v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net income $ 1,142 $ 927
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 1,424 1,461
Nuclear fuel amortization 59 55
Deferred income taxes (28) 282
Allowance for equity funds used during construction (197) (117)
(Earnings) loss from equity method investments (89) 9
Dividends from equity method investments 13 16
Provision for bad debts 24 31
Share-based compensation expense 23 21
Changes in operating assets and liabilities:    
Accounts receivable 50 85
Accrued unbilled revenues 94 10
Inventories (56) (97)
Other current assets 571 89
Accounts payable (140) (154)
Net regulatory assets and liabilities 89 (50)
Other current liabilities (107) (290)
Pension and other employee benefit obligations (61) (115)
Other, net (14) (54)
Net cash provided by operating activities 2,797 2,109
Investing activities    
Capital/construction expenditures (5,970) (4,415)
Purchase of investment securities (1,088) (571)
Proceeds from the sale of investment securities 1,088 570
Other, net 11 (14)
Net cash used in investing activities (5,959) (4,430)
Financing activities    
Proceeds from short-term borrowings, net 960 125
Proceeds from issuances of long-term debt 4,694 3,893
Repayments of long-term debt 66 932
Proceeds from issuance of common stock 11 1,143
Dividends paid (708) (625)
Other, net 7 (8)
Net cash provided by financing activities 4,898 3,596
Net change in cash, cash equivalents and restricted cash 1,736 1,275
Cash, cash equivalents and restricted cash at beginning of period 274 179
Cash, cash equivalents and restricted cash at end of period 2,010 1,454
Supplemental disclosure of cash flow information:    
Cash paid for interest (net of amounts capitalized) (705) (583)
Supplemental disclosure of non-cash investing and financing transactions:    
Accrued property, plant and equipment additions 1,335 1,081
Inventory transfers to property, plant and equipment 102 217
Operating lease and finance lease right-of-use assets 82 159
Allowance for equity funds used during construction 197 117
Issuance of common stock for reinvested dividends and/or equity awards $ 40 $ 39