Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Stockholders' Equity

v3.26.3
Consolidated Statements of Stockholders' Equity - USD ($)
shares in Thousands, $ in Millions
Total
2026 Q1 Dividends
2026 Q2 Dividends
2026Q3 Dividends
2025 Q1 Dividends
2025 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 7,370                      
Contributions from redeemable NCI $ 108                      
Common Stock, Shares, Outstanding, End of Period at Sep. 30, 2025             217,200          
Treasury Stock, Shares, End of Period at Sep. 30, 2025               62,100        
Stockholders' Equity, End of Period at Sep. 30, 2025 11,343           $ 1 $ (7,826) 4,507 10,067 4,594  
Redeemable NCI, Equity, Carrying Amount at Sep. 30, 2025 [1]                       118
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             (1,400) 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            
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest $ 1,299                 1,049 250  
Net Income (Loss) Attributable to Redeemable NCI [1]                       (3)
Shares repurchased, at cost and inclusive of excise taxes, shares 4,370           (4,400) 4,400        
Shares repurchased, at cost and inclusive of excise taxes $ (1,028)             $ (1,028)        
Accretion of redeemable non-controlling interest, net of tax [2] (3)                 (3)   4 [1]
Distributions to NCI (200)                   (200)  
Contributions from redeemable NCI [1]                       59
Vesting of share-based compensation awards, shares             100          
Share-based compensation 28               28      
Issued shares withheld from employees related to share-based compensation, at cost (4)               (4)      
Common Stock, Shares, Outstanding, End of Period at Sep. 30, 2025             217,200          
Treasury Stock, Shares, End of Period at Sep. 30, 2025               62,100        
Stockholders' Equity, End of Period at Sep. 30, 2025 $ 11,343           $ 1 $ (7,826) 4,507 10,067 4,594  
Redeemable NCI, Equity, Carrying Amount at Sep. 30, 2025 [1]                       118
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 7,690                      
Contributions from redeemable NCI $ 0                      
Common Stock, Shares, Outstanding, End of Period at Sep. 30, 2026             205,100          
Treasury Stock, Shares, End of Period at Sep. 30, 2026 74,500             74,500        
Stockholders' Equity, End of Period at Sep. 30, 2026 $ 11,970           $ 1 $ (10,688) 4,616 12,626 5,415  
Redeemable NCI, Equity, Carrying Amount at Sep. 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             (2,200) 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        
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 [3]                       0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Common Stock, Dividends, Per Share, Declared     $ 0.555                  
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest 1,486                 1,170 316  
Dividends declared $ (117)                 (117)    
Shares repurchased, at cost and inclusive of excise taxes, shares 2,810           (2,800) 2,800        
Shares repurchased, at cost and inclusive of excise taxes $ (739)             $ (739)        
Distributions to NCI (200)                   (200)  
Share-based compensation 53               53      
Issued shares withheld from employees related to share-based compensation, at cost $ (3)               (3)      
Common Stock, Shares, Outstanding, End of Period at Sep. 30, 2026             205,100          
Treasury Stock, Shares, End of Period at Sep. 30, 2026 74,500             74,500        
Stockholders' Equity, End of Period at Sep. 30, 2026 $ 11,970           $ 1 $ (10,688) $ 4,616 $ 12,626 $ 5,415  
Redeemable NCI, Equity, Carrying Amount at Sep. 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 September 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 September 30, 2026, we owned 100% of the equity interest in this entity.
[4] Amount in retained earnings presented net of tax.