Constellation Energy
CEG · NasdaqElectric Services · Fiscal year ends Dec 31
Constellation Energy reported revenue of $22.7B in the fiscal year ended Dec 2025, up 19.5% from the year before. Operating income was $3.1B, an operating margin of 13.6%, and net income was $2.3B. Operating cash flow of $4.2B less capital expenditure of $2.9B left free cash flow of $1.3B. Net debt was $3.7B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $17.3B | $21.6B | $20.8B | $19B | $22.7B |
| Operating income | −$346M | $495M | $1.6B | $4.4B | $3.1B |
| Interest expense | $282M | $250M | $431M | $506M | $511M |
| Pre-tax income | $152M | −$542M | $2.4B | $4.5B | $3.5B |
| Income tax | $225M | −$388M | $859M | $774M | $1.2B |
| Net income | −$205M | −$160M | $1.6B | $3.7B | $2.3B |
| Diluted EPS | 0.00 | −0.49 | 5.01 | 11.89 | 7.40 |
| Diluted shares | 0M | 329M | 324M | 315M | 314M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $504M | $422M | $368M | $3B | $3.6B |
| Receivables | $1.7B | $2.6B | $1.9B | $3.7B | $4.3B |
| Inventory | – | – | – | $1.6B | $1.7B |
| Current assets | $8B | $9.4B | $8.3B | $10.8B | $12.1B |
| Net PP&E | $19.6B | $19.8B | $22.1B | $21.2B | $22.5B |
| Goodwill | – | $47M | $425M | $420M | $420M |
| Total assets | $48.1B | $46.9B | $50.8B | $52.9B | $57.2B |
| Payables | $1.8B | $2.8B | $1.3B | $2.4B | $2.8B |
| Deferred revenue | $75M | $47M | $40M | $33M | – |
| Current liabilities | $8B | $7.8B | $6.3B | $6.8B | $7.9B |
| Short-term debt | $1.2B | $143M | $121M | $1B | $92M |
| Long-term debt | $4.6B | $4.5B | $7.5B | $7.4B | $7.3B |
| Total liabilities | $36.5B | $35.5B | $39.5B | $39.4B | $42.4B |
| Shareholders' equity | $11.2B | $11B | $10.9B | $13.2B | $14.5B |
| Backlog (remaining obligations) | – | $485M | $364M | $915M | $1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$1.3B | −$2.4B | −$5.3B | −$2.5B | $4.2B |
| Capital expenditure | $1.3B | $1.7B | $2.4B | $2.6B | $2.9B |
| Free cash flow | −$2.7B | −$4B | −$7.7B | −$5B | $1.3B |
| Depreciation & amortisation | $4.5B | $2.4B | $2.5B | $2.7B | $2.6B |
| Stock-based compensation | $47M | $116M | $178M | $332M | $385M |
| Acquisitions | $30M | $29M | $1.7B | $32M | $14M |
| Share buybacks | $0 | $0 | $992M | $999M | $400M |
| Dividends paid | $0 | $185M | $366M | $444M | $486M |
| Dividend per share | – | 0.14 | 0.28 | 0.35 | 0.39 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 25.0% | −3.4% | −9.0% | 19.5% |
| Operating income growth (YoY) | – | – | 225.3% | 170.3% | −29.1% |
| EPS growth (YoY) | – | – | – | 137.3% | −37.8% |
| Operating margin | −2.0% | 2.3% | 7.7% | 22.9% | 13.6% |
| Net margin | −1.2% | −0.7% | 7.8% | 19.8% | 10.2% |
| Return on equityBlank when equity is negative | −1.8% | −1.5% | 14.9% | 28.5% | 16.0% |
| ROCEEBIT ÷ (assets − current liabilities) | −0.9% | 1.3% | 3.6% | 9.4% | 6.3% |
| Free cash flow margin | −15.5% | −18.7% | −37.1% | −26.5% | 5.7% |
| Cash conversion (CFO ÷ net income) | 6.53x | 14.7x | −3.27x | −0.66x | 1.83x |
| Receivable days | 35 | 44 | 34 | 72 | 69 |
| Interest cover | −1.23x | 1.98x | 3.74x | 8.60x | 6.04x |
| Debt ÷ equity | 0.52x | 0.42x | 0.70x | 0.64x | 0.51x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $5.3B | $4.2B | $7.2B | $5.4B | $3.7B |
| Current ratio | 1.00x | 1.19x | 1.31x | 1.57x | 1.53x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.