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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Millions
12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 2,072 $ 3,500 $ 3,618
Adjustments to reconcile net income to net cash provided by operating activities:      
Regulatory disallowances 651 0 0
Depreciation and amortization 2,563 2,437 2,227
Deferred income taxes and investment tax credits 533 (20) 249
Equity earnings (1,604) (1,609) (1,481)
Share-based compensation expense 64 86 80
Fixed-price contracts and other derivatives 92 (197) (666)
Bad debt expense 65 209 458
Other (16) 20 (14)
Net change in working capital components:      
Accounts receivable (66) 118 168
Due to/from unconsolidated affiliates, net 17 30 26
Income taxes receivable/payable, net (187) (49) 142
Inventories (64) (74) (80)
Other current assets (296) (30) 11
Accounts payable (7) (131) (270)
Regulatory balancing accounts, net (829) (456) 260
Other current liabilities 177 130 1,172
Distributions from investments 1,120 1,093 912
Changes in other noncurrent assets and liabilities, net 280 (150) (594)
Net cash provided by operating activities 4,565 4,907 6,218
Net cash used in investing activities      
Expenditures for property, plant and equipment (10,612) (8,215) (8,397)
Expenditures for investments (2,015) (988) (382)
Return on investments 0 9 0
Purchases of nuclear decommissioning and other trust assets (1,031) (889) (610)
Proceeds from sales of nuclear decommissioning and other trust assets 1,098 942 661
Other 23 23 12
Net cash used in investing activities (12,537) (9,118) (8,716)
CASH FLOWS FROM FINANCING ACTIVITIES      
Common dividends paid (1,603) (1,499) (1,483)
Preferred dividends paid (40) (44) (44)
Redemption of preferred stock (900) 0 0
Issuances of common stock, net 32 1,219 145
Repurchases of common stock (58) (43) (32)
Issuances of debt (maturities greater than 90 days) 11,282 8,674 7,669
Payments on debt (maturities greater than 90 days) and finance leases (5,220) (3,339) (6,294)
Increase (decrease) in short-term debt, net 1,262 (557) 552
Advances from unconsolidated affiliates 150 85 31
Contributions from contingently redeemable noncontrolling interest, net of transaction costs 5,294 0 0
Proceeds from investor equity subscription 106 0 0
Proceeds from sales of noncontrolling interests, net 0 0 1,219
Contributions from noncontrolling interests 327 1,235 1,570
Distributions to noncontrolling interests (609) (297) (730)
Termination of interest rate and settlement of cross-currency swaps 0 46 (99)
Other (93) (56) (85)
Net cash (used in) provided by financing activities 9,930 5,424 2,419
Effect of exchange rate changes on cash, cash equivalents and restricted cash 5 (13) 6
(Decrease) increase in cash, cash equivalents and restricted cash 1,963 1,200 (73)
Cash, cash equivalents and restricted cash, January 1 1,589 389 462
Cash, cash equivalents and restricted cash, December 31 3,552 1,589 389
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES      
Interest payments, net of amounts capitalized 1,449 1,205 1,172
Income tax payments, net of refunds 376 289 197
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]      
Accrued interest receivable capitalized to note receivable 18 17 16
Repayments of advances from unconsolidated affiliate in lieu of distributions 45 62 36
Accrued capital expenditures for PP&E 1,653 1,181 1,052
Capital expenditures reclassified from other assets to PP&E 3 53 18
Increase in ARO capitalized to PP&E 11 1 33
Increase in finance lease obligations capitalized to PP&E 47 41 57
Amortized debt issuance costs capitalized to PP&E 22 13 4
Unamortized debt issuance costs reclassified from noncurrent assets to long-term debt 67 27 9
Accrued interest payable capitalized to due to unconsolidated affiliate 18 16 0
Change in equity related to allocation of interests, net of tax 1,771 0 0
Preferred deemed dividends 11 0 0
Common dividends issued in stock 52 54 0
Contributions from NCI 0 0 200
Preferred stock      
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]      
Dividends declared but not paid 0 11 11
Common Stock      
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]      
Dividends declared but not paid $ 421 $ 393 $ 376