Constellation Energy Corp (CEG) financial statements: income statement, balance sheet and cash flow
Constellation Energy Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Constellation Energy Corp reported revenue of $25.5B (+8.3% year on year) and net income of $2.3B (-37.9% year on year).
Income statement
Constellation Energy Corp income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Operating revenues
$25.5B
$23.6B
$24.9B
$24.3B
Purchased power and fuel
$14.7B
$11.4B
$16.0B
$17.5B
Operating and maintenance
$6.2B
$6.2B
$5.7B
$4.8B
Depreciation and amortization
$985.0M
$1.1B
$1.1B
$1.1B
Taxes other than income taxes
$622.0M
$586.0M
$553.0M
$552.0M
Total operating expenses
$22.4B
$19.3B
$23.3B
$23.9B
Gain (loss) on sales of assets and businesses
$0
$71.0M
$27.0M
$1.0M
Operating income (loss)
$3.1B
$4.4B
$1.6B
$495.0M
Interest expense, net
($511.0M)
($506.0M)
($431.0M)
($250.0M)
Other, net
$936.0M
$670.0M
$1.3B
($786.0M)
Total other income and (deductions)
$425.0M
$164.0M
$837.0M
($1.0B)
Income (loss) before income taxes
$3.5B
$4.5B
$2.4B
($542.0M)
Income tax (benefit) expense
$1.2B
$774.0M
$859.0M
($388.0M)
Equity in income (losses) of unconsolidated affiliates
($1.0M)
($4.0M)
($11.0M)
($13.0M)
Net income (loss) attributable to noncontrolling interests
$4.0M
($11.0M)
($46.0M)
($7.0M)
Net income (loss) attributable to membership interest
$2.3B
$3.7B
$1.6B
($160.0M)
Net income (loss)
$2.3B
$3.7B
$1.6B
($167.0M)
Prior service benefit reclassified to periodic benefit cost
($4.0M)
($4.0M)
($4.0M)
($6.0M)
Actuarial loss reclassified to periodic cost
$72.0M
$75.0M
$25.0M
$101.0M
Pension and non-pension postretirement benefit plans valuation adjustment
($219.0M)
($176.0M)
($453.0M)
$186.0M
Unrealized gain (loss) on cash flow hedges
$7.0M
$4.0M
($1.0M)
($1.0M)
Unrealized gain (loss) on foreign currency translation
$21.0M
($10.0M)
$2.0M
($3.0M)
Other comprehensive income (loss), net of income taxes
($123.0M)
—
—
$277.0M
Comprehensive income (loss)
$2.2B
($111.0M)
($431.0M)
$110.0M
Comprehensive income (loss) attributable to noncontrolling interests
$4.0M
($11.0M)
($46.0M)
($7.0M)
Comprehensive income (loss) attributable to membership interest
$2.2B
$3.6B
$1.2B
$117.0M
Basic (in shares)
313.0M
315.0M
323.0M
328.0M
Assumed exercise and/or distributions of stock-based awards (in shares)
1.0M
0
1.0M
1.0M
Diluted (in shares)
314.0M
315.0M
324.0M
329.0M
Basic (in dollars per share)
$7.40
$11.91
$5.02
-$0.49
Diluted (in dollars per share)
$7.40
$11.89
$5.01
-$0.49
Constellation Energy Corp income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Operating revenues
$7.5B
$11.1B
$6.6B
$6.1B
Purchased power and fuel
$4.0B
$6.4B
$3.6B
$3.1B
Operating and maintenance
$2.3B
$1.8B
$1.5B
$1.6B
Depreciation and amortization
$443.0M
$443.0M
$241.0M
$254.0M
Taxes other than income taxes
$207.0M
$229.0M
$165.0M
$147.0M
Total operating expenses
$6.9B
$8.8B
$5.5B
$5.2B
Gain (loss) on sales of assets
$2.0M
$14.0M
$0
—
Operating income (loss)
$580.0M
$2.3B
$1.1B
$951.0M
Interest expense, net
($283.0M)
($253.0M)
($134.0M)
($118.0M)
Other, net
$603.0M
$46.0M
$443.0M
$440.0M
Total other income and (deductions)
$320.0M
($207.0M)
$309.0M
$322.0M
Income (loss) before income taxes
$900.0M
$2.1B
$1.4B
$1.3B
Income tax (benefit) expense
$398.0M
$530.0M
$466.0M
$440.0M
Equity in income (losses) of unconsolidated affiliates
$6.0M
$8.0M
$0
$0
Net income (loss) attributable to noncontrolling interests
($5.0M)
$13.0M
($1.0M)
($6.0M)
Net income (loss) attributable to common shareholders
$513.0M
$1.6B
$930.0M
$839.0M
Net income (loss)
$508.0M
$1.6B
$929.0M
$833.0M
Prior service benefit reclassified to periodic benefit cost
$0
($1.0M)
($1.0M)
($2.0M)
Actuarial loss reclassified to periodic cost
$26.0M
$28.0M
$19.0M
$18.0M
Pension and non-pension postretirement benefit plan valuation adjustment
$0
($25.0M)
$0
$0
Unrealized gain (loss) on cash flow hedges
$2.0M
$1.0M
$2.0M
$1.0M
Unrealized gain (loss) on foreign currency translation
($1.0M)
($3.0M)
($8.0M)
$20.0M
Other comprehensive income (loss), net of income taxes
$27.0M
$0
$12.0M
$37.0M
Comprehensive income (loss)
$535.0M
$1.6B
$941.0M
$870.0M
Comprehensive income (loss) attributable to noncontrolling interests
($5.0M)
$13.0M
($1.0M)
($6.0M)
Comprehensive income (loss) attributable to common shareholders
$540.0M
$1.6B
$942.0M
$876.0M
Basic (in shares)
360.0M
354.0M
313.0M
314.0M
Assumed exercise and/or distributions of stock-based awards (in shares)
0
0
0
0
Diluted (in shares)
360.0M
354.0M
313.0M
314.0M
Basic (in dollars per share)
$1.42
$4.49
$2.98
$2.67
Diluted (in dollars per share)
$1.42
$4.49
$2.97
$2.67
Balance sheet
Constellation Energy Corp balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$3.6B
$3.0B
$368.0M
$422.0M
Restricted cash and cash equivalents
$107.0M
$107.0M
$86.0M
$106.0M
Accounts receivable, net
$4.3B
$3.1B
$1.9B
$2.6B
Derivative assets
$945.0M
$843.0M
$1.2B
$2.4B
Inventories, net
$1.7B
—
—
—
Renewable energy credits
$789.0M
$797.0M
$660.0M
$617.0M
Other
$635.0M
$689.0M
$1.7B
$1.0B
Total current assets
$12.1B
$10.8B
$8.3B
$9.4B
Property, plant, and equipment (net of accumulated depreciation and amortization of $19,072 and $18,088, respectively)
$22.5B
$21.2B
$22.1B
$19.8B
Nuclear decommissioning trust funds
$19.3B
$17.3B
$16.4B
$14.1B
Goodwill
$420.0M
$420.0M
$425.0M
—
Derivative assets
$450.0M
$372.0M
$995.0M
$1.3B
Other
$2.5B
$2.2B
$1.9B
$2.1B
Total deferred debits and other assets
$22.7B
$20.9B
$20.3B
$17.7B
Total assets
$57.2B
$52.9B
$50.8B
$46.9B
Short-term borrowings
$1.6B
$0
$1.6B
$1.2B
Long-term debt due within one year
$92.0M
$1.0B
$121.0M
$143.0M
Accounts payable and accrued expenses
$4.3B
$3.9B
$2.6B
—
Derivative liabilities
$467.0M
$467.0M
$632.0M
$1.6B
Renewable energy credit obligation
$1.1B
$1.1B
$972.0M
$901.0M
Other
$366.0M
$332.0M
$338.0M
$344.0M
Total current liabilities
$7.9B
$6.8B
$6.3B
$7.8B
Long-term debt
$7.3B
$7.4B
$7.5B
$4.5B
Deferred income taxes and unamortized ITCs
$3.5B
$3.3B
$3.2B
$3.0B
Asset retirement obligations
$13.2B
$12.4B
$14.1B
$12.7B
Pension and non-pension postretirement benefit obligations
$2.0B
$1.9B
—
—
Payables related to Regulatory Agreement Units
$5.3B
$4.5B
$3.7B
$2.9B
Derivative liabilities
$414.0M
$399.0M
$419.0M
$983.0M
Other
$2.7B
$1.2B
$1.1B
$1.2B
Total deferred credits and other liabilities
$27.2B
$25.2B
$25.7B
$23.2B
Total liabilities
$42.4B
$39.4B
$39.5B
$35.5B
Common stock (No par value, 1,000 shares authorized, 312 shares and 313 shares outstanding, respectively)
11.0B
11.4B
12.4B
13.3B
Retained earnings (deficit)
$5.9B
$4.1B
$761.0M
($496.0M)
Accumulated other comprehensive income (loss), net
($2.4B)
($2.3B)
($2.2B)
($1.8B)
Total shareholders’ equity
$14.5B
$13.2B
$10.9B
$11.0B
Noncontrolling interests
$336.0M
$373.0M
$361.0M
$354.0M
Total equity
$14.9B
$13.5B
$11.3B
$11.4B
Total liabilities and equity
$57.2B
$52.9B
$50.8B
$46.9B
Constellation Energy Corp balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$697.0M
$800.0M
$4.0B
$2.0B
Restricted cash and cash equivalents
$380.0M
$371.0M
$132.0M
$88.0M
Accounts receivable, net
$4.7B
$4.4B
$3.2B
$2.9B
Derivative assets
$2.2B
$1.8B
$632.0M
$726.0M
Inventories, net
$3.4B
$2.6B
—
—
Renewable energy credits
$784.0M
$1.0B
$786.0M
$628.0M
Assets held for sale
$5.7B
$5.7B
—
—
Other
$1.2B
$1.3B
$696.0M
$714.0M
Total current assets
$19.0B
$18.0B
$11.6B
$9.2B
Property, plant, and equipment (net of accumulated depreciation and amortization of $19,589 and $19,072, respectively)
$41.2B
$40.8B
$22.0B
$21.8B
Nuclear decommissioning trust funds
$20.5B
$19.4B
$19.0B
$18.3B
Goodwill
$11.5B
$11.5B
$420.0M
$420.0M
Derivative assets
$1.7B
$2.1B
$459.0M
$527.0M
Other
$4.3B
$5.1B
$2.2B
$2.4B
Total deferred debits and other assets
$38.1B
$38.1B
$22.5B
$22.0B
Total assets
$98.3B
$96.9B
$56.2B
$53.0B
Short-term borrowings
$5.2B
$5.1B
$1.6B
$900.0M
Long-term debt due within one year
$363.0M
$370.0M
$118.0M
$125.0M
Accounts payable and accrued expenses
$4.4B
$4.4B
$3.9B
$3.7B
Derivative liabilities
$716.0M
$810.0M
$474.0M
$407.0M
Renewable energy credit obligation
$927.0M
$1.2B
$956.0M
$806.0M
Other
$1.4B
$1.3B
$331.0M
$359.0M
Total current liabilities
$13.0B
$13.2B
$7.5B
$6.3B
Long-term debt
$19.1B
$17.0B
$7.3B
$7.3B
Deferred income taxes and unamortized ITCs
$8.5B
$8.2B
$3.6B
$3.3B
Asset retirement obligations
$12.6B
$12.4B
$13.0B
$12.7B
Pension and non-pension postretirement benefit obligations
$1.8B
$1.8B
$1.8B
$1.8B
Payables related to Regulatory Agreement Units
$5.9B
$5.4B
$5.2B
$4.9B
Derivative liabilities
$601.0M
$518.0M
$440.0M
$419.0M
Other
$4.3B
$4.5B
$1.3B
$1.1B
Total deferred credits and other liabilities
$33.8B
$32.9B
$26.7B
$25.7B
Total liabilities
$65.9B
$63.1B
$41.5B
$39.2B
Common stock (No par value, 1,000 shares authorized, 355 and 312 shares outstanding, respectively)
26.7B
28.6B
11.0B
10.9B
Retained earnings (deficit)
$7.7B
$7.3B
$5.6B
$4.8B
Accumulated other comprehensive income (loss), net
($2.4B)
($2.4B)
($2.3B)
($2.3B)
Total shareholders’ equity
$32.0B
$33.5B
$14.3B
$13.4B
Noncontrolling interests
$345.0M
$337.0M
$342.0M
$357.0M
Total equity
$32.3B
$33.8B
$14.7B
$13.8B
Total liabilities and equity
$98.3B
$96.9B
$56.2B
$53.0B
Cash flow statement
Constellation Energy Corp cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income (loss)
$2.3B
$3.7B
$1.6B
($167.0M)
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization
$2.6B
$2.7B
$2.5B
$2.4B
Deferred income taxes and amortization of ITCs
$273.0M
$222.0M
$251.0M
($643.0M)
Net fair value changes related to derivatives
$645.0M
($1.3B)
$996.0M
$986.0M
Net realized and unrealized (gains) losses on NDT funds
($708.0M)
($311.0M)
($476.0M)
$794.0M
Net realized and unrealized (gains) losses on equity investments
$279.0M
($11.0M)
($307.0M)
$13.0M
Other non-cash operating activities
($223.0M)
($172.0M)
$18.0M
$249.0M
Accounts receivable
($363.0M)
$688.0M
$396.0M
($868.0M)
Inventories
($134.0M)
($99.0M)
$60.0M
($228.0M)
Accounts payable and accrued expenses
$316.0M
$1.1B
($1.3B)
$1.1B
Option premiums received (paid), net
$38.0M
$216.0M
$26.0M
($177.0M)
Collateral received (posted), net
($773.0M)
$1.8B
($1.5B)
($351.0M)
Income taxes
$625.0M
$296.0M
$325.0M
$162.0M
Pension and non-pension postretirement benefit contributions
($211.0M)
($184.0M)
($54.0M)
($237.0M)
Other assets and liabilities
($451.0M)
($11.2B)
($7.8B)
($5.5B)
Net cash flows provided by (used in) operating activities
$4.2B
($2.5B)
($5.3B)
($2.4B)
Capital expenditures
($2.9B)
($2.6B)
($2.4B)
($1.7B)
Proceeds from NDT fund sales
$6.9B
$6.0B
$5.8B
$4.0B
Investment in NDT funds
($7.3B)
($6.3B)
($6.0B)
($4.3B)
Collection of DPP, net
$0
$10.2B
$7.3B
$5.0B
Acquisition of business
($14.0M)
($32.0M)
($1.7B)
—
Other investing activities
$103.0M
$85.0M
$7.0M
($2.0M)
Net cash flows provided by (used in) investing activities
($3.2B)
$7.4B
$3.0B
$3.1B
Change in short-term borrowings
$0
($1.1B)
$146.0M
$257.0M
Proceeds from short-term borrowings with maturities greater than 90 days
$1.6B
$200.0M
$539.0M
$0
Repayments of short-term borrowings with maturities greater than 90 days
$0
($739.0M)
($200.0M)
($1.2B)
Issuance of long-term debt
$0
$920.0M
$3.2B
$14.0M
Retirement of long-term debt
($1.1B)
($121.0M)
($168.0M)
($1.2B)
Dividends paid on common stock
($486.0M)
($444.0M)
($366.0M)
($185.0M)
Repurchases of common stock
($400.0M)
($999.0M)
($992.0M)
—
Other financing activities
($108.0M)
($1.0M)
$42.0M
($35.0M)
Net cash flows provided by (used in) financing activities
($420.0M)
($2.3B)
$2.2B
($799.0M)
Increase (decrease) in cash, restricted cash, and cash equivalents
$619.0M
$2.7B
($74.0M)
($48.0M)
Cash, restricted cash, and cash equivalents at beginning of period
$3.1B
$454.0M
$528.0M
$576.0M
Cash, restricted cash, and cash equivalents at end of period
$3.7B
$3.1B
$454.0M
$528.0M
Increase (decrease) in DPP
$0
$9.0B
$8.1B
$5.2B
Increase (decrease) in PP&E related to ARO update
$187.0M
($1.5B)
$501.0M
—
Constellation Energy Corp cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income (loss)
$2.1B
$1.6B
$1.9B
$962.0M
Depreciation, amortization, and accretion, including nuclear fuel and contract amortization
$2.4B
$1.2B
$1.9B
$1.3B
Deferred income taxes and amortization of ITCs
$740.0M
$440.0M
$248.0M
$14.0M
Net fair value changes related to derivatives
($589.0M)
($1.0B)
$328.0M
$188.0M
Net realized and unrealized (gains) losses on NDT funds
($419.0M)
($17.0M)
($588.0M)
($336.0M)
Net realized and unrealized (gains) losses on equity investments
$24.0M
$27.0M
$256.0M
$275.0M
Other non-cash operating activities
($240.0M)
($199.0M)
($74.0M)
($21.0M)
Accounts receivable
$307.0M
$323.0M
($184.0M)
$208.0M
Inventories
($63.0M)
$106.0M
($62.0M)
$17.0M
Accounts payable and accrued expenses
($1.3B)
($1.4B)
($25.0M)
($229.0M)
Option premiums received (paid), net
($52.0M)
($15.0M)
$49.0M
$18.0M
Collateral received (posted), net
($357.0M)
$249.0M
($192.0M)
($242.0M)
Income taxes
$13.0M
$103.0M
$423.0M
$209.0M
Pension and non-pension postretirement benefit contributions
($200.0M)
($191.0M)
($193.0M)
($181.0M)
Other assets and liabilities
($813.0M)
($789.0M)
($390.0M)
($598.0M)
Net cash flows provided by (used in) operating activities
$1.6B
$425.0M
$3.4B
$1.6B
Capital expenditures
($2.5B)
($1.3B)
($2.0B)
($1.6B)
Proceeds from NDT fund sales
$4.7B
$2.5B
$5.5B
$3.8B
Investment in NDT funds
($4.9B)
($2.6B)
($5.8B)
($4.0B)
Acquisition of Calpine, net of cash and restricted cash acquired
($2.5B)
($2.5B)
($13.0M)
($10.0M)
Other investing activities
$131.0M
$148.0M
$3.0M
($6.0M)
Net cash flows provided by (used in) investing activities
($5.1B)
($3.7B)
($2.2B)
($1.8B)
Change in short-term borrowings
$2.6B
$2.0B
$0
$0
Proceeds from short-term borrowings with maturities greater than 90 days
$4.5B
$3.0B
$1.6B
$900.0M
Repayments of short-term borrowings with maturities greater than 90 days
($3.5B)
($1.5B)
$0
$0
Issuance of long-term debt
$5.0B
$2.8B
$0
$0
Retirement of long-term debt
($5.4B)
($5.3B)
($1.0B)
($1.0B)
Dividends paid on common stock
($309.0M)
($155.0M)
($365.0M)
($244.0M)
Repurchases of common stock
($2.0B)
—
($400.0M)
($400.0M)
Other financing activities
($78.0M)
($88.0M)
($98.0M)
($141.0M)
Net cash flows provided by (used in) financing activities
$877.0M
$730.0M
($249.0M)
($893.0M)
Increase (decrease) in cash, restricted cash, and cash equivalents
($2.7B)
($2.6B)
$962.0M
($1.1B)
Cash, restricted cash, and cash equivalents at beginning of period
$3.7B
$3.7B
$3.1B
$3.1B
Cash, restricted cash, and cash equivalents at end of period
$1.1B
$1.2B
$4.1B
$2.1B
Common stock issued for acquisition of Calpine
$17.5B
$17.5B
—
—
Exchange of Calpine senior notes for Constellation senior notes