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Notes -
I think this was very much true in the past. Net income rather than revenue circa 2021:
So in the early part of the 2020's, more than all the net profit was driven by credits.
But with a current TTM PE Ratio over 100, I assume >90% of the "value" of the company is in future expectations.
Edit: The "until recently" is sort of load bearing though. The 2024 annual report gives $2.8B in regulatory credits, $97.7B total revenue, $7.2B net income on a GAAP basis. So single digit portion of revenue but >1/3 of the net profit last year.
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