v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 570 $ 1,492
Adjustments to reconcile to net cash provided by operating activities:    
Depreciation and amortization 834 742
Equity allowance for funds used during construction (56) (46)
Asset impairment and other (1) 8
Deferred income taxes 46 421
Wildfire Fund amortization expense 35 36
Other 27 28
Nuclear decommissioning trusts 2 (34)
Changes in operating assets and liabilities:    
Receivables (131) 269
Inventory (9) (1)
Accounts payable 109 70
Other current assets and liabilities (71) (221)
Derivative assets and liabilities, net 23 33
Regulatory assets and liabilities, net 81 (1,443)
Wildfire-related claims, net of insurance recoveries (22) (131)
Other noncurrent assets and liabilities (10) 1
Net cash provided by operating activities 1,427 1,224
Cash flows from financing activities:    
Long-term debt issued, net of premium (discount) and issuance costs of $2 and $(49) for the respective periods 3,552 3,501
Long-term debt repaid (1,251) (1)
Short-term debt repaid (432) 0
Common stock repurchased (26) (29)
Preferred stock repurchased (538) 0
Commercial paper repayments, net of borrowing (711) (1,687)
Dividends and distribution to noncontrolling interests (27) (34)
Common stock dividends paid (338) (319)
Preferred stock dividends paid (13) (44)
Other (4) (13)
Net cash provided by financing activities 212 1,374
Cash flows from investing activities:    
Capital expenditures (1,539) (1,408)
Proceeds from sale of nuclear decommissioning trust investments 1,991 1,406
Purchases of nuclear decommissioning trust investments (1,993) (1,372)
Other (47) 0
Net cash used in investing activities (1,588) (1,374)
Net increase in cash and cash equivalents and restricted cash and cash equivalents 51 1,224
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 720 684
Cash and cash equivalents and restricted cash and cash equivalents at end of period $ 771 $ 1,908