v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 1,890 $ 561
Adjustments to reconcile to net cash provided by operating activities:    
Depreciation and amortization 1,568 1,454
Equity allowance for funds used during construction (93) (96)
Deferred income taxes 420 (52)
Wildfire Insurance Fund amortization expense 72 73
Other 77 21
Nuclear decommissioning trusts (102) (41)
Changes in operating assets and liabilities:    
Receivables 248 (66)
Inventory 12 (10)
Accounts payable 50 101
Other current assets and liabilities (247) (444)
Derivative assets and liabilities, net 44 (25)
Regulatory assets and liabilities, net (1,600) (106)
Wildfire-related insurance receivable 53 0
Wildfire-related claims (264) (148)
Other noncurrent assets and liabilities (22) 150
Net cash provided by operating activities 2,106 1,372
Cash flows from financing activities:    
Long-term debt issued, net of discount and issuance costs of $49 and $34 for the respective periods 3,501 4,216
Long-term debt repaid (726) (1,725)
Short-term debt issued 18 0
Short-term debt repaid 0 (396)
Common stock repurchased (29) 0
Preference stock issued, net of issuance cost 0 345
Preferred stock repurchased 0 (378)
Commercial paper (repayments) borrowing, net (1,012) 114
Dividends and distribution to noncontrolling interests (67) (88)
Common stock dividends paid (637) (595)
Preferred stock dividends paid (44) (45)
Other (13) 117
Net cash provided by financing activities 991 1,565
Cash flows from investing activities:    
Capital expenditures (3,120) (2,700)
Proceeds from sale of nuclear decommissioning trust investments 2,680 2,477
Purchases of nuclear decommissioning trust investments (2,580) (2,455)
Other 18 8
Net cash used in investing activities (3,002) (2,670)
Net increase in cash, cash equivalents and restricted cash 95 267
Cash, cash equivalents and restricted cash at beginning of period 684 532
Cash, cash equivalents and restricted cash at end of period $ 779 $ 799