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CONDENSED CONSOLIDATED BALANCE SHEETS, UTILITY - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Current Assets    
Cash and cash equivalents $ 972 $ 713
Restricted cash and restricted cash equivalents (includes $215 million and $225 million related to VIEs at respective dates) 249 259
Accounts receivable    
Customers (net of allowance for doubtful accounts of $402 million and $408 million at respective dates) (includes $1.6 billion and $1.9 billion related to VIEs, net of allowance for doubtful accounts of $400 million and $408 million at respective dates) 1,884 2,267
Accrued unbilled revenue (includes $1.7 billion and $1.3 billion related to VIEs at respective dates) 1,909 1,463
Regulatory balancing accounts 5,380 6,300
Other (net of allowance for doubtful accounts of $19 million and $69 million at respective dates) 1,822 1,719
Regulatory assets 196 305
Inventories    
Gas stored underground and fuel oil 70 75
Materials and supplies 785 745
Wildfire Fund asset 291 297
Wildfire self-insurance asset 1,059 1,043
Other 787 644
Total current assets 15,404 15,830
Property, Plant, and Equipment    
Property, Plant, and Equipment 133,883 128,989
Construction work in progress 4,810 4,627
Financing lease ROU asset and other 0 2
Total property, plant, and equipment 138,693 133,618
Accumulated depreciation (38,512) (37,270)
Net property, plant, and equipment 100,181 96,348
Other Noncurrent Assets    
Regulatory assets 16,125 15,981
Customer credit trust 553 804
Nuclear decommissioning trusts 4,431 4,230
Operating lease ROU asset 485 450
Wildfire Fund asset 3,508 3,728
Other (includes noncurrent accounts receivable of $77 million and $67 million related to VIEs, net of noncurrent allowance for doubtful accounts of $19 million and $15 million at respective dates) 4,389 4,240
Total other noncurrent assets 29,491 29,433
TOTAL ASSETS 145,076 141,611
Current Liabilities    
Short-term borrowings 1,375 2,675
Long-term debt, classified as current (includes $226 million and $221 million related to VIEs at respective dates) 1,075 821
Accounts payable    
Trade creditors 3,009 3,353
Regulatory balancing accounts 2,142 3,119
Other 915 929
Operating lease liabilities 91 90
Interest payable (includes $70 million and $72 million related to VIEs at respective dates) 833 764
Wildfire-related claims 309 524
Other 2,918 4,025
Total current liabilities 12,667 16,300
Noncurrent Liabilities    
Long-term debt (includes $11.6 billion and $11.7 billion related to VIEs at respective dates) 61,768 57,387
Regulatory liabilities 20,385 20,188
Pension and other postretirement benefits 517 549
Asset retirement obligations 5,581 5,439
Deferred income taxes 4,717 4,135
Operating lease liabilities 394 360
Financing lease liabilities 0 2
Other 4,894 4,459
Total noncurrent liabilities 98,256 92,519
Shareholders’ Equity    
Preferred stock 1,579 1,579
Common stock, $5 par value, authorized 800,000,000 shares; 800,000,000 shares outstanding at respective dates 31,636 31,636
Reinvested earnings 719 (650)
Accumulated other comprehensive loss (33) (25)
Total shareholders’ equity 33,901 32,540
TOTAL LIABILITIES AND EQUITY 145,076 141,611
Variable Interest Entity, Primary Beneficiary    
Current Assets    
Restricted cash and restricted cash equivalents (includes $215 million and $225 million related to VIEs at respective dates) 215 225
Accounts receivable    
Customers (net of allowance for doubtful accounts of $402 million and $408 million at respective dates) (includes $1.6 billion and $1.9 billion related to VIEs, net of allowance for doubtful accounts of $400 million and $408 million at respective dates) 1,600 1,900
Accrued unbilled revenue (includes $1.7 billion and $1.3 billion related to VIEs at respective dates) 1,700 1,300
Current Liabilities    
Long-term debt, classified as current (includes $226 million and $221 million related to VIEs at respective dates) 226 221
Accounts payable    
Interest payable (includes $70 million and $72 million related to VIEs at respective dates) 70 72
Noncurrent Liabilities    
Long-term debt (includes $11.6 billion and $11.7 billion related to VIEs at respective dates) 11,600 11,700
Utility    
Current Assets    
Cash and cash equivalents 256 353
Restricted cash and restricted cash equivalents (includes $215 million and $225 million related to VIEs at respective dates) 248 258
Accounts receivable    
Customers (net of allowance for doubtful accounts of $402 million and $408 million at respective dates) (includes $1.6 billion and $1.9 billion related to VIEs, net of allowance for doubtful accounts of $400 million and $408 million at respective dates) 1,884 2,267
Accrued unbilled revenue (includes $1.7 billion and $1.3 billion related to VIEs at respective dates) 1,909 1,463
Regulatory balancing accounts 5,380 6,300
Other (net of allowance for doubtful accounts of $19 million and $69 million at respective dates) 1,830 1,725
Regulatory assets 196 305
Inventories    
Gas stored underground and fuel oil 70 75
Materials and supplies 785 745
Wildfire Fund asset 291 297
Wildfire self-insurance asset 1,059 1,043
Other 804 643
Total current assets 14,712 15,474
Property, Plant, and Equipment    
Property, Plant, and Equipment 133,883 128,989
Construction work in progress 4,809 4,626
Financing lease ROU asset and other 0 2
Total property, plant, and equipment 138,692 133,617
Accumulated depreciation (38,511) (37,269)
Net property, plant, and equipment 100,181 96,348
Other Noncurrent Assets    
Regulatory assets 16,125 15,981
Customer credit trust 553 804
Nuclear decommissioning trusts 4,431 4,230
Operating lease ROU asset 481 445
Wildfire Fund asset 3,508 3,728
Other (includes noncurrent accounts receivable of $77 million and $67 million related to VIEs, net of noncurrent allowance for doubtful accounts of $19 million and $15 million at respective dates) 4,192 4,073
Total other noncurrent assets 29,290 29,261
TOTAL ASSETS 144,183 141,083
Current Liabilities    
Short-term borrowings 1,375 2,675
Long-term debt, classified as current (includes $226 million and $221 million related to VIEs at respective dates) 1,075 821
Accounts payable    
Trade creditors 3,006 3,352
Regulatory balancing accounts 2,142 3,119
Other 876 844
Operating lease liabilities 91 90
Interest payable (includes $70 million and $72 million related to VIEs at respective dates) 716 673
Wildfire-related claims 309 524
Other 2,725 3,710
Total current liabilities 12,315 15,808
Noncurrent Liabilities    
Long-term debt (includes $11.6 billion and $11.7 billion related to VIEs at respective dates) 55,155 51,766
Regulatory liabilities 20,385 20,188
Pension and other postretirement benefits 450 482
Asset retirement obligations 5,581 5,439
Deferred income taxes 5,352 4,732
Operating lease liabilities 390 355
Financing lease liabilities 0 2
Other 4,902 4,474
Total noncurrent liabilities 92,215 87,438
Shareholders’ Equity    
Preferred stock 258 258
Common stock, $5 par value, authorized 800,000,000 shares; 800,000,000 shares outstanding at respective dates 1,322 1,322
Additional paid-in capital 38,802 37,505
Reinvested earnings (697) (1,225)
Accumulated other comprehensive loss (32) (23)
Total shareholders’ equity 39,653 37,837
TOTAL LIABILITIES AND EQUITY 144,183 141,083
Utility | Variable Interest Entity, Primary Beneficiary    
Current Assets    
Restricted cash and restricted cash equivalents (includes $215 million and $225 million related to VIEs at respective dates) 215 225
Accounts receivable    
Customers (net of allowance for doubtful accounts of $402 million and $408 million at respective dates) (includes $1.6 billion and $1.9 billion related to VIEs, net of allowance for doubtful accounts of $400 million and $408 million at respective dates) 1,600 1,900
Accrued unbilled revenue (includes $1.7 billion and $1.3 billion related to VIEs at respective dates) 1,700 1,300
Current Liabilities    
Long-term debt, classified as current (includes $226 million and $221 million related to VIEs at respective dates) 226 221
Accounts payable    
Interest payable (includes $70 million and $72 million related to VIEs at respective dates) 70 72
Noncurrent Liabilities    
Long-term debt (includes $11.6 billion and $11.7 billion related to VIEs at respective dates) $ 11,600 $ 11,700