Constellation Energy

Utilities Electric Utilities Baltimore, Maryland Last filing Feb 24, 2026 · FY2025

                    Revenue
                    FY2025
                
$25.5B
                    3y CAGR +1.5%
                    
                    P43
                    
                    +8.3%
                    
                    Net income
                    FY2025
                
$2.3B
                    Net margin +9.1%
                    
                    P17
                    
                    -38.1%
                    
                    Total assets
                    FY2025
                
$57.2B
                    ROA +4.1%
                    
                    P94
                    
                    +8.2%
                    
                    Operating cash flow
                    FY2025
                
$4.2B
                    FCF margin +5.0%
                    
                    P93
                    
                    +272.0%

6 yrs · FY2020–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

20 accounts · 5 years

Total assets $57.2B

Total liabilities $42.4B

Shareholders equity $14.5B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	6.4%	5.7%	0.7%	0.9%	1.0%
Accounts Receivable	7.5%	7.0%	5.6%	7.1%	4.7%
Other Current Assets	7.4%	7.6%	10.0%	12.0%	10.8%
Total Current Assets	21.2%	20.4%	16.4%	20.0%	16.6%
Property,Plant and Equipment	39.3%	40.1%	43.6%	42.3%	40.8%
Other Noncurrent Assets	79.1%	79.0%	80.2%	75.6%	42.6%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Current Portion of Long Term Debt	3.0%	1.9%	3.5%	2.8%	6.9%
Other Current Liabilities	10.8%	11.0%	9.0%	13.9%	9.8%
Total Current Liabilities	13.9%	12.9%	12.4%	16.7%	16.6%
Long Term Debt	12.7%	14.0%	14.8%	9.5%	9.5%
Regulatory Liabilities	9.3%	8.5%	7.3%	6.2%	0.0%
Other Noncurrent Liabilities	85.7%	86.5%	93.8%	92.9%	49.7%
Total Liabilities	74.1%	74.4%	77.8%	75.8%	75.8%
Equity
Total Stockholders Equity	25.4%	24.9%	21.5%	23.5%	23.3%
Common Stock	19.3%	21.5%	24.3%	28.3%	0.0%
Retained Earnings	10.3%	7.7%	1.5%	-1.1%	0.0%
Accumulated Other Comprehensive Income	-4.2%	-4.3%	-4.3%	-3.8%	-0.1%
Noncontrolling Interest	0.6%	0.7%	0.7%	0.8%	0.8%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

15 accounts · 5 years

Revenue $25.5B

Operating income $3.1B

Net income $2.3B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	44.6%	44.5%	49.1%	52.1%	40.9%
Expenses Cost of Revenue	25.6%	21.6%	31.5%	37.2%	25.3%
Expenses Selling,General and Administrative	10.8%	11.6%	11.2%	10.3%	9.5%
Expenses Depreciation and Amortization	1.7%	2.1%	2.2%	2.3%	6.2%
Expenses Other Operating Expenses	1.1%	1.0%	1.0%	1.2%	0.6%
Other Income Expense Operating Income	5.4%	8.2%	3.2%	1.1%	-0.7%
Other Income Expense Interest Expense	0.9%	1.0%	0.8%	0.5%	0.6%
Other Income Expense Other Income/expense	1.6%	1.3%	2.5%	-1.7%	1.7%
Other Income Expense Income Before Tax	6.1%	8.5%	4.8%	-1.2%	0.3%
Income Tax Income Tax Expense	2.1%	1.5%	1.7%	-0.8%	0.5%
net Income Other Items Below Tax	-0.0%	0.0%	0.1%	-0.0%	-0.3%
net Income net Income	4.1%	7.1%	3.2%	-0.3%	-0.4%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	-0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	-0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	0.5%	0.6%	0.6%	0.7%	0.0%

Cash Flow Statement

Operating, investing, and financing flows

14 accounts · 5 years

Operating cash flow $4.2B

Investing cash flow $-3.2B

Financing cash flow $-420.0M

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Cash From Operating Activities	7.4%	-4.7%	-10.4%	-5.0%	-2.8%
Operating Activities net Income	4.1%	7.1%	3.1%	-0.4%	-0.2%
Operating Activities Depreciation and Amortization	4.5%	5.1%	5.0%	5.2%	9.4%
Operating Activities Other Non Cash Items	-1.2%	-16.8%	-18.5%	-9.8%	-12.1%
Investing Activities Capital Expenditures	-5.2%	-4.9%	-8.1%	-3.7%	-2.8%
Investing Activities Other Investing Activities	-0.4%	18.9%	14.1%	10.3%	9.7%
Investing Activities net Cash From Investing Activities	-5.6%	14.0%	6.0%	6.6%	6.8%
Financing Activities Proceeds From Debt	2.9%	2.1%	7.4%	0.0%	2.1%
Financing Activities Repayment of Debt	-1.9%	-3.7%	-0.4%	-5.0%	0.5%
Financing Activities Dividends Paid	-0.8%	-0.8%	-0.7%	-0.4%	-3.8%
Financing Activities Repurchase of Common Stock	-0.7%	-1.9%	-2.0%	0.0%	0.0%
Financing Activities Other Financing Activities	-0.2%	-0.0%	0.1%	3.7%	-2.4%
Financing Activities net Cash From Financing Activities	-0.7%	-4.3%	4.3%	-1.7%	-3.5%
Cash Reconciliation net Change In Cash	1.1%	5.1%	-0.1%	-0.1%	0.5%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+42.5%	+51.5%	+35.8%	+28.6%	+38.1%
Operating margin	+12.1%	+18.5%	+6.5%	+2.0%	-1.8%
Net margin	+9.1%	+15.9%	+6.5%	-0.7%	-1.0%
FCF margin	+5.0%	-21.5%	-37.8%	-16.7%	-13.7%
Growth
Revenue CAGR (3y)	+1.5%	+6.2%	+12.3%	—	—
Returns
ROE	+16.0%	+28.5%	+14.9%	-1.5%	-1.8%
ROA	+4.1%	+7.1%	+3.2%	-0.3%	-0.4%
ROIC	+10.3%	+19.4%	+5.3%	+3.0%	+0.0%
Liquidity
Current ratio	1.53x	1.57x	1.31x	1.19x	1.00x
Quick ratio	1.00x	0.98x	0.51x	0.48x	0.35x
Leverage
D/E	2.92x	2.99x	3.61x	3.23x	3.25x
Interest coverage	6.04x	8.60x	3.74x	1.97x	-1.16x
Efficiency
Asset turnover	0.45x	0.45x	0.49x	0.52x	0.41x
Cash conversion cycle	—	—	—	—	—

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Constellation Energy

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