v3.26.1
Revenue Recognition
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Performance Obligations
As of June 30, 2026, estimated future fixed fee performance obligations are $1.4 billion for the remaining six months of fiscal year 2026, and $2.6 billion, $2.4 billion, $1.6 billion, $905 million and $71 million for the fiscal years 2027, 2028, 2029, 2030 and 2031, respectively. These performance obligations include Vivint Smart Home products and services, as well as cleared auction MWs in the PJM, ISO-NE, NYISO and MISO capacity auctions and demand response. The cleared auction MWs are subject to penalties for non-performance. The increase in future fixed fee performance obligations as of June 30, 2026, compared to the same period in 2025 is primarily due to the acquisition of the LSP Portfolio.
Disaggregated Revenues
The following tables represent the Company’s disaggregation of revenue from contracts with customers for the three and six months ended June 30, 2026 and 2025:
Three months ended June 30, 2026
(In millions)
TexasEastWest/OtherVivint Smart HomeCorporate/EliminationsTotal
Retail revenue:
Home$1,788 $571 $220 $587 $(6)$3,160 
Business911 2,199 416 — — 3,526 
Total retail revenue(a)
2,699 2,770 636 587 (6)6,686 
Energy revenue(a)
14 287 — — — 301 
Capacity revenue(a)
— 392 6 — (6)392 
Mark-to-market for economic hedging activities(b)
— 14 — — 4 18 
Contract amortization— 14 — — — 14 
Other revenue(a)
34 35 2 — (1)70 
Total revenue2,747 3,512 644 587 (9)7,481 
Less: Revenues accounted for under topics other than ASC 606 and ASC 815— 57 2 39 — 98 
Less: Realized and unrealized ASC 815 revenue
(5)65 (1)— 5 64 
Total revenue from contracts with customers$2,752 $3,390 $643 $548 $(14)$7,319 
(a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)
TexasEastWest/OtherVivint Smart HomeCorporate/EliminationsTotal
Retail revenue$— $6 $— $— $— $6 
Energy revenue— 27 — — 1 28 
Capacity revenue— 23 — — — 23 
Other revenue(5)(5)(1)— — (11)
(b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815
Three months ended June 30, 2025
(In millions)
TexasEastWest/OtherVivint Smart HomeCorporate/EliminationsTotal
Retail revenue:
Home$1,804 $524 $207 $522 $(5)$3,052 
Business975 2,084 408 — — 3,467 
Total retail revenue(a)
2,779 2,608 615 522 (5)6,519 
Energy revenue(a)
15 64 20 — — 99 
Capacity revenue(a)
— 55 6 — — 61 
Mark-to-market for economic hedging activities(b)
— 3 (2)— (2)(1)
Other revenue(a)
52 8 5 — (3)62 
Total revenue2,846 2,738 644 522 (10)6,740 
Less: Revenues accounted for under topics other than ASC 606 and ASC 815— — 2 28 — 30 
Less: Realized and unrealized ASC 815 revenue
12 33 (7)— (1)37 
Total revenue from contracts with customers$2,834 $2,705 $649 $494 $(9)$6,673 
(a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)
TexasEastWest/OtherVivint Smart HomeCorporate/EliminationsTotal
Retail revenue$— $7 $— $— $— $7 
Energy revenue— 8 (4)— — 4 
Capacity revenue— 16 — — — 16 
Other revenue12 (1)(1)— 1 11 
(b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815
Six months ended June 30, 2026
(In millions)
Texas(a)
East(a)
West/OtherVivint Smart HomeCorporate/EliminationsTotal
Retail revenue:
Home$3,237 $1,346 $562 $1,165 $(18)$6,292 
Business1,797 7,161 936 — — 9,894 
Total retail revenue(b)
5,034 8,507 1,498 1,165 (18)16,186 
Energy revenue(b)
22 754 — — — 776 
Capacity revenue(b)
— 631 6 — (6)631 
Mark-to-market for economic hedging activities(c)
— (30)— — 6 (24)
Contract amortization— 20 — — — 20 
Other revenue(b)
84 62 4 — (2)148 
Total revenue5,140 9,944 1,508 1,165 (20)17,737 
Less: Revenues accounted for under topics other than ASC 606 and ASC 815— 103 4 86 — 193 
Less: Realized and unrealized ASC 815 revenue
(8)94 (4)— 7 89 
Total revenue from contracts with customers$5,148 $9,747 $1,508 $1,079 $(27)$17,455 
(a) Includes results of operations following the acquisition date of the LSP Portfolio of January 30, 2026
(b) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)
TexasEastWest/OtherVivint Smart HomeCorporate/EliminationsTotal
Retail revenue$— $47 $— $— $— $47 
Energy revenue— 32 — — 1 33 
Capacity revenue— 49 — — — 49 
Other revenue(8)(4)(4)— — (16)
(c) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815
Six months ended June 30, 2025
(In millions)
TexasEastWest/OtherVivint Smart HomeCorporate/EliminationsTotal
Retail revenue:
Home$3,359 $1,262 $667 $1,033 $(9)$6,312 
Business1,807 5,696 920 — — 8,423 
Total retail revenue(a)
5,166 6,958 1,587 1,033 (9)14,735 
Energy revenue(a)
22 222 101 — (1)344 
Capacity revenue(a)
— 95 14 — (1)108 
Mark-to-market for economic hedging activities(b)
— (16)— — — (16)
Contract amortization— (5)— — — (5)
Other revenue(a)
93 61 12 — (7)159 
Total revenue5,281 7,315 1,714 1,033 (18)15,325 
Less: Revenues accounted for under topics other than ASC 606 and ASC 815— 37 4 54 — 95 
Less: Realized and unrealized ASC 815 revenue
10 59 (1)— — 68 
Total revenue from contracts with customers$5,271 $7,219 $1,711 $979 $(18)$15,162 
(a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)
TexasEastWest/OtherVivint Smart HomeCorporate/EliminationsTotal
Retail revenue$— $18 $— $— $— $18 
Energy revenue— 22 — — — 22 
Capacity revenue— 32 — — — 32 
Other revenue10 3 (1)— — 12 
(b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815
Contract Balances
The following table reflects the contract assets and liabilities included in the Company’s balance sheet as of June 30, 2026 and December 31, 2025:
(In millions)
June 30, 2026December 31, 2025
Capitalized contract costs (included in Prepayments and other current assets and Other non-current assets)$1,949 $1,680 
Accounts receivable, net - Contracts with customers3,470 3,924 
Accounts receivable, net - Accounted for under topics other than ASC 60658 135 
Accounts receivable, net - Affiliate6 6 
Total accounts receivable, net$3,534 $4,065 
Unbilled revenues (included within Accounts receivable, net - Contracts with customers)$1,465 $1,747 
Deferred revenues(a)
1,821 1,643 
(a)Deferred revenues recognized under accounting guidance other than ASC 606 was immaterial as of both June 30, 2026 and December 31, 2025
The revenue recognized from contracts with customers during the three months ended June 30, 2026 and 2025 relating to the deferred revenue balance at the beginning of each period was $327 million and $285 million, respectively. The revenue recognized from contracts with customers during the six months ended June 30, 2026 and 2025 relating to the deferred revenue balance at the beginning of each period was $506 million and $430 million, respectively. The change in deferred revenue balances during the three and six months ended June 30, 2026 and 2025 was primarily due to the timing difference of when consideration was received and when the performance obligation was transferred.