Constellation Energy

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

                    Revenue
                    FY2025
                
$25.5B
                    3y CAGR +1.5%
                    
                    P42
                    
                    +8.3%
                    
                    Net income
                    FY2025
                
$2.3B
                    Net margin +9.1%
                    
                    P16
                    
                    -38.1%
                    
                    Total assets
                    FY2025
                
$57.2B
                    ROA +4.1%
                    
                    P94
                    
                    +8.2%
                    
                    Operating cash flow
                    FY2025
                
$4.2B
                    FCF margin +5.0%
                    
                    P96
                    
                    +272.0%

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

1Y 3Y 5Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

25 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	$3.6B 20.5%	$3.0B 721.2%	$368.0M -12.8%	$422.0M -16.3%	$504.0M
Accounts Receivable	$4.3B 36.9%	$3.1B 61.1%	$1.9B -25.2%	$2.6B	$0
Prepaid Expenses	$635.0M -7.8%	$689.0M -58.4%	$1.7B 61.3%	$1.0B	—
Other Current Assets	$635.0M -7.8%	$689.0M -58.4%	$1.7B 61.3%	$1.0B	—
Total Current Assets	$12.1B 12.5%	$10.8B 29.8%	$8.3B -11.3%	$9.4B	—
Property,Plant and Equipment	$22.5B 5.8%	$21.2B -4.0%	$22.1B 11.6%	$19.8B	$0
Goodwill	$420.0M 0.0%	$420.0M -1.2%	$425.0M 804.3%	$47.0M	—
Intangible Assets	$0 -100.0%	$236.0M -29.8%	$336.0M -2.0%	$343.0M	$0
Other Noncurrent Assets	$2.5B 12.5%	$2.2B 14.0%	$1.9B -9.3%	$2.1B	—
Total Assets	$57.2B 8.2%	$52.9B 4.3%	$50.8B 8.2%	$46.9B	—
Liabilities
Accounts Payable	$2.8B 18.7%	$2.4B 82.0%	$1.3B -54.0%	$2.8B	—
Accrued Liabilities	$366.0M 10.2%	$332.0M -1.8%	$338.0M -62.7%	$906.0M	—
Current Portion of Long Term Debt	$92.0M -91.1%	$1.0B 749.6%	$121.0M -15.4%	$143.0M	—
Other Current Liabilities	$366.0M 10.2%	$332.0M -1.8%	$338.0M -1.7%	$344.0M	—
Total Current Liabilities	$7.9B 16.0%	$6.8B 8.3%	$6.3B -19.4%	$7.8B	—
Long Term Debt	$7.2B -1.8%	$7.4B -1.5%	$7.5B 67.8%	$4.5B	$0
Deferred Tax Liabilities	$0 -100.0%	$3.0B 6.7%	$2.8B 7.0%	$2.6B	$0
Other Noncurrent Liabilities	$2.7B 124.8%	$1.2B 8.4%	$1.1B -4.5%	$1.2B	—
Total Liabilities	$42.4B 7.6%	$39.4B -0.2%	$39.5B 11.1%	$35.5B	—
Equity
Common Stock	$11.0B -3.1%	$11.4B -7.7%	$12.4B -6.9%	$13.3B	$0
Retained Earnings	$5.9B 45.1%	$4.1B 434.3%	$761.0M 253.4%	$-496.0M	—
Accumulated Other Comprehensive Income	$-2.4B -5.3%	$-2.3B -5.1%	$-2.2B -24.5%	$-1.8B	—
Noncontrolling Interest	$336.0M -9.9%	$373.0M 3.3%	$361.0M 2.0%	$354.0M	—
Total Stockholders Equity	$14.5B 10.3%	$13.2B 20.5%	$10.9B -0.8%	$11.0B -5.1%	$11.6B
Total Liabilitiesand Equity	$57.2B 8.2%	$52.9B 4.3%	$50.8B 8.2%	$46.9B	—

Income Statement

Revenue, expense, and profitability

16 accounts · 5 years

Revenue $25.5B

Operating income $3.1B

Net income $2.3B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$25.5B 8.3%	$23.6B -5.4%	$24.9B 2.0%	$24.4B 24.4%	$19.6B
Expenses Cost of Revenue	$22.4B 16.4%	$19.3B -17.3%	$23.3B -2.6%	$23.9B 18.6%	$20.2B
Expenses Depreciation and Amortization	$967.0M -12.2%	$1.1B 2.6%	$1.1B 0.8%	$1.1B -63.9%	$3.0B
Expenses Share Based Compensation	$385.0M 16.0%	$332.0M 86.5%	$178.0M 53.4%	$116.0M 146.8%	$47.0M
Expenses Operating Expenses	$22.4B 16.4%	$19.3B -17.3%	$23.3B -2.6%	$23.9B 18.6%	$20.2B
Other Income Expense Operating Income	$3.1B -29.1%	$4.4B 170.3%	$1.6B 225.3%	$495.0M 243.1%	$-346.0M
Other Income Expense Interest Expense	$511.0M 1.0%	$506.0M 17.4%	$431.0M 72.4%	$250.0M -11.3%	$282.0M
Other Income Expense Other Income/expense	$936.0M 39.7%	$670.0M -47.2%	$1.3B 261.3%	$-786.0M -198.9%	$795.0M
Other Income Expense Income Before Tax	$3.5B -22.3%	$4.5B 84.6%	$2.4B 551.5%	$-542.0M -456.6%	$152.0M
Income Tax Income Tax Expense	$1.2B 53.4%	$774.0M -9.9%	$859.0M 321.4%	$-388.0M -272.4%	$225.0M
net Income net Income	$2.3B -38.1%	$3.7B 131.0%	$1.6B 1114.4%	$-160.0M 22.0%	$-205.0M
net Income Comprehensive Income	$2.2B -39.6%	$3.6B 205.2%	$1.2B 918.8%	$117.0M 156.8%	$-206.0M
Earnings Per Share Basic Eps	$7 -37.9%	$12 137.3%	$5 1124.5%	$-0	$0
Earnings Per Share Diluted Eps	$7 -37.8%	$12 137.3%	$5 1122.4%	$-0	$0
Earnings Per Share Weighted Average Shares Basic	$313.0M -0.6%	$315.0M -2.5%	$323.0M -1.5%	$328.0M	$0
Earnings Per Share Weighted Average Shares Diluted	$314.0M -0.3%	$315.0M -2.8%	$324.0M -1.5%	$329.0M	$0

Cash Flow Statement

Operating, investing, and financing flows

21 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 Income	$2.3B -38.1%	$3.7B 131.0%	$1.6B 1114.4%	$-160.0M 22.0%	$-205.0M
Operating Activities Depreciation and Amortization	$967.0M -12.2%	$1.1B 2.6%	$1.1B 0.8%	$1.1B -63.9%	$3.0B
Operating Activities Stock Based Compensation	$385.0M 16.0%	$332.0M 86.5%	$178.0M 53.4%	$116.0M 146.8%	$47.0M
Operating Activities Deferred Income Taxes	$0 -100.0%	$45.0M	$0	—	—
Operating Activities Changes In Operating Assets and Liabilities	$134.0M 35.4%	$99.0M 265.0%	$-60.0M -126.3%	$228.0M 235.3%	$68.0M
Operating Activities net Cash From Operating Activities	$4.2B 272.0%	$-2.5B 53.5%	$-5.3B -125.3%	$-2.4B -75.9%	$-1.3B
Investing Activities Capital Expenditures	$2.9B 15.0%	$2.6B 5.9%	$2.4B 43.4%	$1.7B 27.1%	$1.3B
Investing Activities Business Acquisitions	$14.0M -56.3%	$32.0M -98.1%	$1.7B 5727.6%	$29.0M -3.3%	$30.0M
Investing Activities Purchases of Investments	$7.3B 16.0%	$6.3B 3.8%	$6.0B 41.7%	$4.3B -36.0%	$6.7B
Investing Activities Other Investing Activities	$-103.0M -21.2%	$-85.0M -174.2%	$-31.0M 60.8%	$-79.0M -3850.0%	$-2.0M
Investing Activities net Cash From Investing Activities	$-3.2B -143.1%	$7.4B 145.1%	$3.0B -2.4%	$3.1B -5.4%	$3.3B
Financing Activities Proceeds From Debt	$0 -100.0%	$920.0M -71.2%	$3.2B 22721.4%	$14.0M -90.8%	$152.0M
Financing Activities Repayment of Debt	$1.1B 789.3%	$121.0M -28.0%	$168.0M -85.5%	$1.2B 1006.7%	$105.0M
Financing Activities Repurchase of Common Stock	$400.0M -60.0%	$999.0M 0.7%	$992.0M	$0	$0
Financing Activities Dividends Paid	$486.0M 9.5%	$444.0M 21.3%	$366.0M 97.8%	$185.0M	$0
Financing Activities Other Financing Activities	$-108.0M -10700.0%	$-1.0M -102.4%	$42.0M 220.0%	$-35.0M 23.9%	$-46.0M
Financing Activities net Cash From Financing Activities	$-420.0M 81.7%	$-2.3B -204.2%	$2.2B 374.8%	$-799.0M 52.9%	$-1.7B
Cash Reconciliation Effect of Exchange Rate On Cash	$3.7B 19.8%	$3.1B 589.2%	$454.0M -14.0%	$528.0M -8.3%	$576.0M
Cash Reconciliation net Change In Cash	$619.0M -76.9%	$2.7B 3714.9%	$-74.0M -54.2%	$-48.0M -119.3%	$249.0M
Cash Reconciliation Cash At Beginning of Period	$3.7B 19.8%	$3.1B 589.2%	$454.0M -14.0%	$528.0M -8.3%	$576.0M
Cash Reconciliation Cash At End of Period	$3.7B 19.8%	$3.1B 589.2%	$454.0M -14.0%	$528.0M -8.3%	$576.0M

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+12.1%	+18.2%	+6.4%	+2.0%	-2.8%
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%	-21.3%	-31.0%	-16.5%	-13.6%
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%	—
ROIC	+11.2%	+19.4%	+5.7%	+3.3%	+0.0%
Liquidity
Current ratio	1.53x	1.57x	1.31x	1.19x	—
Quick ratio	1.00x	0.90x	0.36x	0.38x	—
Leverage
D/E	2.92x	2.99x	3.61x	3.23x	—
Interest coverage	6.04x	8.60x	3.74x	1.98x	-1.23x
Efficiency
Asset turnover	0.45x	0.45x	0.49x	0.52x	—
Cash conversion cycle	+43d	—	—	—	—

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Constellation Energy

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