NASDAQ : CEG
Constellation Energy Corporation — Financial statements
Utilities · Utilities - Independent Power Producers · United States
Last price 264.58 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 93.74B
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Financial statements
Constellation Energy Corporation (CEG) reported revenue of 31.27B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 31.27B | 25.53B | 23.57B | 24.92B | 24.44B | 19.65B |
| Fuel & Purchased Power | 17.54B | 14.68B | 11.42B | 16.00B | 17.46B | 12.16B |
| Operations & Maintenance | 6.43B | 5.77B | 5.83B | 5.51B | 4.72B | 4.69B |
| Depreciation & Amortization | 1.37B | 985.00M | 1.12B | 1.10B | 1.09B | 1.05B |
| Other Operating Expenses | 1.22B | 1.06B | 927.00M | 673.00M | 668.00M | 522.00M |
| Total Operating Expenses | 26.56B | 22.50B | 19.30B | 23.28B | 23.95B | 18.43B |
| Operating Income | 4.71B | 3.03B | 4.27B | 1.64B | 494.00M | 1.22B |
| Interest Expense | -783.00M | -511.00M | -506.00M | -431.00M | -251.00M | -297.00M |
| Net Interest Expense | -783.00M | -511.00M | -506.00M | -431.00M | -251.00M | -297.00M |
| Income (Loss) on Equity Investments | 13.00M | -1.00M | -4.00M | -11.00M | -13.00M | -10.00M |
| Other Non-Operating Income (Expenses) | -1.08B | -969.00M | -491.00M | -745.00M | 949.00M | -871.00M |
| EBT Excluding Unusual Items | 2.86B | 1.55B | 3.27B | 454.00M | 1.18B | 42.00M |
| Restructuring Charges | -1.77B | |||||
| Total Merger & Restructuring Charges | -213.00M | |||||
| Gain (Loss) on Sale of Investments | 2.46B | 1.96B | 1.17B | 1.96B | -1.74B | 1.67B |
| Gain (Loss) on Sale of Assets | 16.00M | 71.00M | 27.00M | 1.00M | 201.00M | |
| Pretax Income | 5.12B | 3.51B | 4.51B | 2.44B | -555.00M | 142.00M |
| Income Tax Expense | 1.65B | 1.19B | 774.00M | 859.00M | -388.00M | 225.00M |
| Earnings From Continuing Ops. | 3.47B | 2.32B | 3.74B | 1.58B | -167.00M | -83.00M |
| Minority Interest in Earnings | -7.00M | -4.00M | 11.00M | 46.00M | 7.00M | -122.00M |
| Net Income | 3.46B | 2.32B | 3.75B | 1.62B | -160.00M | -205.00M |
| Net Income to Common | 3.46B | 2.32B | 3.75B | 1.62B | -160.00M | -205.00M |
| Shares Outstanding (Basic) | 334.50M | 313.00M | 315.00M | 323.00M | 328.00M | |
| Shares Outstanding (Diluted) | 335.50M | 314.00M | 315.00M | 324.00M | 329.00M | |
| EPS (Basic) | 10.36 | 7.41 | 11.90 | 5.02 | -0.49 | |
| EPS (Diluted) | 10.33 | 7.40 | 11.89 | 5.01 | -0.49 | |
| Free Cash Flow | 295.00M | 1.27B | -5.06B | -9.41B | -4.07B | -2.70B |
| Free Cash Flow Per Share | 0.88 | 4.06 | -16.07 | -29.05 | -12.37 | |
| Dividend Per Share | 1.63 | 1.55 | 1.41 | 1.13 | 0.56 | |
| Profit Margin | 11.08% | 9.08% | 15.91% | 6.51% | -0.66% | -1.04% |
| Free Cash Flow Margin | 0.94% | 4.99% | -21.47% | -37.78% | -16.66% | -13.73% |
| EBITDA | 7.95B | 5.63B | 6.97B | 4.16B | 2.92B | 3.81B |
| EBITDA Margin | 25.43% | 22.06% | 29.58% | 16.68% | 11.95% | 19.38% |
| D&A For EBITDA | 3.25B | 2.60B | 2.70B | 2.51B | 2.43B | 2.59B |
| EBIT | 4.71B | 3.03B | 4.27B | 1.64B | 494.00M | 1.22B |
| EBIT Margin | 15.05% | 11.87% | 18.13% | 6.59% | 2.02% | 6.21% |
| Effective Tax Rate | 32.25% | 33.82% | 17.15% | 35.26% | 158.45% | |
| Revenue as Reported | 24.44B | 19.65B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 697.00M | 3.64B | 3.02B | 368.00M | 422.00M | 504.00M |
| Short-Term Investments | 43.00M | 43.00M | ||||
| Accounts Receivable | 3.77B | 3.58B | 3.12B | 2.02B | 2.71B | 1.98B |
| Other Receivables | 1.68B | 1.48B | 1.40B | 1.58B | 1.35B | 1.11B |
| Inventory | 3.37B | 1.74B | 1.60B | 1.50B | 1.50B | 1.29B |
| Restricted Cash | 380.00M | 107.00M | 107.00M | 86.00M | 106.00M | 72.00M |
| Other Current Assets | 9.07B | 1.58B | 1.53B | 2.75B | 3.22B | 2.98B |
| Total Current Assets | 18.96B | 12.12B | 10.78B | 8.30B | 9.36B | 7.98B |
| Property, Plant & Equipment | 34.74B | 16.55B | 15.78B | 19.59B | 17.92B | 17.82B |
| Net Nuclear Fuel | 6.49B | 6.30B | 5.89B | 3.02B | 2.45B | 2.40B |
| Goodwill | 11.53B | 420.00M | 420.00M | 425.00M | 47.00M | |
| Other Intangible Assets | 108.00M | 116.00M | 133.00M | 155.00M | 178.00M | 202.00M |
| Long-Term Investments | 353.00M | 307.00M | 640.00M | 563.00M | 202.00M | 174.00M |
| Long-Term Deferred Tax Assets | 52.00M | 44.00M | 32.00M | |||
| Other Long-Term Assets | 26.07B | 21.44B | 19.29B | 18.65B | 16.71B | 19.48B |
| Total Assets | 98.25B | 57.25B | 52.93B | 50.76B | 46.91B | 48.09B |
| Accounts Payable | 2.46B | 2.81B | 2.37B | 1.47B | 2.94B | 1.76B |
| Accrued Expenses | 1.58B | 1.24B | 1.34B | 741.00M | 797.00M | 465.00M |
| Short-Term Debt | 5.23B | 1.65B | 1.64B | 1.16B | 2.08B | |
| Current Portion of Long-Term Debt | 363.00M | 92.00M | 1.03B | 121.00M | 143.00M | 1.22B |
| Current Portion of Leases | 72.00M | 72.00M | 67.00M | 67.00M | 72.00M | |
| Current Income Taxes Payable | 395.00M | 246.00M | 232.00M | 399.00M | 272.00M | |
| Other Current Liabilities | 3.01B | 1.84B | 1.80B | 1.88B | 2.74B | 2.13B |
| Total Current Liabilities | 13.03B | 7.94B | 6.85B | 6.32B | 7.84B | 8.00B |
| Long-Term Debt | 19.11B | 7.25B | 7.38B | 7.50B | 4.47B | 4.89B |
| Long-Term Leases | 433.00M | 511.00M | 583.00M | 643.00M | 705.00M | |
| Pension & Post-Retirement Benefits | 1.84B | 1.98B | 1.88B | 1.80B | 1.21B | 847.00M |
| Long-Term Deferred Tax Liabilities | 8.51B | 3.54B | 3.33B | 3.21B | 3.03B | 3.70B |
| Other Long-Term Liabilities | 23.43B | 21.25B | 19.44B | 20.06B | 18.34B | 18.33B |
| Total Liabilities | 65.93B | 42.40B | 39.39B | 39.47B | 35.54B | 36.47B |
| Common Stock | 26.68B | 11.04B | 11.40B | 12.36B | 13.27B | 11.25B |
| Retained Earnings | 7.69B | 5.90B | 4.07B | 761.00M | -496.00M | |
| Comprehensive Income & Other | -2.40B | -2.42B | -2.30B | -2.19B | -1.76B | -31.00M |
| Total Common Equity | 31.98B | 14.52B | 13.17B | 10.93B | 11.02B | 11.22B |
| Minority Interest | 345.00M | 336.00M | 373.00M | 361.00M | 354.00M | 395.00M |
| Shareholders' Equity | 32.32B | 14.85B | 13.54B | 11.29B | 11.37B | 11.61B |
| Total Liabilities & Equity | 98.25B | 57.25B | 52.93B | 50.76B | 46.91B | 48.09B |
| Total Debt | 24.70B | 9.50B | 8.99B | 9.91B | 6.48B | 8.97B |
| Net Cash (Debt) | -24.00B | -5.86B | -5.97B | -9.54B | -6.01B | -8.43B |
| Net Cash Per Share | -71.54 | -18.65 | -18.96 | -29.45 | -18.28 | |
| Filing Date Shares Outstanding | 354.31M | 361.99M | 312.85M | 316.67M | 327.13M | |
| Total Common Shares Outstanding | 355.30M | 312.36M | 313.00M | 317.00M | 327.00M | |
| Working Capital | 5.93B | 4.17B | 3.93B | 1.98B | 1.52B | -15.00M |
| Book Value Per Share | 90.00 | 46.48 | 42.06 | 34.46 | 33.69 | |
| Tangible Book Value | 20.34B | 13.98B | 12.61B | 10.35B | 10.79B | 11.02B |
| Tangible Book Value Per Share | 57.25 | 44.76 | 40.30 | 32.63 | 33.01 | |
| Machinery | 51.51B | 33.25B | 32.16B | 32.89B | 30.80B | 29.91B |
| Construction In Progress | 2.82B | 2.00B | 1.27B | 1.13B | 630.00M | 399.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 3.46B | 2.32B | 3.75B | 1.62B | -160.00M | -205.00M |
| Depreciation & Amortization | 3.25B | 2.60B | 2.70B | 2.51B | 2.43B | 2.71B |
| Loss (Gain) on Sale of Investments | -763.00M | -429.00M | -322.00M | -783.00M | 807.00M | -426.00M |
| Loss (Gain) on Equity Investments | 10.00M | |||||
| Restructuring Activities | 1.95B | |||||
| Change in Accounts Receivable | -264.00M | -363.00M | 688.00M | 396.00M | -868.00M | -616.00M |
| Change in Inventory | -214.00M | -134.00M | -99.00M | 60.00M | -228.00M | -68.00M |
| Change in Accounts Payable | -732.00M | 316.00M | 1.12B | -1.33B | 1.14B | 346.00M |
| Change in Income Taxes | 429.00M | 625.00M | 296.00M | 325.00M | 162.00M | 256.00M |
| Change in Other Net Operating Assets | -1.82B | -1.40B | -9.34B | -9.32B | -6.22B | -4.25B |
| Other Operating Activities | 855.00M | 699.00M | -1.26B | 1.22B | 584.00M | -1.04B |
| Operating Cash Flow | 4.21B | 4.24B | -2.46B | -5.30B | -2.35B | -1.34B |
| Capital Expenditures | -3.91B | -2.96B | -2.60B | -4.11B | -1.72B | -1.36B |
| Sale of Property, Plant & Equipment | 878.00M | |||||
| Cash Acquisitions | -2.54B | |||||
| Contributions to Nuclear Demissioning Trust | -8.20B | -7.28B | -6.28B | -6.05B | -4.27B | -6.67B |
| Other Investing Activities | 8.10B | 7.05B | 16.31B | 13.19B | 9.09B | 10.44B |
| Investing Cash Flow | -6.54B | -3.20B | 7.43B | 3.03B | 3.10B | 3.28B |
| Short-Term Debt Issued | 1.65B | 200.00M | 685.00M | 257.00M | 1.24B | |
| Long-Term Debt Issued | 920.00M | 3.19B | 14.00M | 152.00M | ||
| Total Debt Issued | 12.84B | 1.65B | 1.12B | 3.88B | 271.00M | 1.39B |
| Short-Term Debt Repaid | -1.84B | -200.00M | -1.18B | -285.00M | ||
| Long-Term Debt Repaid | -1.08B | -121.00M | -168.00M | -1.42B | -105.00M | |
| Total Debt Repaid | -8.92B | -1.08B | -1.97B | -368.00M | -2.60B | -390.00M |
| Net Debt Issued (Repaid) | 3.92B | 574.00M | -845.00M | 3.51B | -2.33B | 1.00B |
| Issuance of Common Stock | 1.75B | 64.00M | ||||
| Repurchase of Common Stock | -1.97B | -400.00M | -999.00M | -992.00M | ||
| Common Dividends Paid | -551.00M | -486.00M | -444.00M | -366.00M | -185.00M | -1.83B |
| Other Financing Activities | -45.00M | -108.00M | -1.00M | 42.00M | -35.00M | -931.00M |
| Financing Cash Flow | 1.35B | -420.00M | -2.29B | 2.20B | -799.00M | -1.70B |
| Net Cash Flow | -985.00M | 619.00M | 2.67B | -74.00M | -48.00M | 249.00M |
| Free Cash Flow | 295.00M | 1.27B | -5.06B | -9.41B | -4.07B | -2.70B |
| Free Cash Flow Margin | 0.94% | 4.99% | -21.47% | -37.78% | -16.66% | -13.73% |
| Free Cash Flow Per Share | 0.88 | 4.06 | -16.07 | -29.05 | -12.37 | |
| Levered Free Cash Flow | -6.63B | 1.26B | 4.22B | -1.68B | 1.36B | 1.92B |
| Unlevered Free Cash Flow | -6.14B | 1.58B | 4.54B | -1.41B | 1.52B | 2.11B |
| Cash Interest Paid | 412.00M | 412.00M | 375.00M | 264.00M | 230.00M | 275.00M |
| Cash Income Tax Paid | 446.00M | 446.00M | 436.00M | 466.00M | 287.00M | 426.00M |
| Change in Working Capital | -2.60B | -953.00M | -7.33B | -9.87B | -6.01B | -4.33B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 92.35B | 110.32B | 69.97B | 37.33B | 28.19B | |
| Enterprise Value | 116.36B | 115.74B | 76.96B | 43.93B | 32.71B | |
| PE Ratio | 25.24 | 47.57 | 18.66 | 23.00 | ||
| PS Ratio | 2.97 | 4.32 | 2.97 | 1.50 | 1.15 | |
| PB Ratio | 2.92 | 7.43 | 5.17 | 3.31 | 2.48 | |
| P/FCF Ratio | 315.13 | 86.60 | ||||
| P/OCF Ratio | 22.10 | 26.04 | ||||
| EV/Sales Ratio | 3.74 | 4.53 | 3.27 | 1.76 | 1.34 | |
| EV/EBITDA Ratio | 14.71 | 20.55 | 11.04 | 10.57 | 11.20 | |
| EV/EBIT Ratio | 24.85 | 38.19 | 18.02 | 26.77 | 66.22 | |
| EV/FCF Ratio | 396.50 | 90.85 | ||||
| Debt / Equity Ratio | 0.76 | 0.64 | 0.66 | 0.88 | 0.57 | 0.77 |
| Debt / EBITDA Ratio | 3.04 | 1.64 | 1.25 | 2.28 | 2.06 | 2.19 |
| Debt / FCF Ratio | 83.73 | 7.45 | ||||
| Net Debt / Equity Ratio | 0.74 | 0.39 | 0.44 | 0.85 | 0.53 | 0.73 |
| Net Debt / EBITDA Ratio | 3.02 | 1.04 | 0.86 | 2.30 | 2.06 | 2.21 |
| Net Debt / FCF Ratio | 81.37 | 4.60 | -1.18 | -1.01 | -1.48 | -3.12 |
| Quick Ratio | 0.47 | 1.09 | 1.10 | 0.63 | 0.58 | 0.46 |
| Current Ratio | 1.46 | 1.53 | 1.57 | 1.31 | 1.19 | 1.00 |
| Asset Turnover | 0.41 | 0.46 | 0.46 | 0.51 | 0.52 | 0.41 |
| Return on Equity (ROE) | 15.05% | 16.36% | 30.11% | 13.92% | -1.45% | -0.63% |
| Return on Assets (ROA) | 3.89% | 3.44% | 5.15% | 2.10% | 0.65% | 1.58% |
| Return on Capital Employed (ROCE) | 5.50% | 6.10% | 9.30% | 3.70% | 1.30% | 3.00% |
| Earnings Yield | 3.96% | 2.10% | 5.36% | 4.35% | -0.57% | |
| FCF Yield | 0.32% | 1.16% | -7.23% | -25.21% | -14.44% | |
| Dividend Yield | 0.66% | 0.44% | 0.63% | 0.96% | 0.65% | |
| Payout Ratio | 16.52% | 20.96% | 11.84% | 22.55% | ||
| Buyback Yield / Dilution | -6.85% | 0.32% | 2.78% | 1.52% | ||
| Total Shareholder Return | -6.20% | 0.76% | 3.41% | 2.48% | 0.65% |