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Revenue Recognition (Tables) | 6 Months Ended
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Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
Disaggregation of Revenue from Contracts with Customer | Disaggregated Revenues The following tables represent the Company’s disaggregation of revenue from contracts with customers for the three and six months ended June 30, 2025 and 2024:
| Three months ended June 30, 2025
(In millions) | Texas |  | East |  | West/Services/Other |  | Vivint Smart Home |  | Corporate/Eliminations |  | Total
Retail revenue: |  |  |  |  |  |  |  |  |  |  |
Home | $ | 1,804 |  |  | $ | 524 |  |  | $ | 238 |  |  | $ | 504 |  |  | $ | (18) |  |  | $ | 3,052 |
Business | 975 |  |  | 2,084 |  |  | 408 |  |  | — |  |  | — |  |  | 3,467 |
Total retail revenue(a) | 2,779 |  |  | 2,608 |  |  | 646 |  |  | 504 |  |  | (18) |  |  | 6,519 |
Energy revenue(a) | 15 |  |  | 64 |  |  | 20 |  |  | — |  |  | — |  |  | 99 |
Capacity revenue(a) | — |  |  | 55 |  |  | 6 |  |  | — |  |  | — |  |  | 61 |
Mark-to-market for economic hedging activities(b) | — |  |  | 3 |  |  | (2) |  |  | — |  |  | (2) |  |  | (1) |
Other revenue(a) | 53 |  |  | 7 |  |  | 5 |  |  | — |  |  | (3) |  |  | 62 |
Total revenue | 2,847 |  |  | 2,737 |  |  | 675 |  |  | 504 |  |  | (23) |  |  | 6,740 |
Less: Revenues accounted for under topics other than ASC 606 and ASC 815 | — |  |  | — |  |  | 30 |  |  | — |  |  | — |  |  | 30 |
Less: Realized and unrealized ASC 815 revenue | 12 |  |  | 33 |  |  | (7) |  |  | — |  |  | (1) |  |  | 37 |
Total revenue from contracts with customers | $ | 2,835 |  |  | $ | 2,704 |  |  | $ | 652 |  |  | $ | 504 |  |  | $ | (22) |  |  | $ | 6,673 |
(a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions) | Texas |  | East |  | West/Services/Other |  | Vivint Smart Home |  | Corporate/Eliminations |  | Total
Retail revenue | $ | — |  |  | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |
Energy revenue | — |  |  | 8 |  |  | (4) |  |  | — |  |  | — |  |  | 4 |
Capacity revenue | — |  |  | 16 |  |  | — |  |  | — |  |  | — |  |  | 16 |
Other revenue | 12 |  |  | (1) |  |  | (1) |  |  | — |  |  | 1 |  |  | 11 |
(b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815
| Three months ended June 30, 2024
(In millions) | Texas |  | East |  | West/Services/Other |  | Vivint Smart Home |  | Corporate/Eliminations |  | Total
Retail revenue: |  |  |  |  |  |  |  |  |  |  |
Home | $ | 1,766 |  |  | $ | 537 |  |  | $ | 414 |  |  | $ | 467 |  |  | $ | (8) |  |  | $ | 3,176 |
Business | 926 |  |  | 1,824 |  |  | 418 |  |  | — |  |  | — |  |  | 3,168 |
Total retail revenue(a) | 2,692 |  |  | 2,361 |  |  | 832 |  |  | 467 |  |  | (8) |  |  | 6,344 |
Energy revenue(a) | 16 |  |  | 46 |  |  | 51 |  |  | — |  |  | (3) |  |  | 110 |
Capacity revenue(a) | — |  |  | 39 |  |  | 6 |  |  | — |  |  | (1) |  |  | 44 |
Mark-to-market for economic hedging activities(b) | — |  |  | 65 |  |  | 17 |  |  | — |  |  | 2 |  |  | 84 |
Contract amortization | — |  |  | (6) |  |  | (1) |  |  | — |  |  | — |  |  | (7) |
Other revenue(a) | 55 |  |  | 27 |  |  | 5 |  |  | — |  |  | (3) |  |  | 84 |
Total revenue | 2,763 |  |  | 2,532 |  |  | 910 |  |  | 467 |  |  | (13) |  |  | 6,659 |
Less: Revenues accounted for under topics other than ASC 606 and ASC 815 | — |  |  | 12 |  |  | 19 |  |  | — |  |  | — |  |  | 31 |
Less: Realized and unrealized ASC 815 revenue | 8 |  |  | 108 |  |  | 32 |  |  | — |  |  | — |  |  | 148 |
Total revenue from contracts with customers | $ | 2,755 |  |  | $ | 2,412 |  |  | $ | 859 |  |  | $ | 467 |  |  | $ | (13) |  |  | $ | 6,480 |
(a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions) | Texas |  | East |  | West/Services/Other |  | Vivint Smart Home |  | Corporate/Eliminations |  | Total
Retail revenue | $ | — |  |  | $ | 9 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 9 |
Energy revenue | — |  |  | 15 |  |  | 16 |  |  | — |  |  | (2) |  |  | 29 |
Capacity revenue | — |  |  | 19 |  |  | — |  |  | — |  |  | — |  |  | 19 |
Other revenue | 8 |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | 7 |
(b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815
| Six months ended June 30, 2025
(In millions) | Texas |  | East |  | West/Services/Other |  | Vivint Smart Home |  | Corporate/Eliminations |  | Total
Retail revenue: |  |  |  |  |  |  |  |  |  |  |
Home | $ | 3,359 |  |  | $ | 1,262 |  |  | $ | 727 |  |  | $ | 998 |  |  | $ | (34) |  |  | $ | 6,312 |
Business | 1,807 |  |  | 5,696 |  |  | 920 |  |  | — |  |  | — |  |  | 8,423 |
Total retail revenue(a) | 5,166 |  |  | 6,958 |  |  | 1,647 |  |  | 998 |  |  | (34) |  |  | 14,735 |
Energy revenue(a) | 22 |  |  | 222 |  |  | 101 |  |  | — |  |  | (1) |  |  | 344 |
Capacity revenue(a) | — |  |  | 95 |  |  | 14 |  |  | — |  |  | (1) |  |  | 108 |
Mark-to-market for economic hedging activities(b) | — |  |  | (16) |  |  | — |  |  | — |  |  | — |  |  | (16) |
Contract amortization | — |  |  | (5) |  |  | — |  |  | — |  |  | — |  |  | (5) |
Other revenue(a) | 94 |  |  | 60 |  |  | 12 |  |  | — |  |  | (7) |  |  | 159 |
Total revenue | 5,282 |  |  | 7,314 |  |  | 1,774 |  |  | 998 |  |  | (43) |  |  | 15,325 |
Less: Revenues accounted for under topics other than ASC 606 and ASC 815 | — |  |  | 37 |  |  | 58 |  |  | — |  |  | — |  |  | 95 |
Less: Realized and unrealized ASC 815 revenue | 10 |  |  | 59 |  |  | (1) |  |  | — |  |  | — |  |  | 68 |
Total revenue from contracts with customers | $ | 5,272 |  |  | $ | 7,218 |  |  | $ | 1,717 |  |  | $ | 998 |  |  | $ | (43) |  |  | $ | 15,162 |
(a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions) | Texas |  | East |  | West/Services/Other |  | Vivint Smart Home |  | Corporate/Eliminations |  | Total
Retail revenue | $ | — |  |  | $ | 18 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 18 |
Energy revenue | — |  |  | 22 |  |  | — |  |  | — |  |  | — |  |  | 22 |
Capacity revenue | — |  |  | 32 |  |  | — |  |  | — |  |  | — |  |  | 32 |
Other revenue | 10 |  |  | 3 |  |  | (1) |  |  | — |  |  | — |  |  | 12 |
(b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815
| Six months ended June 30, 2024
(In millions) | Texas |  | East |  | West/Services/Other |  | Vivint Smart Home |  | Corporate/Eliminations |  | Total
Retail revenue: |  |  |  |  |  |  |  |  |  |  |
Home | $ | 3,126 |  |  | $ | 1,239 |  |  | $ | 1,013 |  |  | $ | 935 |  |  | $ | (8) |  |  | $ | 6,305 |
Business | 1,744 |  |  | 4,550 |  |  | 974 |  |  | — |  |  | — |  |  | 7,268 |
Total retail revenue(a) | 4,870 |  |  | 5,789 |  |  | 1,987 |  |  | 935 |  |  | (8) |  |  | 13,573 |
Energy revenue(a) | 23 |  |  | 127 |  |  | 118 |  |  | — |  |  | (6) |  |  | 262 |
Capacity revenue(a) | — |  |  | 80 |  |  | 8 |  |  | — |  |  | (2) |  |  | 86 |
Mark-to-market for economic hedging activities(b) | — |  |  | 14 |  |  | 8 |  |  | — |  |  | 2 |  |  | 24 |
Contract amortization | — |  |  | (16) |  |  | (1) |  |  | — |  |  | — |  |  | (17) |
Other revenue(a) | 103 |  |  | 53 |  |  | 9 |  |  | — |  |  | (5) |  |  | 160 |
Total revenue | 4,996 |  |  | 6,047 |  |  | 2,129 |  |  | 935 |  |  | (19) |  |  | 14,088 |
Less: Revenues accounted for under topics other than ASC 606 and ASC 815 | — |  |  | 22 |  |  | 25 |  |  | — |  |  | — |  |  | 47 |
Less: Realized and unrealized ASC 815 revenue | 10 |  |  | 132 |  |  | 42 |  |  | — |  |  | (3) |  |  | 181 |
Total revenue from contracts with customers | $ | 4,986 |  |  | $ | 5,893 |  |  | $ | 2,062 |  |  | $ | 935 |  |  | $ | (16) |  |  | $ | 13,860 |
(a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions) | Texas |  | East |  | West/Services/Other |  | Vivint Smart Home |  | Corporate/Eliminations |  | Total
Retail revenue | $ | — |  |  | $ | 19 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 19 |
Energy revenue | — |  |  | 58 |  |  | 38 |  |  | — |  |  | (5) |  |  | 91 |
Capacity revenue | — |  |  | 41 |  |  | — |  |  | — |  |  | — |  |  | 41 |
Other revenue | 10 |  |  | — |  |  | (4) |  |  | — |  |  | — |  |  | 6 |
(b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815
Contract Asset and Liabilities | The following table reflects the contract assets and liabilities included in the Company’s balance sheet as of June 30, 2025 and December 31, 2024:
(In millions) | June 30, 2025 |  | December 31, 2024
Capitalized contract costs (included in Prepayments and other current assets and Other non-current assets) | $ | 1,479 |  |  | $ | 1,220 |
Accounts receivable, net - Contracts with customers | 3,347 |  |  | 3,393 |
Accounts receivable, net - Accounted for under topics other than ASC 606 | 70 |  |  | 90 |
Accounts receivable, net - Affiliate | 4 |  |  | 5 |
Total accounts receivable, net | $ | 3,421 |  |  | $ | 3,488 |
Unbilled revenues (included within Accounts receivable, net - Contracts with customers) | $ | 1,479 |  |  | $ | 1,548 |
Deferred revenues(a) | 1,620 |  |  | 1,573 |
(a)Deferred revenues from contracts with customers as of June 30, 2025 and December 31, 2024 were approximately $1.6 billion and $1.5 billion, respectively.

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 + Details
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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
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