other comprehensive (loss) income:
Fair value hedges		(3)		1		(2)
Defined benefit pension plans		1		-		1
Total other comprehensive (loss) income		(2)		1		(1)
Comprehensive income	$	256	$	(45)	$	211

2025
Net income	$	219	$	(38)	$	181
Other comprehensive (loss) income:
Cash flow hedges		(14)		3		(11)
Fair value hedges		(15)		3		(12)
Defined benefit pension plans		1		-		1
Total other comprehensive (loss) income		(28)		6		(22)
Comprehensive income	$	191	$	(32)	$	159

See Notes to Condensed Consolidated Financial Statements.
‎

ONCOR ELECTRIC DELIVERY COMPANY LLC

CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS

(Unaudited)


	Three Months Ended March 31,
	2026		2025
	(U.S. dollars in millions)
Cash flows – operating activities:
Net income	$	212	$	181
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization, including regulatory amortization		369		328
Provision in lieu of deferred income taxes – net		38		30
Changes in operating assets and liabilities:
Accounts receivable		7		(2)
Inventories		(69)		(18)
Accounts payable – trade		42		(7)
Regulatory assets – recoverable SRP (Note 2)		(51)		(27)
Regulatory assets – recoverable UTM (Note 2)		(98)		-
Regulatory assets – self-insurance reserve costs incurred (Note 2)		(67)		(66)
Regulatory under/over recoveries – net (Note 2)		(3)		34
Customer deposits		202		(17)
Pension and OPEB Plans		(21)		(120)
Accrued interest		96		70
Other – assets		(1)		(28)
Other – liabilities		(119)		(164)
Cash provided by operating activities		537		194
Cash flows – financing activities:
Issuances of senior secured notes (Note 5)		1,600		2,300
Repayments of senior secured notes (Note 5)		(38)		(350)
Borrowings under term loan credit agreement		475		-
Repayments under term loan credit agreement		(775)		-
Borrowings under AR Facility (Note 5)		150		300
Repayments under AR Facility (Note 5)		(475)		(300)
Payment for senior secured notes extinguishment (Note 5)		-		(441)
Net change in short-term borrowings (Note 4)		-		(594)
Capital contributions from members (Note 7)		1,091		605
Distributions to members (Note 7)		(286)		(177)
Debt discount, premium, financing and reacquisition costs – net		(21)		(26)
Cash provided by financing activities		1,721		1,317
Cash flows – investing activities:
Capital expenditures		(2,051)		(1,356)
Other – net		20		13
Cash used in investing activities		(2,031)		(1,343)
Net change in cash, cash equivalents and restricted cash		227		168
Cash, cash equivalents and restricted cash – beginning balance		719		262
Cash, cash equivalents and restricted cash – ending balance	$	946	$	430

See Notes to Condensed Consolidated Financial Statements.

ONCOR ELECTRIC DELIVERY COMPANY LLC

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


	At March 31,		At December 31,
	2026		2025
	(U.S. dollars in millions)
ASSETS
Current assets:
Cash and cash equivalents	$	107	$	87
Restricted cash, current (Note 1)		11		11
Accounts receivable – net (Note 12)		1,048		1,048
Amounts receivable from members related to income taxes (Note 9)		5		48
Materials and supplies inventories – at average cost		760		690
Prepayments and other current assets (Note 12)		132		140
Total current assets		2,063		2,024
Restricted cash, noncurrent (Note 1)		828		621
Investments and other property (Note 12)		202		203
Property, plant and equipment – net (Note 12)		39,438		37,834
Goodwill (Notes 1 and 12)		4,740		4,740
Regulatory assets (Note 2)		2,220		2,049
Right-of-use operating lease assets		305		265
Other noncurrent assets (Note 12)		50		59
Total assets	$	49,846	$	47,795
LIABILITIES AND MEMBERSHIP INTERESTS
Current liabilities:
Accounts payable – trade	$	1,339	$	1,332
Amounts payable to members related to income taxes (Note 9)		39		31
Accrued taxes other than amounts related to income		126		296
Accrued interest		312		216
Long-term debt, current (Note 5)		305		-
Operating lease and other current liabilities (Note 6)		354		409
Total current liabilities		2,475		2,284
Long-term debt, noncurrent (Note 5)		19,633		19,043
Liability in lieu of deferred income taxes (Note 9)		2,902		2,841
Regulatory liabilities (Note 2)		2,986		3,034
Employee benefit plan obligations (Note 8)		1,237		1,275
Operating lease obligations		271		239
Other noncurrent obligations (Note 12)		958		711
Total liabilities		30,462		29,427
Commitments and contingencies (Note 6)
Membership interests (Note 7):
Capital account – number of units outstanding at March 31, 2026 and December 31, 2025 – 635,000,000		19,613		18,596
Accumulated other comprehensive loss		(229)		(228)
Total membership interests		19,384		18,368
Total liabilities and membership interests	$	49,846	$	47,795

See Notes to Condensed Consolidated Financial Statements.

‎

ONCOR ELECTRIC DELIVERY COMPANY LLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES

Description of Business

References in this report to “we,” “our,” “us” and “the company” are to Oncor and/or its subsidiaries as apparent in the context. See “Glossary” for the definition of terms and abbreviations.

We are a regulated electricity transmission and distribution company that operates the largest transmission and distribution system in Texas based on the number of end-use customers and circuit miles of transmission and distribution lines. We provide wholesale transmission and distribution services, and we also provide transmission grid connections to merchant generation facilities and interconnections to other transmission grids in Texas. The rates we charge for our electricity delivery services are set pursuant to tariffs approved by the PUCT and certain cities and, in the case of transmission service related to limited interconnections to other markets, the FERC. We are not a seller of electricity, nor do we purchase electricity for resale.

Ownership Structure and Ring-Fencing Measures

We are a direct, majority-owned subsidiary of Oncor Holdings, which is indirectly and wholly owned by Sempra. Oncor Holdings owns 80.25% of our membership interests and Texas Transmission owns 19.75% of our membership interests. The company is managed as an integrated business of electricity transmission and distribution with only one reportable segment.

Since 2007, various ring-fencing measures have been taken to enhance our credit quality and the separateness between the Oncor Ring-Fenced Entities and entities with a direct or indirect ownership interest in Oncor or Oncor Holdings. These ring-fencing measures serve to mitigate the Oncor Ring-Fenced Entities’ credit exposure to Sempra and its affiliates and any other direct or indirect owners of Oncor and Oncor Holdings, and reduce the risk that the assets and liabilities of the Oncor Ring-Fenced Entities would be substantively consolidated with the assets and liabilities of any Sempra entity or any other direct or indirect owners of Oncor and Oncor Holdings in connection with a bankruptcy of any such entities.

In March 2018, Sempra indirectly acquired Oncor Holdings. The final order issued by the PUCT approving that transaction outlines certain ring-fencing measures, governance mechanisms and restrictions that apply to Oncor Holdings and Oncor. As a result of these ring-fencing measures, Sempra does not control Oncor, and the ring-fencing measures limit Sempra’s ability to direct the management, policies and operations of Oncor, including the deployment or disposition of Oncor’s assets, declarations of dividends, strategic planning and other important corporate issues and actions. Our LLC Agreement requires PUCT approval of certain revisions to the agreement, including, among other things, revisions to our governance structure and other various ring-fencing measures.

None of the assets of the Oncor Ring-Fenced Entities are available to satisfy the debt or obligations of any Sempra entity or any other direct or indirect owner of Oncor or Oncor Holdings. The assets and liabilities of the Oncor Ring-Fenced Entities are separate and distinct from those of any Sempra entities and any other direct or indirect owner of Oncor or Oncor Holdings. We do not bear any liability for debt or contractual obligations of Sempra and its affiliates or any other direct or indirect owner of Oncor or Oncor Holdings, and vice versa. Accordingly, our operations are conducted, and our cash flows are managed, independently from Sempra and its affiliates and any other direct or indirect owner of Oncor or Oncor Holdings.

Oncor is a limited liability company governed by a board of directors, not its members. The Sempra Order and our LLC Agreement require that the board of directors of Oncor consist of 13 members, constituted as follows:

seven Disinterested Directors, who (i) shall be independent directors in all material respects under the rules of the NYSE in relation to Sempra or its subsidiaries and affiliated entities and any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings, and (ii) shall have no material

relationship with Sempra or its subsidiaries or affiliated entities or any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings, currently or within the previous ten years;

two members designated by Sempra (through Oncor Holdings);

two members designated by Texas Transmission; and

two current or former officers of Oncor (each, an Oncor Officer Director).

Until March 9, 2028, in order for a current or former officer of Oncor to be eligible to serve as an Oncor Officer Director, the officer cannot have worked for Sempra or any of its subsidiaries or affiliated entities (excluding Oncor Holdings and Oncor) or any other entity with a direct or indirect ownership interest in Oncor or Oncor Holdings in the ten-year period prior to the date on which the officer first became employed by Oncor. Oncor Holdings, at the direction of STIH, has the right to nominate and/or seek the removal of the Oncor Officer Directors, subject to approval by a majority of the Oncor board of directors.

In addition, the Sempra Order provides that Oncor’s board of directors cannot be overruled by the board of directors of Sempra or any of its subsidiaries on dividend policy, the issuance of dividends or other distributions (except for contractual tax payments), debt issuance, capital expenditures, operation and maintenance expenditures, management and service fees, and appointment or removal of members of the board of directors, provided that certain actions may also require the additional approval of the Oncor Holdings board of directors. The Sempra Order also provides that any changes to the size, composition, structure or rights of the board of directors must first be approved by the PUCT. In addition, if Sempra acquires Texas Transmission’s interest in Oncor, the two board of director positions on Oncor’s board of directors that Texas Transmission is entitled to appoint will be eliminated and the size of Oncor’s board of directors will be reduced by two.

Additional regulatory commitments, governance mechanisms and restrictions provided in the Sempra Order and our LLC Agreement to ring-fence Oncor from its owners include, among others:

A majority of the Disinterested Directors of Oncor and the directors designated by Texas Transmission that are present and voting (of which at least one must be present and voting) must approve any annual or multi-year budget if the aggregate amount of capital expenditures or operation and maintenance expenditures in such budget is more than a 10% increase or decrease from the corresponding amounts of such expenditures in the budget for the preceding fiscal year or multi-year period, as applicable;

Oncor may not pay any dividends or make any other distributions (except for contractual tax payments) if a majority of its Disinterested Directors or either of the two directors appointed by Texas Transmission determines that it is in the best interests of Oncor to retain such amounts to meet expected future requirements;

At all times, Oncor will remain in compliance with the debt-to-equity ratio established by the PUCT from time to time for ratemaking purposes, and Oncor will not pay dividends or other distributions (except for contractual tax payments) if such payment would cause its debt-to-equity ratio to exceed the debt-to-equity ratio approved by the PUCT;

If the credit rating on Oncor’s senior secured debt by any of the three major rating agencies falls below BBB (or the equivalent), Oncor will suspend dividends and other distributions (except for contractual tax payments), unless otherwise allowed by the PUCT;

Without the prior approval of the PUCT, neither Sempra nor any of its affiliates (excluding Oncor) will incur, guaranty or pledge assets in respect of any indebtedness that is dependent on the revenues of Oncor in more than a proportionate degree than the other revenues of Sempra or on the membership interests of Oncor, and there will be no debt at STH or STIH at any time following Sempra’s indirect acquisition of Oncor Holdings;

Neither Oncor nor Oncor Holdings will lend money to, borrow money from, or share credit facilities with, Sempra or any of its affiliates (other than Oncor subsidiaries), or any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings; and

There must be maintained certain “separateness measures” that reinforce the legal and financial separation of Oncor from its owners, including a requirement that dealings between Oncor, Oncor Holdings and their subsidiaries with Sempra, any of Sempra’s other affiliates or any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings, must be on an arm’s-length basis, limitations on affiliate transactions, separate recordkeeping requirements and a prohibition on Sempra or its affiliates or any

entity with a direct or indirect ownership interest in Oncor or Oncor Holdings pledging Oncor assets or membership interests for any entity other than Oncor.

Basis of Presentation

These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and related notes included in our 2025 Form 10-K. In the opinion of Oncor’s management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the results of operations and financial position have been made. All appropriate intercompany items and transactions have been eliminated in consolidation. The results of operations for an interim period may not give a true indication of results for a full year due to seasonality and other factors.

Our condensed consolidated financial statements have been prepared in accordance with GAAP governing rate-regulated operations. Subsequent events have been evaluated through the date these consolidated financial statements were issued. Our consolidated financial statements include the accounts of Oncor, its subsidiaries, and its consolidated VIEs. All dollar and foreign currency amounts in the financial statements and the notes are stated in U.S. dollars in millions and/or in millions of the applicable foreign currency unless otherwise indicated. Certain prior period amounts have been reclassified to conform to the current period presentation.

Use of Estimates

Preparation of our financial statements requires management to make estimates and assumptions about future events that affect the reporting of assets and liabilities at the balance sheet dates and the reported amounts of revenue and expense during the period. These estimates include, but are not limited to, the effects of regulation; recovery of long-lived assets; certain assumptions made in accounting in connection with pension and OPEB; asset retirement obligations; income and other taxes; hedges for future debt financing; valuation of certain financial assets and liabilities; and accounting for contingencies. In the event estimates and/or assumptions prove to be different from actual amounts, adjustments are made in subsequent periods to reflect more current information.

Accounting for the Effects of Certain Types of Regulation

We are subject to rate regulation and our financial statements reflect regulatory assets and liabilities in accordance with accounting standards related to the effect of certain types of regulation (ASC 980). Regulatory assets and liabilities represent probable future amounts recoverable from or refundable to customers through the ratemaking process based on PURA, and/or the PUCT’s orders, precedents, or substantive rules. Rate regulation is premised on the full recovery of prudently incurred costs and a reasonable rate of return on invested capital subject to PUCT review for reasonableness. Regulatory decisions can have an impact on the recovery of costs, the rate earned on invested capital and the timing and amount of assets to be recovered by rates. See Note 2 for more information regarding regulatory assets and liabilities.

Revenue Recognition

Our revenues are generally recognized pursuant to tariffs approved by the PUCT or authorized by statute. The majority of revenues are related to providing electric delivery service to consumers. Tariff rates are designed to recover the cost of providing electric delivery service including a reasonable rate of return on invested capital. Revenues related to providing electric delivery service to consumers are generally recognized when the underlying service has been provided in accordance with ASC 606 (revenue from contracts with customers). Revenues related to regulated arrangements based on statutory recovery mechanisms between the utility and the applicable regulators are generally recognized in accordance with ASC 980. See Note 3 for additional information regarding revenues.

Derivatives and Hedging

We are exposed to changes in interest rates and foreign currency exchange rates primarily as a result of our current and expected future debt financings. We use derivative instruments typically designated as cash flow or fair value hedges to help mitigate our exposure related to those risks.

We use interest rate swaps, designated as cash flow hedges, in part, to hedge our interest payments related to our expected future debt financings. The future fixed rate debt issuances underlying these cash flow hedge relationships are largely dependent on market demand and liquidity in the debt market. At March 31, 2026, we believe our forecasted issuances of fixed rate debt in the related cash flow hedge relationships are probable. However, unexpected changes in market conditions in future periods could impact our ability to issue such fixed rate debt, or the timing of any such issuance. If our assumptions regarding the nature and timing of forecasted fixed rate debt issuances were to be inaccurate, we could be required to cease the application of hedge accounting to the related interest rate swaps, which could result in immediate reclassification of all the related gains or losses in AOCI to other (income) and deductions.

We use cross-currency swaps, designated as fair value hedges, to help mitigate the foreign currency exchange rate risk as a result of the use of foreign currency denominated financing instruments, such as the Euro Notes and CAD Notes. Our existing cross-currency swaps exchange our foreign currency denominated principal payments due at maturity under the Euro Notes and CAD Notes into U.S. dollar-denominated notional amounts and swap the foreign currency denominated fixed interest rates for U.S. dollar-denominated fixed interest rates.

See Note 10 for more information regarding our derivative instruments.

Impairment of Long-Lived Assets and Goodwill

We evaluate long-lived assets (including intangible assets with finite lives) for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

We also evaluate goodwill for impairment annually, as of October 1, and whenever events or changes in circumstances indicate that an impairment may exist. The determination of the existence of these and other indications of impairment involves judgments that are subjective in nature and may require the use of estimates in forecasting future results and cash flows.

Cash, Cash Equivalents and Restricted Cash

For purposes of reporting cash and cash equivalents, highly liquid investments with original maturities of three months or less at the date of purchase are considered to be cash equivalents.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Condensed Consolidated Balance Sheets to the sum of such amounts reported on the Condensed Statements of Consolidated Cash Flows:


	At March 31,		At December 31,
	2026		2025
Cash, cash equivalents and restricted cash
Cash and cash equivalents	$	107	$	87
Restricted cash, current (a)		11		11
Restricted cash, noncurrent (a)		828		621
Total cash, cash equivalents and restricted cash on the Condensed Statements of Consolidated Cash Flows	$	946	$	719

____________

(a)Restricted cash represents amounts held by Oncor for cash deposits from customers related to joint use pole license agreements and cash deposits from customers that are subject to probable return in accordance with PUCT rules, ERCOT requirements or our tariffs relating to generation interconnection and construction and/or extension of electric delivery system facilities. We maintain these amounts in separate escrow accounts.

Contingencies

Our financial results may be affected by judgments and estimates related to contingencies. For loss contingencies, we accrue the loss if an event has occurred on or before the balance sheet date, and:

information available through the date we file our financial statements indicates it is probable that a loss has been incurred, given the likelihood of uncertain future events; and

the amount of the loss can be reasonably estimated.

We do not accrue contingencies that might result in gains. We continuously assess contingencies for litigation claims, environmental remediation and other events. See Note 6 for a discussion of contingencies.

VIE

We consolidate a VIE if we are the primary beneficiary of the VIE. Our determination of whether we are the primary beneficiary is based on qualitative and quantitative analyses, which assesses:

the purpose and design of the VIE;

the nature of the VIE’s risks and the risks we absorb;

the power to direct activities that most significantly impact the economic performance of the VIE; and

the obligation to absorb losses or the right to receive benefits that could be significant to the VIE.

We will continue to evaluate our business operations and VIEs for any changes that may impact our determination of whether an entity is a VIE and if we are the primary beneficiary. See Note 12 for more information on Oncor’s consolidated VIE.

Accounting Standards Updates (ASU)

ASU 2024-03 Disaggregation of Income Statement Expenses (ASC 220)

In November 2024, the FASB issued ASU 2024-03, which requires disaggregated disclosure of income statement expenses for public business entities. This ASU adds ASC 220-40 to require a footnote disclosure in tabular presentation about specific expenses by requiring disaggregation of each relevant expense caption on the face of the income statement, when applicable. The ASU does not change or remove existing expense disclosure requirements; however, it may affect where that information appears in the footnotes to the financial statements. ASU 2024-03 will be effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted, and entities may adopt the standard on either a prospective or retrospective basis. We intend to adopt the standard on January 1, 2027 on a prospective basis.

ASU 2025-06 Targeted Improvements to the Accounting for Internal-Use Software (ASC 350)

In September 2025, the FASB issued ASU 2025-06, which amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40. This ASU makes targeted improvements to ASC 350-40 for accounting for internally developed software costs. The amendments supersede the guidance on website development costs in ASC 350-50 and relocate that guidance, along with the recognition requirements for development costs specific to websites, to ASC 350-40. ASU 2025-06 will be effective for annual reporting periods beginning after December 15, 2027, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted in an interim or annual reporting period in which financial statements have not yet been issued or made available for issuance, and entities may adopt the standard prospectively, retrospectively, or via a modified prospective transition method. We are currently evaluating the effect of the guidance on our financial reporting and have not yet selected the period in which we will adopt the standard.

ASU 2025-11 Narrow-Scope Improvements (ASC 270)

In December 2025, the FASB issued ASU 2025-11, which is intended to improve the navigability of the guidance in ASC 270 and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides “interim financial statements and notes in accordance with GAAP.” The ASU also addresses the form and content of such financial statements, adds lists to ASC 270 of the interim disclosures required by all other Codification topics, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 will be effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the effect of the guidance on our financial reporting and have not yet selected the period in which we will adopt the standard.

All other newly issued accounting pronouncements not yet effective have been deemed either immaterial or not applicable.

2. REGULATORY MATTERS

Regulatory Proceedings

2025 Comprehensive Base Rate Review (PUCT Docket No. 58306)

In June 2025, we filed a request for a comprehensive base rate review with the PUCT and the 210 cities in our service territory that have retained original jurisdiction over rates. In January 2026, we filed a stipulation in the comprehensive base rate review proceeding requesting PUCT approval of an unopposed, comprehensive settlement among the parties to the proceeding.

The PUCT issued an order approving the terms of the rate case settlement on April 17, 2026, with the new rates implementing the terms of the order to take effect on June 1, 2026. The order provides for an annual revenue requirement of approximately $6.97 billion, representing an increase of $560 million, or 8.7%, over our adjusted annualized revenues provided in the rate application. Moreover, the order also provides for a revised regulatory capital structure ratio of 56.5% debt to 43.5% equity, an authorized return on equity of 9.75%, and an authorized cost of debt of 4.94%. In addition, the order provides for (i) a self-insurance reserve with an annual accrual amount in rates of $200 million for storm costs and other self-insured losses, an increase from the $122 million self-insurance reserve annual accrual amount currently recovered in rates, as well as (ii) a five-year amortization period for applicable regulatory assets and liabilities, excluding rate case expenses, year-end 2024 deferred SRP costs, and excess accumulated deferred income taxes.

We are permitted to surcharge the difference between the new billing rates and our current rates for the period from January 1, 2026 to June 1, 2026, the effective date of the new rates. The order in the comprehensive base rate review requires that the surcharge be filed in a separate PUCT docket and recovered during 2026.

Capital Tracker Filings

PUCT rules allow for interim rate adjustments for capital trackers that allow utilities to recover, subject to reconciliation, the cost of certain investments before a comprehensive base rate review. We can request capital tracker interim rate adjustments each year through the filing of either (i) until 2035, a single UTM application (subject to meeting annual eligibility requirements) or (ii) up to two TCOS capital tracker applications to reflect changes in transmission-related capital investments and up to two DCRF capital tracker applications to reflect changes in distribution-related capital investments. The UTM allows qualifying electric utilities to (i) apply for a single interim rate update annually through 2035 for cost recovery of certain transmission and distribution capital investments, as an alternative to separate DCRF and TCOS capital tracker filings, and (ii) defer to a regulatory asset costs associated with UTM eligible capital investments. Qualifying electric utilities consist of utilities that (i) operate solely inside ERCOT, (ii) have been identified by the PUCT as having responsibility for constructing transmission infrastructure as part of the PBRP, and (iii) make annual capital expenditures in transmission and distribution that exceed 300% of annual depreciation.

UTM

On April 22, 2026, we filed our first UTM application with the PUCT (PUCT Docket No. 59249) to include in rates approximately $4.4 billion of eligible transmission and distribution net capital investment costs incurred from January 1, 2025 to December 31, 2025. The application requests an interim DCRF rate adjustment, an interim TCOS rate adjustment, and an interim TCRF rate adjustment. The UTM application is subject to PUCT review and approval.

In anticipation of filing our second UTM application in 2027, we recorded $98 million in regulatory assets for recoverable costs associated with our UTM eligible transmission and distribution capital investments not presently in rates and recognized a corresponding $98 million in other regulated revenues in the three months ended March 31, 2026. The regulatory asset deferrals related to UTM-eligible capital investments exclude a portion of the revenue requirement that has not yet been recognized. These additional amounts are expected to be included and recovered through future UTM applications. See “Regulatory Assets and Liabilities” below for more information on the regulatory assets and Note 3 for more information on the recognition of revenues related to the UTM.

As our pending UTM application requests recovery of costs related to eligible capital investments in 2025, we anticipate our next UTM application will include deferred costs related to those 2025 investments from January 1 2026 through the effective date of new rates established in Docket No. 59249. As a result, we continue to record regulatory assets and recognize corresponding revenues related to those investments.

SRP (PUCT Docket No. 56545)

In November 2024, the PUCT approved our SRP (PUCT Docket No. 56545), which provides for approximately $2.9 billion in capital expenditures and $520 million in operation and maintenance expenses to enhance the resiliency of our transmission and distribution system, including measures to address extreme weather, wildfires, physical security threats, and cybersecurity threats. The SRP provides for the majority of the spend to occur between 2025 and 2027, with approximately $300 million in capital expenditures and approximately $20 million in operation and maintenance expenses to be carried over into 2028 and either (i) automatically authorized if Oncor does not file an updated SRP for a future period beginning with 2028 or (ii) included in any subsequent update to the SRP as part of that updated SRP’s first year of spend. We began implementing the approved plan in the fourth quarter of 2024, and are recognizing the recoverable distribution-related operation and maintenance expenses, depreciation expenses, debt carrying costs on unrecovered balances, and related taxes as a regulatory asset for future recovery in interim rate adjustments or base rate proceedings. For the three months ended March 31, 2026, and 2025, respectively, we recorded $51 million and $27 million in regulatory assets for distribution-related SRP costs and recognized a corresponding $51 million and $27 million in other regulated revenues related to the distribution-related SRP. See “Regulatory Assets and Liabilities” below for more information on the regulatory assets and Note 3 for more information on the recognition of revenues related to the SRP.

Regulatory Assets and Liabilities

We are subject to rate regulation and our financial statements reflect regulatory assets and liabilities in accordance with accounting standards related to the effect of certain types of regulation. Regulatory assets and liabilities represent probable future amounts recoverable from or refundable to customers through the ratemaking process based on PURA, and/or the PUCT’s orders, precedents, or substantive rules. Rate regulation is premised on the full recovery of prudently incurred costs and a reasonable rate of return on invested capital subject to PUCT review for reasonableness. The rate of return is generally based on our authorized weighted-average cost of capital. Regulatory decisions can have an impact on the recovery of costs, the rate earned on invested capital and the timing and amount of assets to be recovered by rates.

The following table presents components of our regulatory assets and liabilities and their remaining recovery periods in effect at March 31, 2026.


	Remaining Rate Recovery/Amortization Period in Effect
	At March 31, 2026	At March 31, 2026		At December 31, 2025
Regulatory assets:
Employee retirement liability (a)(b)(d)	To be determined	$	189	$	192
Employee retirement costs being amortized	2 years		24		32
Employee retirement costs incurred since the PUCT Docket No. 53601 comprehensive base rate review period (b)	To be determined		137		131
Self-insurance reserve (primarily storm recovery costs) being amortized	2 years		189		219
Self-insurance reserve costs incurred since the PUCT Docket No. 53601 comprehensive base rate review period (primarily storm related) (b)	To be determined		1,003		936
Debt reacquisition costs	Lives of related debt		2		3
Under-recovered advanced metering system costs being amortized	2 years		26		32
Recoverable SRP (c)	To be determined		234		183
Recoverable UTM (c)	To be determined		202		104
Energy efficiency program performance bonus (a)	Approximately 1 year		24		33
Wholesale distribution substation service costs being amortized	2 years		31		35
Wholesale distribution substation service costs incurred since the PUCT Docket No. 53601 comprehensive base rate review period (b)	To be determined		28		28
Expenses related to Coronavirus Disease 2019 (b)	Various		17		19
Recoverable deferred income taxes	Various		84		76
Uncollectible payments from REPs	Various		6		7
Other regulatory assets	Various		24		19
Total regulatory assets			2,220		2,049

Regulatory liabilities:
Estimated net removal costs	Lives of related assets		1,614		1,623
Excess deferred taxes	Primarily over lives of related assets		1,166		1,182
Over-recovered wholesale transmission service expense (a)	Approximately 1 year		76		96
Unamortized gain on reacquisition of debt and senior secured notes extinguishment	Lives of related debt		23		23
Employee retirement costs over-recovered being refunded	2 years		14		15
Employee retirement costs over-recovered since the PUCT Docket No. 53601 comprehensive base rate review period (b)	To be determined		92		93
Other regulatory liabilities	Various		1		2
Total regulatory liabilities			2,986		3,034
Net regulatory liabilities		$	(766)	$	(985)

____________

(a)Not earning a return in the regulatory rate-setting process.

(b)Recovery/refund is specifically approved by the PUCT or authorized by statute, subject to reasonableness review.

(c)The recovery/amortization period is not expected to exceed 18 months following approval of a UTM application by the PUCT, including distribution-related SRP recoverable costs.

(d)Represents unfunded liabilities recorded in accordance with pension and OPEB accounting standards.

3. REVENUES

General

Our revenues are generally recognized pursuant to tariffs approved by the PUCT or authorized by statute. The majority of revenues are related to providing electric delivery service to consumers. Tariff rates are designed to recover the cost of providing electric delivery service to customers including a reasonable rate of return on invested capital. As the volumes delivered can be directly measured, our billed revenues are recognized when the underlying service has been provided. We recognize revenue for the amounts that have been invoiced or that we have the right to invoice. The majority of our revenues are derived from contracts with customers and recognized in accordance with ASC 606. Other regulated revenues resulting from certain regulatory arrangements based on statutory recovery mechanisms between the utility and the applicable regulators are recognized in accordance with ASC 980, including SRP revenues, UTM revenues and alternative revenue program revenues discussed below.

Reconcilable Tariffs

The PUCT has designated certain tariffs (primarily TCRF, EECRF, rate case expense riders and mobile generation riders) as reconcilable, which means the differences between amounts billed under these tariffs and the related incurred costs are deferred as either regulatory assets or regulatory liabilities. Accordingly, at prescribed intervals, future tariffs are adjusted to either collect regulatory assets or refund regulatory liabilities.

Other Regulated Revenues

SRP Revenues

SRP revenues are recognized for the recoverable SRP distribution-related operation and maintenance expenses, depreciation expenses, debt carrying costs on unrecovered balances and related taxes that are eligible for future rate recovery. See Note 2 for additional information regarding the SRP.

UTM Revenues

UTM revenues are recognized for certain of the recoverable costs associated with eligible transmission and distribution capital investments and not currently in rates, including depreciation expenses, debt carrying costs on unrecovered balances and related taxes that are eligible for future rate recovery. See Note 2 for additional information regarding the UTM.

Alternative Revenue Program Revenues

(Energy Efficiency Program Performance Bonus Revenues)

The PUCT has implemented an incentive program allowing us to earn energy efficiency program performance bonuses by exceeding PURA-mandated energy efficiency program targets. This incentive program and the related performance bonus revenues are considered alternative revenue program revenues under ASC 980. Annual performance bonuses are generally recognized as revenue when approved by the PUCT, typically in the third or fourth quarter each year. No revenue related to an alternative revenue program was recorded in the three months ended March 31, 2026 and 2025.

Disaggregation of Revenues

The following table reflects electric delivery revenues disaggregated by tariff:


	Three Months Ended March 31,
	2026		2025
Operating revenues
Revenues contributing to earnings:
Revenues from contracts with customers
Distribution base revenues
Residential (a)	$	353	$	375
LC&I (b)		344		332
Other (c)		31		30
Total distribution base revenues		728		737
Transmission base revenues (TCOS revenues)
Billed to third-party wholesale customers		280		253
Billed to REPs serving Oncor distribution customers, through TCRF		154		140
Total TCOS revenues		434		393
Other miscellaneous revenues		22		23
Total revenues from contracts with customers		1,184		1,153
Other regulated revenues
SRP revenues (d)		51		27
UTM revenues (e)		98		-
Total other regulated revenues		149		27
Total revenues contributing to earnings		1,333		1,180

Revenues collected for pass-through expenses:
TCRF – third-party wholesale transmission service		381		353
EECRF and other revenues		10		15
Total revenues collected for pass-through expenses		391		368
Total operating revenues	$	1,724	$	1,548

__________

(a)Distribution base revenues from residential customers are generally based on actual monthly consumption (kWh).

(b)Depending on size and annual load factor, distribution base revenues from LC&I customers are generally based either on actual monthly demand (kW) or the greater of actual monthly demand (kW) or 80% of peak monthly demand during the prior eleven months.

(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.

(d)Includes revenues recognized for recoverable costs associated with distribution-related SRP, including operation and maintenance expenses, depreciation expenses, debt carrying costs on unrecovered balances and related taxes.

(e)Includes revenues recognized for recoverable costs associated with UTM eligible transmission and distribution capital investments during 2025 and the three months ended March 31, 2026, including depreciation expenses, debt carrying costs on unrecovered balances and related taxes.

Customers

At March 31, 2026, our distribution business customers primarily consisted of over 100 REPs that sell electricity we distribute to end-use consumers in our certificated service area. The majority of consumers of the electricity we deliver through our distribution business are free to choose their electricity supplier from REPs who compete for their business. Our wholesale transmission revenues are collected from load serving entities benefitting from our transmission system. Our transmission business customers consist of municipally-owned utilities, electric cooperatives and other distribution companies. Revenues from REP subsidiaries of our two largest customers collectively represented 24% and 20%, respectively, of our total operating revenues for the three months ended

March 31, 2026, and 27% and 23%, respectively, of our total operating revenues for the three months ended March 31, 2025. No other customer represented more than 10% of our total operating revenues during such periods.

Variability

Our revenues and cash flows are subject to seasonality, timing of customer billings, weather conditions and other electricity usage drivers, with revenues typically highest in the summer season. Payment of customer billings is due 35 days after invoicing. Under a PUCT rule relating to the Certification of Retail Electric Providers, write-offs of uncollectible amounts owed by REPs are recoverable as a regulatory asset.

Pass-through Expenses

Revenues equal to expenses that are allowed to be passed through to customers (primarily third-party wholesale transmission service and energy efficiency program costs) are recognized at the time the expense is recognized. Franchise taxes are assessed by local governmental bodies, based on kWh delivered and are not a “pass-through” item. The rates we charge customers are intended to recover the franchise taxes, but we are not acting as an agent to collect the taxes from customers; therefore, franchise taxes are reported as a principal component of “taxes other than amounts related to income taxes” instead of a reduction to “revenues” in the income statement.

4. SHORT-TERM BORROWINGS

The following table reflects our outstanding short-term borrowings and available unused borrowing capacity under the $2B Credit Facility and CP Program at March 31, 2026 and December 31, 2025:


	At March 31,		At December 31,
	2026		2025
$2B Credit Facility borrowing capacity	$	2,000	$	2,000
Less:
$2B Credit Facility outstanding borrowings		-		-
CP Notes outstanding		-		-
Total available unused short-term borrowing capacity	$	2,000	$	2,000

$2B Credit Facility

On February 20, 2025, we entered into an amended and restated unsecured revolving $2B Credit Facility. On February 20, 2026, we entered into an amendment to the $2B Credit Facility to, among other things, extend the maturity date by one year and to remove the SOFR Adjustment. The $2B Credit Facility has a borrowing capacity of $2.0 billion and a maturity date of February 20, 2031. The $2B Credit Facility gives us the option to request an increase in our borrowing capacity of up to $650 million in $100 million minimum increments, subject to certain conditions, including lender approvals. The $2B Credit Facility also provides us with the option to request that each lender extend the term of its commitment for up to two additional one-year periods, subject to certain conditions, including lender approvals. Borrowings under the $2B Credit Facility, if any, are classified as short-term on the balance sheet.

Borrowings under the $2B Credit Facility bear interest at a per annum rate equal to, at our option, (i) term SOFR for the interest period relevant to such borrowing plus an applicable margin of between 0.750% and 1.250%, depending on certain credit ratings assigned to our debt, or (ii) an alternate base rate (equal to the greatest of (1) the prime rate as quoted by The Wall Street Journal on such date, (2) the federal funds effective rate on such date, plus 0.50%, and (3) term SOFR for a one-month interest period on such date plus 1.0%), plus, in the case of clauses (1) through (3), an applicable margin of between 0.00% and 0.25%, depending on certain credit ratings assigned to our debt. The $2B Credit Facility also provides for an alternative rate of interest upon the occurrence of certain events related to the current rate of interest benchmark.

A commitment fee is payable quarterly in arrears and upon termination or reduction of the revolving commitments at a rate per annum equal to between 0.060% and 0.175%, depending on certain credit ratings

assigned to our debt, of the unborrowed commitments under the $2B Credit Facility. Letter of credit fees under the $2B Credit Facility are payable quarterly in arrears and upon expiration or if a letter of credit is drawn in full at a rate per annum equal to the applicable margin for term SOFR under the $2B Credit Facility. Fronting fees in an amount as separately agreed by us and any fronting bank that issues a letter of credit are also payable quarterly in arrears and upon termination to each such fronting bank.

The $2B Credit Facility requires that we maintain a maximum consolidated senior debt to consolidated total capitalization ratio of 0.65 to 1.00 and observe certain customary reporting requirements and other customary covenants for facilities of this type.

The $2B Credit Facility also contains customary events of default for facilities of this type, the occurrence of which would allow the lenders to accelerate all outstanding loans and terminate their commitments, including certain changes in control of Oncor that are not permitted transactions under the $2B Credit Facility and cross-default provisions in the event we or certain of our subsidiaries defaults in the payment of principal or interest due in respect of any indebtedness in a principal amount in excess of $150 million or fails to observe or perform any other term, covenant, condition or agreement contained in any agreement or instrument evidencing such indebtedness if such failure results in acceleration of the maturity of such indebtedness or receives judgments for the payment of money in excess of $150 million that are not discharged or stayed within 60 days.

CP Program

We have established a CP Program, under which we may issue unsecured CP Notes on a private placement basis with maturity dates not exceeding 397 days from the date of issuance. To the extent any CP Notes are issued with maturity dates of over one year, we anticipate those would be classified as long-term debt and obtain liquidity support under the $1B Credit Facility (See Note 5 for more information regarding the $1B Credit Facility). We anticipate that any CP Notes issued under the CP Program with a maturity date equal to or less than a year would be classified as short-term debt and obtain liquidity support under the $2B Credit Facility. Total CP Notes outstanding at any time may not exceed a maximum amount of $3.0 billion, and we operate the CP Program to ensure that the aggregate amount of CP Notes obtaining liquidity support from the applicable credit facility, when combined with any outstanding borrowings under such credit facility, do not exceed the maximum borrowing capacity of such credit facility.
‎

5. LONG-TERM DEBT

Our long-term debt instruments consist of U.S. dollar-denominated, euro-denominated and Canadian dollar-denominated fixed rate senior secured notes, variable rate senior secured debt under the AR Facility, and variable rate senior unsecured debt under the $1B Credit Facility, the $500M Credit Facility, and the Term Loan Credit Agreement.

The following table is a summary of our outstanding long-term debt at March 31, 2026 and December 31, 2025:


	At March 31,		At December 31,
	2026		2025
Fixed Rate Senior Secured Notes (a):
Total U.S. dollar-denominated fixed rate senior secured notes (b)	$	17,283	$	15,721
Euro-denominated fixed rate senior secured notes:
3.50% Senior Secured Notes due May 15, 2031 measured at issuance (c)		542		542
3.625% Senior Secured Notes due June 15, 2034 measured at issuance (d)		805		805
Euro Notes remeasurement adjustments (e)		39		62
Total euro-denominated fixed rate senior secured notes		1,386		1,409
Canadian dollar-denominated fixed rate senior secured notes:
4.20% Senior Secured Notes due October 1, 2035 measured at issuance (f)		361		361
CAD Notes remeasurement adjustments (g)		(2)		3
Total Canadian dollar-denominated fixed rate senior secured notes		359		364
Total fixed rate senior secured notes		19,028		17,494

Variable Rate Senior Secured Debt:
AR Facility due May 4, 2029 (h)		-		325
Variable Rate Senior Unsecured Debt:
$500M Credit Facility due February 21, 2027		480		480
Term Loan Credit Agreement due March 1, 2027		625		925
Total variable rate senior debt		1,105		1,730

Total long-term debt		20,133		19,224
Unamortized discount, premium and debt issuance costs		(195)		(181)
Total carrying amount of debt		19,938		19,043
Less long-term debt, current (i)		(305)		-
Total carrying amount of long-term debt, noncurrent	$	19,633	$	19,043

___________

(a)Our senior secured notes are secured equally and ratably by a first priority lien on certain transmission and distribution assets. See “Deed of Trust” below for additional information.

(b)See the following table for details of our outstanding U.S. dollar-denominated fixed rate senior secured notes.

(c)In May 2024, we issued the 2031 Euro Notes. Our euro-denominated fixed rate payment obligations under the 2031 Euro Notes were effectively converted to U.S. dollar-denominated fixed rate payment obligations at issuance through concurrently-executed cross-currency swaps, which are intended to mitigate foreign currency exchange rate risk associated with the interest and principal payments on the 2031 Euro Notes that are due in euros. In consideration of the effect of cross-currency swaps, the U.S. dollar principal amount due on the 2031 Euro Notes at maturity will be $542 million, and the all-in U.S. dollar fixed rate coupon on the 2031 Euro Notes is 5.371%.

(d)In June 2025, we issued the 2034 Euro Notes. Our euro-denominated fixed rate payment obligations under the 2034 Euro Notes were effectively converted to U.S. dollar-denominated fixed rate payment obligations at issuance through concurrently-executed cross-currency swaps, which are intended to mitigate foreign currency exchange rate risk associated with the interest and principal payments on the 2034 Euro Notes that are due in euros. In consideration of the effect of cross-currency swaps, the U.S. dollar principal amount due on the 2034 Euro Notes at maturity will be $805 million, and the all-in U.S. dollar fixed rate coupon on the 2034 Euro Notes is 5.4405%.

(e)The remeasurement of the Euro Notes at March 31, 2026, was calculated based on the exchange rate of €1.00 to $1.1553. The remeasurement at December 31, 2025 was calculated based on the exchange rate of €1.00 to $1.1739.

(f)In September 2025, we issued the CAD Notes. Our Canadian dollar-denominated fixed rate payment obligations under the CAD Notes were effectively converted to U.S. dollar-denominated fixed rate payment obligations at issuance through concurrently-executed cross-currency swaps, which are intended to mitigate foreign currency exchange rate risk associated with the interest and principal payments on the CAD Notes that are due in Canadian dollars. In consideration of the effect of cross-currency swaps, the U.S. dollar principal amount due on the CAD Notes at maturity will be $361 million, and the all-in U.S. dollar fixed rate coupon on the CAD Notes is 5.022%.

(g)The remeasurement of the CAD Notes at March 31, 2026, was calculated based on the exchange rate of C$1.00 to $0.7186. The remeasurement at December 31, 2025 was calculated based on the exchange rate of C$1.00 to $0.7287.

(h)On May 5, 2026, the AR Facility was amended to, among other things, extend the scheduled termination date to May 4, 2029 from April 28, 2028.

(i)At March 31, 2026, the aggregate principal amounts outstanding under (i) the 5.50% Senior Secured Notes, Series C, due May 1, 2026, (ii) the 4.50% Senior Secured Notes due March 20, 2027, (iii) the $500M Credit Facility, and (iv) the Term Loan Credit Agreement are due within the next 12 months. At March 31, 2026, in accordance with ASC 470-10 “Debt,” our intent to refinance such debt on a long-term basis and our ability to refinance the obligations through the then-available capacity of the AR Facility and the $1B Credit Facility resulted in $1.5 billion of the debt balance being classified as long-term debt, noncurrent, and the remaining $305 million of the debt balance being classified as long-term debt, current.
‎

At March 31, 2026 and December 31, 2025, our outstanding U.S. dollar-denominated fixed rate senior secured notes consisted of the following:


	At March 31,		At December 31,
	2026		2025
U.S. Dollar-denominated Fixed Rate Senior Secured Notes:
3.86% Senior Secured Notes, Series B, due January 14, 2026	$	-	$	38
5.50% Senior Secured Notes, Series C, due May 1, 2026 (a)		200		200
4.50% Senior Secured Notes due March 20, 2027		500		500
4.30% Senior Secured Notes due May 15, 2028		600		600
3.70% Senior Secured Notes due November 15, 2028		650		650
5.75% Senior Secured Notes due March 15, 2029		318		318
5.00% Senior Secured Notes, Series F, due May 1, 2029		100		100
5.15% Senior Secured Notes, Series H, due May 1, 2029		250		250
4.65% Senior Secured Notes due November 1, 2029		650		650
2.75% Senior Secured Notes due May 15, 2030		700		700
4.50% Senior Secured Notes due March 15, 2031		750		-
5.34% Senior Secured Notes, Series D, due May 1, 2031		100		100
7.00% Senior Secured Notes due May 1, 2032		494		494
4.15% Senior Secured Notes due June 1, 2032		400		400
4.55% Senior Secured Notes due September 15, 2032		700		700
7.25% Senior Secured Notes due January 15, 2033		323		323
5.65% Senior Secured Notes due November 15, 2033		800		800
5.59% Senior Secured Notes, Series I, due May 1, 2034		150		150
5.35% Senior Secured Notes due April 1, 2035		650		650
5.45% Senior Secured Notes, Series E, due May 1, 2036		100		100
7.50% Senior Secured Notes due September 1, 2038		300		300
5.25% Senior Secured Notes due September 30, 2040		475		475
4.55% Senior Secured Notes due December 1, 2041		400		400
5.30% Senior Secured Notes due June 1, 2042		348		348
3.75% Senior Secured Notes due April 1, 2045		550		550
3.80% Senior Secured Notes due September 30, 2047		325		325
4.10% Senior Secured Notes due November 15, 2048		450		450
3.80% Senior Secured Notes due June 1, 2049		500		500
3.10% Senior Secured Notes due September 15, 2049		700		700
3.70% Senior Secured Notes due May 15, 2050		400		400
2.70% Senior Secured Notes due November 15, 2051		500		500
4.60% Senior Secured Notes due June 1, 2052		400		400
4.95% Senior Secured Notes due September 15, 2052		900		900
5.35% Senior Secured Notes due October 1, 2052		300		300
5.49% Senior Secured Notes, Series G, due May 1, 2054		50		50
5.55% Senior Secured Notes due June 15, 2054		750		750
5.80% Senior Secured Notes due April 1, 2055		650		650
5.90% Senior Secured Notes due March 15, 2056		850		-
Total U.S. dollar-denominated fixed rate senior secured notes	$	17,283	$	15,721

___________

(a)On May 1, 2026, we repaid in full at maturity the entire $200 million aggregate principal amount of our 5.50% Senior Secured Notes, Series C, due May 1, 2026.

Senior Secured Notes Activities

Senior Secured Notes Issuances

Issuance of Senior Secured Notes Under Indenture (2031 Notes/2056 Notes)

On March 17, 2026, we issued (i) $750 million aggregate principal amount of our 4.50% Senior Secured Notes due 2031 (2031 Notes), and (ii) $850 million aggregate principal amount of our 5.90% Senior Secured Notes due 2056 (2056 Notes, and together with the 2031 Notes, the Notes Issued March 2026). The Notes Issued March 2026 were issued under one of our existing indentures and are secured pursuant to the Deed of Trust.

The 2031 Notes and the 2056 Notes bear interest at the rate of 4.50% and 5.90% per annum, respectively. Interest on the 2031 Notes and the 2056 Notes accrued from March 17, 2026 and is payable semi-annually in arrears on March 15 and September 15 of each year, and at maturity, beginning on September 15, 2026. The 2031 Notes and the 2056 Notes mature on March 15, 2031 and March 15, 2056, respectively. At any time prior to February 15, 2031, in the case of the 2031 Notes and September 15, 2055, in the case of the 2056 Notes, we may redeem such notes in whole or in part, at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest and a “make-whole” premium. At any time on or after February 15, 2031, in the case of the 2031 Notes and September 15, 2055, in the case of the 2056 Notes, we may redeem such notes, in whole or in part, at 100% of the principal amount being redeemed plus accrued and unpaid interest thereon to but excluding the date fixed for redemption.

Senior Secured Notes Repayment

On January 14, 2026, we repaid in full at maturity the $38 million aggregate principal amount of our 3.86% Senior Secured Notes, Series B, due January 14, 2026.

On May 1, 2026, we repaid in full at maturity the $200 million aggregate principal amount of our 5.50% Senior Secured Notes, Series C, due May 1, 2026.

Deed of Trust

Our long-term senior secured notes are secured equally and ratably by a first priority lien on all property acquired or constructed by us for use in our electricity transmission and distribution business, subject to certain exceptions. The property is mortgaged under the Deed of Trust. The Deed of Trust permits us to secure indebtedness with the lien of the Deed of Trust up to the aggregate of (i) the amount of available bond credits, and (ii) 85% of the lower of the fair value or cost of certain property additions that could be certified to the Deed of Trust collateral agent.

Long-Term Revolving Facilities

Our long-term revolving borrowing capacity includes the borrowing capacities under the AR Facility, the $500M Credit Facility and the $1B Credit Facility. The following table reflects available long-term borrowing capacities under the AR Facility, the $500M Credit Facility and the $1B Credit Facility at March 31, 2026 and December 31, 2025:


	At March 31,		At December 31,
	2026		2025
Available unused borrowing capacity under AR Facility (a)	$	500	$	175
Available unused borrowing capacity under the $500M Credit Facility (b)		20		20
Available unused borrowing capacity under the $1B Credit Facility		1,000		1,000
Total available unused long-term borrowing capacity	$	1,520	$	1,195

___________

(a)On May 5, 2026, the AR Facility was amended to, among other things, increase the facility limit to $600 million from $500 million.

(b)All the borrowings under the $500M Credit Facility have a maturity date of February 21, 2027.

AR Facility

In April 2023, we and our bankruptcy-remote special purpose entity Receivables LLC, a wholly owned subsidiary of Oncor, established the AR Facility, a revolving accounts receivable securitization facility. Under the terms of the AR Facility, Oncor sells or contributes all of its existing and future accounts receivable from REPs and certain related rights to Receivables LLC as contemplated by the terms of the AR Facility. Receivables LLC then pledges those REP receivables and related rights to the lenders under the AR Facility as collateral for borrowings. Oncor serves as servicer of the AR Facility and receives a fee from Receivables LLC equal to 1.00% per annum of the aggregate unpaid balance of receivables as of the last day of each settlement period. On May 5, 2026, the AR Facility was amended to, among other things, extend the scheduled termination date to May 4, 2029 from April 28, 2028.

Receivables LLC’s sole business consists of the purchase or acceptance through capital contributions of the receivables and related rights from Oncor and the subsequent retransfer of or granting of a security interest in such receivables and related rights to the administrative agent for the benefit of the lenders pursuant to the receivables financing agreement. Receivables LLC is a separate legal entity with its own separate creditors who will be entitled, upon its liquidation, to have amounts owed to them be satisfied out of Receivables LLC’s assets prior to any assets or value in Receivables LLC becoming available to Receivables LLC’s equity holder. The assets of Receivables LLC are not available to pay creditors of Oncor or any affiliate thereof.

Receivables LLC is considered a VIE. See Note 12 for more information related to our consolidated VIE.

Oncor has access to the AR Facility, under which Receivables LLC may borrow at any one time an amount equal to the borrowing base. The borrowing base is defined under the receivables financing agreement as an amount equal to the lesser of (i) the facility limit or (ii) the amount calculated based on the outstanding balance of eligible receivables held as collateral at a particular time, subject to certain reserves, concentration limits, and other limitations. On May 5, 2026, the AR Facility was amended to increase the facility limit to $600 million from $500 million. Borrowings under the AR Facility bear interest at the daily cost of asset-backed commercial paper issued by the conduit lenders to fund the loans, plus related dealer commissions and note issuance costs, or, if funded by the committed lenders, a rate per annum equal to SOFR calculated based on term SOFR for a one-month interest period. Receivables LLC also pays a used and unused fee in connection with the AR Facility.

The agreements relating to the AR Facility contain customary representations and warranties and affirmative and negative covenants. The agreements relating to the AR Facility also contain customary events of default for a facility of this type, the occurrence of which provides for the acceleration of all outstanding loans made under the AR Facility, including Receivables LLC’s failure to pay interest or other amounts due, Receivables LLC becoming insolvent or subject to bankruptcy proceedings or certain judicial judgments or breaches of certain representations and warranties and covenants.

The AR Facility will terminate at the earlier of (i) the scheduled termination date of May 4, 2029, (ii) the date on which the termination date is declared or deemed to have occurred upon the exercise of remedies by the administrative agent, or (iii) the date that is 30 days after notice of termination is provided by Receivables LLC. Subject to the consent of the administrative agent and the lenders, Receivables LLC may, 30 days prior to each anniversary date of the receivables financing agreement, extend the AR Facility in one-year increments subject to

lender approvals.

The following table summarizes the borrowings and repayments under the AR Facility in the three months ended March 31, 2026:


	Borrowing (Repayment) Amounts
Balance outstanding at December 31, 2025	$	325
Borrowing on January 29, 2026		150
Repayment on March 17, 2026		(475)
Balance outstanding at March 31, 2026	$	-

At March 31, 2026, the borrowing base for the AR Facility was $500 million and there were no borrowings outstanding under the AR Facility.

$500M Credit Facility

In February 2024, we entered into an unsecured revolving $500M Credit Facility. The $500M Credit Facility has a borrowing capacity of $500 million and a maturity date of February 21, 2027. The $500M Credit Facility gives us the option to request an increase in our borrowing capacity of up to $500 million in $100 million minimum increments, subject to certain conditions, including lender approvals. The $500M Credit Facility also provides us with the option to request that each lender extend the term of its commitment for up to two additional one-year periods, subject to certain conditions, including lender approvals.

Borrowings under the $500M Credit Facility bear interest at a per annum rate equal to, at our option, (i) term SOFR for the interest period relevant to such borrowing, plus the SOFR Adjustment, plus an applicable margin of between 0.875% and 1.500%, depending on certain credit ratings assigned to our debt, or (ii) an alternate base rate (equal to the greatest of (1) the prime rate publicly announced from time to time by the administrative agent as its prime rate, (2) the federal funds effective rate, plus 0.50%, and (3) term SOFR for a one-month interest period on such date, plus the SOFR Adjustment, plus 1.0%), plus, in the case of clauses (1) through (3), an applicable margin of between 0.00% and 0.50%, depending on certain credit ratings assigned to our debt. The $500M Credit Facility also provides for an alternative rate of interest upon the occurrence of certain events related to the current rate of interest benchmark.

A commitment fee is payable quarterly in arrears and upon termination or the reduction of the revolving commitments at a rate per annum equal to between 0.075% and 0.625% of the unborrowed commitments under the $500M Credit Facility, depending on certain credit ratings assigned to our debt and the utilization percentage. The utilization percentage is determined by dividing the aggregate principal amount of loans outstanding under the $500M Credit Facility by the total commitments.

The $500M Credit Facility requires that we maintain a maximum consolidated senior debt to consolidated total capitalization ratio of 0.65 to 1.00 and observe certain customary reporting requirements and other customary covenants for facilities of this type.

The $500M Credit Facility also contains customary events of default for facilities of this type, the occurrence of which would allow the lenders to accelerate all outstanding loans and terminate their commitments, including certain changes in control of Oncor that are not permitted transactions under the $500M Credit Facility and cross-default provisions in the event we or any of our subsidiaries default on indebtedness in a principal amount in excess of $100 million or receive judgments for the payment of money in excess of $100 million that are not discharged or stayed within 60 days.

There were $480 million in aggregate borrowings outstanding under the $500M Credit Facility at March 31, 2026. The remaining borrowing capacity was $20 million at March 31, 2026.

$1B Credit Facility

On February 20, 2025, we entered into an unsecured revolving $1B Credit Facility. On February 20, 2026, we entered into an amendment to the $1B Credit Facility to, among other things, extend the maturity date by one year and to remove the SOFR Adjustment. The $1B Credit Facility has a borrowing capacity of $1.0 billion and a maturity date of February 20, 2029. The $1B Credit Facility gives us the option to request an increase in our borrowing capacity of up to $350 million in $100 million minimum increments, subject to certain conditions, including lender approvals. The $1B Credit Facility also provides us with the option to request that each lender extend the term of its commitment for up to two additional one-year periods, subject to certain conditions, including lender approvals.

Borrowings under the $1B Credit Facility bear interest at a per annum rate equal to, at our option, (i) term SOFR for the interest period relevant to such borrowing plus an applicable margin of between 0.750% and 1.250%, depending on certain credit ratings assigned to our debt, or (ii) an alternate base rate (equal to the greatest of (1) the prime rate as quoted by The Wall Street Journal on such date, (2) the federal funds effective rate on such date, plus 0.50%, and (3) term SOFR for a one-month interest period on such date plus 1.0%), plus, in the case of clauses (1) through (3), an applicable margin of between 0.00% and 0.25%, depending on certain credit ratings assigned to our debt. The $1B Credit Facility also provides for an alternative rate of interest upon the occurrence of certain events related to the current rate of interest benchmark.

A commitment fee is payable quarterly in arrears and upon termination or reduction of the revolving commitments at a rate per annum equal to between 0.040% and 0.150%, depending on certain credit ratings assigned to our debt, of the unborrowed commitments under the $1B Credit Facility.

The $1B Credit Facility requires that we maintain a maximum consolidated senior debt to consolidated total capitalization ratio of 0.65 to 1.00 and observe certain customary reporting requirements and other customary covenants for facilities of this type.

The $1B Credit Facility also contains customary events of default for facilities of this type, the occurrence of which would allow the lenders to accelerate all outstanding loans and terminate their commitments, including certain changes in control of Oncor that are not permitted transactions under the $1B Credit Facility and cross-default provisions in the event we or certain of our subsidiaries defaults in the payment of principal or interest due in respect of any indebtedness in a principal amount in excess of $150 million or fails to observe or perform any other term, covenant, condition or agreement contained in any agreement or instrument evidencing such indebtedness if such failure results in acceleration of the maturity of such indebtedness or receives judgments for the payment of money in excess of $150 million that are not discharged or stayed within 60 days.

At March 31, 2026, there were no borrowings outstanding under the $1B Credit Facility.

Term Loan Credit Agreement

On December 23, 2025, we entered into an unsecured $1.4 billion Term Loan Credit Agreement that matures on March 1, 2027. On December 26, 2025, we borrowed $925 million aggregate principal amount, and on January 29, 2026, we borrowed the remaining $475 million aggregate principal amount under the Term Loan Credit Agreement. Following the borrowing in January 2026, no additional amounts remained available for borrowing under the Term Loan Credit Agreement. On March 17, 2026 and March 31, 2026, we repaid $500 million and $275 million, respectively, of the aggregate principal amount outstanding under the Term Loan Credit Agreement. Following the repayments, $625 million in borrowings were outstanding under the Term Loan Credit Agreement at March 31, 2026.

Borrowings under the Term Loan Credit Agreement bear interest at a per annum rate equal to, at our option, (i) term SOFR for the interest period relevant to such borrowing plus an applicable margin of 0.875%, or (ii) an alternate base rate (equal to the greatest of (1) the prime rate as quoted by The Wall Street Journal on such date, (2) the federal funds effective rate on such date, plus 0.50%, and (3) term SOFR for a one-month interest period on such date plus 1.0%). The Term Loan Credit Agreement also provides for a commitment fee at a rate per annum of 0.05%

on the daily average available commitment during the funding availability period and an alternative rate of interest upon the occurrence of certain events related to the current rate of interest benchmark.

The Term Loan Credit Agreement requires that we maintain a maximum consolidated senior debt to consolidated total capitalization ratio of 0.65

ONCOR ELECTRIC DELIVERY CO LLC 10-Q