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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Revenues      
Total operating revenues $ 24,935 $ 24,419 $ 24,428
Operating Expenses      
Operating and maintenance 11,349 11,808 11,924
SB 901 securitization charges, net 35 33 1,267
Wildfire-related claims, net of recoveries 100 94 64
Wildfire Fund expense 352 383 567
Depreciation, amortization, and decommissioning 4,634 4,189 3,738
Total operating expenses 20,186 19,960 21,757
Operating Income 4,749 4,459 2,671
Interest income 520 604 606
Interest expense (3,028) (3,051) (2,850)
Other income, net 182 300 272
Income Before Income Taxes 2,423 2,312 699
Income tax benefit (280) (200) (1,557)
Net Income 2,703 2,512 2,256
Preferred stock dividend requirement 110 37 14
Income Available for Common Shareholders 2,593 2,475 2,242
Income Available for Common Shareholders $ 2,593 $ 2,475 $ 2,242
Weighted Average Common Shares Outstanding, Basic (in shares) 2,197 2,141 2,064
Weighted Average Common Shares Outstanding, Diluted 2,202 2,147 2,138
Net Income Per Common Share, Basic (in dollars per share) $ 1.18 $ 1.16 $ 1.09
Net Income Per Common Share, Diluted (in dollars per share) $ 1.18 $ 1.15 $ 1.05
Electric      
Operating Revenues      
Total operating revenues $ 18,318 $ 17,811 $ 17,424
Operating Expenses      
Cost of electricity and natural gas 2,609 2,261 2,443
Natural gas      
Operating Revenues      
Total operating revenues 6,617 6,608 7,004
Operating Expenses      
Cost of electricity and natural gas $ 1,107 $ 1,192 $ 1,754