v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows — operating activities:    
Net income $ 1,334 $ 59
Adjustments to reconcile net income (loss) to cash provided by operating activities:    
Depreciation and amortization 1,363 1,534
Deferred income tax expense (benefit), net 255 (128)
Impairment of long-lived and other assets 0 68
Unrealized net (gain) loss from mark-to-market valuations of commodities (251) 551
Unrealized net (gain) loss from mark-to-market valuations of interest rate swaps (7) 74
Unrealized net (gain) loss from nuclear decommissioning trusts 22 (74)
Asset retirement obligation accretion expense 63 66
Bad debt expense 86 87
Stock-based compensation expense 67 46
Involuntary conversion gain (48) (80)
Other, net 0 13
Changes in operating assets and liabilities:    
Margin deposits, net (188) (368)
Accrued interest 61 (5)
Accrued taxes other than income (100) (56)
Accrued employee incentive (99) (145)
Other operating assets and liabilities (336) (471)
Cash provided by operating activities 2,222 1,171
Cash flows — investing activities:    
Capital expenditures, including nuclear fuel purchases and LTSA prepayments (1,572) (1,458)
Lotus acquisition purchase price adjustment 6 0
Proceeds from sales of nuclear decommissioning trust fund securities 3,036 3,024
Investments in nuclear decommissioning trust fund securities (3,037) (3,035)
Proceeds from sales of environmental allowances 128 25
Purchases of environmental allowances (201) (392)
Insurance proceeds for recovery of damaged property, plant, and equipment 234 173
Proceeds from sales of property, plant, and equipment, including nuclear fuel 50 0
Other, net 77 (8)
Cash used in investing activities (1,279) (1,671)
Cash flows — financing activities:    
Issuances of debt 6,422 209
Repayments/repurchases of debt (3,859) (757)
Net borrowings (repayments) under accounts receivable financing (925) 375
Borrowings under Revolving Credit Facility 400 0
Repayments under Revolving Credit Facility (780) 0
Borrowings under Commodity-Linked Facility 0 987
Repayments under Commodity-Linked Facility (1,420) (126)
Debt issuance costs (72) 0
Stock repurchases (709) (589)
Dividends paid to common stockholders (154) (152)
Dividends paid to preferred stockholders (96) (96)
Tax withholding on stock-based compensation (69) (50)
Principal payment on forward repurchase obligation (19) (41)
Other, net (3) 13
Cash used in financing activities (1,284) (227)
Net change in cash, cash equivalents and restricted cash (current and noncurrent) (341) (727)
Cash, cash equivalents and restricted cash (current and noncurrent) — beginning balance 822 1,222
Cash, cash equivalents and restricted cash (current and noncurrent) — ending balance 481 495
Cash payments related to:    
Interest paid 549 577
Capitalized interest (82) (56)
Interest paid (net of capitalized interest) $ 467 $ 521