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Revenue Recognition | 6 Months Ended
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Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | Revenue Recognition Performance Obligations As of June 30, 2025, estimated future fixed fee performance obligations are $856 million for the remaining six months of fiscal year 2025, and $1.5 billion, $1.1 billion, $707 million, $405 million and $52 million for the fiscal years 2026, 2027, 2028, 2029 and 2030, respectively. These performance obligations include Vivint Smart Home products and services, as well as cleared auction MWs in the PJM, ISO-NE, NYISO and MISO capacity auctions. The cleared auction MWs are subject to penalties for non-performance. 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 Balances 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. The revenue recognized from contracts with customers during the three months ended June 30, 2025 and 2024 relating to the deferred revenue balance at the beginning of each period was $285 million and $266 million, respectively. The revenue recognized from contracts with customers during the six months ended June 30, 2025 and 2024 relating to the deferred revenue balance at the beginning of each period was $430 million and $395 million, respectively. The change in deferred revenue balances during the three and six months ended June 30, 2025 and 2024 was primarily due to the timing difference of when consideration was received and when the performance obligation was transferred.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -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 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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