Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows — operating activities:
Net income	$ 711	$ 2,322
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	2,225	1,891
Deferred income tax expense (benefit), net	68	666
Impairment of long-lived and other assets	73	0
Unrealized net (gain) loss from mark-to-market valuations of commodities	367	(1,725)
Unrealized net loss from mark-to-market valuations of interest rate swaps	84	26
Unrealized net gain from nuclear decommissioning trusts	(164)	(133)
Asset retirement obligation accretion expense	100	84
Bad debt expense	152	132
Stock-based compensation expense	82	76
Involuntary conversion gain	(80)	0
Other, net	36	(14)
Changes in operating assets and liabilities:
Margin deposits, net	(361)	855
Accrued interest	32	11
Accrued taxes	(19)	(40)
Accrued employee incentive	(106)	(78)
Other operating assets and liabilities	(562)	(863)
Cash provided by operating activities	2,638	3,210
Cash flows — investing activities:
Capital expenditures, including nuclear fuel purchases and LTSA prepayments	(1,916)	(1,648)
Energy Harbor acquisition (net of cash acquired)	0	(3,065)
Proceeds from sales of nuclear decommissioning trust fund securities	4,120	1,573
Investments in nuclear decommissioning trust fund securities	(4,138)	(1,590)
Proceeds from sales of environmental allowances	57	147
Purchases of environmental allowances	(511)	(511)
Insurance proceeds for recovery of damaged property, plant and equipment	198	3
Proceeds from sale of property, plant and equipment, including nuclear fuel	21	137
Other, net	7	(5)
Cash used in investing activities	(2,162)	(4,959)
Cash flows — financing activities:
Issuances of debt	424	2,200
Repayments/repurchases of debt	(764)	(2,269)
Net borrowings under accounts receivable financing	475	750
Borrowings under Revolving Credit Facility	150	50
Repayments under Revolving Credit Facility	(150)	(50)
Borrowings under Commodity-Linked Facility	987	1,802
Repayments under Commodity-Linked Facility	(987)	(1,802)
Debt issuance costs	(2)	(32)
Stock repurchases	(776)	(1,021)
Dividends paid to common stockholders	(229)	(230)
Dividends paid to preferred stockholders	(117)	(98)
Dividends paid to noncontrolling interest holders	0	(15)
Tax withholding on stock based compensation	(51)	(11)
Principal payment on forward repurchase obligation	(41)	0
TRA Repurchase and tender offer — return of capital	0	(122)
Other, net	21	(2)
Cash used in financing activities	(1,060)	(850)
Net change in cash, cash equivalents and restricted cash	(584)	(2,599)
Cash, cash equivalents and restricted cash — beginning balance	1,222	3,539
Cash, cash equivalents and restricted cash — ending balance	$ 638	$ 940