Constellation Energy Corp

Listed Company

CEGCIK 0001868275NasdaqLarge AcceleratedElectric ServicesPennsylvaniaFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$2.32B

Total Assets

$57.25B

Equity

$14.52B

Shares Out

361.99M

Op. Cash Flow

$4.24B

Business

Constellation Energy Corp is a competitive electric generation and customer-facing energy company producing reliable, largely carbon-free electricity and energy services. It provides generation from nuclear, hydro, wind, solar, natural gas and oil assets and sells electricity, natural gas, sustainability solutions, power purchase agreements and energy management services. The company operates five reportable segments organized by geographic regions reflecting its owned generation and customer-facing activities. It serves wholesale and retail customers across the U.S., and also operates in Canada and the U.K., using RTO/ISO markets, bilateral contracts and direct retail channels.

Summary from filing dated 2025-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Operating revenues	25,533	23,568	24,918	24,280	18,461
Purchased power and fuel	14,681	11,419	16,001	17,457	12,157
Operating and maintenance	6,159	6,159	5,685	4,797	3,934
Depreciation and amortization	985	1,123	1,096	1,091	3,003
Taxes other than income taxes	622	586	553	552	475
Total operating expenses	22,447	19,287	23,335	23,946	20,196
Gain (loss) on sales of assets and businesses	0	71	27	1	201
Operating income (loss)	3,086	4,352	1,610	495	−346
Interest expense, net	−511	−506	−431	−250	—
Other, net	936	670	1,268	−786	795
Total other income and (deductions)	425	164	837	−1,037	498
Income (loss) before income taxes	3,511	4,516	2,447	−542	152
Income tax (benefit) expense	1,187	774	859	−388	225
Equity in income (losses) of unconsolidated affiliates	−1	−4	−11	−13	−10
Net income (loss)	2,323	3,738	1,577	−318	−83
Net income (loss) attributable to noncontrolling interests	4	−11	−46	−7	122
Net income (loss) attributable to membership interest	2,319	3,749	1,623	−160	−205
Prior service benefit reclassified to periodic benefit cost	−4	−4	−4	−6	0
Actuarial loss reclassified to periodic cost	72	75	25	101	0
Pension and non-pension postretirement benefit plans valuation adjustment	−219	−176	−453	186	0
Unrealized gain (loss) on cash flow hedges	7	4	−1	−1	−1
Unrealized gain (loss) on foreign currency translation	21	−10	2	−3	0
Other comprehensive income (loss), net of income taxes	−123	−111	−431	277	−1
Comprehensive income (loss)	2,200	3,627	1,146	110	−84
Comprehensive income (loss) attributable to noncontrolling interests	4	−11	−46	−7	122
Comprehensive income (loss) attributable to membership interest	2,196	3,638	1,192	117	−206
Basic (in shares)	313	315	323	328	0
Assumed exercise and/or distributions of stock-based awards (in shares)	1	0	1	1	0
Diluted (in shares)	314	315	324	329	0
Basic (in dollars per share)	7.4	11.91	5.02	−0.49	0
Diluted (in dollars per share)	7.4	11.89	5.01	−0.49	0

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2022 2022-01-31
Cash and cash equivalents	3,641	3,022	368	422	—
Restricted cash and cash equivalents	107	107	86	106	—
Accounts receivable, net	4,266	3,718	1,934	2,585	—
Derivative assets	945	843	1,179	2,368	—
Inventories, net	1,736	1,600	—	—	—
Renewable energy credits	789	797	660	617	—
Other	635	689	1,655	1,026	—
Total current assets	12,119	10,776	8,299	9,360	—
Property, plant, and equipment (net of accumulated depreciation and amortization of $19,072 and $18,088, respectively)	22,474	21,235	22,116	19,822	—
Nuclear decommissioning trust funds	19,336	17,305	16,398	14,114	—
Goodwill	420	420	425	47	—
Derivative assets	450	372	995	1,261	—
Other	2,450	2,818	1,910	2,059	—
Total deferred debits and other assets	22,656	20,915	20,343	17,727	—
Total assets	57,249	52,926	50,758	46,909	—
Short-term borrowings	1,650	0	1,644	1,159	200
Long-term debt due within one year	92	1,028	121	143	—
Accounts payable and accrued expenses	4,294	3,943	2,612	3,734	—
Derivative liabilities	467	467	632	1,558	—
Renewable energy credit obligation	1,075	1,076	972	901	—
Other	366	332	338	344	—
Total current liabilities	7,944	6,846	6,319	7,839	—
Long-term debt	7,250	7,384	7,496	4,466	—
Deferred income taxes and unamortized ITCs	3,544	3,331	3,209	3,031	—
Asset retirement obligations	13,193	12,449	14,118	12,699	—
Pension and non-pension postretirement benefit obligations	1,977	1,875	1,802	—	—
Payables related to Regulatory Agreement Units	5,334	4,518	3,688	2,897	—
Derivative liabilities	414	399	419	983	—
Other	2,740	2,585	1,125	1,178	—
Total deferred credits and other liabilities	27,202	25,157	25,657	23,232	—
Total liabilities	42,396	39,387	39,472	35,537	—
Commitments and contingencies (Note 18)	—	—	—	—	—
Common stock (No par value, 1,000 shares authorized, 312 shares and 313 shares outstanding, respectively)	11,043	11,402	12,355	13,274	—
Retained earnings (deficit)	5,899	4,066	761	−496	—
Accumulated other comprehensive income (loss), net	−2,425	−2,302	−2,191	−1,760	—
Total shareholders equity	14,517	13,166	10,925	11,018	—
Noncontrolling interests	336	373	361	354	—
Total equity	14,853	13,539	11,286	11,372	0
Total liabilities and equity	57,249	52,926	50,758	46,909	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization	2,601	2,700	2,514	2,427	4,540
Deferred income taxes and amortization of ITCs	273	222	251	−643	−205
Net fair value changes related to derivatives	645	−1,297	996	986	−568
Net realized and unrealized (gains) losses on NDT funds	−708	−311	−476	794	−586
Net realized and unrealized (gains) losses on equity investments	279	−11	−307	13	160
Other non-cash operating activities	−223	−172	18	248	−261
Accounts receivable	−363	688	396	−868	−616
Inventories	−134	−99	60	−228	−68
Accounts payable and accrued expenses	316	1,121	−1,330	1,142	346
Option premiums received (paid), net	38	216	26	−177	−338
Collateral received (posted), net	−773	1,803	−1,491	−351	−130
Income taxes	625	296	325	162	256
Pension and non-pension postretirement benefit contributions	−211	−184	−54	−237	−259
Other assets and liabilities	−451	−11,174	−7,806	−5,474	−3,540
Net cash flows provided by (used in) operating activities	4,237	−2,464	−5,301	−2,353	−1,338
Capital expenditures	−2,949	−2,565	−2,422	−1,689	−1,329
Proceeds from NDT fund sales	6,946	6,005	5,822	4,050	6,532
Investment in NDT funds	−7,284	−6,282	−6,050	−4,271	−6,673
Collection of DPP, net	0	10,217	7,340	4,964	3,902
Acquisition of business	−14	−32	−1,690	−29	−30
Other investing activities	103	85	31	79	2
Net cash flows provided by (used in) investing activities	−3,198	7,428	3,031	3,104	3,282
Change in short-term borrowings	0	−1,105	146	257	362
Proceeds from short-term borrowings with maturities greater than 90 days	1,650	200	539	0	880
Repayments of short-term borrowings with maturities greater than 90 days	0	−739	−200	−1,180	0
Issuance of long-term debt	0	920	3,195	14	152
Retirement of long-term debt	−1,076	−121	−168	−1,162	−105
Dividends paid on common stock	−486	−444	−366	−185	0
Repurchases of common stock	−400	−999	−992	0	0
Other financing activities	−108	−1	42	−35	−46
Net cash flows provided by (used in) financing activities	−420	−2,289	2,196	−799	−1,695
Increase (decrease) in cash, restricted cash, and cash equivalents	619	2,675	−74	−48	249
Increase (decrease) in DPP	0	9,045	8,097	5,166	3,652
Increase (decrease) in PP&E related to ARO update	187	−1,486	501	343	—

Filings

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