Constellation Energy (CEG) Financials

$319.55 +3.61 (+1.14%)

Closing price 04:00 PM Eastern

Extended Trading

$320.26 +0.71 (+0.22%)

As of 07:57 PM Eastern

Annual Income Statements for Constellation Energy

This table shows Constellation Energy's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	1,125	589	-205	-160	1,623	3,749
Consolidated Net Income / (Loss)	1,217	579	-83	-334	3,154	7,476
Net Income / (Loss) Continuing Operations	1,217	579	-83	83	1,981	4,173
Total Pre-Tax Income	1,917	836	152	-542	2,447	4,516
Total Operating Income	1,323	256	-346	495	1,610	4,352
Total Gross Profit	3,937	8,018	7,486	2,181	3,232	5,990
Total Revenue	18,924	17,603	19,649	24,440	24,918	23,568
Operating Revenue	18,924	17,603	19,649	24,440	24,918	23,568
Total Cost of Revenue	14,987	9,585	12,163	22,259	21,686	17,578
Operating Cost of Revenue	14,987	9,585	12,163	22,259	21,686	17,578
Total Operating Expenses	2,614	7,762	7,832	1,687	1,649	1,709
Selling, General & Admin Expense	-	5,168	4,555	44	0.00	0.00
Depreciation Expense	1,535	2,123	3,003	1,091	1,096	1,123
Other Operating Expenses / (Income)	1,106	482	475	552	553	586
Total Other Income / (Expense), net	594	580	498	-1,037	837	164
Interest & Investment Income	-	-	-	-1.00	0.00	0.00
Other Income / (Expense), net	1,023	937	795	-786	1,268	670
Income Tax Expense	516	249	225	-388	859	774
Other Gains / (Losses), net	-184	-8.00	-10	-13	-11	-4.00
Net Income / (Loss) Attributable to Noncontrolling Interest	92	-10	122	-7.00	-46	-11
Weighted Average Basic Shares Outstanding	-	-	653.33M	327.13M	316.67M	312.85M
Weighted Average Diluted Shares Outstanding	-	-	653.33M	327.13M	316.67M	312.85M
Weighted Average Basic & Diluted Shares Outstanding	-	-	653.33M	327.13M	316.67M	312.85M
Cash Dividends to Common per Share	-	-	-	$0.14	$0.28	$0.35

This table shows Constellation Energy's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	33	96	833	731	-37	883	814	1,200	852	118	839
Consolidated Net Income / (Loss)	-139	102	824	690	1,538	883	809	1,196	4,588	129	833
Net Income / (Loss) Continuing Operations	278	102	824	690	365	883	809	1,196	1,285	129	833
Total Pre-Tax Income	147	238	1,171	895	143	1,048	964	1,645	859	151	1,273
Total Operating Income	-171	31	669	977	-67	813	1,100	1,467	972	451	951
Total Gross Profit	-911	404	2,559	2,744	-2,475	2,744	3,183	3,431	-1,882	2,404	2,969
Total Revenue	7,333	7,565	5,446	6,111	5,796	6,161	5,475	6,550	5,382	6,788	6,101
Total Cost of Revenue	8,244	7,161	2,887	3,367	8,271	3,417	2,292	3,119	7,264	4,384	3,132
Operating Cost of Revenue	8,244	7,161	2,887	3,367	8,271	3,417	2,292	3,119	7,264	4,384	3,132
Total Operating Expenses	-739	373	1,890	1,767	-2,381	1,931	2,083	1,964	-2,783	1,953	2,018
Selling, General & Admin Expense	-	-	1,477	1,353	-	1,486	1,645	1,535	-	1,545	1,617
Depreciation Expense	272	267	274	266	289	306	296	266	255	248	254
Other Operating Expenses / (Income)	137	132	139	148	134	139	142	165	140	160	147
Total Other Income / (Expense), net	318	207	502	-82	210	235	-136	178	-113	-300	322
Interest Expense	-	107	103	82	-	127	142	147	-	146	118
Other Income / (Expense), net	382	314	605	0.00	349	362	6.00	325	-23	-154	440
Income Tax Expense	116	131	342	205	181	165	154	449	6.00	22	440
Other Gains / (Losses), net	-3.00	-5.00	-5.00	0.00	-1.00	-	-1.00	0.00	-3.00	-	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	-5.00	6.00	-9.00	-41	-2.00	0.00	-5.00	-4.00	-2.00	11	-6.00
Weighted Average Basic Shares Outstanding	327.13M	324.41M	321.59M	319.38M	316.67M	315.23M	312.69M	312.77M	312.85M	313.42M	312.41M
Weighted Average Diluted Shares Outstanding	327.13M	324.41M	321.59M	319.38M	316.67M	315.23M	312.69M	312.77M	312.85M	313.42M	312.41M
Weighted Average Basic & Diluted Shares Outstanding	327.13M	324.41M	321.59M	319.38M	316.67M	315.23M	312.69M	312.77M	312.85M	313.42M	312.41M

This table details how cash moves in and out of Constellation Energy's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	0.00	-1,792	313	-48	1,735	2,675
Net Cash From Operating Activities	0.00	584	-1,338	-2,353	-5,301	-2,464
Net Cash From Continuing Operating Activities	0.00	584	-1,338	-2,353	-5,301	-2,464
Net Income / (Loss) Continuing Operations	0.00	579	-83	-167	1,577	3,738
Consolidated Net Income / (Loss)	0.00	579	-83	-167	1,577	3,738
Depreciation Expense	0.00	3,636	4,540	2,427	2,514	2,700
Non-Cash Adjustments To Reconcile Net Income	0.00	-53	-1,011	898	-739	-278
Changes in Operating Assets and Liabilities, net	0.00	-3,578	-4,784	-5,511	-8,653	-8,624
Net Cash From Investing Activities	0.00	1,958	3,282	3,104	3,031	7,428
Net Cash From Continuing Investing Activities	0.00	1,958	3,312	3,133	4,721	7,460
Purchase of Property, Plant & Equipment	0.00	-1,747	-1,329	-1,689	-2,422	-2,565
Purchase of Investments	0.00	-3,464	-6,673	-4,271	-6,050	-6,282
Sale and/or Maturity of Investments	0.00	3,341	6,532	4,050	5,822	6,005
Other Investing Activities, net	0.00	3,782	3,904	5,043	7,371	10,302
Net Cash From Financing Activities	0.00	-2,664	-1,695	-799	2,196	-2,289
Net Cash From Continuing Financing Activities	0.00	-4,334	-1,631	-799	2,315	-2,287
Repayment of Debt	0.00	-4,934	-151	-2,377	-326	-861
Payment of Dividends	-	-3,468	-1,832	-185	-1,239	-1,441
Issuance of Debt	0.00	3,655	1,394	271	3,880	15
Issuance of Common Equity	0.00	64	64	1,750	0.00	0.00
Other Financing Activities, net	-	349	-1,106	-258	0.00	0.00

This table details how cash moves in and out of Constellation Energy's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-775	132	349	1,995	-741	192	990	1,610	-85	-1,337	121
Net Cash From Operating Activities	-2,422	-934	-192	-993	-3,182	-723	-613	-112	-1,016	107	1,477
Net Cash From Continuing Operating Activities	-2,422	-934	-192	-993	-3,182	-723	-581	-112	-1,016	107	1,477
Net Income / (Loss) Continuing Operations	28	102	824	690	-39	883	809	1,196	850	129	833
Consolidated Net Income / (Loss)	28	102	824	690	-39	883	809	1,196	850	129	833
Depreciation Expense	617	605	614	621	674	694	694	661	651	640	660
Non-Cash Adjustments To Reconcile Net Income	-309	-177	-478	122	-206	-206	116	-240	84	297	-361
Changes in Operating Assets and Liabilities, net	-2,758	-1,464	-1,152	-2,426	-3,611	-2,094	-2,200	-1,729	-2,601	-959	345
Net Cash From Investing Activities	1,233	219	-48	2,008	852	830	1,820	2,406	2,372	-886	-872
Net Cash From Continuing Investing Activities	1,262	219	-48	2,008	2,542	830	1,820	2,406	2,404	-886	-872
Purchase of Property, Plant & Equipment	-599	-660	-676	-399	-687	-738	-546	-552	-729	-806	-767
Acquisitions	-	-17	-3.00	-1.00	-	-14	-1.00	-7.00	-	-5.00	-5.00
Purchase of Investments	-1,059	-2,030	-1,173	-1,171	-1,676	-1,847	-1,196	-2,097	-1,142	-2,152	-1,847
Sale and/or Maturity of Investments	1,016	1,977	1,139	1,105	1,601	1,779	1,111	2,044	1,071	2,084	1,746
Other Investing Activities, net	1,945	925	689	2,474	3,283	1,650	2,459	3,018	3,182	-7.00	1.00
Net Cash From Financing Activities	414	523	229	637	807	84	-1,469	-795	-109	-408	-485
Net Cash From Continuing Financing Activities	414	847	589	980	-101	85	-249	-684	-1,439	-558	-484
Repayment of Debt	456	-252	-79	-13	18	-570	-234	-204	-18	-286	-863
Payment of Dividends	-46	-	-	-	-	-610	-	-	-	-272	-521
Issuance of Debt	262	1,099	668	993	1,120	1,265	-625	-480	20	0.00	900

This table presents Constellation Energy's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	0.00	48,086	46,909	50,758	52,926
Total Current Assets	0.00	7,981	9,360	8,299	10,776
Cash & Equivalents	0.00	504	422	368	3,022
Restricted Cash	0.00	72	106	86	107
Accounts Receivable	0.00	2,421	3,316	2,851	3,718
Inventories, net	0.00	1,004	1,505	1,500	1,600
Other Current Assets	0.00	3,696	4,011	3,494	2,329
Plant, Property, & Equipment, net	0.00	19,612	19,822	22,116	21,235
Total Noncurrent Assets	0.00	40,986	17,727	20,343	20,915
Long-Term Investments	0.00	174	202	563	640
Goodwill	-	-	47	425	420
Other Noncurrent Operating Assets	0.00	39,097	17,434	19,303	19,855
Total Liabilities & Shareholders' Equity	0.00	48,086	46,909	50,758	52,926
Total Liabilities	0.00	36,472	35,537	39,472	39,387
Total Current Liabilities	0.00	7,996	7,839	6,319	6,846
Short-Term Debt	0.00	3,302	1,302	1,765	1,028
Accounts Payable	0.00	1,888	3,734	2,612	3,943
Other Current Liabilities	0.00	2,069	2,803	1,942	1,875
Total Noncurrent Liabilities	0.00	52,058	27,698	33,153	32,541
Long-Term Debt	0.00	4,575	4,466	7,496	7,384
Asset Retirement Reserve & Litigation Obligation	0.00	14,029	13,929	15,414	13,815
Noncurrent Deferred & Payable Income Tax Liabilities	0.00	3,703	3,031	3,209	3,331
Noncurrent Employee Benefit Liabilities	0.00	847	1,214	1,802	1,875
Other Noncurrent Operating Liabilities	0.00	5,322	5,058	5,232	6,136
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	0.00	11,614	11,414	11,374	13,583
Total Preferred & Common Equity	0.00	11,987	10,152	10,107	12,302
Total Common Equity	0.00	11,987	11,060	11,013	13,210
Common Stock	0.00	11,250	12,408	11,537	10,538
Retained Earnings	0.00	768	-496	761	4,066
Accumulated Other Comprehensive Income / (Loss)	0.00	-31	-1,760	-2,191	-2,302
Noncontrolling Interest	-	11,614	354	361	373

This table presents Constellation Energy's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	46,909	1,679	46,559	48,965	50,758	52,014	51,340	51,834	52,926	52,252	53,038
Total Current Assets	9,360	16,233	7,575	9,902	8,299	8,460	7,852	9,270	10,776	9,631	9,233
Cash & Equivalents	422	-	269	1,889	368	562	311	1,793	3,022	1,846	1,974
Restricted Cash	106	-	56	88	86	83	72	89	107	96	88
Accounts Receivable	3,316	1,071	1,952	2,264	2,851	2,327	2,211	1,765	3,718	3,637	3,518
Inventories, net	1,505	518	1,387	1,422	1,500	1,385	1,442	1,472	1,600	1,502	1,585
Other Current Assets	4,011	-	3,911	4,239	3,494	4,103	3,816	4,151	2,329	2,550	2,068
Plant, Property, & Equipment, net	19,822	0.00	20,239	20,849	22,116	22,446	21,973	20,892	21,235	21,566	21,820
Total Noncurrent Assets	17,727	90	18,745	18,214	20,343	21,108	21,515	21,672	20,915	21,055	21,985
Long-Term Investments	202	-	647	727	563	623	584	494	640	386	398
Goodwill	47	-	-	-	425	425	420	420	420	420	420
Other Noncurrent Operating Assets	17,434	-	18,055	17,444	19,303	20,022	20,486	20,723	19,855	20,249	21,167
Total Liabilities & Shareholders' Equity	46,909	92,333	46,559	48,965	50,758	52,014	51,340	51,834	52,926	52,252	53,038
Total Liabilities	35,537	10,981	34,947	36,965	39,472	40,454	39,559	38,893	39,387	38,918	39,235
Total Current Liabilities	7,839	5,941	5,225	5,263	6,319	5,922	5,801	5,452	6,846	6,545	6,256
Short-Term Debt	1,302	1,410	1,045	643	1,765	1,631	1,715	1,034	1,028	1,037	1,025
Accounts Payable	3,734	3,101	1,260	3,569	2,612	2,417	2,422	2,685	3,943	3,614	3,659
Other Current Liabilities	2,803	-	2,176	2,368	1,942	1,874	1,664	1,733	1,875	1,894	1,572
Total Noncurrent Liabilities	27,698	5,040	29,722	31,702	33,153	34,532	33,758	33,441	32,541	32,373	32,979
Long-Term Debt	4,466	-	6,156	7,512	7,496	8,352	7,409	7,378	7,384	7,321	7,286
Asset Retirement Reserve & Litigation Obligation	13,929	-	14,231	15,075	15,414	15,591	14,841	13,671	13,815	13,905	14,076
Noncurrent Deferred & Payable Income Tax Liabilities	3,031	-	3,203	3,208	3,209	3,208	3,377	3,554	3,331	3,226	3,348
Noncurrent Employee Benefit Liabilities	1,214	2,556	1,276	1,252	1,802	1,634	1,626	1,641	1,875	1,755	1,763
Other Noncurrent Operating Liabilities	5,058	2,484	4,856	4,655	5,232	5,747	6,505	7,197	6,136	6,166	6,506
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	11,414	-3,698	11,721	12,108	11,374	11,658	11,876	13,007	13,583	13,427	13,864
Total Preferred & Common Equity	10,152	-3,698	10,460	10,868	10,107	10,390	10,613	11,729	12,302	12,141	12,598
Total Common Equity	11,060	-3,698	11,365	11,774	11,013	11,297	11,520	12,636	13,210	13,049	13,507
Common Stock	12,408	-	12,012	11,778	11,537	11,038	10,538	10,538	10,538	10,388	10,091
Retained Earnings	-496	-82	248	887	761	1,532	2,236	3,325	4,066	4,062	4,779
Accumulated Other Comprehensive Income / (Loss)	-1,760	-3,616	-1,800	-1,797	-2,191	-2,180	-2,161	-2,134	-2,302	-2,309	-2,272
Noncontrolling Interest	354	-	356	334	361	361	356	371	373	378	357

This table displays calculated financial ratios and metrics derived from Constellation Energy's official financial filings.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	-6.98%	11.62%	24.38%	1.96%	-5.42%
EBITDA Growth	0.00%	24.43%	3.31%	-57.19%	152.43%	43.21%
EBIT Growth	0.00%	-49.15%	-62.36%	-164.81%	1,089.00%	74.50%
NOPAT Growth	0.00%	-81.41%	-7.56%	108.52%	201.54%	245.14%
Net Income Growth	0.00%	-52.42%	-114.34%	-302.41%	1,044.31%	137.03%
EPS Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	0.00%	0.00%	-329.11%	-75.86%	-125.29%	53.52%
Free Cash Flow Firm Growth	0.00%	0.00%	-8,557.15%	95.42%	-198.37%	338.73%
Invested Capital Growth	0.00%	0.00%	0.00%	6.78%	19.01%	-6.90%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	7.96%	-5.81%	-1.73%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	0.28%	2.43%	9.10%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-8.18%	2.53%	15.32%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-25.45%	2.62%	45.08%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-115.48%	91.85%	162.41%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	-4.90%	-16.74%	46.78%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-1,485.71%	1,486.24%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	9.51%	21.05%	-4.19%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	20.80%	45.55%	38.10%	8.92%	12.97%	25.42%
EBITDA Margin	20.51%	27.43%	25.39%	8.74%	21.64%	32.76%
Operating Margin	6.99%	1.45%	-1.76%	2.03%	6.46%	18.47%
EBIT Margin	12.40%	6.78%	2.29%	-1.19%	11.55%	21.31%
Profit (Net Income) Margin	6.43%	3.29%	-0.42%	-1.37%	12.66%	31.72%
Tax Burden Percent	63.48%	69.26%	-54.61%	61.62%	128.89%	165.54%
Interest Burden Percent	81.71%	70.08%	33.85%	186.25%	85.02%	89.92%
Effective Tax Rate	26.92%	29.78%	148.03%	0.00%	35.10%	17.14%
Return on Invested Capital (ROIC)	0.00%	0.00%	2.16%	2.18%	5.81%	19.12%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	-11.11%	-13.37%	37.89%	79.80%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	-3.59%	-5.08%	21.87%	40.79%
Return on Equity (ROE)	0.00%	0.00%	-1.43%	-2.90%	27.68%	59.91%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-197.84%	-4.38%	-11.55%	26.27%
Operating Return on Assets (OROA)	0.00%	0.00%	1.87%	-0.61%	5.89%	9.69%
Return on Assets (ROA)	0.00%	0.00%	-0.35%	-0.70%	6.46%	14.42%
Return on Common Equity (ROCE)	0.00%	0.00%	-1.48%	-2.90%	26.81%	58.15%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	-0.69%	-3.29%	31.21%	60.77%
Net Operating Profit after Tax (NOPAT)	967	180	166	347	1,045	3,606
NOPAT Margin	5.11%	1.02%	0.85%	1.42%	4.19%	15.30%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	13.28%	15.55%	-32.07%	-60.68%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	2.02%	5.06%	16.40%
Cost of Revenue to Revenue	79.20%	54.45%	61.90%	91.08%	87.03%	74.58%
SG&A Expenses to Revenue	0.00%	29.36%	23.18%	0.18%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	13.81%	44.09%	39.86%	6.90%	6.62%	7.25%
Earnings before Interest and Taxes (EBIT)	2,346	1,193	449	-291	2,878	5,022
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,881	4,829	4,989	2,136	5,392	7,722
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	2.50	3.37	5.30
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	2.51	3.50	5.47
Price to Revenue (P/Rev)	0.00	0.00	0.00	1.13	1.49	2.97
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	22.84	18.66
Dividend Yield	0.00%	0.00%	0.00%	0.67%	0.97%	0.63%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	4.38%	5.36%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	2.01	2.34	4.12
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	1.35	1.83	3.18
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	15.47	8.47	9.71
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	15.87	14.93
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	95.39	43.72	20.79
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	15.14
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.68	0.51	0.81	0.62
Long-Term Debt to Equity	0.00	0.00	0.39	0.39	0.66	0.54
Financial Leverage	0.00	0.00	0.32	0.38	0.58	0.51
Leverage Ratio	0.00	0.00	4.14	4.13	4.29	4.15
Compound Leverage Factor	0.00	0.00	1.40	7.68	3.64	3.74
Debt to Total Capital	0.00%	0.00%	40.41%	33.57%	44.88%	38.25%
Short-Term Debt to Total Capital	0.00%	0.00%	16.94%	7.58%	8.55%	4.67%
Long-Term Debt to Total Capital	0.00%	0.00%	23.47%	25.99%	36.33%	33.57%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	59.59%	2.06%	1.75%	1.70%
Common Equity to Total Capital	0.00%	0.00%	61.50%	64.37%	53.37%	60.06%
Debt to EBITDA	0.00	0.00	1.58	2.70	1.72	1.09
Net Debt to EBITDA	0.00	0.00	1.43	2.36	1.53	0.60
Long-Term Debt to EBITDA	0.00	0.00	0.92	2.09	1.39	0.96
Debt to NOPAT	0.00	0.00	47.40	16.65	8.86	2.33
Net Debt to NOPAT	0.00	0.00	42.89	14.54	7.89	1.29
Long-Term Debt to NOPAT	0.00	0.00	27.53	12.89	7.17	2.05
Altman Z-Score	0.00	0.00	0.00	0.99	1.31	2.02
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	-3.21%	-0.08%	3.14%	2.94%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	0.00	0.00	1.00	1.19	1.31	1.57
Quick Ratio	0.00	0.00	0.37	0.48	0.51	0.98
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	180	-15,202	-696	-2,075	4,954
Operating Cash Flow to CapEx	0.00%	34.33%	-296.67%	-139.31%	-218.87%	-96.06%
Free Cash Flow to Firm to Interest Expense	0.00	0.50	-51.18	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	1.64	-4.51	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	-3.13	-6.02	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.82	0.51	0.51	0.45
Accounts Receivable Turnover	0.00	0.00	0.00	8.52	8.08	7.18
Inventory Turnover	0.00	0.00	0.00	17.74	14.43	11.34
Fixed Asset Turnover	0.00	0.00	0.00	1.24	1.19	1.09
Accounts Payable Turnover	0.00	0.00	0.00	7.92	6.83	5.36
Days Sales Outstanding (DSO)	0.00	0.00	0.00	42.84	45.17	50.87
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	20.57	25.29	32.19
Days Payable Outstanding (DPO)	0.00	0.00	0.00	46.09	53.41	68.06
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	17.32	17.05	15.00
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	0.00	0.00	15,368	16,410	19,530	18,182
Invested Capital Turnover	0.00	0.00	2.56	1.54	1.39	1.25
Increase / (Decrease) in Invested Capital	0.00	0.00	15,368	1,042	3,120	-1,348
Enterprise Value (EV)	0.00	0.00	0.00	33,053	45,680	74,985
Market Capitalization	0.00	0.00	0.00	27,661	37,075	69,969
Book Value per Share	$0.00	$0.00	$18.35	$33.82	$34.48	$42.24
Tangible Book Value per Share	$0.00	$0.00	$18.35	$33.68	$33.15	$40.89
Total Capital	0.00	0.00	19,491	17,182	20,635	21,995
Total Debt	0.00	0.00	7,877	5,768	9,261	8,412
Total Long-Term Debt	0.00	0.00	4,575	4,466	7,496	7,384
Net Debt	0.00	0.00	7,127	5,038	8,244	4,643
Capital Expenditures (CapEx)	0.00	1,701	451	1,689	2,422	2,565
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	0.00	2,711	2,295	3,291	1,829
Debt-free Net Working Capital (DFNWC)	0.00	0.00	3,287	2,823	3,745	4,958
Net Working Capital (NWC)	0.00	0.00	-15	1,521	1,980	3,930
Net Nonoperating Expense (NNE)	-250	-399	249	681	-2,109	-3,870
Net Nonoperating Obligations (NNO)	0.00	0.00	3,754	4,996	8,156	4,599
Total Depreciation and Amortization (D&A)	1,535	3,636	4,540	2,427	2,514	2,700
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	13.80%	9.39%	13.21%	7.76%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	16.73%	11.55%	15.03%	21.04%
Net Working Capital to Revenue	0.00%	0.00%	-0.08%	6.22%	7.95%	16.68%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	653.33M	327.13M	316.67M	312.85M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	653.33M	327.13M	316.67M	312.85M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	653.33M	327.13M	316.67M	312.85M
Normalized Net Operating Profit after Tax (NOPAT)	947	172	-383	347	1,045	3,606
Normalized NOPAT Margin	5.01%	0.98%	-1.95%	1.42%	4.19%	15.30%
Pre Tax Income Margin	10.13%	4.75%	0.77%	-2.22%	9.82%	19.16%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	5.47	3.34	1.51	0.00	0.00	0.00
NOPAT to Interest Expense	2.25	0.50	0.56	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	5.47	-1.42	-0.01	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	2.25	-4.26	-0.96	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	598.96%	-2,207.23%	-55.39%	39.28%	19.28%
Augmented Payout Ratio	0.00%	598.96%	-2,207.23%	-55.39%	39.28%	19.28%

This table displays calculated financial ratios and metrics derived from Constellation Energy's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	32.58%	35.31%	-0.35%	0.99%	-20.96%	-18.56%	0.53%	7.18%	-7.14%	10.18%	11.43%
EBITDA Growth	0.73%	32.13%	746.64%	336.61%	15.46%	96.74%	-4.66%	53.50%	67.36%	-49.87%	13.94%
EBIT Growth	-9.44%	194.87%	433.51%	512.24%	33.65%	240.58%	-13.19%	83.42%	236.52%	-74.72%	25.77%
NOPAT Growth	-6,497.56%	-98.29%	148.75%	2,724.45%	149.37%	4,814.98%	95.15%	41.60%	5,321.25%	-43.75%	-32.67%
Net Income Growth	-447.50%	-8.11%	829.20%	457.51%	1,206.47%	765.69%	-1.82%	73.33%	198.31%	-85.39%	2.97%
EPS Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	-4.76%	-169.13%	-118.18%	16.83%	-31.38%	22.59%	-219.27%	88.72%	68.07%	114.80%	340.95%
Free Cash Flow Firm Growth	0.00%	259.77%	84.85%	97.36%	-187.76%	-217.92%	48.10%	-348.84%	174.57%	104.72%	177.28%
Invested Capital Growth	6.78%	-151.25%	18.09%	7.67%	19.01%	356.91%	11.75%	17.62%	-6.90%	-4.49%	-1.42%
Revenue Q/Q Growth	21.19%	3.16%	-28.01%	12.21%	-5.15%	6.30%	-11.13%	19.63%	-17.83%	26.12%	-10.12%
EBITDA Q/Q Growth	126.23%	14.73%	98.74%	-15.36%	-40.18%	95.50%	-3.69%	36.28%	-34.77%	-41.44%	118.89%
EBIT Q/Q Growth	189.03%	63.51%	269.28%	-23.31%	-71.14%	316.67%	-5.87%	62.03%	-47.04%	-68.70%	368.35%
NOPAT Q/Q Growth	-25.65%	138.65%	3,298.25%	59.04%	-97.64%	3,747.40%	34.93%	15.40%	-9.50%	-60.08%	61.51%
Net Income Q/Q Growth	27.98%	264.29%	707.84%	-16.26%	122.90%	2,364.10%	-8.38%	47.84%	283.61%	-97.19%	545.74%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-102.85%	61.44%	79.44%	-417.19%	-220.44%	77.28%	15.21%	81.73%	-807.14%	110.53%	1,280.37%
Free Cash Flow Firm Q/Q Growth	92.82%	2,261.84%	-109.69%	82.48%	-683.81%	-785.89%	95.73%	-51.48%	230.22%	-43.96%	-30.09%
Invested Capital Q/Q Growth	9.51%	-148.09%	326.06%	-9.57%	21.05%	3.81%	-1.66%	-4.82%	-4.19%	6.50%	1.50%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	-12.42%	5.34%	46.99%	44.90%	-42.70%	20.42%	58.14%	52.38%	-34.97%	35.42%	48.66%
EBITDA Margin	11.29%	12.56%	34.67%	26.15%	16.49%	30.34%	32.88%	37.45%	29.73%	13.80%	33.62%
Operating Margin	-2.33%	0.41%	12.28%	15.99%	-1.16%	13.20%	20.09%	22.40%	18.06%	6.64%	15.59%
EBIT Margin	2.88%	4.56%	23.39%	15.99%	4.87%	19.07%	20.20%	27.36%	17.63%	4.38%	22.80%
Profit (Net Income) Margin	-1.90%	1.35%	15.13%	11.29%	26.54%	14.33%	14.78%	18.26%	85.25%	1.90%	13.65%
Tax Burden Percent	-94.56%	42.86%	70.37%	77.10%	1,075.52%	84.26%	83.92%	72.71%	534.11%	85.43%	65.44%
Interest Burden Percent	69.67%	68.99%	91.92%	91.61%	50.71%	89.19%	87.16%	91.80%	90.52%	50.84%	91.52%
Effective Tax Rate	78.91%	55.04%	29.21%	22.91%	126.57%	15.74%	15.98%	27.29%	0.70%	14.57%	34.56%
Return on Invested Capital (ROIC)	-0.76%	1.30%	13.93%	20.96%	0.43%	42.23%	21.04%	22.24%	22.42%	6.93%	12.79%
ROIC Less NNEP Spread (ROIC-NNEP)	-3.11%	-53.57%	21.05%	19.35%	23.54%	51.18%	19.42%	24.83%	79.22%	3.41%	15.83%
Return on Net Nonoperating Assets (RNNOA)	-1.18%	2.20%	8.97%	6.54%	13.59%	28.44%	11.67%	9.88%	40.49%	1.98%	8.52%
Return on Equity (ROE)	-1.94%	3.49%	22.90%	27.50%	14.01%	70.66%	32.71%	32.13%	62.90%	8.91%	21.31%
Cash Return on Invested Capital (CROIC)	-4.38%	0.00%	-14.74%	-0.84%	-11.55%	-130.36%	0.39%	-2.04%	26.27%	21.22%	16.31%
Operating Return on Assets (OROA)	1.48%	4.96%	13.44%	8.85%	2.48%	16.70%	9.72%	13.02%	8.02%	2.03%	10.84%
Return on Assets (ROA)	-0.98%	1.47%	8.69%	6.25%	13.54%	12.55%	7.11%	8.69%	38.75%	0.88%	6.49%
Return on Common Equity (ROCE)	-1.94%	3.31%	22.17%	26.67%	13.57%	67.46%	31.72%	31.23%	61.05%	8.64%	20.72%
Return on Equity Simple (ROE_SIMPLE)	0.00%	4.76%	7.28%	15.13%	0.00%	22.69%	22.08%	24.29%	0.00%	55.37%	0.00%
Net Operating Profit after Tax (NOPAT)	-36	14	474	753	18	685	924	1,067	965	385	622
NOPAT Margin	-0.49%	0.18%	8.70%	12.33%	0.31%	11.12%	16.88%	16.28%	17.93%	5.68%	10.20%
Net Nonoperating Expense Percent (NNEP)	2.35%	54.87%	-7.12%	1.61%	-23.12%	-8.95%	1.63%	-2.59%	-56.81%	3.52%	-3.04%
Return On Investment Capital (ROIC_SIMPLE)	-0.21%	-	-	-	0.09%	-	-	-	4.39%	1.77%	2.81%
Cost of Revenue to Revenue	112.42%	94.66%	53.01%	55.10%	142.70%	79.58%	41.86%	47.62%	134.97%	64.58%	51.34%
SG&A Expenses to Revenue	0.00%	0.00%	27.12%	22.14%	0.00%	0.00%	30.05%	23.44%	0.00%	22.76%	26.50%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	-10.08%	4.93%	34.70%	28.92%	-41.08%	7.22%	38.05%	29.98%	-51.71%	28.77%	33.08%
Earnings before Interest and Taxes (EBIT)	211	345	1,274	977	282	1,175	1,106	1,792	949	297	1,391
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	828	950	1,888	1,598	956	1,869	1,800	2,453	1,600	937	2,051
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.50	0.00	2.59	2.96	3.37	5.21	5.47	6.43	5.30	4.83	7.49
Price to Tangible Book Value (P/TBV)	2.51	0.00	2.59	2.96	3.50	5.41	5.68	6.66	5.47	4.99	7.73
Price to Revenue (P/Rev)	1.13	0.96	1.11	1.32	1.49	2.50	2.68	3.39	2.97	2.61	4.08
Price to Earnings (P/E)	0.00	0.00	37.98	20.56	22.84	24.41	26.36	28.43	18.66	21.14	33.62
Dividend Yield	0.67%	0.91%	0.93%	0.91%	0.97%	0.65%	0.63%	0.52%	0.63%	0.72%	0.57%
Earnings Yield	0.00%	0.00%	2.63%	4.86%	4.38%	4.10%	3.79%	3.52%	5.36%	4.73%	2.97%
Enterprise Value to Invested Capital (EV/IC)	2.01	0.00	2.02	2.52	2.34	3.35	3.59	4.62	4.12	3.59	5.46
Enterprise Value to Revenue (EV/Rev)	1.35	1.01	1.36	1.53	1.83	2.89	3.04	3.66	3.18	2.87	4.33
Enterprise Value to EBITDA (EV/EBITDA)	15.47	11.30	8.92	7.71	8.47	10.76	11.49	12.39	9.71	10.23	15.25
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	22.59	14.46	15.87	18.32	20.21	20.14	14.93	16.77	24.24
Enterprise Value to NOPAT (EV/NOPAT)	95.39	419.71	117.89	39.87	43.72	39.12	32.96	35.29	20.79	21.09	36.47
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	235.45
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	1.14	0.00	0.00	0.00	0.00	973.56	0.00	15.14	16.52	33.26
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.51	-0.38	0.61	0.67	0.81	0.86	0.77	0.65	0.62	0.62	0.60
Long-Term Debt to Equity	0.39	0.00	0.53	0.62	0.66	0.72	0.62	0.57	0.54	0.55	0.53
Financial Leverage	0.38	-0.04	0.43	0.34	0.58	0.56	0.60	0.40	0.51	0.58	0.54
Leverage Ratio	4.13	6.20	3.98	4.11	4.29	6.75	4.15	4.01	4.15	4.16	4.06
Compound Leverage Factor	2.87	4.28	3.66	3.77	2.17	6.02	3.62	3.68	3.76	2.11	3.71
Debt to Total Capital	33.57%	-61.63%	38.06%	40.25%	44.88%	46.13%	43.45%	39.27%	38.25%	38.37%	37.48%
Short-Term Debt to Total Capital	7.58%	-61.63%	5.52%	3.17%	8.55%	7.54%	8.17%	4.83%	4.67%	4.76%	4.62%
Long-Term Debt to Total Capital	25.99%	0.00%	32.53%	37.07%	36.33%	38.59%	35.28%	34.45%	33.57%	33.61%	32.86%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.06%	0.00%	1.88%	1.65%	1.75%	1.67%	1.70%	1.73%	1.70%	1.74%	1.61%
Common Equity to Total Capital	64.37%	161.63%	60.06%	58.11%	53.37%	52.20%	54.86%	58.99%	60.06%	59.90%	60.91%
Debt to EBITDA	2.70	0.60	1.79	1.55	1.72	1.58	1.47	1.19	1.09	1.23	1.18
Net Debt to EBITDA	2.36	0.60	1.54	1.04	1.53	1.38	1.31	0.85	0.60	0.89	0.83
Long-Term Debt to EBITDA	2.09	0.00	1.53	1.43	1.39	1.32	1.19	1.04	0.96	1.08	1.03
Debt to NOPAT	16.65	22.14	23.59	8.01	8.86	5.75	4.20	3.38	2.33	2.54	2.82
Net Debt to NOPAT	14.54	22.14	20.41	5.35	7.89	5.02	3.76	2.43	1.29	1.83	1.99
Long-Term Debt to NOPAT	12.89	0.00	20.17	7.38	7.17	4.81	3.41	2.97	2.05	2.22	2.47
Altman Z-Score	1.03	25.08	1.23	1.31	1.14	1.50	1.59	2.01	1.77	1.63	2.30
Noncontrolling Interest Sharing Ratio	-0.08%	5.11%	3.22%	3.01%	3.14%	4.54%	3.02%	2.81%	2.94%	2.95%	2.77%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.19	2.73	1.45	1.88	1.31	1.43	1.35	1.70	1.57	1.47	1.48
Quick Ratio	0.48	0.18	0.43	0.79	0.51	0.49	0.43	0.65	0.98	0.84	0.88
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,078	23,306	-2,259	-396	-3,102	-27,482	-1,173	-1,776	2,313	1,296	906
Operating Cash Flow to CapEx	-404.34%	-146.86%	-28.40%	-248.87%	-463.17%	-98.91%	-112.27%	-20.29%	-139.37%	13.28%	192.57%
Free Cash Flow to Firm to Interest Expense	0.00	217.81	-21.94	-4.83	0.00	-216.39	-8.26	-12.08	0.00	8.88	7.68
Operating Cash Flow to Interest Expense	0.00	-8.73	-1.86	-12.11	0.00	-5.69	-4.32	-0.76	0.00	0.73	12.52
Operating Cash Flow Less CapEx to Interest Expense	0.00	-14.67	-8.43	-16.98	0.00	-11.45	-8.16	-4.52	0.00	-4.79	6.02
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.51	1.09	0.57	0.55	0.51	0.88	0.48	0.48	0.45	0.46	0.48
Accounts Receivable Turnover	8.52	15.80	12.96	11.35	8.08	13.84	11.31	11.90	7.18	8.11	8.67
Inventory Turnover	17.74	29.92	17.31	15.01	14.43	14.44	9.30	8.92	11.34	12.85	12.81
Fixed Asset Turnover	1.24	0.00	1.32	1.30	1.19	0.00	1.12	1.15	1.09	1.10	1.13
Accounts Payable Turnover	7.92	10.43	13.88	6.98	6.83	4.98	7.14	4.13	5.36	6.15	6.38
Days Sales Outstanding (DSO)	42.84	23.10	28.15	32.16	45.17	26.37	32.27	30.66	50.87	44.99	42.12
Days Inventory Outstanding (DIO)	20.57	12.20	21.08	24.32	25.29	25.27	39.27	40.94	32.19	28.41	28.50
Days Payable Outstanding (DPO)	46.09	35.00	26.31	52.31	53.41	73.28	51.11	88.48	68.06	59.35	57.25
Cash Conversion Cycle (CCC)	17.32	0.30	22.93	4.17	17.05	-21.63	20.43	-16.87	15.00	14.05	13.37
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	16,410	-7,892	17,841	16,134	19,530	20,275	19,938	18,977	18,182	19,364	19,654
Invested Capital Turnover	1.54	7.04	1.60	1.70	1.39	3.80	1.25	1.37	1.25	1.22	1.25
Increase / (Decrease) in Invested Capital	1,042	-23,292	2,733	1,149	3,120	28,167	2,097	2,843	-1,348	-911	-284
Enterprise Value (EV)	33,053	26,736	35,980	40,597	45,680	67,914	71,528	87,712	74,985	69,487	107,367
Market Capitalization	27,661	25,326	29,395	34,812	37,075	58,838	63,015	81,305	69,969	63,079	101,159
Book Value per Share	$33.82	($11.30)	$35.03	$36.61	$34.48	$35.84	$36.54	$40.41	$42.24	$41.71	$43.10
Tangible Book Value per Share	$33.68	($11.30)	$35.03	$36.61	$33.15	$34.49	$35.21	$39.07	$40.89	$40.37	$41.76
Total Capital	17,182	-2,288	18,922	20,263	20,635	21,641	21,000	21,419	21,995	21,785	22,175
Total Debt	5,768	1,410	7,201	8,155	9,261	9,983	9,124	8,412	8,412	8,358	8,311
Total Long-Term Debt	4,466	0.00	6,156	7,512	7,496	8,352	7,409	7,378	7,384	7,321	7,286
Net Debt	5,038	1,410	6,229	5,451	8,244	8,715	8,157	6,036	4,643	6,030	5,851
Capital Expenditures (CapEx)	599	636	676	399	687	731	546	552	729	806	767
Debt-free, Cash-free Net Working Capital (DFCFNWC)	2,295	11,702	3,070	3,305	3,291	3,524	3,383	2,970	1,829	2,181	1,940
Debt-free Net Working Capital (DFNWC)	2,823	11,702	3,395	5,282	3,745	4,169	3,766	4,852	4,958	4,123	4,002
Net Working Capital (NWC)	1,521	10,292	2,350	4,639	1,980	2,538	2,051	3,818	3,930	3,086	2,977
Net Nonoperating Expense (NNE)	103	-88	-350	63	-1,520	-198	115	-129	-3,623	256	-211
Net Nonoperating Obligations (NNO)	4,996	-4,194	6,120	4,026	8,156	8,617	8,062	5,970	4,599	5,937	5,790
Total Depreciation and Amortization (D&A)	617	605	614	621	674	694	694	661	651	640	660
Debt-free, Cash-free Net Working Capital to Revenue	9.39%	44.30%	11.63%	12.49%	13.21%	14.99%	14.37%	12.38%	7.76%	9.01%	7.82%
Debt-free Net Working Capital to Revenue	11.55%	44.30%	12.86%	19.97%	15.03%	17.73%	16.00%	20.23%	21.04%	17.04%	16.12%
Net Working Capital to Revenue	6.22%	38.96%	8.90%	17.54%	7.95%	10.79%	8.71%	15.92%	16.68%	12.75%	11.99%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	327.13M	324.41M	321.59M	319.38M	316.67M	315.23M	312.69M	312.77M	312.85M	313.42M	312.41M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	327.13M	324.41M	321.59M	319.38M	316.67M	315.23M	312.69M	312.77M	312.85M	313.42M	312.41M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	327.13M	324.41M	321.59M	319.38M	316.67M	315.23M	312.69M	312.77M	312.85M	313.42M	312.41M
Normalized Net Operating Profit after Tax (NOPAT)	-120	3.50	474	753	-47	685	924	1,065	965	385	622
Normalized NOPAT Margin	-1.63%	0.05%	8.70%	12.33%	-0.81%	11.12%	16.88%	16.26%	17.93%	5.68%	10.20%
Pre Tax Income Margin	2.00%	3.15%	21.50%	14.65%	2.47%	17.01%	17.61%	25.11%	15.96%	2.22%	20.87%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	3.22	12.37	11.91	0.00	9.25	7.79	12.19	0.00	2.03	11.79
NOPAT to Interest Expense	0.00	0.13	4.60	9.19	0.00	5.39	6.51	7.26	0.00	2.64	5.27
EBIT Less CapEx to Interest Expense	0.00	-2.72	5.81	7.05	0.00	3.50	3.94	8.44	0.00	-3.49	5.29
NOPAT Less CapEx to Interest Expense	0.00	-5.81	-1.96	4.32	0.00	-0.36	2.66	3.50	0.00	-2.88	-1.23
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-55.39%	0.00%	0.00%	0.00%	39.28%	0.00%	0.00%	0.00%	19.28%	16.41%	15.03%
Augmented Payout Ratio	-55.39%	0.00%	0.00%	0.00%	39.28%	0.00%	0.00%	0.00%	19.28%	16.41%	15.03%

Key Financial Trends

Constellation Energy (NASDAQ: CEG) has shown substantial operational and financial improvement over the past four years, with some variability in key metrics. Here are the highlights and key trends from the latest four years of financial statements:

Net Income Growth: The company reported a consolidated net income of $833 million in Q2 2025, a significant increase compared to $129 million in Q1 2025 and steady growth from prior years. The jump from Q1 to Q2 2025 suggests improving profitability and operational efficiency.
Strong Total Revenue: Total revenue in Q2 2025 was $6.1 billion, maintaining a solid top line, with a trend of generally increasing or stable revenues compared to previous quarters and fiscal years.
Operating Gross Profit Margin Healthy: Gross profit for Q2 2025 was about $2.97 billion on $6.1 billion revenue, indicating a gross margin near 48.7%, which is healthy and improving relative to some past periods.
Cash Flow from Operating Activities Recovered: Net cash from continuing operating activities recovered strongly to $1.48 billion in Q2 2025, compared with weaker and even negative figures in previous quarters (e.g., -$723 million in Q1 2025), indicating improved operational cash generation.
Capital Expenditures Investing in Core Assets: The company invested around $767 million in property, plant, and equipment in Q2 2025, showing ongoing commitment to maintaining and upgrading infrastructure, which is critical in the energy sector.
Debt Management Activity: Net cash used in financing activities was negative $485 million in Q2 2025, reflecting debt repayment ($863 million) partially offset by new debt issuance ($900 million) and dividend payments ($521 million). This suggests active debt management but also ongoing leverage.
Stable Common Equity Base: Total common equity increased modestly over the recent periods to $13.5 billion as of Q2 2025, indicating stable shareholder equity despite fluctuations in net income and cash flows.
Significant Investing Cash Outflows: The net cash used in investing activities was -$872 million in Q2 2025, primarily due to large purchases of investments ($1.85 billion) exceeding sales ($1.75 billion). Heavy investing outflows may pressure liquidity if not managed carefully.
Volatile Operating Cash Flows in Prior Quarters: The prior quarters and years show periods of negative cash from operating activities (e.g., -$3.18 billion in Q4 2024, -$993 million in Q3 2023), indicating some operational challenges or timing differences in working capital.
High Asset Retirement Obligations: The balance sheet shows a large asset retirement reserve and litigation obligation over $14 billion, which could pose long-term liabilities and financial uncertainty.

Summary: Constellation Energy has demonstrated solid revenue and profitability growth in the most recent quarters, with strong earnings and cash flow from operations in Q2 2025. The company continues to invest significantly in its core assets and manages its debt actively. However, investors should be mindful of the volatility in operating cash flows historically and the high asset retirement liabilities on the balance sheet. Overall, recent trends point to operational improvement and stronger financial health.

Retail investors may find Constellation Energy attractive due to its improving profitability and stable equity base, while also keeping an eye on the company’s capital deployment strategy and long-term obligations.

08/28/25 08:14 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Constellation Energy's Financials

When does Constellation Energy's financial year end?

According to the most recent income statement we have on file, Constellation Energy's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Constellation Energy's net income changed over the last 5 years?

Constellation Energy's net income appears to be on an upward trend, with a most recent value of $7.48 billion in 2024, rising from $1.22 billion in 2019. The previous period was $3.15 billion in 2023. See Constellation Energy's forecast for analyst expectations on what’s next for the company.

What is Constellation Energy's operating income?

Constellation Energy's total operating income in 2024 was $4.35 billion, based on the following breakdown:

Total Gross Profit: $5.99 billion
Total Operating Expenses: $1.71 billion

How has Constellation Energy's revenue changed over the last 5 years?

Over the last 5 years, Constellation Energy's total revenue changed from $18.92 billion in 2019 to $23.57 billion in 2024, a change of 24.5%.

How much debt does Constellation Energy have?

Constellation Energy's total liabilities were at $39.39 billion at the end of 2024, a 0.2% decrease from 2023, and a 3,938,700,000,000.0% increase since 2020.

How much cash does Constellation Energy have?

In the past 4 years, Constellation Energy's cash and equivalents has ranged from $0.00 in 2020 to $3.02 billion in 2024, and is currently $3.02 billion as of their latest financial filing in 2024.

How has Constellation Energy's book value per share changed over the last 5 years?

Over the last 5 years, Constellation Energy's book value per share changed from 0.00 in 2019 to 42.24 in 2024, a change of 4,223.6%.

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This page (NASDAQ:CEG) was last updated on 8/28/2025 by MarketBeat.com Staff

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Constellation Energy (CEG) Financials

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Constellation Energy (CEG) Financials

Annual Income Statements for Constellation Energy

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Quarterly Cash Flow Statements for Constellation Energy

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