Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes - Reconciliation of Income Tax Expense (Details)

v3.25.4
Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
Expected U.S. federal income tax expense $ 7,916 $ 6,976 $ 6,831
Increase (decrease) in taxes resulting from:      
State and local income tax, net of federal income tax deduction 726 690 331
Tax credits      
PTCs and LIHTCs accounted for under PAM (633) (587) (600)
ITCs and other PTCs (705) (924) (568)
Other (216) (307) (227)
Nontaxable or nondeductible items      
Tax-exempt income, including dividends (405) (477) (411)
Nondeductible expenses 419 426 405
Other (215) (15) (24)
Changes in unrecognized tax benefits (187) (99) (26)
Foreign tax effects 550 586 381
Effect of cross-border tax laws (205) (175) (83)
Changes in valuation allowances 149 224 303
Other (8) (68) (87)
Total income tax expense (benefit) $ 7,186 $ 6,250 $ 6,225
Percent      
Expected U.S. federal income tax expense 21.00% 21.00% 21.00%
State and local income tax, net of federal income tax deduction 2.00% 2.10% 1.00%
Tax credits      
PTCs and LIHTCs accounted for under PAM (1.70%) (1.80%) (1.80%)
ITCs and other PTCs (1.90%) (2.80%) (1.70%)
Other (0.60%) (0.90%) (0.70%)
Nontaxable or nondeductible items      
Tax-exempt income, including dividends (1.10%) (1.40%) (1.30%)
Nondeductible expenses 1.10% 1.20% 1.20%
Other (0.60%) 0.00% (0.10%)
Changes in unrecognized tax benefits (0.50%) (0.30%) (0.10%)
Foreign tax effects 1.50% 1.70% 1.20%
Effect of cross-border tax laws (0.50%) (0.50%) (0.30%)
Changes in valuation allowances 0.40% 0.70% 0.90%
Other 0.00% (0.20%) (0.20%)
Total income tax expense (benefit) 19.10% 18.80% 19.10%