v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 3,206 $ 1,588
Adjustments to reconcile net income to net cash provided by operating activities:    
Regulatory disallowances, net 205 0
Depreciation and amortization 1,865 1,955
Gain on sale (214) 0
Deferred income taxes and investment tax credits 118 558
Equity earnings (1,582) (1,190)
Share-based compensation expense 66 25
Fixed-price contracts and other derivatives (226) 133
Bad debt expense 88 109
Other 63 3
Net change in working capital components 60 (745)
Distributions from investments 1,079 828
Changes in other noncurrent assets and liabilities, net (48) 112
Net cash provided by operating activities 4,680 3,376
CASH FLOWS FROM INVESTING ACTIVITIES    
Expenditures for property, plant and equipment (7,327) (7,201)
Expenditures for investments (2,095) (1,492)
Proceeds from sales, net of transaction costs and cash sold 535 0
Purchases of nuclear decommissioning and other trust assets (914) (746)
Proceeds from sales of nuclear decommissioning and other trust assets 942 831
Advances to unconsolidated affiliates (30) 0
Other (17) 3
Net cash used in investing activities (8,906) (8,605)
CASH FLOWS FROM FINANCING ACTIVITIES    
Common dividends (1,245) (1,195)
Preferred deemed dividends of subsidiary (6) 0
Preferred dividends 0 (22)
Preferred dividends of subsidiary (1) (1)
Issuances of common stock, net 37 26
Repurchases of common stock (21) (58)
Issuances of debt (maturities greater than 90 days) 11,178 8,892
Payments on debt (maturities greater than 90 days) and finance leases (6,891) (4,142)
Decrease in short-term debt, net (328) (170)
Advances from unconsolidated affiliates 140 96
Contributions from contingently redeemable noncontrolling interest, net of transaction costs 0 3,212
Proceeds from investor equity subscription 0 106
Purchase of noncontrolling interest (20) 0
Contributions from noncontrolling interests 97 137
Distributions to noncontrolling interests (206) (131)
Termination of interest rate swaps, net of transaction costs 96 0
Other (54) (89)
Net cash provided by financing activities 2,776 6,661
Effect of exchange rate changes on cash, cash equivalents and restricted cash 2 4
(Decrease) increase in cash, cash equivalents and restricted cash (1,448) 1,436
Cash, cash equivalents and restricted cash, January 1 3,552 1,589
Cash, cash equivalents and restricted cash, September 30 2,104 3,025
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Interest payments, net of amounts capitalized 1,048 940
Income tax payments, net of refunds 164 339
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES    
Accrued interest receivable capitalized to note receivable 14 13
Repayments of advances from unconsolidated affiliate in lieu of distributions 60 45
Accrued capital expenditures for PP&E 1,382 1,619
Increase in ARO capitalized to PP&E 44 59
Increase in finance lease obligations capitalized to PP&E 49 41
Unamortized debt issuance costs reclassified from noncurrent assets to long-term debt 30 49
Redemption of preferred stock 0 900
Preferred deemed dividends 0 (11)
Change in equity related to allocation of interests 176 1,115
Common dividends issued in stock 35 39
Preferred stock    
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES    
Dividends declared but not paid 0 18
Common stock    
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES    
Dividends declared but not paid $ 430 $ 421