Income Statement
| Year Ending Dec 2025 (Update) | Year Ending Dec 2024 (Update) | Year Ending Dec 2023 (Update) | Year Ending Dec 2022 (Update) | |
|---|---|---|---|---|
| Electric Operations | 1,940.00 | 1,902.00 | 1,746.10 | 1,742.88 |
| Revenue | 1,940.00 | 1,902.00 | 1,746.10 | 1,742.88 |
| Other Non-Utility Revenue | 24.00 | 36.00 | 5.46 | -32.67 |
| Other Revenue, Total | 24.00 | 36.00 | 5.46 | -32.67 |
| Total Revenue | 1,964.00 | 1,938.00 | 1,751.55 | 1,710.21 |
| Fuel Expense | 691.00 | 798.00 | 702.37 | 735.86 |
| Operations & Maintenance | 468.00 | 406.00 | 383.88 | 405.17 |
| Selling/General/Administrative Expense | 36.00 | 36.00 | 29.72 | 6.55 |
| Selling/General/Administrative Expenses, Total | 36.00 | 36.00 | 29.72 | 6.55 |
| Depreciation | 289.00 | 274.00 | 265.33 | 253.14 |
| Depreciation/Amortization | 289.00 | 274.00 | 265.33 | 253.14 |
| Other Unusual Expense (Income) | -- | -- | -- | -- |
| Unusual Expense (Income) | -- | -- | -- | -- |
| Property & Other Taxes | 121.00 | 116.00 | 109.72 | 114.19 |
| Other Operating Expense | 5.00 | 2.00 | 2.84 | 5.05 |
| Other Operating Expenses, Total | 126.00 | 118.00 | 112.56 | 119.24 |
| Total Operating Expense | 1,610.00 | 1,632.00 | 1,493.86 | 1,519.97 |
| Operating Income | 354.00 | 306.00 | 257.69 | 190.24 |
| Interest Expense - Non-Operating | -154.00 | -150.00 | -143.30 | -118.69 |
| Interest Capitalized - Non-Operating | 6.00 | 5.00 | 3.63 | 3.72 |
| Interest Expense, Net Non-Operating | -148.00 | -145.00 | -139.67 | -114.97 |
| Interest Income, Non-Operating | 12.00 | 14.00 | 14.66 | -- |
| Investment Income, Non-Operating | -12.00 | -7.00 | -3.23 | -- |
| Interest/Investment Income, Non-Operating | 0.00 | 7.00 | 11.44 | -- |
| Interest Income (Expense), Net-Non-Operating, Total | -148.00 | -138.00 | -128.23 | -114.97 |
| Allowance for Funds Used During Construction | 11.00 | 9.00 | 6.89 | -- |
| Other Non-Operating Income (Expense) | 0.00 | 6.00 | 1.21 | 62.72 |
| Other, Net | 0.00 | 6.00 | 1.21 | 62.72 |
| Net Income Before Taxes | 217.00 | 183.00 | 137.55 | 137.99 |
| Income Tax – Total | 24.00 | 3.00 | -33.63 | -17.19 |
| Income After Tax | 193.00 | 180.00 | 171.18 | 155.18 |
| Minority Interest | -- | -- | -- | -- |
| Net Income Before Extraordinary Items | 193.00 | 180.00 | 171.18 | 155.18 |
| Extraordinary Item | -- | -- | -- | -- |
| Total Extraordinary Items | -- | -- | -- | -- |
| Net Income | 193.00 | 180.00 | 171.18 | 155.18 |
| Income Available to Common Excluding Extraordinary Items | 193.00 | 180.00 | 171.18 | 155.18 |
| Income Available to Common Stocks Including Extraordinary Items | 193.00 | 180.00 | 171.18 | 155.18 |
| Basic Weighted Average Shares | 80.98 | 78.73 | 76.40 | 72.99 |
| Basic EPS Excluding Extraordinary Items | 2.38 | 2.29 | 2.24 | 2.13 |
| Basic EPS Including Extraordinary Items | 2.38 | 2.29 | 2.24 | 2.13 |
| Diluted Net Income | 193.00 | 180.00 | 171.18 | 155.18 |
| Diluted Weighted Average Shares | 81.05 | 78.82 | 76.50 | 73.09 |
| Diluted EPS Excluding Extraordinary Items | 2.38 | 2.28 | 2.24 | 2.12 |
| Diluted EPS Including Extraordinary Items | 2.38 | 2.28 | 2.24 | 2.12 |
| DPS - Common Stock Primary Issue | 1.96 | 1.90 | 1.84 | 1.76 |
| Gross Dividends - Common Stock | 159.00 | 150.00 | 141.37 | 129.27 |
| Total Special Items | -- | -- | -- | -- |
| Normalized Income Before Taxes | 217.00 | 183.00 | 137.55 | 137.99 |
| Effect of Special Items on Income Taxes | -- | -- | -- | -- |
| Income Taxes Excluding Impact of Special Items | 24.00 | 3.00 | -33.63 | -17.19 |
| Normalized Income After Taxes | 193.00 | 180.00 | 171.18 | 155.18 |
| Normalized Income Available to Common | 193.00 | 180.00 | 171.18 | 155.18 |
| Basic Normalized EPS | 2.38 | 2.29 | 2.24 | 2.13 |
| Diluted Normalized EPS | 2.38 | 2.28 | 2.24 | 2.12 |
| Depreciation, Supplemental | 289.00 | 274.00 | 265.41 | 253.14 |
| Interest Expense, Supplemental | 154.00 | 150.00 | 143.30 | 118.69 |
| Interest Capitalized, Supplemental | -6.00 | -5.00 | -3.63 | -3.72 |
| Rental Expense, Supplemental | 5.00 | 5.00 | 5.10 | 4.99 |
| Stock-Based Compensation, Supplemental | 8.00 | 9.00 | 8.44 | 8.72 |
| Minority Interest, Supplemental | -- | -- | -- | -- |
| Audit-Related Fees, Supplemental | -- | -- | -- | 1.92 |
| Audit-Related Fees | -- | -- | -- | 0.01 |
| Tax Fees, Supplemental | -- | -- | -- | 0.00 |
| All Other Fees Paid to Auditor, Supplemental | -- | -- | -- | 0.01 |
| Operating Margin | 18.02 | 15.79 | 14.71 | 11.12 |
| Pretax Margin | 11.05 | 9.44 | 7.85 | 8.07 |
| Effective Tax Rate | 11.06 | 1.64 | -24.45 | -12.46 |
| Net Profit Margin | 9.83 | 9.29 | 9.77 | 9.07 |
| Normalized EBIT | 354.00 | 306.00 | 257.69 | 190.24 |
| Normalized EBITDA | 643.00 | 580.00 | 523.10 | 443.38 |
| Current Tax - Total | 22.00 | 8.00 | 3.21 | 1.04 |
| Current Tax - Total | 22.00 | 8.00 | 3.21 | 1.04 |
| Deferred Tax - Domestic | -- | -- | -- | -- |
| Deferred Tax - Total | 2.00 | -5.00 | -36.84 | -18.23 |
| Deferred Tax - Total | 2.00 | -5.00 | -36.84 | -18.23 |
| Income Tax - Total | 24.00 | 3.00 | -33.63 | -17.19 |
| Interest Cost - Domestic | 35.00 | 34.00 | 33.25 | 26.54 |
| Service Cost - Domestic | 16.00 | 16.00 | 14.35 | 23.88 |
| Prior Service Cost - Domestic | 1.00 | -- | 0.49 | 0.26 |
| Expected Return on Assets - Domestic | -44.00 | -45.00 | -43.66 | -43.87 |
| Actuarial Gains and Losses - Domestic | 3.00 | 2.00 | 4.92 | 4.18 |
| Curtailments & Settlements - Domestic | -- | -- | 0.00 | 11.83 |
| Domestic Pension Plan Expense | 11.00 | 7.00 | 9.35 | 22.81 |
| Interest Cost - Post-Retirement | 7.00 | 7.00 | 6.77 | 5.50 |
| Service Cost - Post-Retirement | 2.00 | 3.00 | 2.39 | 4.37 |
| Prior Service Cost - Post-Retirement | 0.00 | -1.00 | -1.05 | -1.05 |
| Expected Return on Assets - Post-Retirement | -4.00 | -4.00 | -3.56 | -2.80 |
| Actuarial Gains and Losses - Post-Retirement | -3.00 | -- | 0.32 | 3.34 |
| Post-Retirement Plan Expense | 2.00 | 5.00 | 4.87 | 9.37 |
| Defined Contribution Expense - Domestic | 18.00 | 16.00 | 15.02 | 13.26 |
| Total Pension Expense | 31.00 | 28.00 | 29.23 | 45.43 |
| Discount Rate - Domestic | 6.13 | 5.86 | 6.10 | 3.39 |
| Discount Rate - Post-Retirement | 6.09 | 5.83 | 6.10 | 3.40 |
| Expected Rate of Return - Domestic | 7.40 | 7.80 | 8.30 | 5.80 |
| Expected Rate of Return - Post-Retirement | 6.60 | 6.70 | 7.20 | 4.70 |
| Compensation Rate - Domestic | 5.07 | 5.19 | 4.87 | 4.69 |
| Total Plan Interest Cost | 42.00 | 41.00 | 40.01 | 32.04 |
| Total Plan Service Cost | 18.00 | 19.00 | 16.74 | 28.25 |
| Total Plan Expected Return | -48.00 | -49.00 | -47.22 | -46.67 |
In millions of USD (except for per share items)
Source: LSEG