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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
OPERATING ACTIVITIES      
Net Income $ 3,696 $ 2,976 $ 2,213
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:      
Depreciation and Amortization 3,380 3,290 3,090
Deferred Income Taxes 311 58 185
Loss on the Sale of the Competitive Contracted Renewables Portfolio 0 0 93
Asset Impairments and Other Related Charges 66 143 86
Allowance for Equity Funds Used During Construction (245) (211) (175)
Mark-to-Market of Risk Management Contracts (116) (81) 9
Amortization of Nuclear Fuel 109 103 97
Pension Contributions to Qualified Plan Trust (95) 0 0
Property Taxes (42) (45) (41)
Deferred Fuel Over/Under-Recovery, Net 133 277 893
Change in Regulatory Assets (304) (174) (316)
Change in Other Noncurrent Assets (559) (348) (446)
Change in Other Noncurrent Liabilities 269 306 29
Changes in Certain Components of Working Capital:      
Accounts Receivable, Net (246) (156) 236
Fuel, Materials and Supplies 115 172 (504)
Accounts Payable 252 85 (253)
Accrued Taxes, Net 32 240 22
Other Current Assets 85 (13) (44)
Other Current Liabilities 103 182 (162)
Net Cash Flows from Operating Activities 6,944 6,804 5,012
INVESTING ACTIVITIES      
Construction Expenditures (8,453) (7,631) (7,378)
Purchases of Investment Securities (2,981) (2,923) (2,864)
Sales of Investment Securities 2,935 2,878 2,795
Acquisitions of Nuclear Fuel (130) (140) (128)
Acquisitions of Generation Facilities (3,453) (399) (155)
Proceeds from Sales of Assets 25 362 1,341
Proceeds from Sale of Equity Method Investment 0 114 0
Other Investing Activities 118 143 122
Net Cash Flows Used for Investing Activities (11,939) (7,596) (6,267)
FINANCING ACTIVITIES      
Capital Contribution from Noncontrolling Interest 38 0 0
Issuance of Common Stock, Net 775 552 1,000
Issuance of Long-term Debt 8,261 5,117 5,463
Issuance of Short-term Debt with Original Maturities greater than 90 Days 320 724 1,070
Change in Short-term Debt with Original Maturities less than 90 Day, Net (658) (159) (1,223)
Retirement of Long-term Debt (3,649) (2,685) (2,196)
Redemption of Short-term Debt with Original Maturities greater than 90 Days (678) (871) (1,129)
Principal Payments for Finance Lease Obligations (51) (65) (68)
Proceeds from the Midwest Transmission Holdings Noncontrolling Interest Transaction, Net of Transaction Costs 2,783 0 0
Dividends Paid on Common Stock (2,008) (1,898) (1,752)
Dividends Paid on Noncontrolling Interest (108) (6) (8)
Other Financing Activities (8) (50) (80)
Net Cash Flows from Financing Activities 5,017 659 1,077
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 22 (133) (178)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 246 379 557
Cash, Cash Equivalents and Restricted Cash at End of Period $ 268 $ 246 $ 379