v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 2,092 $ 1,438
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,233 1,293
Deferred income taxes and investment tax credits 241 128
Equity earnings (914) (718)
Share-based compensation expense 44 11
Fixed-price contracts and other derivatives (200) 82
Bad debt expense 48 37
Other 4 (36)
Net change in working capital components 268 (498)
Distributions from investments 721 516
Changes in other noncurrent assets and liabilities, net (420) 13
Net cash provided by operating activities 3,117 2,266
CASH FLOWS FROM INVESTING ACTIVITIES    
Expenditures for property, plant and equipment (4,687) (4,640)
Expenditures for investments (1,485) (972)
Purchases of nuclear decommissioning and other trust assets (650) (531)
Proceeds from sales of nuclear decommissioning and other trust assets 679 580
Advances to unconsolidated affiliates (30) 0
Other 9 0
Net cash used in investing activities (6,164) (5,563)
CASH FLOWS FROM FINANCING ACTIVITIES    
Common dividends paid (826) (787)
Preferred dividends paid 0 (22)
Issuances of common stock, net 30 19
Repurchases of common stock (21) (58)
Issuances of debt (maturities greater than 90 days) 8,092 5,458
Payments on debt (maturities greater than 90 days) and finance leases (4,544) (3,411)
(Decrease) increase in short-term debt, net (600) 682
Advances from unconsolidated affiliates 79 44
Contributions from noncontrolling interests 74 83
Distributions to noncontrolling interests (135) (91)
Termination of interest rate swaps, net of transaction costs 96 0
Other (51) (26)
Net cash provided by financing activities 2,194 1,891
Effect of exchange rate changes on cash, cash equivalents and restricted cash 1 1
Decrease in cash, cash equivalents and restricted cash (852) (1,405)
Cash, cash equivalents and restricted cash, January 1 3,552 1,589
Cash, cash equivalents and restricted cash, June 30 2,700 184
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Interest payments, net of amounts capitalized 764 691
Income tax payments, net of refunds 124 290
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES    
Repayments of advances from unconsolidated affiliate in lieu of distributions 60 45
Accrued capital expenditures for PP&E 1,472 1,167
Increase in ARO capitalized to PP&E 17 60
Increase in finance lease obligations capitalized to PP&E 8 31
Unamortized debt issuance costs reclassified from noncurrent assets to long-term debt 22 37
Change in equity related to allocation of interests 92 0
Common dividends issued in stock 25 26
Preferred stock    
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES    
Dividends declared but not paid 0 11
Common stock    
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES    
Dividends declared but not paid $ 429 $ 421