Constellation Energy (CEG) financial statements
Constellation Energy reported revenue of $25.5B in fiscal 2025, up 9.3% a year over 5 years.
Net income was $2.3B and the operating margin 12.1%, against 1.6% in 2020.
Free cash flow was $1.3B, and the company returned $486M in dividends and $400M in net buybacks.
The diluted share count fell 5% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Constellation Energy's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $16.4B | $18.5B | $24.3B | $24.9B | $23.6B | $25.5B |
| Operating income | $256M | -$346M | $495M | $1.6B | $4.4B | $3.1B |
| Interest expense | $328M | $282M | $250M | $431M | $506M | $511M |
| Pre-tax income | $836M | $152M | -$542M | $2.4B | $4.5B | $3.5B |
| Income tax | $249M | $225M | -$388M | $859M | $774M | $1.2B |
| Net income | $589M | -$205M | -$160M | $1.6B | $3.7B | $2.3B |
| EPS (diluted) | $0.00 | $0.00 | -$0.49 | $5.01 | $11.89 | $7.40 |
| Diluted shares | 0M | 0M | 329M | 324M | 315M | 314M |
| Operating margin | 1.6% | -1.9% | 2.0% | 6.5% | 18.5% | 12.1% |
| Net margin | 3.6% | -1.1% | -0.7% | 6.5% | 15.9% | 9.1% |
Balance sheet
Fiscal years, from Constellation Energy's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $226M | $504M | $422M | $368M | $3.0B | $3.6B |
| Receivables | — | $1.7B | $2.6B | $1.9B | $3.7B | $4.3B |
| Inventory | — | — | — | — | $1.6B | $1.7B |
| Total current assets | — | $8.0B | $9.4B | $8.3B | $10.8B | $12.1B |
| Property, plant and equipment | — | $19.6B | $19.8B | $22.1B | $21.2B | $22.5B |
| Goodwill | — | — | $47M | $425M | $420M | $420M |
| Total assets | — | $48.1B | $46.9B | $50.8B | $52.9B | $57.2B |
| Total current liabilities | — | $8.0B | $7.8B | $6.3B | $6.8B | $7.9B |
| Long-term debt | — | $4.6B | $4.5B | $7.5B | $7.4B | $7.2B |
| Total liabilities | — | $36.5B | $35.5B | $39.5B | $39.4B | $42.4B |
| Shareholders' equity | $14.7B | $11.2B | $11.0B | $10.9B | $13.2B | $14.5B |
| Net debt | -$226M | $5.3B | $4.2B | $7.2B | $5.4B | $3.7B |
Cash flow
Fiscal years, from Constellation Energy's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | $584M | -$1.3B | -$2.4B | -$5.3B | -$2.5B | $4.2B |
| Capital spending | $1.7B | $1.3B | $1.7B | $2.4B | $2.6B | $2.9B |
| Free cash flow | -$1.2B | -$2.7B | -$4.0B | -$7.7B | -$5.0B | $1.3B |
| Stock-based compensation | $27M | $47M | $116M | $178M | $332M | $385M |
| Dividends paid | $0 | $0 | $185M | $366M | $444M | $486M |
| Share buybacks (net) | — | $0 | $0 | -$992M | -$999M | -$400M |
| Net borrowing | -$1.2B | $47M | -$1.1B | $3.0B | $799M | -$1.1B |
| Free cash flow margin | -7.1% | -14.4% | -16.6% | -31.0% | -21.3% | 5.0% |
| Dividends per share | — | — | $0.56 | $1.13 | $1.41 | $1.55 |
Questions
What was Constellation Energy's revenue in 2025?
$25.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Constellation Energy generate?
$1.3B in fiscal 2025 (operating cash flow minus capital spending).
From Constellation Energy's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.