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v3.26.1

Segments (Tables) | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
Revenue By Segment Table | The following tables present financial information by segment for the periods indicated (in millions):
| Three Months Ended June 30, 2026
| Renewables SBU |  | Utilities SBU |  | Energy Infrastructure SBU |  | New Energy Technologies SBU |  | Total
Revenue | $ | 939 |  |  | $ | 1,018 |  |  | $ | 1,496 |  |  | $ | — |  |  | $ | 3,453 |
Corporate and other |  |  |  |  |  |  |  |  | 39 |
Eliminations |  |  |  |  |  |  |  |  | (70) |
Total Revenue |  |  |  |  |  |  |  |  | $ | 3,422 |
Less: |  |  |  |  |  |  |  |  |
Total cost of sales excluding depreciation, amortization, and accretion of AROs (1) | 501 |  |  | 724 |  |  | 1,153 |  |  | 3 |  |  |
Other segment items (2) | 69 |  |  | 77 |  |  | 26 |  |  | 11 |  |  |
Segment Adjusted EBITDA | $ | 369 |  |  | $ | 217 |  |  | $ | 317 |  |  | $ | (14) |  |  | $ | 889 |
Reconciliation to income from continuing operations before taxes: |  |  |  |  |  |  |  |  |
Corporate and other |  |  |  |  |  |  |  |  | (1) |
Eliminations |  |  |  |  |  |  |  |  | 10 |
Interest expense |  |  |  |  |  |  |  |  | (368) |
Interest income |  |  |  |  |  |  |  |  | 65 |
Depreciation, amortization, and accretion of AROs |  |  |  |  |  |  |  |  | (434) |
Adjusted for: |  |  |  |  |  |  |  |  |
Noncontrolling interests and redeemable stock of subsidiaries |  |  |  |  |  |  |  |  | 199 |
Income tax expense (benefit), interest expense (income), and depreciation, amortization, and accretion of AROs from equity affiliates |  |  |  |  |  |  |  |  | (52) |
Interest income recognized under service concession arrangements |  |  |  |  |  |  |  |  | (14) |
Unrealized derivatives, equity securities, and financial assets and liabilities losses |  |  |  |  |  |  |  |  | (27) |
Unrealized foreign currency losses |  |  |  |  |  |  |  |  | (12) |
Disposition/acquisition gains |  |  |  |  |  |  |  |  | 209 |
Impairment losses |  |  |  |  |  |  |  |  | (24) |
Loss on extinguishment of debt and troubled debt restructuring |  |  |  |  |  |  |  |  | (12) |
Merger costs |  |  |  |  |  |  |  |  | (13) |
Income from continuing operations before taxes |  |  |  |  |  |  |  |  | $ | 415 |
_____________________________ (1)Segment-level total cost of sales excluding depreciation, amortization, and accretion of AROs is considered regularly provided to the Chief Operating Decision Maker. Total cost of sales excluding depreciation, amortization, and accretion of AROs includes items such as fuel cost, electricity purchases, transmission charges, supplies, salaries and wages, consulting costs, IT costs, market fees, insurance, and lease expense. (2)Other segment items for each reportable segment includes: Renewables SBU — business development costs, miscellaneous gains and losses in Other income and Other expense, realized foreign currency gains and losses, earnings from equity affiliates, and adjustment for noncontrolling interest expense. Utilities SBU — miscellaneous gains and losses in Other income and Other expense, earnings from equity affiliates, and adjustment for noncontrolling interest expense. Energy Infrastructure SBU — service concession interest income, business development costs, miscellaneous gains and losses in Other income and Other expense, realized foreign currency gains and losses, earnings from equity affiliates, and adjustment for noncontrolling interest expense. New Energy Technologies SBU — business development costs, earnings from equity affiliates, and miscellaneous gains and losses in Other income and Other expense.
| Three Months Ended June 30, 2025
| Renewables SBU |  | Utilities SBU |  | Energy Infrastructure SBU |  | New Energy Technologies SBU |  | Total
Revenue | $ | 644 |  |  | $ | 954 |  |  | $ | 1,306 |  |  | $ | — |  |  | $ | 2,904 |
Corporate and other |  |  |  |  |  |  |  |  | 43 |
Eliminations |  |  |  |  |  |  |  |  | (92) |
Total Revenue |  |  |  |  |  |  |  |  | $ | 2,855 |
Less: |  |  |  |  |  |  |  |  |
Total cost of sales excluding depreciation, amortization, and accretion of AROs (1) | 422 |  |  | 687 |  |  | 1,048 |  |  | 2 |  |  |
Other segment items (2) | (18) |  |  | 71 |  |  | 4 |  |  | 15 |  |  |
Segment Adjusted EBITDA | $ | 240 |  |  | $ | 196 |  |  | $ | 254 |  |  | $ | (17) |  |  | $ | 673 |
Reconciliation to income from continuing operations before taxes: |  |  |  |  |  |  |  |  |
Corporate and other |  |  |  |  |  |  |  |  | 11 |
Eliminations |  |  |  |  |  |  |  |  | (3) |
Interest expense |  |  |  |  |  |  |  |  | (352) |
Interest income |  |  |  |  |  |  |  |  | 70 |
Depreciation, amortization, and accretion of AROs |  |  |  |  |  |  |  |  | (354) |
Adjusted for: |  |  |  |  |  |  |  |  |
Noncontrolling interests and redeemable stock of subsidiaries |  |  |  |  |  |  |  |  | 253 |
Income tax expense (benefit), interest expense (income), and depreciation, amortization, and accretion of AROs from equity affiliates |  |  |  |  |  |  |  |  | (45) |
Interest income recognized under service concession arrangements |  |  |  |  |  |  |  |  | (14) |
Unrealized derivatives, equity securities, and financial assets and liabilities losses |  |  |  |  |  |  |  |  | (133) |
Unrealized foreign currency losses |  |  |  |  |  |  |  |  | (4) |
Disposition/acquisition losses |  |  |  |  |  |  |  |  | (126) |
Impairment reversals |  |  |  |  |  |  |  |  | 87 |
Loss on extinguishment of debt and troubled debt restructuring |  |  |  |  |  |  |  |  | (4) |
Restructuring costs |  |  |  |  |  |  |  |  | (42) |
Income from continuing operations before taxes |  |  |  |  |  |  |  |  | $ | 17 |
_____________________________ (1)Segment-level total cost of sales excluding depreciation, amortization, and accretion of AROs is considered regularly provided to the Chief Operating Decision Maker. Total cost of sales excluding depreciation, amortization, and accretion of AROs includes items such as fuel cost, electricity purchases, transmission charges, supplies, salaries and wages, consulting costs, IT costs, market fees, insurance, and lease expense. (2)Other segment items for each reportable segment includes: Renewables SBU — business development costs, miscellaneous gains and losses in Other income and Other expense, realized foreign currency gains and losses, earnings from equity affiliates, and adjustment for noncontrolling interest expense. Utilities SBU — miscellaneous gains and losses in Other income and Other expense, earnings from equity affiliates, and adjustment for noncontrolling interest expense. Energy Infrastructure SBU — service concession interest income, business development costs, miscellaneous gains and losses in Other income and Other expense, realized foreign currency gains and losses, earnings from equity affiliates, and adjustment for noncontrolling interest expense. New Energy Technologies SBU — business development costs, earnings from equity affiliates, and miscellaneous gains and losses in Other income and Other expense.
| Six Months Ended June 30, 2026
| Renewables SBU |  | Utilities SBU |  | Energy Infrastructure SBU |  | New Energy Technologies SBU |  | Total
Revenue | $ | 1,759 |  |  | $ | 2,154 |  |  | $ | 2,752 |  |  | $ | — |  |  | $ | 6,665 |
Corporate and other |  |  |  |  |  |  |  |  | 68 |
Eliminations |  |  |  |  |  |  |  |  | (131) |
Total Revenue |  |  |  |  |  |  |  |  | $ | 6,602 |
Less: |  |  |  |  |  |  |  |  |
Total cost of sales excluding depreciation, amortization, and accretion of AROs (1) | 978 |  |  | 1,490 |  |  | 2,096 |  |  | 6 |  |  |
Other segment items (2) | 143 |  |  | 178 |  |  | 33 |  |  | 29 |  |  |
Segment Adjusted EBITDA | $ | 638 |  |  | $ | 486 |  |  | $ | 623 |  |  | $ | (35) |  |  | $ | 1,712 |
Reconciliation to income from continuing operations before taxes: |  |  |  |  |  |  |  |  |
Corporate and other |  |  |  |  |  |  |  |  | (2) |
Eliminations |  |  |  |  |  |  |  |  | 15 |
Interest expense |  |  |  |  |  |  |  |  | (721) |
Interest income |  |  |  |  |  |  |  |  | 130 |
Depreciation, amortization, and accretion of AROs |  |  |  |  |  |  |  |  | (867) |
Adjusted for: |  |  |  |  |  |  |  |  |
Noncontrolling interests and redeemable stock of subsidiaries |  |  |  |  |  |  |  |  | 431 |
Income tax expense (benefit), interest expense (income), and depreciation, amortization, and accretion of AROs from equity affiliates |  |  |  |  |  |  |  |  | (85) |
Interest income recognized under service concession arrangements |  |  |  |  |  |  |  |  | (27) |
Unrealized derivatives, equity securities, and financial assets and liabilities losses |  |  |  |  |  |  |  |  | (20) |
Unrealized foreign currency gains |  |  |  |  |  |  |  |  | 8 |
Disposition/acquisition gains |  |  |  |  |  |  |  |  | 156 |
Impairment losses |  |  |  |  |  |  |  |  | (34) |
Loss on extinguishment of debt and troubled debt restructuring |  |  |  |  |  |  |  |  | (20) |
Merger costs |  |  |  |  |  |  |  |  | (27) |
Income from continuing operations before taxes |  |  |  |  |  |  |  |  | $ | 649 |
_____________________________ (1)Segment-level total cost of sales excluding depreciation, amortization, and accretion of AROs is considered regularly provided to the Chief Operating Decision Maker. Total cost of sales excluding depreciation, amortization, and accretion of AROs includes items such as fuel cost, electricity purchases, transmission charges, supplies, salaries and wages, consulting costs, IT costs, market fees, insurance, and lease expense. (2)Other segment items for each reportable segment includes: Renewables SBU — business development costs, miscellaneous gains and losses in Other income and Other expense, realized foreign currency gains and losses, earnings from equity affiliates, and adjustment for noncontrolling interest expense. Utilities SBU — miscellaneous gains and losses in Other income and Other expense, earnings from equity affiliates, and adjustment for noncontrolling interest expense. Energy Infrastructure SBU — service concession interest income, business development costs, miscellaneous gains and losses in Other income and Other expense, realized foreign currency gains and losses, earnings from equity affiliates, and adjustment for noncontrolling interest expense. New Energy Technologies SBU — business development costs, earnings from equity affiliates, and miscellaneous gains and losses in Other income and Other expense.
| Six Months Ended June 30, 2025
| Renewables SBU |  | Utilities SBU |  | Energy Infrastructure SBU |  | New Energy Technologies SBU |  | Total
Revenue | $ | 1,310 |  |  | $ | 1,963 |  |  | $ | 2,626 |  |  | $ | — |  |  | $ | 5,899 |
Corporate and other |  |  |  |  |  |  |  |  | 79 |
Eliminations |  |  |  |  |  |  |  |  | (197) |
Total Revenue |  |  |  |  |  |  |  |  | $ | 5,781 |
Less: |  |  |  |  |  |  |  |  |
Total cost of sales excluding depreciation, amortization, and accretion of AROs (1) | 888 |  |  | 1,417 |  |  | 2,098 |  |  | 3 |  |  |
Other segment items (2) | 21 |  |  | 127 |  |  | 20 |  |  | 39 |  |  |
Segment Adjusted EBITDA | $ | 401 |  |  | $ | 419 |  |  | $ | 508 |  |  | $ | (42) |  |  | $ | 1,286 |
Reconciliation to income from continuing operations before taxes: |  |  |  |  |  |  |  |  |
Corporate and other |  |  |  |  |  |  |  |  | (13) |
Eliminations |  |  |  |  |  |  |  |  | (1) |
Interest expense |  |  |  |  |  |  |  |  | (694) |
Interest income |  |  |  |  |  |  |  |  | 139 |
Depreciation, amortization, and accretion of AROs |  |  |  |  |  |  |  |  | (691) |
Adjusted for: |  |  |  |  |  |  |  |  |
Noncontrolling interests and redeemable stock of subsidiaries |  |  |  |  |  |  |  |  | 387 |
Income tax expense (benefit), interest expense (income), and depreciation, amortization, and accretion of AROs from equity affiliates |  |  |  |  |  |  |  |  | (81) |
Interest income recognized under service concession arrangements |  |  |  |  |  |  |  |  | (29) |
Unrealized derivatives, equity securities, and financial assets and liabilities losses |  |  |  |  |  |  |  |  | (132) |
Unrealized foreign currency gains |  |  |  |  |  |  |  |  | 3 |
Disposition/acquisition losses |  |  |  |  |  |  |  |  | (167) |
Impairment reversals |  |  |  |  |  |  |  |  | 54 |
Loss on extinguishment of debt and troubled debt restructuring |  |  |  |  |  |  |  |  | (12) |
Restructuring costs |  |  |  |  |  |  |  |  | (88) |
Loss from continuing operations before taxes |  |  |  |  |  |  |  |  | $ | (39) |
_____________________________ (1)Segment-level total cost of sales excluding depreciation, amortization, and accretion of AROs is considered regularly provided to the Chief Operating Decision Maker. Total cost of sales excluding depreciation, amortization, and accretion of AROs includes items such as fuel cost, electricity purchases, transmission charges, supplies, salaries and wages, consulting costs, IT costs, market fees, insurance, and lease expense. (2)Other segment items for each reportable segment includes: Renewables SBU — business development costs, miscellaneous gains and losses in Other income and Other expense, realized foreign currency gains and losses, earnings from equity affiliates, and adjustment for noncontrolling interest expense. Utilities SBU — miscellaneous gains and losses in Other income and Other expense, earnings from equity affiliates, and adjustment for noncontrolling interest expense. Energy Infrastructure SBU — service concession interest income, business development costs, miscellaneous gains and losses in Other income and Other expense, realized foreign currency gains and losses, earnings from equity affiliates, and adjustment for noncontrolling interest expense. New Energy Technologies SBU — business development costs, earnings from equity affiliates, and miscellaneous gains and losses in Other income and Other expense. The Company uses long-lived assets as its measure of segment assets. Long-lived assets include amounts recorded in Property, plant, and equipment, net and right-of-use assets for operating leases recorded in Other noncurrent assets on the Condensed Consolidated Balance Sheets.
Long-Lived Assets | June 30, 2026 |  | December 31, 2025
Renewables SBU | $ | 26,452 |  |  | $ | 23,945 |
Utilities SBU | 10,000 |  |  | 9,464 |
Energy Infrastructure SBU | 4,567 |  |  | 4,726 |
New Energy Technologies SBU | 26 |  |  | 23 |
Corporate and Other | 34 |  |  | 29 |
Long-Lived Assets | 41,079 |  |  | 38,187 |
Current assets | 6,403 |  |  | 6,502 |
Investments in and advances to affiliates | 885 |  |  | 1,004 |
Debt service reserves and other deposits | 53 |  |  | 89 |
Goodwill | 342 |  |  | 342 |
Other intangible assets | 2,033 |  |  | 2,040 |
Deferred income taxes | 356 |  |  | 397 |
Loan receivable | 710 |  |  | 755 |
Other noncurrent assets, excluding right-of-use assets for operating leases | 2,377 |  |  | 2,452 |
Total Assets | $ | 54,238 |  |  | $ | 51,768 |
Depreciation, Amortization, and Accretion of AROs | Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2026 |  | 2025 |  | 2026 |  | 2025
Renewables SBU | $ | 192 |  |  | $ | 138 |  |  | $ | 373 |  |  | $ | 267 |
Utilities SBU | 137 |  |  | 131 |  |  | 273 |  |  | 255 |
Energy Infrastructure SBU | 102 |  |  | 83 |  |  | 214 |  |  | 164 |
New Energy Technologies SBU | — |  |  | 1 |  |  | 1 |  |  | 1 |
Corporate and Other | 3 |  |  | 1 |  |  | 6 |  |  | 4 |
Total | $ | 434 |  |  | $ | 354 |  |  | $ | 867 |  |  | $ | 691 |
Capital Expenditures | Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2026 |  | 2025 |  | 2026 |  | 2025
Renewables SBU | $ | 1,272 |  |  | $ | 1,086 |  |  | $ | 2,683 |  |  | $ | 2,056 |
Utilities SBU | 349 |  |  | 232 |  |  | 715 |  |  | 492 |
Energy Infrastructure SBU | 28 |  |  | 25 |  |  | 56 |  |  | 53 |
New Energy Technologies SBU | 2 |  |  | 2 |  |  | 3 |  |  | 3 |
Corporate and Other | 6 |  |  | 1 |  |  | 10 |  |  | 3 |
Total | $ | 1,657 |  |  | $ | 1,346 |  |  | $ | 3,467 |  |  | $ | 2,607 |
Interest Income | Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2026 |  | 2025 |  | 2026 |  | 2025
Renewables SBU | $ | 24 |  |  | $ | 20 |  |  | $ | 49 |  |  | $ | 41 |
Utilities SBU | 3 |  |  | 4 |  |  | 5 |  |  | 6 |
Energy Infrastructure SBU | 34 |  |  | 41 |  |  | 69 |  |  | 82 |
New Energy Technologies SBU | — |  |  | 2 |  |  | — |  |  | 4 |
Corporate and Other | 4 |  |  | 3 |  |  | 7 |  |  | 6 |
Total | $ | 65 |  |  | $ | 70 |  |  | $ | 130 |  |  | $ | 139 |
Interest Expense | Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2026 |  | 2025 |  | 2026 |  | 2025
Renewables SBU | $ | 140 |  |  | $ | 119 |  |  | $ | 265 |  |  | $ | 250 |
Utilities SBU | 79 |  |  | 77 |  |  | 156 |  |  | 154 |
Energy Infrastructure SBU | 60 |  |  | 76 |  |  | 125 |  |  | 150 |
New Energy Technologies SBU | — |  |  | — |  |  | — |  |  | — |
Corporate and Other | 89 |  |  | 80 |  |  | 175 |  |  | 140 |
Total | $ | 368 |  |  | $ | 352 |  |  | $ | 721 |  |  | $ | 694 |
Net Equity in Earnings (Losses) of Affiliates | Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2026 |  | 2025 |  | 2026 |  | 2025
Renewables SBU | $ | (17) |  |  | $ | (6) |  |  | $ | (24) |  |  | $ | (15) |
Utilities SBU | 1 |  |  | 2 |  |  | 3 |  |  | 4 |
Energy Infrastructure SBU | (6) |  |  | 3 |  |  | 9 |  |  | 7 |
New Energy Technologies SBU | (9) |  |  | (17) |  |  | (26) |  |  | (44) |
Corporate and Other | (3) |  |  | (4) |  |  | (4) |  |  | (8) |
Total | $ | (34) |  |  | $ | (22) |  |  | $ | (42) |  |  | $ | (56) |

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