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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Domestic and Foreign Loss Before Income Taxes

The following table presents the domestic and foreign loss before income taxes for the period ended December 31, 2025 (in thousands):


Loss before income taxes – Domestic	$	988,121
Loss before income taxes – Foreign	188,203
Total Loss before income taxes	$	1,176,324

Schedule of Loss (Income) Before Income Taxes

The following table presents the loss (income) before income taxes for the periods presented (in thousands):


	For the Year Ended December 31,
	2025		2024		2023
Loss (income) attributable to common stockholders	$	(282,729)	$	2,872,984	$	1,617,188
Loss attributable to noncontrolling interest and redeemable noncontrolling interests	1,459,053		1,509,050		1,078,344
Loss before income taxes	$	1,176,324	$	4,382,034	$	2,695,532

Schedule of Income Tax (Benefit) Provision

The income tax (benefit) provision consists of the following (in thousands):


	For the Year Ended December 31,
	2025		2024		2023
Current
Federal	$	—	$	—	$	—
State	—		—		—
Foreign	—		—		—
Total current (benefit) expense	—		—		—
Deferred
Federal	(170,701)		(25,833)		(23,583)
State	294		(984)		10,892
Foreign	3,189		—		—
Total deferred (benefit) provision	(167,218)		(26,817)		(12,691)
Total	$	(167,218)	$	(26,817)	$	(12,691)

Schedule of Reconciliation of Statutory Federal Rate and Effective Tax Rate

The following table represents a reconciliation of the statutory federal rate and the Company’s effective tax rate for the periods presented:


	For the Year Ended December 31,
	2024		2023
Tax provision (benefit) at federal statutory rate	(21.00)	%	(21.00)	%
State income taxes, net of federal benefit	0.06		(1.11)
Foreign provision, net of federal benefit	(0.71)		—
Effect of noncontrolling and redeemable noncontrolling interests	7.23		8.40
Stock-based compensation	0.27		0.46

Tax credits	(1.78)		(0.63)
Effect of valuation allowance	(0.16)		4.06
Goodwill impairment	14.96		9.02
Other	0.52		0.33
Total	(0.61)	%	(0.47)	%

The following table represents a reconciliation of the statutory federal rate and the Company’s effective tax rate for the periods presented (following the adoption of ASU 2023-09):


	For the Year Ended December 31, 2025
	Amount (in Thousands)		Percent
U.S. federal statutory tax rate	$	(247,028)	21.00	%
State and local income taxes, net of federal income tax effect1	5,154		(0.44)
Change in state valuation allowances	(4,860)		0.41
Foreign tax effects
Puerto Rico	(42,216)		3.59
Change in foreign valuation allowances	45,405		(3.85)
Effect of changes in tax laws or rates enacted in the current period	—		—
Tax credits
Energy-related tax credits	(229,934)		19.55
Changes in valuation allowances	(18,009)		1.53
Nontaxable or nondeductible Items
Stock-based compensation	12,567		(1.07)
Other	968		(0.08)
Other adjustments
Noncontrolling interest allocation	306,401		(26.05)
Other	4,334		(0.37)
Effective tax rate	$	(167,218)	14.22	%

(1) State taxes in California made up the majority (greater than 50 percent) of the tax effect in this category.

Schedule of Deferred Tax Assets and Liabilities

The following table represents the components of the Company’s deferred tax assets and liabilities for the periods presented (in thousands):


	December 31,
	2025		2024
Deferred tax assets
Accruals and prepaids	$	57,783	$	48,019
Deferred revenue	157,317		149,928
Net operating loss carryforwards	1,005,094		835,420
Stock-based compensation	13,639		16,962
Investment tax and other credits	167,137		168,623
Interest expense	257,090		188,016
UNICAP costs	98,285		73,180

Total deferred tax assets	1,756,345		1,480,148
Less: Valuation allowance	(189,335)		(165,000)
Gross deferred tax assets	1,567,010		1,315,148
Deferred tax liabilities
Interest rate derivatives	19,128		27,134
Capitalized costs to obtain a contract	562,715		486,978
Fixed asset depreciation and amortization	703,163		696,755
Deferred tax on investment in partnerships	445,180		242,221
Gross deferred tax liabilities	1,730,186		1,453,088
Net deferred tax liabilities	$	(163,176)	$	(137,940)

Schedule of Tax Years that Remain Open and Subject to Examination by the Tax Authorities

The following table summarizes the tax years that remain open and subject to examination by the tax authorities in the most significant jurisdictions in which the Company operates:


			Tax Years
U.S. Federal			2022 - 2025
State			2021 - 2025
Foreign			2021 - 2025