Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Stockholders' Equity

v3.26.1
Consolidated Statements of Stockholders' Equity - USD ($)
shares in Thousands, $ in Millions
Total
2026 Q1 Dividends
2026 Q2 Dividends
2025 Q1 Dividends
O2025 Q2 Dividends
Common Stock
Treasury Stock
Additional Paid-in Capital
Retained Earnings
NCI
Redeemable NCI
Common Stock, Shares, Outstanding, Beginning of Period at Dec. 31, 2024           224,000          
Treasury Stock, Shares, Beginning of Period at Dec. 31, 2024             54,700        
Stockholders' Equity, Beginning of Period at Dec. 31, 2024 $ 10,053         $ 1 $ (6,136) $ 4,452 $ 7,382 $ 4,354  
Redeemable NCI, Equity, Carrying Amount at Dec. 31, 2024 [1]                     $ 7
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest 670               353 317  
Net Income (Loss) Attributable to Redeemable NCI [1]                     (2)
Dividends declared (113)               (113)    
Shares repurchased, at cost and inclusive of excise taxes, shares           (1,600) 1,600        
Shares repurchased, at cost and inclusive of excise taxes (352)           $ (352)        
Accretion of redeemable non-controlling interest, net of tax [2] (2)               (2)   2 [1]
Distributions to NCI (200)                 (200)  
Contributions from redeemable NCI [1]                     38
Vesting of share-based compensation awards, shares           400          
Share-based compensation 40             40      
Issued shares withheld from employees related to share-based compensation, at cost (44)             (44)      
Common Stock, Shares, Outstanding, End of Period at Mar. 31, 2025           222,800          
Treasury Stock, Shares, End of Period at Mar. 31, 2025             56,300        
Stockholders' Equity, End of Period at Mar. 31, 2025 10,052         $ 1 $ (6,488) 4,448 7,620 4,471  
Redeemable NCI, Equity, Carrying Amount at Mar. 31, 2025 [1]                     45
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Common Stock, Dividends, Per Share, Declared       $ 0.50              
Common Stock, Shares, Outstanding, Beginning of Period at Dec. 31, 2024           224,000          
Treasury Stock, Shares, Beginning of Period at Dec. 31, 2024             54,700        
Stockholders' Equity, Beginning of Period at Dec. 31, 2024 $ 10,053         $ 1 $ (6,136) 4,452 7,382 4,354  
Redeemable NCI, Equity, Carrying Amount at Dec. 31, 2024 [1]                     7
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Shares repurchased, at cost and inclusive of excise taxes, shares 3,010                    
Contributions from redeemable NCI $ 49                    
Common Stock, Shares, Outstanding, End of Period at Jun. 30, 2025           221,500          
Treasury Stock, Shares, End of Period at Jun. 30, 2025             57,700        
Stockholders' Equity, End of Period at Jun. 30, 2025 11,251         $ 1 $ (6,798) 4,483 9,021 4,544  
Redeemable NCI, Equity, Carrying Amount at Jun. 30, 2025 [1]                     58
Common Stock, Shares, Outstanding, Beginning of Period at Mar. 31, 2025           222,800          
Treasury Stock, Shares, Beginning of Period at Mar. 31, 2025             56,300        
Stockholders' Equity, Beginning of Period at Mar. 31, 2025 10,052         $ 1 $ (6,488) 4,448 7,620 4,471  
Redeemable NCI, Equity, Carrying Amount at Mar. 31, 2025 [1]                     45
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest 1,899               1,626 273  
Net Income (Loss) Attributable to Redeemable NCI [1]                     (2)
Dividends declared $ (222)               (222)    
Shares repurchased, at cost and inclusive of excise taxes, shares 1,410         (1,400) 1,400        
Shares repurchased, at cost and inclusive of excise taxes $ (310)           $ (310)        
Accretion of redeemable non-controlling interest, net of tax [2] (3)               (3)   4 [1]
Distributions to NCI (200)                 (200)  
Contributions from redeemable NCI [1]                     11
Vesting of share-based compensation awards, shares           100          
Share-based compensation 37             37      
Issued shares withheld from employees related to share-based compensation, at cost (2)             (2)      
Common Stock, Shares, Outstanding, End of Period at Jun. 30, 2025           221,500          
Treasury Stock, Shares, End of Period at Jun. 30, 2025             57,700        
Stockholders' Equity, End of Period at Jun. 30, 2025 $ 11,251         $ 1 $ (6,798) 4,483 9,021 4,544  
Redeemable NCI, Equity, Carrying Amount at Jun. 30, 2025 [1]                     58
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Common Stock, Dividends, Per Share, Declared         $ 0.50            
Common Stock, Shares, Outstanding, Beginning of Period at Dec. 31, 2025           212,400          
Treasury Stock, Shares, Beginning of Period at Dec. 31, 2025 66,800           66,800        
Stockholders' Equity, Beginning of Period at Dec. 31, 2025 $ 12,942         $ 1 $ (8,852) 4,523 12,243 5,027  
Redeemable NCI, Equity, Carrying Amount at Dec. 31, 2025 136                   136 [3]
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest (3,410)               (3,502) 92  
Net Income (Loss) Attributable to Redeemable NCI [3]                     (2)
Dividends declared (117)               (117)    
Shares repurchased, at cost and inclusive of excise taxes, shares           (2,700) 2,700        
Shares repurchased, at cost and inclusive of excise taxes (542)           $ 542        
Accretion of redeemable non-controlling interest, net of tax [4] (2)               (2)   2 [3]
Distributions to NCI (202)                 (202)  
Vesting of share-based compensation awards, shares           400          
Share-based compensation 39             39      
Issued shares withheld from employees related to share-based compensation, at cost (36)             (36)      
Redemption of Redeemable NCI [3]                     (136)
Common Stock, Shares, Outstanding, End of Period at Mar. 31, 2026           210,100          
Treasury Stock, Shares, End of Period at Mar. 31, 2026             69,500        
Stockholders' Equity, End of Period at Mar. 31, 2026 $ 8,672         $ 1 $ (9,394) 4,526 8,622 4,917  
Redeemable NCI, Equity, Carrying Amount at Mar. 31, 2026 [3]                     0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Common Stock, Dividends, Per Share, Declared   $ 0.555                  
Common Stock, Shares, Outstanding, Beginning of Period at Dec. 31, 2025           212,400          
Treasury Stock, Shares, Beginning of Period at Dec. 31, 2025 66,800           66,800        
Stockholders' Equity, Beginning of Period at Dec. 31, 2025 $ 12,942         $ 1 $ (8,852) 4,523 12,243 5,027  
Redeemable NCI, Equity, Carrying Amount at Dec. 31, 2025 $ 136                   136 [3]
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Shares repurchased, at cost and inclusive of excise taxes, shares 4,880                    
Contributions from redeemable NCI $ 0                    
Common Stock, Shares, Outstanding, End of Period at Jun. 30, 2026           207,900          
Treasury Stock, Shares, End of Period at Jun. 30, 2026 71,700           71,700        
Stockholders' Equity, End of Period at Jun. 30, 2026 $ 11,490         $ 1 $ (9,949) 4,566 11,573 5,299  
Redeemable NCI, Equity, Carrying Amount at Jun. 30, 2026 $ 0                   0 [3]
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage 100.00%                    
Common Stock, Shares, Outstanding, Beginning of Period at Mar. 31, 2026           210,100          
Treasury Stock, Shares, Beginning of Period at Mar. 31, 2026             69,500        
Stockholders' Equity, Beginning of Period at Mar. 31, 2026 $ 8,672         $ 1 $ (9,394) 4,526 8,622 4,917  
Redeemable NCI, Equity, Carrying Amount at Mar. 31, 2026 [3]                     0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest 3,642               3,068 574  
Dividends declared $ (117)               (117)    
Shares repurchased, at cost and inclusive of excise taxes, shares 2,230         (2,200) 2,200        
Shares repurchased, at cost and inclusive of excise taxes $ (555)           $ (555)        
Distributions to NCI (192)                 (192)  
Share-based compensation 41             41      
Issued shares withheld from employees related to share-based compensation, at cost $ (1)             (1)      
Common Stock, Shares, Outstanding, End of Period at Jun. 30, 2026           207,900          
Treasury Stock, Shares, End of Period at Jun. 30, 2026 71,700           71,700        
Stockholders' Equity, End of Period at Jun. 30, 2026 $ 11,490         $ 1 $ (9,949) $ 4,566 $ 11,573 $ 5,299  
Redeemable NCI, Equity, Carrying Amount at Jun. 30, 2026 $ 0                   $ 0 [3]
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Common Stock, Dividends, Per Share, Declared     $ 0.555                
[1] Redeemable NCI represents the economic interest held by a third party in one of our consolidated VIEs that was redeemable for cash under certain circumstances, including those that are outside of our control. As such, the economic interest was not a component of permanent equity on our Consolidated Balance Sheets. In January 2026, we redeemed the remaining redeemable NCI in our consolidated VIE that has an equity interest in the Gregory Power Plant, as described in Note 6—Non-Controlling Interests and Variable Interest Entities, at a price that approximated our carrying value. As of June 30, 2026, we owned 100% of the equity interest in this entity.
[2] Amount in retained earnings presented net of tax.
[3] Redeemable NCI represents the economic interest held by a third party in one of our consolidated VIEs that was redeemable for cash under certain circumstances, including those that are outside of our control. As such, the economic interest was not a component of permanent equity on our Consolidated Balance Sheets. In January 2026, we redeemed the remaining redeemable NCI in our consolidated VIE that has an equity interest in the Gregory Power Plant, as described in Note 6—Non-Controlling Interests and Variable Interest Entities, at a price that approximated our carrying value. As of June 30, 2026, we owned 100% of the equity interest in this entity.
[4] Amount in retained earnings presented net of tax.