Constellation Energy (CEG) Financials

$301.57 +7.50 (+2.55%)

As of 05/26/2026 04:00 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	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	1,125	589	-205	-160	1,623	3,749	2,319
Consolidated Net Income / (Loss)	1,217	579	-83	-334	1,577	3,738	2,323
Net Income / (Loss) Continuing Operations	1,217	579	-83	83	1,577	3,738	2,323
Total Pre-Tax Income	1,917	836	152	-542	2,447	4,516	3,511
Total Operating Income	1,323	256	-346	495	1,610	4,352	3,086
Total Gross Profit	3,937	8,018	7,486	2,181	8,917	12,149	10,852
Total Revenue	18,924	17,603	19,649	24,440	24,918	23,568	25,533
Operating Revenue	18,924	17,603	19,649	24,440	24,918	23,568	25,533
Total Cost of Revenue	14,987	9,585	12,163	22,259	16,001	11,419	14,681
Operating Cost of Revenue	14,987	9,585	12,163	22,259	16,001	11,419	14,681
Total Operating Expenses	2,614	7,762	7,832	1,687	7,307	7,797	7,766
Selling, General & Admin Expense	-	5,168	4,555	44	5,685	6,159	6,159
Depreciation Expense	1,535	2,123	3,003	1,091	1,096	1,123	985
Other Operating Expenses / (Income)	1,106	482	475	552	553	586	622
Other Special Charges / (Income)	-27	-11	-201	-	-27	-71	0.00
Total Other Income / (Expense), net	594	580	498	-1,037	837	164	425
Interest Expense	429	357	297	-	431	506	511
Other Income / (Expense), net	1,023	937	795	-786	1,268	670	936
Income Tax Expense	516	249	225	-388	859	774	1,187
Other Gains / (Losses), net	-184	-8.00	-10	-13	-11	-4.00	-1.00
Net Income / (Loss) Attributable to Noncontrolling Interest	92	-10	122	-7.00	-46	-11	4.00
Weighted Average Basic Shares Outstanding	-	-	653.33M	327.13M	316.67M	312.85M	361.99M
Weighted Average Diluted Shares Outstanding	-	-	653.33M	327.13M	316.67M	312.85M	361.99M
Weighted Average Basic & Diluted Shares Outstanding	-	-	653.33M	327.13M	316.67M	312.85M	361.99M
Cash Dividends to Common per Share	-	-	-	$0.14	$0.28	$0.35	$0.39

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	731	-37	883	814	1,200	852	118	839	930	432	1,590
Consolidated Net Income / (Loss)	690	1,538	883	809	1,196	4,588	129	833	929	432	1,603
Net Income / (Loss) Continuing Operations	690	365	883	809	1,196	1,285	129	833	929	432	1,603
Total Pre-Tax Income	895	143	1,048	964	1,645	859	151	1,273	1,395	692	2,125
Total Operating Income	977	-67	813	1,100	1,467	972	451	951	1,086	598	2,332
Total Gross Profit	2,744	-2,475	2,744	3,183	3,431	-1,882	859	2,969	3,003	2,476	2,990
Total Revenue	6,111	5,796	6,161	5,475	6,550	5,382	6,788	6,101	6,570	6,074	11,122
Operating Revenue	-	-	-	-	-	-	6,788	-	-	-	11,122
Total Cost of Revenue	3,367	8,271	3,417	2,292	3,119	7,264	5,929	3,132	3,567	3,598	8,132
Operating Cost of Revenue	3,367	8,271	3,417	2,292	3,119	7,264	5,929	3,132	3,567	3,598	8,132
Total Operating Expenses	1,767	-2,381	1,931	2,083	1,964	-2,783	408	2,018	1,917	1,878	658
Depreciation Expense	266	289	306	296	266	255	248	254	241	242	443
Other Operating Expenses / (Income)	148	134	139	142	165	140	160	147	165	150	229
Other Special Charges / (Income)	0.00	-	-	-	-2.00	-	0.00	-	0.00	-	-14
Total Other Income / (Expense), net	-82	210	235	-136	178	-113	-300	322	309	94	-207
Interest Expense	82	-	127	142	147	-	146	118	134	113	253
Other Income / (Expense), net	0.00	349	362	6.00	325	-23	-154	440	443	207	46
Income Tax Expense	205	181	165	154	449	6.00	22	440	466	259	530
Other Gains / (Losses), net	0.00	-1.00	-	-1.00	0.00	-3.00	0.00	0.00	0.00	-	8.00
Net Income / (Loss) Attributable to Noncontrolling Interest	-41	-2.00	0.00	-5.00	-4.00	-2.00	11	-6.00	-1.00	-	13
Weighted Average Basic Shares Outstanding	319.38M	316.67M	315.23M	312.69M	312.77M	312.85M	313.42M	312.41M	312.29M	361.99M	361.19M
Weighted Average Diluted Shares Outstanding	319.38M	316.67M	315.23M	312.69M	312.77M	312.85M	313.42M	312.41M	312.29M	361.99M	361.19M
Weighted Average Basic & Diluted Shares Outstanding	319.38M	316.67M	315.23M	312.69M	312.77M	312.85M	313.42M	312.41M	312.29M	361.99M	361.19M
Cash Dividends to Common per Share	-	-	$0.35	-	-	-	$0.39	-	-	-	$0.43

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	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	0.00	-1,792	313	-48	1,735	2,675	626
Net Cash From Operating Activities	0.00	584	-1,338	-2,353	-5,301	-2,464	4,237
Net Cash From Continuing Operating Activities	0.00	584	-1,338	-2,353	-5,301	-2,464	4,253
Net Income / (Loss) Continuing Operations	0.00	579	-83	-167	1,577	3,738	2,323
Consolidated Net Income / (Loss)	0.00	579	-83	-167	1,577	3,738	2,323
Depreciation Expense	0.00	3,636	4,540	2,427	2,514	2,700	2,601
Non-Cash Adjustments To Reconcile Net Income	0.00	-53	-1,011	898	-739	-278	-636
Changes in Operating Assets and Liabilities, net	0.00	-3,578	-4,784	-5,511	-8,653	-8,624	-35
Net Cash From Investing Activities	0.00	1,958	3,282	3,104	3,031	7,428	-3,198
Net Cash From Continuing Investing Activities	0.00	1,958	3,312	3,133	4,721	7,460	-3,198
Purchase of Property, Plant & Equipment	0.00	-1,747	-1,329	-1,689	-2,422	-2,565	-2,949
Acquisitions	0.00	-	-	-	-	-	-14
Purchase of Investments	0.00	-3,464	-6,673	-4,271	-6,050	-6,282	-7,284
Sale and/or Maturity of Investments	0.00	3,341	6,532	4,050	5,822	6,005	6,946
Other Investing Activities, net	0.00	3,782	3,904	5,043	7,371	10,302	103
Net Cash From Financing Activities	0.00	-2,664	-1,695	-799	2,196	-2,289	-420
Net Cash From Continuing Financing Activities	0.00	-4,334	-1,631	-799	2,315	-2,287	-413
Repayment of Debt	0.00	-4,934	-151	-2,377	-326	-861	-1,184
Payment of Dividends	-	-3,468	-1,832	-185	-1,239	-1,441	-1,035
Issuance of Debt	0.00	3,655	1,394	271	3,880	15	1,650
Issuance of Common Equity	0.00	64	64	1,750	0.00	0.00	156

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	1,995	-741	192	990	1,610	-85	-1,337	121	2,029	-187	-2,577
Net Cash From Operating Activities	-993	-3,182	-723	-613	-112	-1,016	107	1,477	1,848	805	425
Net Cash From Continuing Operating Activities	-993	-3,182	-723	-581	-112	-1,016	107	1,477	1,848	821	425
Net Income / (Loss) Continuing Operations	690	-39	883	809	1,196	850	129	833	929	432	1,603
Consolidated Net Income / (Loss)	690	-39	883	809	1,196	850	129	833	929	432	1,603
Depreciation Expense	621	674	694	694	661	651	640	660	645	656	1,202
Non-Cash Adjustments To Reconcile Net Income	122	-206	-206	116	-240	84	297	-361	-293	-279	-204
Changes in Operating Assets and Liabilities, net	-2,426	-3,611	-2,094	-2,200	-1,729	-2,601	-959	345	567	12	-2,176
Net Cash From Investing Activities	2,008	852	830	1,820	2,406	2,372	-886	-872	-463	-977	-3,732
Net Cash From Continuing Investing Activities	2,008	2,542	830	1,820	2,406	2,404	-886	-872	-463	-977	-3,732
Purchase of Property, Plant & Equipment	-399	-687	-738	-546	-552	-729	-806	-767	-390	-986	-1,275
Acquisitions	-1.00	-	-14	-1.00	-7.00	-	0.00	-5.00	-3.00	-1.00	-2,537
Purchase of Investments	-1,171	-1,676	-1,847	-1,196	-2,097	-1,142	-2,152	-1,847	-1,774	-1,511	-2,572
Sale and/or Maturity of Investments	1,105	1,601	1,779	1,111	2,044	1,071	2,084	1,746	1,695	1,421	2,504
Other Investing Activities, net	2,474	3,283	1,650	2,459	3,018	3,182	-12	1.00	9.00	100	148
Net Cash From Financing Activities	637	807	84	-1,469	-795	-109	-408	-485	644	-171	730
Net Cash From Continuing Financing Activities	980	-101	85	-249	-684	-1,439	-558	-484	644	-15	730
Repayment of Debt	-13	18	-570	-234	-204	-18	-286	-863	15	-50	-6,842
Payment of Dividends	-	-	-610	-	-	-	-272	-521	-121	-121	-155
Issuance of Debt	993	1,120	1,265	-625	-480	20	0.00	900	750	-	7,727

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	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	0.00	48,086	46,909	50,758	52,926	57,249
Total Current Assets	0.00	7,981	9,360	8,299	10,776	12,119
Cash & Equivalents	0.00	504	422	368	3,022	3,641
Restricted Cash	0.00	72	106	86	107	107
Accounts Receivable	0.00	2,421	3,316	2,851	3,718	4,266
Inventories, net	0.00	1,004	1,505	1,500	1,600	1,736
Other Current Assets	0.00	3,696	4,011	3,494	2,329	2,243
Other Current Nonoperating Assets	0.00	-	-	-	-	126
Plant, Property, & Equipment, net	0.00	19,612	19,822	22,116	21,235	22,474
Total Noncurrent Assets	0.00	40,986	17,727	20,343	20,915	22,656
Goodwill	-	-	47	425	420	420
Other Noncurrent Operating Assets	0.00	39,097	17,434	19,303	20,495	22,236
Total Liabilities & Shareholders' Equity	0.00	48,086	46,909	50,758	52,926	57,249
Total Liabilities	0.00	36,472	35,537	39,472	39,387	42,396
Total Current Liabilities	0.00	7,996	7,839	6,319	6,846	7,944
Short-Term Debt	0.00	3,302	1,302	1,765	1,028	1,742
Accounts Payable	0.00	1,888	3,734	2,612	3,943	4,294
Other Current Liabilities	0.00	2,069	2,803	1,942	1,875	1,908
Total Noncurrent Liabilities	0.00	52,058	27,698	33,153	32,541	34,452
Long-Term Debt	0.00	4,575	4,466	7,496	7,384	7,250
Asset Retirement Reserve & Litigation Obligation	0.00	14,029	13,929	15,414	12,449	13,193
Noncurrent Deferred & Payable Income Tax Liabilities	0.00	3,703	3,031	3,209	3,331	3,544
Noncurrent Employee Benefit Liabilities	0.00	847	1,214	1,802	1,875	1,977
Other Noncurrent Operating Liabilities	0.00	5,322	5,058	5,232	7,502	8,488
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	0.00	11,614	11,414	11,374	13,583	14,863
Total Preferred & Common Equity	0.00	11,987	10,152	10,107	12,302	13,618
Total Common Equity	0.00	11,987	11,060	11,013	13,210	14,527
Common Stock	0.00	11,250	12,408	11,537	10,538	10,144
Retained Earnings	0.00	768	-496	761	4,066	5,899
Accumulated Other Comprehensive Income / (Loss)	0.00	-31	-1,760	-2,191	-2,302	-2,425
Noncontrolling Interest	-	11,614	354	361	373	336

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	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	9/30/2025	3/31/2026
Total Assets	46,559	48,965	50,758	52,014	51,340	51,834	52,926	52,252	53,038	56,161	96,911
Total Current Assets	7,575	9,902	8,299	8,460	7,852	9,270	10,776	9,631	9,233	11,649	18,009
Cash & Equivalents	269	1,889	368	562	311	1,793	3,022	1,846	1,974	3,959	800
Restricted Cash	56	88	86	83	72	89	107	96	88	132	371
Accounts Receivable	1,952	2,264	2,851	2,327	2,211	1,765	3,718	3,637	3,518	3,780	4,414
Inventories, net	1,387	1,422	1,500	1,385	1,442	1,472	1,600	1,502	1,585	1,664	2,582
Other Current Assets	3,911	4,239	3,494	4,103	3,816	4,151	2,329	2,550	2,068	2,114	4,107
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	-	5,735
Plant, Property, & Equipment, net	20,239	20,849	22,116	22,446	21,973	20,892	21,235	21,566	21,820	21,990	40,769
Total Noncurrent Assets	18,745	18,214	20,343	21,108	21,515	21,672	20,915	21,055	21,985	22,522	38,133
Goodwill	-	-	425	425	420	420	420	420	420	420	11,527
Other Noncurrent Operating Assets	18,055	17,444	19,303	20,022	20,486	20,723	19,855	20,249	21,167	21,675	26,606
Total Liabilities & Shareholders' Equity	46,559	48,965	50,758	52,014	51,340	51,834	52,926	52,252	53,038	56,161	96,911
Total Liabilities	34,947	36,965	39,472	40,454	39,559	38,893	39,387	38,918	39,235	41,469	63,091
Total Current Liabilities	5,225	5,263	6,319	5,922	5,801	5,452	6,846	6,545	6,256	7,455	13,215
Short-Term Debt	1,045	643	1,765	1,631	1,715	1,034	1,028	1,037	1,025	1,768	5,472
Accounts Payable	1,260	3,569	2,612	2,417	2,422	2,685	3,943	3,614	3,659	3,926	4,449
Other Current Liabilities	2,176	2,368	1,942	1,874	1,664	1,733	1,875	1,894	1,572	1,761	3,294
Total Noncurrent Liabilities	29,722	31,702	33,153	34,532	33,758	33,441	32,541	32,373	32,979	34,014	49,876
Long-Term Debt	6,156	7,512	7,496	8,352	7,409	7,378	7,384	7,321	7,286	7,269	16,994
Asset Retirement Reserve & Litigation Obligation	14,231	15,075	15,414	15,591	14,841	13,671	13,815	13,905	14,076	14,444	12,433
Noncurrent Deferred & Payable Income Tax Liabilities	3,203	3,208	3,209	3,208	3,377	3,554	3,331	3,226	3,348	3,578	8,199
Noncurrent Employee Benefit Liabilities	1,276	1,252	1,802	1,634	1,626	1,641	1,875	1,755	1,763	1,767	1,835
Other Noncurrent Operating Liabilities	4,856	4,655	5,232	5,747	6,505	7,197	6,136	6,166	6,506	6,956	10,415
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	11,721	12,108	11,374	11,658	11,876	13,007	13,583	13,427	13,864	14,723	33,832
Total Preferred & Common Equity	10,460	10,868	10,107	10,390	10,613	11,729	12,302	12,141	12,598	13,472	32,586
Total Common Equity	11,365	11,774	11,013	11,297	11,520	12,636	13,210	13,049	13,507	14,381	33,495
Common Stock	12,012	11,778	11,537	11,038	10,538	10,538	10,538	10,388	10,091	10,144	27,677
Retained Earnings	248	887	761	1,532	2,236	3,325	4,066	4,062	4,779	5,588	7,334
Accumulated Other Comprehensive Income / (Loss)	-1,800	-1,797	-2,191	-2,180	-2,161	-2,134	-2,302	-2,309	-2,272	-2,260	-2,425
Noncontrolling Interest	356	334	361	361	356	371	373	378	357	342	337

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

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	-6.98%	11.62%	24.38%	1.96%	-5.42%	8.34%
EBITDA Growth	0.00%	24.43%	3.31%	-57.19%	152.43%	43.21%	-14.23%
EBIT Growth	0.00%	-49.15%	-62.36%	-164.81%	1,089.00%	74.50%	-19.91%
NOPAT Growth	0.00%	-81.41%	-7.56%	108.52%	201.54%	245.14%	-43.35%
Net Income Growth	0.00%	-52.42%	-114.34%	-302.41%	1,044.31%	137.03%	-37.85%
EPS Growth	0.00%	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%	271.96%
Free Cash Flow Firm Growth	0.00%	0.00%	-8,557.15%	95.42%	-198.37%	338.73%	-82.21%
Invested Capital Growth	0.00%	0.00%	0.00%	6.78%	19.01%	-6.90%	6.77%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	7.96%	-5.81%	-1.73%	2.79%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	0.28%	2.43%	9.10%	-2.06%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-8.18%	2.53%	15.32%	-3.46%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-25.45%	2.62%	45.08%	-20.87%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-115.48%	91.85%	162.41%	-64.15%
EPS Q/Q Growth	0.00%	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%	75.37%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-1,485.71%	1,486.24%	-67.30%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	9.51%	21.05%	-4.19%	4.61%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	20.80%	45.55%	38.10%	8.92%	12.97%	25.42%	42.50%
EBITDA Margin	20.51%	27.43%	25.39%	8.74%	21.64%	32.76%	25.94%
Operating Margin	6.99%	1.45%	-1.76%	2.03%	6.46%	18.47%	12.09%
EBIT Margin	12.40%	6.78%	2.29%	-1.19%	11.55%	21.31%	15.75%
Profit (Net Income) Margin	6.43%	3.29%	-0.42%	-1.37%	12.66%	31.72%	9.10%
Tax Burden Percent	63.48%	69.26%	-54.61%	61.62%	128.89%	165.54%	66.16%
Interest Burden Percent	81.71%	70.08%	33.85%	186.25%	85.02%	89.92%	87.29%
Effective Tax Rate	26.92%	29.78%	148.03%	0.00%	35.10%	17.14%	33.81%
Return on Invested Capital (ROIC)	0.00%	0.00%	2.16%	2.18%	5.81%	19.12%	10.50%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	-11.11%	-13.37%	37.89%	79.80%	15.85%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	-3.59%	-5.08%	21.87%	40.79%	5.84%
Return on Equity (ROE)	0.00%	0.00%	-1.43%	-2.90%	27.68%	59.91%	16.33%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-197.84%	-4.38%	-11.55%	26.27%	3.95%
Operating Return on Assets (OROA)	0.00%	0.00%	1.87%	-0.61%	5.89%	9.69%	7.30%
Return on Assets (ROA)	0.00%	0.00%	-0.35%	-0.70%	6.46%	14.42%	4.22%
Return on Common Equity (ROCE)	0.00%	0.00%	-1.48%	-2.90%	26.81%	58.15%	15.93%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	-0.69%	-3.29%	31.21%	60.77%	0.00%
Net Operating Profit after Tax (NOPAT)	967	180	166	347	1,045	3,606	2,043
NOPAT Margin	5.11%	1.02%	0.85%	1.42%	4.19%	15.30%	8.00%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	13.28%	15.55%	-32.07%	-60.68%	-5.35%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	2.02%	5.06%	16.40%	8.56%
Cost of Revenue to Revenue	79.20%	54.45%	61.90%	91.08%	87.03%	74.58%	57.50%
SG&A Expenses to Revenue	0.00%	29.36%	23.18%	0.18%	0.00%	0.00%	24.12%
R&D to Revenue	0.00%	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%	30.42%
Earnings before Interest and Taxes (EBIT)	2,346	1,193	449	-291	2,878	5,022	4,022
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,881	4,829	4,989	2,136	5,392	7,722	6,623
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	2.50	3.37	5.30	7.59
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	2.51	3.50	5.47	7.82
Price to Revenue (P/Rev)	0.00	0.00	0.00	1.13	1.49	2.97	4.32
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	22.84	18.66	47.57
Dividend Yield	0.00%	0.00%	0.00%	0.67%	0.97%	0.63%	0.44%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	4.38%	5.36%	2.10%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	2.01	2.34	4.12	5.77
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	1.35	1.83	3.18	4.54
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	15.47	8.47	9.71	17.50
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	15.87	14.93	28.82
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	95.39	43.72	20.79	56.74
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	27.35
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	15.14	150.98
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.68	0.51	0.81	0.62	0.61
Long-Term Debt to Equity	0.00	0.00	0.39	0.39	0.66	0.54	0.49
Financial Leverage	0.00	0.00	0.32	0.38	0.58	0.51	0.37
Leverage Ratio	0.00	0.00	4.14	4.13	4.29	4.15	3.87
Compound Leverage Factor	0.00	0.00	1.40	7.68	3.64	3.74	3.38
Debt to Total Capital	0.00%	0.00%	40.41%	33.57%	44.88%	38.25%	37.69%
Short-Term Debt to Total Capital	0.00%	0.00%	16.94%	7.58%	8.55%	4.67%	7.30%
Long-Term Debt to Total Capital	0.00%	0.00%	23.47%	25.99%	36.33%	33.57%	30.39%
Preferred Equity to Total Capital	0.00%	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%	1.41%
Common Equity to Total Capital	0.00%	0.00%	61.50%	64.37%	53.37%	60.06%	60.90%
Debt to EBITDA	0.00	0.00	1.58	2.70	1.72	1.09	1.36
Net Debt to EBITDA	0.00	0.00	1.43	2.36	1.53	0.60	0.79
Long-Term Debt to EBITDA	0.00	0.00	0.92	2.09	1.39	0.96	1.09
Debt to NOPAT	0.00	0.00	47.40	16.65	8.86	2.33	4.40
Net Debt to NOPAT	0.00	0.00	42.89	14.54	7.89	1.29	2.57
Long-Term Debt to NOPAT	0.00	0.00	27.53	12.89	7.17	2.05	3.55
Altman Z-Score	0.00	0.00	0.00	0.99	1.31	2.02	2.47
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	-3.21%	-0.08%	3.14%	2.94%	2.49%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	0.00	1.00	1.19	1.31	1.57	1.53
Quick Ratio	0.00	0.00	0.37	0.48	0.51	0.98	1.00
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	180	-15,202	-696	-2,075	4,954	768
Operating Cash Flow to CapEx	0.00%	34.33%	-296.67%	-139.31%	-218.87%	-96.06%	143.68%
Free Cash Flow to Firm to Interest Expense	0.00	0.50	-51.18	0.00	0.00	0.00	1.50
Operating Cash Flow to Interest Expense	0.00	1.64	-4.51	0.00	0.00	0.00	8.29
Operating Cash Flow Less CapEx to Interest Expense	0.00	-3.13	-6.02	0.00	0.00	0.00	2.52
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.82	0.51	0.51	0.45	0.46
Accounts Receivable Turnover	0.00	0.00	0.00	8.52	8.08	7.18	6.40
Inventory Turnover	0.00	0.00	0.00	17.74	14.43	11.34	8.80
Fixed Asset Turnover	0.00	0.00	0.00	1.24	1.19	1.09	1.17
Accounts Payable Turnover	0.00	0.00	0.00	7.92	6.83	5.36	3.56
Days Sales Outstanding (DSO)	0.00	0.00	0.00	42.84	45.17	50.87	57.07
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	20.57	25.29	32.19	41.47
Days Payable Outstanding (DPO)	0.00	0.00	0.00	46.09	53.41	68.06	102.39
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	17.32	17.05	15.00	-3.86
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	0.00	15,368	16,410	19,530	18,182	20,097
Invested Capital Turnover	0.00	0.00	2.56	1.54	1.39	1.25	1.31
Increase / (Decrease) in Invested Capital	0.00	0.00	15,368	1,042	3,120	-1,348	1,275
Enterprise Value (EV)	0.00	0.00	0.00	33,053	45,680	74,985	115,903
Market Capitalization	0.00	0.00	0.00	27,661	37,075	69,969	110,323
Book Value per Share	$0.00	$0.00	$18.35	$33.82	$34.48	$42.24	$46.52
Tangible Book Value per Share	$0.00	$0.00	$18.35	$33.68	$33.15	$40.89	$45.17
Total Capital	0.00	0.00	19,491	17,182	20,635	21,995	23,855
Total Debt	0.00	0.00	7,877	5,768	9,261	8,412	8,992
Total Long-Term Debt	0.00	0.00	4,575	4,466	7,496	7,384	7,250
Net Debt	0.00	0.00	7,127	5,038	8,244	4,643	5,244
Capital Expenditures (CapEx)	0.00	1,701	451	1,689	2,422	2,565	2,949
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	0.00	2,711	2,295	3,291	1,829	2,169
Debt-free Net Working Capital (DFNWC)	0.00	0.00	3,287	2,823	3,745	4,958	5,917
Net Working Capital (NWC)	0.00	0.00	-15	1,521	1,980	3,930	4,175
Net Nonoperating Expense (NNE)	-250	-399	249	681	-2,109	-3,870	-280
Net Nonoperating Obligations (NNO)	0.00	0.00	3,754	4,996	8,156	4,599	5,234
Total Depreciation and Amortization (D&A)	1,535	3,636	4,540	2,427	2,514	2,700	2,601
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	13.80%	9.39%	13.21%	7.76%	8.49%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	16.73%	11.55%	15.03%	21.04%	23.17%
Net Working Capital to Revenue	0.00%	0.00%	-0.08%	6.22%	7.95%	16.68%	16.35%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$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	361.99M
Adjusted Diluted Earnings per Share	$0.00	$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	361.99M
Adjusted Basic & Diluted Earnings per Share	$0.00	$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	361.99M
Normalized Net Operating Profit after Tax (NOPAT)	947	172	-383	347	1,045	3,606	2,043
Normalized NOPAT Margin	5.01%	0.98%	-1.95%	1.42%	4.19%	15.30%	8.00%
Pre Tax Income Margin	10.13%	4.75%	0.77%	-2.22%	9.82%	19.16%	13.75%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	5.47	3.34	1.51	0.00	0.00	0.00	7.87
NOPAT to Interest Expense	2.25	0.50	0.56	0.00	0.00	0.00	4.00
EBIT Less CapEx to Interest Expense	5.47	-1.42	-0.01	0.00	0.00	0.00	2.10
NOPAT Less CapEx to Interest Expense	2.25	-4.26	-0.96	0.00	0.00	0.00	-1.77
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	598.96%	-2,207.23%	-55.39%	39.28%	19.28%	44.55%
Augmented Payout Ratio	0.00%	598.96%	-2,207.23%	-55.39%	39.28%	19.28%	44.55%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	361,990,335.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	361,990,335.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	4.39
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.99%	-20.96%	-18.56%	0.53%	7.18%	-7.14%	10.18%	11.43%	0.31%	12.86%	63.85%
EBITDA Growth	336.61%	15.46%	96.74%	-4.66%	53.50%	67.36%	-49.87%	13.94%	-11.37%	-8.69%	282.07%
EBIT Growth	512.24%	33.65%	240.58%	-13.19%	83.42%	236.52%	-74.72%	25.77%	-14.68%	-15.17%	700.67%
NOPAT Growth	2,724.45%	149.37%	4,814.98%	95.15%	41.60%	5,321.25%	-43.75%	-32.67%	-32.19%	-61.23%	354.30%
Net Income Growth	457.51%	1,206.47%	765.69%	-1.82%	73.33%	198.31%	-85.39%	2.97%	-22.32%	-49.18%	1,142.64%
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	16.83%	-31.38%	22.59%	-219.27%	88.72%	68.07%	114.80%	340.95%	1,750.00%	179.23%	297.20%
Free Cash Flow Firm Growth	97.36%	-187.76%	-217.92%	48.10%	-348.84%	174.57%	104.72%	177.28%	127.54%	-153.84%	-2,280.50%
Invested Capital Growth	7.67%	19.01%	356.91%	11.75%	17.62%	-6.90%	-4.49%	-1.42%	1.23%	6.77%	155.01%
Revenue Q/Q Growth	12.21%	-5.15%	6.30%	-11.13%	19.63%	-17.83%	26.12%	-10.12%	7.69%	-7.55%	83.11%
EBITDA Q/Q Growth	-15.36%	-40.18%	95.50%	-3.69%	36.28%	-34.77%	-41.44%	118.89%	6.00%	-32.80%	145.04%
EBIT Q/Q Growth	-23.31%	-71.14%	316.67%	-5.87%	62.03%	-47.04%	-68.70%	368.35%	9.92%	-47.35%	195.40%
NOPAT Q/Q Growth	59.04%	-97.64%	3,747.40%	34.93%	15.40%	-9.50%	-60.08%	61.51%	16.22%	-48.26%	367.79%
Net Income Q/Q Growth	-16.26%	122.90%	2,364.10%	-8.38%	47.84%	283.61%	-97.19%	545.74%	11.52%	-53.50%	271.06%
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	-417.19%	-220.44%	77.28%	15.21%	81.73%	-807.14%	110.53%	1,280.37%	25.12%	-56.44%	-47.21%
Free Cash Flow Firm Q/Q Growth	82.48%	-683.81%	-785.89%	95.73%	-51.48%	230.22%	-43.96%	-30.09%	-46.02%	-284.13%	-3,037.77%
Invested Capital Q/Q Growth	-9.57%	21.05%	3.81%	-1.66%	-4.82%	-4.19%	6.50%	1.50%	-2.25%	4.61%	145.71%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	44.90%	-42.70%	20.42%	58.14%	52.38%	-34.97%	35.42%	48.66%	45.71%	40.76%	26.88%
EBITDA Margin	26.15%	16.49%	30.34%	32.88%	37.45%	29.73%	13.80%	33.62%	33.09%	24.05%	32.19%
Operating Margin	15.99%	-1.16%	13.20%	20.09%	22.40%	18.06%	6.64%	15.59%	16.53%	9.85%	20.97%
EBIT Margin	15.99%	4.87%	19.07%	20.20%	27.36%	17.63%	4.38%	22.80%	23.27%	13.25%	21.38%
Profit (Net Income) Margin	11.29%	26.54%	14.33%	14.78%	18.26%	85.25%	1.90%	13.65%	14.14%	7.11%	14.41%
Tax Burden Percent	77.10%	1,075.52%	84.26%	83.92%	72.71%	534.11%	85.43%	65.44%	66.60%	62.43%	75.44%
Interest Burden Percent	91.61%	50.71%	89.19%	87.16%	91.80%	90.52%	50.84%	91.52%	91.24%	85.96%	89.36%
Effective Tax Rate	22.91%	126.57%	15.74%	15.98%	27.29%	0.70%	14.57%	34.56%	33.41%	37.43%	24.94%
Return on Invested Capital (ROIC)	20.96%	0.43%	42.23%	21.04%	22.24%	22.42%	6.93%	12.79%	14.32%	8.08%	13.68%
ROIC Less NNEP Spread (ROIC-NNEP)	19.35%	23.54%	51.18%	19.42%	24.83%	79.22%	3.41%	15.83%	18.26%	9.19%	12.30%
Return on Net Nonoperating Assets (RNNOA)	6.54%	13.59%	28.44%	11.67%	9.88%	40.49%	1.98%	8.52%	6.89%	3.38%	5.59%
Return on Equity (ROE)	27.50%	14.01%	70.66%	32.71%	32.13%	62.90%	8.91%	21.31%	21.21%	11.47%	19.27%
Cash Return on Invested Capital (CROIC)	-0.84%	-11.55%	-130.36%	0.39%	-2.04%	26.27%	21.22%	16.31%	12.29%	3.95%	-77.34%
Operating Return on Assets (OROA)	8.85%	2.48%	16.70%	9.72%	13.02%	8.02%	2.03%	10.84%	10.71%	6.14%	8.56%
Return on Assets (ROA)	6.25%	13.54%	12.55%	7.11%	8.69%	38.75%	0.88%	6.49%	6.51%	3.30%	5.77%
Return on Common Equity (ROCE)	26.67%	13.57%	67.46%	31.72%	31.23%	61.05%	8.64%	20.72%	20.66%	11.18%	18.98%
Return on Equity Simple (ROE_SIMPLE)	15.13%	0.00%	22.69%	22.08%	24.29%	0.00%	55.37%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	753	18	685	924	1,067	965	385	622	723	374	1,750
NOPAT Margin	12.33%	0.31%	11.12%	16.88%	16.28%	17.93%	5.68%	10.20%	11.01%	6.16%	15.74%
Net Nonoperating Expense Percent (NNEP)	1.61%	-23.12%	-8.95%	1.63%	-2.59%	-56.81%	3.52%	-3.04%	-3.94%	-1.10%	1.37%
Return On Investment Capital (ROIC_SIMPLE)	-	0.09%	-	-	-	4.39%	1.77%	2.81%	3.04%	1.57%	3.11%
Cost of Revenue to Revenue	55.10%	142.70%	79.58%	41.86%	47.62%	134.97%	64.58%	51.34%	54.29%	59.24%	73.12%
SG&A Expenses to Revenue	22.14%	0.00%	0.00%	30.05%	23.44%	0.00%	22.76%	26.50%	23.00%	24.46%	0.00%
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	28.92%	-41.08%	7.22%	38.05%	29.98%	-51.71%	28.77%	33.08%	29.18%	30.92%	5.92%
Earnings before Interest and Taxes (EBIT)	977	282	1,175	1,106	1,792	949	297	1,391	1,529	805	2,378
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,598	956	1,869	1,800	2,453	1,600	937	2,051	2,174	1,461	3,580
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.96	3.37	5.21	5.47	6.43	5.30	4.83	7.49	7.15	7.59	3.02
Price to Tangible Book Value (P/TBV)	2.96	3.50	5.41	5.68	6.66	5.47	4.99	7.73	7.36	7.82	4.60
Price to Revenue (P/Rev)	1.32	1.49	2.50	2.68	3.39	2.97	2.61	4.08	4.14	4.32	3.38
Price to Earnings (P/E)	20.56	22.84	24.41	26.36	28.43	18.66	21.14	33.62	37.53	47.57	26.66
Dividend Yield	0.91%	0.97%	0.65%	0.63%	0.52%	0.63%	0.72%	0.57%	0.46%	0.44%	0.57%
Earnings Yield	4.86%	4.38%	4.10%	3.79%	3.52%	5.36%	4.73%	2.97%	2.66%	2.10%	3.75%
Enterprise Value to Invested Capital (EV/IC)	2.52	2.34	3.35	3.59	4.62	4.12	3.59	5.46	5.60	5.77	2.49
Enterprise Value to Revenue (EV/Rev)	1.53	1.83	2.89	3.04	3.66	3.18	2.87	4.33	4.33	4.54	4.11
Enterprise Value to EBITDA (EV/EBITDA)	7.71	8.47	10.76	11.49	12.39	9.71	10.23	15.25	15.92	17.50	13.24
Enterprise Value to EBIT (EV/EBIT)	14.46	15.87	18.32	20.21	20.14	14.93	16.77	24.24	25.84	28.82	20.11
Enterprise Value to NOPAT (EV/NOPAT)	39.87	43.72	39.12	32.96	35.29	20.79	21.09	36.47	41.71	56.74	35.76
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	235.45	44.56	27.35	26.94
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	973.56	0.00	15.14	16.52	33.26	45.87	150.98	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.67	0.81	0.86	0.77	0.65	0.62	0.62	0.60	0.61	0.61	0.66
Long-Term Debt to Equity	0.62	0.66	0.72	0.62	0.57	0.54	0.55	0.53	0.49	0.49	0.50
Financial Leverage	0.34	0.58	0.56	0.60	0.40	0.51	0.58	0.54	0.38	0.37	0.45
Leverage Ratio	4.11	4.29	6.75	4.15	4.01	4.15	4.16	4.06	3.89	3.87	3.16
Compound Leverage Factor	3.77	2.17	6.02	3.62	3.68	3.76	2.11	3.71	3.55	3.33	2.82
Debt to Total Capital	40.25%	44.88%	46.13%	43.45%	39.27%	38.25%	38.37%	37.48%	38.03%	37.69%	39.91%
Short-Term Debt to Total Capital	3.17%	8.55%	7.54%	8.17%	4.83%	4.67%	4.76%	4.62%	7.44%	7.30%	9.72%
Long-Term Debt to Total Capital	37.07%	36.33%	38.59%	35.28%	34.45%	33.57%	33.61%	32.86%	30.59%	30.39%	30.19%
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	1.65%	1.75%	1.67%	1.70%	1.73%	1.70%	1.74%	1.61%	1.44%	1.41%	0.60%
Common Equity to Total Capital	58.11%	53.37%	52.20%	54.86%	58.99%	60.06%	59.90%	60.91%	60.53%	60.90%	59.50%
Debt to EBITDA	1.55	1.72	1.58	1.47	1.19	1.09	1.23	1.18	1.34	1.36	2.42
Net Debt to EBITDA	1.04	1.53	1.38	1.31	0.85	0.60	0.89	0.83	0.67	0.79	2.30
Long-Term Debt to EBITDA	1.43	1.39	1.32	1.19	1.04	0.96	1.08	1.03	1.08	1.09	1.83
Debt to NOPAT	8.01	8.86	5.75	4.20	3.38	2.33	2.54	2.82	3.50	4.40	6.55
Net Debt to NOPAT	5.35	7.89	5.02	3.76	2.43	1.29	1.83	1.99	1.75	2.57	6.20
Long-Term Debt to NOPAT	7.38	7.17	4.81	3.41	2.97	2.05	2.22	2.47	2.82	3.55	4.95
Altman Z-Score	1.31	1.14	1.50	1.59	2.01	1.77	1.63	2.30	2.25	2.29	1.52
Noncontrolling Interest Sharing Ratio	3.01%	3.14%	4.54%	3.02%	2.81%	2.94%	2.95%	2.77%	2.57%	2.49%	1.51%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.88	1.31	1.43	1.35	1.70	1.57	1.47	1.48	1.56	1.53	1.36
Quick Ratio	0.79	0.51	0.49	0.43	0.65	0.98	0.84	0.88	1.04	1.00	0.39
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-396	-3,102	-27,482	-1,173	-1,776	2,313	1,296	906	489	-901	-28,266
Operating Cash Flow to CapEx	-248.87%	-463.17%	-98.91%	-112.27%	-20.29%	-139.37%	13.28%	192.57%	473.85%	81.64%	33.33%
Free Cash Flow to Firm to Interest Expense	-4.83	0.00	-216.39	-8.26	-12.08	0.00	8.88	7.68	3.65	-7.97	-111.72
Operating Cash Flow to Interest Expense	-12.11	0.00	-5.69	-4.32	-0.76	0.00	0.73	12.52	13.79	7.12	1.68
Operating Cash Flow Less CapEx to Interest Expense	-16.98	0.00	-11.45	-8.16	-4.52	0.00	-4.79	6.02	10.88	-1.60	-3.36
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.55	0.51	0.88	0.48	0.48	0.45	0.46	0.48	0.46	0.46	0.40
Accounts Receivable Turnover	11.35	8.08	13.84	11.31	11.90	7.18	8.11	8.67	8.96	6.40	7.42
Inventory Turnover	15.01	14.43	14.44	9.30	8.92	11.34	12.85	12.81	12.65	8.80	8.27
Fixed Asset Turnover	1.30	1.19	0.00	1.12	1.15	1.09	1.10	1.13	1.16	1.17	0.96
Accounts Payable Turnover	6.98	6.83	4.98	7.14	4.13	5.36	6.15	6.38	6.00	3.56	4.19
Days Sales Outstanding (DSO)	32.16	45.17	26.37	32.27	30.66	50.87	44.99	42.12	40.74	57.07	49.20
Days Inventory Outstanding (DIO)	24.32	25.29	25.27	39.27	40.94	32.19	28.41	28.50	28.86	41.47	44.14
Days Payable Outstanding (DPO)	52.31	53.41	73.28	51.11	88.48	68.06	59.35	57.25	60.83	102.39	87.15
Cash Conversion Cycle (CCC)	4.17	17.05	-21.63	20.43	-16.87	15.00	14.05	13.37	8.76	-3.86	6.19
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	16,134	19,530	20,275	19,938	18,977	18,182	19,364	19,654	19,211	20,097	49,380
Invested Capital Turnover	1.70	1.39	3.80	1.25	1.37	1.25	1.22	1.25	1.30	1.31	0.87
Increase / (Decrease) in Invested Capital	1,149	3,120	28,167	2,097	2,843	-1,348	-911	-284	234	1,275	30,016
Enterprise Value (EV)	40,597	45,680	67,914	71,528	87,712	74,985	69,487	107,367	107,664	115,903	122,718
Market Capitalization	34,812	37,075	58,838	63,015	81,305	69,969	63,079	101,159	102,803	110,323	101,086
Book Value per Share	$36.61	$34.48	$35.84	$36.54	$40.41	$42.24	$41.71	$43.10	$46.03	$46.52	$92.53
Tangible Book Value per Share	$36.61	$33.15	$34.49	$35.21	$39.07	$40.89	$40.37	$41.76	$44.69	$45.17	$60.69
Total Capital	20,263	20,635	21,641	21,000	21,419	21,995	21,785	22,175	23,760	23,855	56,298
Total Debt	8,155	9,261	9,983	9,124	8,412	8,412	8,358	8,311	9,037	8,992	22,466
Total Long-Term Debt	7,512	7,496	8,352	7,409	7,378	7,384	7,321	7,286	7,269	7,250	16,994
Net Debt	5,451	8,244	8,715	8,157	6,036	4,643	6,030	5,851	4,519	5,244	21,295
Capital Expenditures (CapEx)	399	687	731	546	552	729	806	767	390	986	1,275
Debt-free, Cash-free Net Working Capital (DFCFNWC)	3,305	3,291	3,524	3,383	2,970	1,829	2,181	1,940	1,871	2,169	9,095
Debt-free Net Working Capital (DFNWC)	5,282	3,745	4,169	3,766	4,852	4,958	4,123	4,002	5,962	5,917	10,266
Net Working Capital (NWC)	4,639	1,980	2,538	2,051	3,818	3,930	3,086	2,977	4,194	4,175	4,794
Net Nonoperating Expense (NNE)	63	-1,520	-198	115	-129	-3,623	256	-211	-206	-58	147
Net Nonoperating Obligations (NNO)	4,026	8,156	8,617	8,062	5,970	4,599	5,937	5,790	4,488	5,234	15,548
Total Depreciation and Amortization (D&A)	621	674	694	694	661	651	640	660	645	656	1,202
Debt-free, Cash-free Net Working Capital to Revenue	12.49%	13.21%	14.99%	14.37%	12.38%	7.76%	9.01%	7.82%	7.53%	8.49%	30.45%
Debt-free Net Working Capital to Revenue	19.97%	15.03%	17.73%	16.00%	20.23%	21.04%	17.04%	16.12%	24.00%	23.17%	34.37%
Net Working Capital to Revenue	17.54%	7.95%	10.79%	8.71%	15.92%	16.68%	12.75%	11.99%	16.88%	16.35%	16.05%
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	319.38M	316.67M	315.23M	312.69M	312.77M	312.85M	313.42M	312.41M	312.29M	361.99M	361.19M
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	319.38M	316.67M	315.23M	312.69M	312.77M	312.85M	313.42M	312.41M	312.29M	361.99M	361.19M
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	319.38M	316.67M	315.23M	312.69M	312.77M	312.85M	313.42M	312.41M	312.29M	361.99M	361.19M
Normalized Net Operating Profit after Tax (NOPAT)	753	-47	685	924	1,065	965	385	622	723	374	1,740
Normalized NOPAT Margin	12.33%	-0.81%	11.12%	16.88%	16.26%	17.93%	5.68%	10.20%	11.01%	6.16%	15.64%
Pre Tax Income Margin	14.65%	2.47%	17.01%	17.61%	25.11%	15.96%	2.22%	20.87%	21.23%	11.39%	19.11%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	11.91	0.00	9.25	7.79	12.19	0.00	2.03	11.79	11.41	7.12	9.40
NOPAT to Interest Expense	9.19	0.00	5.39	6.51	7.26	0.00	2.64	5.27	5.40	3.31	6.92
EBIT Less CapEx to Interest Expense	7.05	0.00	3.50	3.94	8.44	0.00	-3.49	5.29	8.50	-1.60	4.36
NOPAT Less CapEx to Interest Expense	4.32	0.00	-0.36	2.66	3.50	0.00	-2.88	-1.23	2.49	-5.41	1.88
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	39.28%	0.00%	0.00%	0.00%	19.28%	16.41%	15.03%	15.80%	44.55%	24.18%
Augmented Payout Ratio	0.00%	39.28%	0.00%	0.00%	0.00%	19.28%	16.41%	15.03%	15.80%	44.55%	24.18%

Financials Breakdown Chart

Key Financial Trends

Here are the key trends for Constellation Energy (CEG) based on the last four years of quarterly results across income statements, cash flows, and balance sheets.

Total revenue in Q4 2025 was 6.074 billion, up from 5.796 billion in Q4 2024, indicating a rebound in top-line performance versus the prior-year trough.
Gross profit swung to a positive level in Q4 2025: 2.476 billion, versus a gross loss of 1.882 billion in Q4 2024, signaling a meaningful improvement in gross margin dynamics.
In 2025, quarterly profitability improved, with Q3 2025 net income attributable to common shareholders at 930 million, higher than the 2024 trough.
Total assets rose to about 56.16 billion by Q3 2025, up from mid-50s levels earlier in the year, reflecting scale growth.
Total common equity remained robust, with around 13.1–14.4 billion of equity across 2025 quarters (for example, 14.38 billion in Q3 2025), supporting balance-sheet resilience.
Cash flow from operating activities shows quarterly variability in 2025: Q4 2025 net cash from continuing operating activities about 821 million, while Q3 2025 was notably higher at about 1.85 billion and Q2 2025 around 1.48 billion.
Capital expenditures (purchase of property, plant & equipment) remained sizable, with Q4 2025 capex around 986 million, indicating ongoing investment in core assets.
Debt levels edged higher, with long-term debt around 7.46 billion by Q4 2025 (up from 7.27 billion in Q3 2025), suggesting rising leverage to support growth initiatives.
Shares outstanding moved higher, with the weighted-average shares outstanding at roughly 361.99 million in 2025 Q4, indicating some equity dilution versus earlier periods.
Quarterly profitability cooled in Q4 2025, with net income attributable to common shareholders falling to 432 million from 930 million in Q3 2025, signaling a near-term pullback in quarterly earnings momentum.

05/27/26 12:34 AM ETAI Generated. May Contain Errors.

Constellation Energy Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Constellation Energy's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Constellation Energy's net income appears to be on an upward trend, with a most recent value of $2.32 billion in 2025, rising from $1.22 billion in 2019. The previous period was $3.74 billion in 2024. Check out Constellation Energy's forecast to explore projected trends and price targets.

Constellation Energy's total operating income in 2025 was $3.09 billion, based on the following breakdown:

Total Gross Profit: $10.85 billion
Total Operating Expenses: $7.77 billion

Over the last 6 years, Constellation Energy's total revenue changed from $18.92 billion in 2019 to $25.53 billion in 2025, a change of 34.9%.

Constellation Energy's total liabilities were at $42.40 billion at the end of 2025, a 7.6% increase from 2024, and a 4,239,600,000,000.0% increase since 2020.

In the past 5 years, Constellation Energy's cash and equivalents has ranged from $0.00 in 2020 to $3.64 billion in 2025, and is currently $3.64 billion as of their latest financial filing in 2025.

Over the last 6 years, Constellation Energy's book value per share changed from 0.00 in 2019 to 46.52 in 2025, a change of 4,651.8%.

Related Companies

Financial statements for NASDAQ:CEG last updated on 5/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Constellation Energy (CEG) Financials

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Constellation Energy (CEG) Financials

Annual Income Statements for Constellation Energy

Quarterly Income Statements for Constellation Energy

Annual Cash Flow Statements for Constellation Energy

Quarterly Cash Flow Statements for Constellation Energy

Annual Balance Sheets for Constellation Energy

Quarterly Balance Sheets for Constellation Energy

Annual Metrics And Ratios for Constellation Energy

Quarterly Metrics And Ratios for Constellation Energy

Financials Breakdown Chart

Key Financial Trends

Constellation Energy Financials - Frequently Asked Questions

When does Constellation Energy's financial year end?

How has Constellation Energy's net income changed over the last 6 years?

What is Constellation Energy's operating income?

How has Constellation Energy's revenue changed over the last 6 years?

How much debt does Constellation Energy have?

How much cash does Constellation Energy have?

How has Constellation Energy's book value per share changed over the last 6 years?

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