v3.26.1
Segments (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Revenue By Segment Table
The following tables present financial information by segment for the periods indicated (in millions):
Three Months Ended March 31, 2026
Renewables SBUUtilities SBUEnergy Infrastructure SBUNew Energy Technologies SBUTotal
Revenue$820 $1,136 $1,256 $— $3,212 
Corporate and other29 
Eliminations(61)
Total Revenue$3,180 
Less:
Total cost of sales excluding depreciation, amortization, and accretion of AROs (1)
477 766 943 3 
Other segment items (2)
74 101 7 18 
Segment Adjusted EBITDA$269 $269 $306 $(21)$823 
Reconciliation to income from continuing operations before taxes:
Corporate and other(1)
Eliminations5 
Interest expense(353)
Interest income65 
Depreciation, amortization, and accretion of AROs(433)
Adjusted for:
Noncontrolling interests and redeemable stock of subsidiaries232 
Income tax expense (benefit), interest expense (income), and depreciation, amortization, and accretion of AROs from equity affiliates
(33)
Interest income recognized under service concession arrangements(13)
Unrealized derivatives, equity securities, and financial assets and liabilities gains
7 
Unrealized foreign currency gains
20 
Disposition/acquisition losses(53)
Impairment losses
(10)
Loss on extinguishment of debt and troubled debt restructuring(8)
Merger costs
(14)
Income from continuing operations before taxes$234 
_____________________________
(1)Segment-level total cost of sales excluding depreciation, amortization, and accretion of AROs is considered regularly provided to the Chief Operating Decision Maker. Total cost of sales excluding depreciation, amortization, and accretion of AROs includes items such as fuel cost, electricity purchases, transmission charges, supplies, salaries and wages, consulting costs, IT costs, market fees, insurance, and lease expense.
(2)Other segment items for each reportable segment includes:
Renewables SBU — business development costs, miscellaneous gains and losses in Other income and Other expense, realized foreign currency gains and losses, earnings from equity affiliates, and adjustment for noncontrolling interest expense.
Utilities SBU — miscellaneous gains and losses in Other income and Other expense, earnings from equity affiliates, and adjustment for noncontrolling interest expense.
Energy Infrastructure SBU — service concession interest income, business development costs, miscellaneous gains and losses in Other income and Other expense, realized foreign currency gains and losses, earnings from equity affiliates, and adjustment for noncontrolling interest expense.
New Energy Technologies SBU — business development costs, earnings from equity affiliates, and miscellaneous gains and losses in Other income and Other expense.
Three Months Ended March 31, 2025
Renewables SBUUtilities SBUEnergy Infrastructure SBUNew Energy Technologies SBUTotal
Revenue
$666 $1,009 $1,320 $— $2,995 
Corporate and other
36 
Eliminations
(105)
Total Revenue
$2,926 
Less:
Total cost of sales excluding depreciation, amortization, and accretion of AROs (1)
466 730 1,050 (1)
Other segment items (2)
39 56 16 26 
Segment Adjusted EBITDA
$161 $223 $254 $(25)$613 
Reconciliation to income from continuing operations before taxes:
Corporate and other
(24)
Eliminations
2 
Interest expense
(342)
Interest income
69 
Depreciation, amortization, and accretion of AROs
(337)
Adjusted for:
Noncontrolling interests and redeemable stock of subsidiaries
134 
Income tax expense (benefit), interest expense (income), and depreciation, amortization, and accretion of AROs from equity affiliates
(36)
Interest income recognized under service concession arrangements(15)
Unrealized derivatives, equity securities, and financial assets and liabilities gains
1 
Unrealized foreign currency losses
7 
Disposition/acquisition losses
(41)
Impairment losses(33)
Loss on extinguishment of debt and troubled debt restructuring
(8)
Restructuring costs(46)
Loss from continuing operations before taxes
$(56)
_____________________________
(1)Segment-level total cost of sales excluding depreciation, amortization, and accretion of AROs is considered regularly provided to the Chief Operating Decision Maker. Total cost of sales excluding depreciation, amortization, and accretion of AROs includes items such as fuel cost, electricity purchases, transmission charges, supplies, salaries and wages, consulting costs, IT costs, market fees, insurance, and lease expense.
(2)Other segment items for each reportable segment includes:
Renewables SBU — business development costs, miscellaneous gains and losses in Other income and Other expense, realized foreign currency gains and losses, earnings from equity affiliates, and adjustment for noncontrolling interest expense.
Utilities SBU — miscellaneous gains and losses in Other income and Other expense, earnings from equity affiliates, and adjustment for noncontrolling interest expense.
Energy Infrastructure SBU — service concession interest income, business development costs, miscellaneous gains and losses in Other income and Other expense, realized foreign currency gains and losses, earnings from equity affiliates, and adjustment for noncontrolling interest expense.
New Energy Technologies SBU — business development costs, earnings from equity affiliates, and miscellaneous gains and losses in Other income and Other expense.
The Company uses long-lived assets as its measure of segment assets. Long-lived assets include amounts recorded in Property, plant, and equipment, net and right-of-use assets for operating leases recorded in Other noncurrent assets on the Condensed Consolidated Balance Sheets.
Long-Lived AssetsMarch 31, 2026December 31, 2025
Renewables SBU$25,353 $23,945 
Utilities SBU9,652 9,464 
Energy Infrastructure SBU4,638 4,726 
New Energy Technologies SBU25 23 
Corporate and Other34 29 
Long-Lived Assets39,702 38,187 
Current assets6,110 6,502 
Investments in and advances to affiliates1,006 1,004 
Debt service reserves and other deposits120 89 
Goodwill342 342 
Other intangible assets2,019 2,040 
Deferred income taxes425 397 
Loan receivable730 755 
Other noncurrent assets, excluding right-of-use assets for operating leases2,365 2,452 
Total Assets$52,819 $51,768 

Depreciation, Amortization, and Accretion of AROs
Capital Expenditures
Three Months Ended March 31,
20262025
2026
2025
Renewables SBU$181 $129 $1,411 $970 
Utilities SBU136 124 366 260 
Energy Infrastructure SBU112 81 28 28 
New Energy Technologies SBU1 — 1 1 
Corporate and Other3 3 4 2 
Total$433 $337 $1,810 $1,261 

Interest Income
Interest Expense
Net Equity in Earnings (Losses) of Affiliates
Three Months Ended March 31,
2026
2025
2026
2025
2026
2025
Renewables SBU$25 $21 $125 $131 $(7)$(9)
Utilities SBU2 2 77 77 2 2 
Energy Infrastructure SBU35 41 65 74 15 4 
New Energy Technologies SBU— 2 — — (17)(27)
Corporate and Other3 3 86 60 (1)(4)
Total$65 $69 $353 $342 $(8)$(34)