Constellation Energy Corp financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Constellation Energy Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Revenue	17,603	19,649	24,440	24,918	23,568	25,533
Operating income	256	-346	495	1,610	4,352	3,086
Interest expense	328	282	250	431	506	511
Other non-operating income	580	498	-1,037	837	164	425
Pre-tax income	836	152	-542	2,447	4,516	3,511
Income tax	249	225	-388	859	774	1,187
Net income to minority interests	-10	122	-7	-46	-11	4
Net income	589	-205	-160	1,623	3,749	2,319
EBITDA	3,892	4,194	2,922	4,124	7,052	5,687
EPS, basic	0.00	0.00	-0.49	5.02	11.91	7.40
EPS, diluted	0.00	0.00	-0.49	5.01	11.89	7.40
Shares, basic (weighted)	0	0	328	323	315	313
Shares, diluted (weighted)	0	0	329	324	315	314
Dividend per share			0.14	0.28	0.35	0.39

Balance sheet

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	226	504	422	368	3,022	3,641
Receivables		1,669	2,585	1,934	3,718	4,266
Inventory					1,600	1,736
Other current assets		1,007	1,026	1,655	689	509
Total current assets		7,981	9,360	8,299	10,776	12,119
Property, plant and equipment		19,612	19,822	22,116	21,235	22,474
Lease right-of-use assets		604	545	494	436	371
Goodwill			47	425	420	420
Intangible assets		381	343	336	236	201
Long-term investments		174	202	563	640	307
Other non-current assets		1,717	2,059	1,910	2,818	2,450
Total assets		48,086	46,909	50,758	52,926	57,249
Accounts payable		1,757	2,828	1,302	2,369	2,813
Accrued liabilities		737	906
Short-term debt		1,220	143	121	1,028	92
Total current liabilities		7,996	7,839	6,319	6,846	7,944
Long-term debt		4,575	4,466	7,496	7,384	7,250
Lease liabilities		705	643	583	511	433
Other non-current liabilities		1,133	1,178	1,125	2,585	2,740
Total liabilities		36,472	35,537	39,472	39,387	42,396
Total debt		4,894	4,650	7,677	8,474	7,403
Retained earnings		0	-496	761	4,066	5,899
Other comprehensive income		-31	-1,760	-2,191	-2,302	-2,425
Shareholders' equity		11,219	11,018	10,925	13,166	14,517
Minority interests		395	354	361	373	336
Total equity	14,676	11,614	11,372	11,286	13,539	14,853
Total liabilities and equity		48,086	46,909	50,758	52,926	57,249
Shares outstanding			327	317	313	312

Cash flow statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Net income	579	-83	-167	1,577	3,738	2,323
Depreciation and amortization	3,636	4,540	2,427	2,514	2,700	2,601
Stock-based compensation	27	47	116	178	332	385
Deferred income tax	78	-205	-643	251	222	273
Change in receivables	1,125	-616	-868	396	688	-363
Change in inventory	-77	-68	-228	60	-99	-134
Change in payables	-343	346	1,142	-1,330	1,121	316
Cash from operations	584	-1,338	-2,353	-5,301	-2,464	4,237
Capital expenditures	-1,747	-1,329	-1,689	-2,422	-2,565	-2,949
Acquisitions		-30	-29	-1,690	-32	-14
Cash from investing	1,958	3,282	3,104	3,031	7,428	-3,198
Debt issued	3,155	152	14	3,195	920	0
Debt repaid	-4,334	-105	-1,162	-168	-121	-1,076
Share buybacks		0	0	-992	-999	-400
Dividends paid	0	0	-185	-366	-444	-486
Cash from financing	-2,664	-1,695	-799	2,196	-2,289	-420
Net change in cash	-122	249	-48	-74	2,675	619
Free cash flow	-1,163	-2,667	-4,042	-7,723	-5,029	1,288
Interest paid	331	275	230	264	375	412
Income taxes paid	70	426	287	466	436	446

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $263.27 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	14.7%	Operating income / revenue.
EBITDA margin	26.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	16.3%	Pre-tax income / revenue.
Net margin	11.1%	Net income / revenue.
FCF margin	1.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	13.5%	Cash from operations / revenue.
Effective tax rate	32.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.5%	Net income / average total assets.
Return on invested capital (ROIC)	6.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	12.5%	Capital expenditures / revenue.
D&A / revenue	11.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-29.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	84.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	64.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-19.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	24.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	7.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-38.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	31.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-37.8%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	48.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	10.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	40.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	10.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	9.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	8.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	-0.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.46x	Current assets / current liabilities.
Quick ratio	0.41x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.05x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.60x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	19.5%	Total debt / total assets.
Liabilities / assets	67.1%	Total liabilities / total assets.
Net debt	$18.41B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.23x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	5.87x	Operating income / interest expense.
Working capital	$5.93B	Current assets - current liabilities.
Goodwill and intangibles / assets	11.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$20.45B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.32x	Revenue / average total assets.
Fixed asset turnover	0.76x	Revenue / average property, plant and equipment.
Receivables turnover	6.71x	Revenue / average receivables.
Days sales outstanding	54 days	365 x average receivables / revenue.
FCF conversion	8.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	92.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$9.63	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$86.86	Revenue / diluted weighted shares.
FCF per share	$0.86	Free cash flow / diluted weighted shares.
Operating cash flow per share	$11.68	Cash from operations / diluted weighted shares.
Book value per share	$90.08	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$57.61	Tangible book value / shares outstanding.
Cash per share	$1.96	(Cash + short-term investments) / shares outstanding.
Payout ratio	15.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	178.3%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$93.28B	Share price x shares outstanding.
Enterprise value	$111.69B	Market cap + total debt - cash - short-term investments.
P/E	26.9x	Market cap / net income. Only when net income is positive.
P/S	2.98x	Market cap / revenue.
P/B	2.92x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.56x	Market cap / tangible book value, when positive.
P/FCF	302x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	22.2x	Market cap / cash from operations, when positive.
EV/Sales	3.57x	Enterprise value / revenue.
EV/EBIT	24.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	361x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.3%	Free cash flow / market cap.
Earnings yield	3.7%	Net income / market cap (the inverse of P/E).
Dividend yield	0.6%	Dividends paid over the period / market cap.
Shareholder yield	0.6%	(Dividends paid + share buybacks) / market cap.

What was Constellation Energy Corp's revenue in fiscal 2025?

Constellation Energy Corp reported revenue of $25.53B for fiscal 2025, 8.3% higher than the year before.

Was Constellation Energy Corp profitable in fiscal 2025?

Yes. Net income was $2.32B, a net margin of 9.1%.

How much free cash flow did Constellation Energy Corp generate in fiscal 2025?

Cash from operations of $4.24B minus capital expenditures of $2.95B left free cash flow of $1.29B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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