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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Operating revenues        
Electric $ 3,638 $ 3,393 $ 9,351 $ 8,737
Natural gas 264 239 1,715 1,535
Other 13 12 42 49
Total operating revenues 3,915 3,644 11,108 10,321
Operating expenses        
Electric fuel and purchased power 1,098 1,060 3,036 2,863
Cost of natural gas sold and transported 61 63 708 664
Cost of sales — other 5 3 8 12
Operating and maintenance expenses 692 655 2,053 1,922
Conservation and demand side management expenses 101 112 299 295
Depreciation and amortization 750 681 2,200 2,042
Taxes, Other 172 159 514 484
Marshall Wildfire litigation 287 0 287 0
Total operating expenses 3,166 2,733 9,105 8,282
Operating income 749 911 2,003 2,039
Other income, net 46 39 121 75
Earnings (loss) from equity method investments 6 3 (3) 19
Allowance for funds used during construction — equity 79 44 196 119
Interest charges and financing costs        
Interest charges — includes other financing costs 384 326 1,065 936
Allowance for funds used during construction — debt (36) (21) (86) (51)
Total interest charges and financing costs 348 305 979 885
Income before income taxes 532 692 1,338 1,367
Income tax expense (benefit) 8 10 (113) (105)
Net income $ 524 $ 682 $ 1,451 $ 1,472
Weighted average common shares outstanding:        
Basic (in shares) 592 564 584 559
Diluted (in shares) [1] 595 565 587 559
Earnings per average common share:        
Basic (in dollars per share) $ 0.88 $ 1.21 $ 2.48 $ 2.63
Diluted (in dollars per share) $ 0.88 $ 1.21 $ 2.47 $ 2.63
[1] Diluted common shares outstanding included common stock equivalents of 3.1 million and 0.4 million for the three months ended Sept. 30, 2025 and 2024, respectively. Diluted common shares outstanding included common stock equivalents of 2.2 million and 0.3 million for the nine months ended Sept. 30, 2025 and 2024, respectively.