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CONDENSED CONSOLIDATED STATEMENTS OF INCOME, UTILITY - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Operating Revenues        
Total operating revenues $ 6,250 $ 5,941 $ 18,131 $ 17,788
Operating Expenses        
Operating and maintenance 2,641 2,683 8,147 8,076
SB 901 securitization charges, net 35 33 35 33
Wildfire-related claims, net of recoveries 1 74 100 70
Wildfire Fund expense 86 139 271 295
Depreciation, amortization, and decommissioning 1,132 1,059 3,302 3,134
Total operating expenses 5,041 4,912 14,606 14,349
Operating Income 1,209 1,029 3,525 3,439
Interest income 94 156 392 495
Interest expense (770) (795) (2,296) (2,322)
Other income, net 97 83 251 241
Income Before Income Taxes 630 473 1,872 1,853
Income tax (benefit) expense (220) (106) (161) 15
Net Income 850 579 2,033 1,838
Preferred stock dividend requirement 27 3 82 10
Income Available for Common Shareholders 823 576 1,951 1,828
Income Available for Common Shareholders 823 576 1,951 1,828
Utility        
Operating Revenues        
Total operating revenues 6,250 5,941 18,131 17,788
Operating Expenses        
Operating and maintenance 2,636 2,678 8,128 8,062
SB 901 securitization charges, net 35 33 35 33
Wildfire-related claims, net of recoveries 1 74 100 70
Wildfire Fund expense 86 139 271 295
Depreciation, amortization, and decommissioning 1,132 1,059 3,302 3,134
Total operating expenses 5,036 4,907 14,587 14,335
Operating Income 1,214 1,034 3,544 3,453
Interest income 91 153 384 486
Interest expense (691) (721) (2,059) (2,125)
Other income, net 97 82 251 240
Income Before Income Taxes 711 548 2,120 2,054
Income tax (benefit) expense (202) (70) (100) 90
Net Income 913 618 2,220 1,964
Preferred stock dividend requirement 3 3 10 10
Income Available for Common Shareholders 910 615 2,210 1,954
Income Available for Common Shareholders 910 615 2,210 1,954
Electric        
Operating Revenues        
Total operating revenues 4,755 4,538 13,304 13,048
Operating Expenses        
Cost of electricity and natural gas 1,015 835 2,013 1,919
Electric | Utility        
Operating Revenues        
Total operating revenues 4,755 4,538 13,304 13,048
Operating Expenses        
Cost of electricity and natural gas 1,015 835 2,013 1,919
Natural gas        
Operating Revenues        
Total operating revenues 1,495 1,403 4,827 4,740
Operating Expenses        
Cost of electricity and natural gas 131 89 738 822
Natural gas | Utility        
Operating Revenues        
Total operating revenues 1,495 1,403 4,827 4,740
Operating Expenses        
Cost of electricity and natural gas $ 131 $ 89 $ 738 $ 822