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Revenue Recognition
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Performance Obligations
As of September 30, 2025, estimated future fixed fee performance obligations are $453 million for the remaining three months of fiscal year 2025, and $1.6 billion, $1.3 billion, $871 million, $549 million and $249 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 nine months ended September 30, 2025 and 2024:
Three months ended September 30, 2025
(In millions)
TexasEastWest/Services/OtherVivint Smart HomeCorporate/EliminationsTotal
Retail revenue:
Home$2,265 $600 $235 $532 $(19)$3,613 
Business1,035 2,166 468 — — 3,669 
Total retail revenue(a)
3,300 2,766 703 532 (19)7,282 
Energy revenue(a)
16 132 — — — 148 
Capacity revenue(a)
— 87 — — — 87 
Mark-to-market for economic hedging activities(b)
— 28 6 — — 34 
Contract amortization— 1 — — — 1 
Other revenue(a)
63 16 6 — (2)83 
Total revenue3,379 3,030 715 532 (21)7,635 
Less: Revenues accounted for under topics other than ASC 606 and ASC 815— 1 34 — — 35 
Less: Realized and unrealized ASC 815 revenue
23 68 8 — (2)97 
Total revenue from contracts with customers$3,356 $2,961 $673 $532 $(19)$7,503 
(a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)
TexasEastWest/Services/OtherVivint Smart HomeCorporate/EliminationsTotal
Retail revenue$— $9 $— $— $— $9 
Energy revenue— 16 — — (2)14 
Capacity revenue— 16 — — — 16 
Other revenue23 (1)2 — — 24 
(b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815
Three months ended September 30, 2024
(In millions)
TexasEastWest/Services/OtherVivint Smart HomeCorporate/EliminationsTotal
Retail revenue:
Home$2,235 $616 $349 $499 $(4)$3,695 
Business996 1,852 411 — — 3,259 
Total retail revenue(a)
3,231 2,468 760 499 (4)6,954 
Energy revenue(a)
12 67 52 — (3)128 
Capacity revenue(a)
— 40 8 — (1)47 
Mark-to-market for economic hedging activities(b)
— 1 6 — 1 8 
Contract amortization— (7)(1)— — (8)
Other revenue(a)
58 31 8 — (3)94 
Total revenue3,301 2,600 833 499 (10)7,223 
Less: Revenues accounted for under topics other than ASC 606 and ASC 815— 14 13 — — 27 
Less: Realized and unrealized ASC 815 revenue
19 33 18 — (1)69 
Total revenue from contracts with customers$3,282 $2,553 $802 $499 $(9)$7,127 
(a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)
TexasEastWest/Services/OtherVivint Smart HomeCorporate/EliminationsTotal
Retail revenue$— $6 $— $— $— $6 
Energy revenue— 9 12 — (3)18 
Capacity revenue— 17 — — — 17 
Other revenue19 — — — 1 20 
(b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815
Nine months ended September 30, 2025
(In millions)
TexasEastWest/Services/OtherVivint Smart HomeCorporate/EliminationsTotal
Retail revenue:
Home$5,624 $1,862 $962 $1,530 $(53)$9,925 
Business2,842 7,862 1,388 — — 12,092 
Total retail revenue(a)
8,466 9,724 2,350 1,530 (53)22,017 
Energy revenue(a)
38 354 101 — (1)492 
Capacity revenue(a)
— 182 14 — (1)195 
Mark-to-market for economic hedging activities(b)
— 12 6 — — 18 
Contract amortization— (4)— — — (4)
Other revenue(a)
157 76 18 — (9)242 
Total revenue8,661 10,344 2,489 1,530 (64)22,960 
Less: Revenues accounted for under topics other than ASC 606 and ASC 815— 38 92 — — 130 
Less: Realized and unrealized ASC 815 revenue
33 127 7 — (2)165 
Total revenue from contracts with customers$8,628 $10,179 $2,390 $1,530 $(62)$22,665 
(a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)
TexasEastWest/Services/OtherVivint Smart HomeCorporate/EliminationsTotal
Retail revenue$— $27 $— $— $— $27 
Energy revenue— 38 — — (2)36 
Capacity revenue— 48 — — — 48 
Other revenue33 2 1 — — 36 
(b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815
Nine months ended September 30, 2024
(In millions)
TexasEastWest/Services/OtherVivint Smart HomeCorporate/EliminationsTotal
Retail revenue:
Home$5,361 $1,855 $1,362 $1,434 $(12)$10,000 
Business2,740 6,402 1,385 — — 10,527 
Total retail revenue(a)
8,101 8,257 2,747 1,434 (12)20,527 
Energy revenue(a)
35 194 170 — (9)390 
Capacity revenue(a)
— 120 16 — (3)133 
Mark-to-market for economic hedging activities(b)
— 15 14 — 3 32 
Contract amortization— (23)(2)— — (25)
Other revenue(a)
161 84 17 — (8)254 
Total revenue8,297 8,647 2,962 1,434 (29)21,311 
Less: Revenues accounted for under topics other than ASC 606 and ASC 815— 36 38 — — 74 
Less: Realized and unrealized ASC 815 revenue
29 165 60 — (4)250 
Total revenue from contracts with customers$8,268 $8,446 $2,864 $1,434 $(25)$20,987 
(a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)
TexasEastWest/Services/OtherVivint Smart HomeCorporate/EliminationsTotal
Retail revenue$— $25 $— $— $— $25 
Energy revenue— 67 50 — (8)109 
Capacity revenue— 58 — — — 58 
Other revenue29 — (4)— 1 26 
(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 September 30, 2025 and December 31, 2024:
(In millions)
September 30, 2025December 31, 2024
Capitalized contract costs (included in Prepayments and other current assets and Other non-current assets)$1,644 $1,220 
Accounts receivable, net - Contracts with customers3,244 3,393 
Accounts receivable, net - Accounted for under topics other than ASC 60686 90 
Accounts receivable, net - Affiliate2 5 
Total accounts receivable, net$3,332 $3,488 
Unbilled revenues (included within Accounts receivable, net - Contracts with customers)$1,316 $1,548 
Deferred revenues(a)
1,652 1,573 
(a)Deferred revenues from contracts with customers as of September 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 September 30, 2025 and 2024 relating to the deferred revenue balance at the beginning of each period was $307 million and $290 million, respectively. The revenue recognized from contracts with customers during the nine months ended September 30, 2025 and 2024 relating to the deferred revenue balance at the beginning of each period was $576 million and $511 million, respectively. The change in deferred revenue balances during the three and nine months ended September 30, 2025 and 2024 was primarily due to the timing difference of when consideration was received and when the performance obligation was transferred.