v3.26.1
Investment in NuScale
6 Months Ended
Jun. 30, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Investment in NuScale Investment in NuScale
We converted our remaining NuScale voting shares (along with the associated ownership units in NuScale's operating subsidiary) into registered shares upon reaching agreement with NuScale in November 2025. Also in November 2025, through an indirect, wholly-owned subsidiary, we entered into a variable price forward sale agreement whereby we pledged and granted a security interest in 71 million of our remaining shares in NuScale, while maintaining continuing involvement and ownership rights, and committed to sell, convey, transfer, assign and deliver those shares at the final settlement date in February 2026. Through our bank's execution, we completed the sale of all 71 million shares of NuScale in February 2026, generating total proceeds of $1.35 billion.
In February 2026, we entered into 3 variable price forward sale agreements similar to the November agreement for the final 40 million of our NuScale shares. Through our banks' execution, we completed the sale of the final 40 million shares of NuScale in April 2026, generating total proceeds of $473 million, and thereby completing the divestiture of our ownership interest in NuScale.
The components of equity method earnings (loss) are as follows:
3ME
June 30,
6ME
June 30,
(in millions)2026202520262025
Equity method earnings (loss)
Gain (loss) on the fair value of our investment in NuScale$$3,212 $(123)$2,735 
Gain (loss) on the fair value of the forward sale of NuScale shares(9)— 167 — 
Other — — — 84 
Equity method earnings (loss)$(8)$3,212 $44 $2,819