Constellation Energy Corporation (CEG) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$2.28	$2.55	+11.8%	—	$7.5B	—
Q1 26	$2.6	$2.74	+5.4%	—	$11.1B	—
Q4 25	$2.25	$2.3	+2.2%	—	$6.1B	—
Q3 25	$3.12	$3.04	-2.6%	—	$6.6B	—
Q2 25	$1.83	$1.91	+4.4%	—	$6.1B	—
Q1 25	$2.21	$2.14	-3.2%	—	$6.8B	—
Q4 24	$2.14	$2.44	+14.0%	—	$5.4B	—
Q3 24	$2.68	$2.74	+2.2%	—	$6.5B	—
Q2 24	$1.69	$1.68	-0.6%	—	$5.5B	—
Q1 24	$1.38	$2.78	+101.4%	—	$6.2B	—
Q4 23	$2.02	$1.51	-25.2%	—	$5.8B	—
Q3 23	$1.67	$1.99	+19.2%	—	$6.1B	—
Q2 23	$0.78	$1.45	+85.9%	—	$5.4B	—
Q1 23	$0.95	$0.39	-58.9%	—	$7.6B	—
Q4 22	$0.27	$0.17	-37.0%	—	$7.3B	—
Q3 22	$0.77	$0.54	-29.9%	—	$6.1B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$7.4	—	—	$25.5B	—
FY24	—	$11.9	—	—	$23.6B	—
FY23	—	$5.02	—	—	$24.9B	—
FY22	—	-$0.49	—	—	$24.4B	—
FY21

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$20.4B	$18.9B	$17.6B	$19.6B	$24.4B	$24.9B	$23.6B	$25.5B
YoY change	—	-7.4%	-6.98%	+11.6%	+24.4%	+1.96%	-5.42%	+8.34%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	20.4B	18.9B	17.6B	19.6B	24.4B	24.9B	23.6B	25.5B
Cost of revenue	17.2B	15.6B	14.8B	16.7B	22.3B	21.7B	17.6B	20.8B
Gross profit	3.3B	3.4B	2.9B	2.9B	2.1B	3.2B	6B	4.7B
Gross margin	16%	17.7%	16.2%	14.9%	8.74%	13%	25.4%	18.4%
Research & development	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	0	-110M	-54M	—	—
Operating expenses	5.5B	4.7B	5.2B	-909M	792M	-857M	-567M	-1.1B
Operating income	927M	1.3B	425M	362M	-408M	2.4B	4.8B	4.2B
Operating margin	4.54%	6.85%	2.41%	1.84%	-1.67%	9.58%	20.6%	16.4%
Non-operating income, net	-130M	1.1B	678M	87M	117M	492M	174M	-176M
Pretax income	365M	1.9B	836M	152M	-542M	2.4B	4.5B	3.5B
Income tax	-108M	516M	249M	225M	-388M	859M	774M	1.2B
Net income	443M	1.2B	579M	-83M	-167M	1.6B	3.7B	2.3B
Net margin	2.17%	6.43%	3.29%	-0.42%	-0.68%	6.33%	15.9%	9.1%
EBITDA	4.2B	5.4B	4.2B	4.4B	1.6B	4.4B	6.9B	6.3B
EPS	1.13	3.45	1.81	-0.63	-0.49	5.02	11.9	7.4
Diluted EPS	1.13	3.45	1.81	-0.63	-0.49	5.01	11.9	7.4

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	6.1B	5.8B	6.2B	5.5B	6.5B	5.4B	6.8B	6.1B	6.6B	6.1B	11.1B	7.5B
Cost of revenue	4.7B	5.4B	4.9B	3.9B	4.7B	4.1B	5.9B	4.7B	5.1B	5.1B	8.1B	6.3B
Gross profit	1.4B	356M	1.3B	1.5B	1.9B	1.3B	859M	1.4B	1.5B	990M	3B	1.2B
Gross margin	22.8%	6.14%	20.4%	28.1%	28.9%	24.1%	12.7%	22.2%	22.7%	16.3%	26.9%	16.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	-14M	-13M	2M	4M	—	—	—	—	—	—	—	—
Operating expenses	95M	-512M	314M	67M	-415M	195M	103M	449M	-373M	-208M	52M	625M
Operating income	868M	433M	499M	1B	1.9B	708M	348M	502M	1.5B	806M	2.3B	-47M
Operating margin	14.2%	7.47%	8.1%	18.9%	28.7%	13.2%	5.13%	8.23%	22.2%	13.3%	20.4%	-0.63%
Non-operating income, net	109M	-151M	676M	69M	-88M	241M	-51M	889M	70M	-1M	112M	1.2B
Pretax income	895M	143M	1B	964M	1.6B	859M	151M	1.3B	1.4B	692M	2.1B	900M
Income tax	205M	182M	165M	154M	449M	6M	22M	440M	466M	259M	530M	398M
Net income	690M	-39M	883M	809M	1.2B	850M	129M	833M	929M	432M	1.6B	508M
Net margin	11.3%	-0.67%	14.3%	14.8%	18.3%	15.8%	1.9%	13.7%	14.1%	7.11%	14.4%	6.77%
EBITDA	1.4B	968M	1B	1.6B	2.4B	1.2B	848M	1B	2B	1.3B	3B	650M
EPS	2.27	-0.11	2.79	2.58	3.83	2.72	0.38	2.67	2.98	1.38	4.49	1.42
Diluted EPS	2.26	-0.11	2.78	2.58	3.82	2.71	0.38	2.67	2.97	1.38	4.49	1.42

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	28.2B	37.8B	70.5B	110.6B	92.3B
Enterprise value	—	—	—	—	33.5B	46.6B	75.9B	115.9B	117.6B
Shares outstanding	326.3M	326.3M	326.3M	326M	327M	323M	315M	313M	313M

Valuation

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	23.9	18.9	47.6	25.7
P/S	—	—	—	—	1.15	1.52	2.99	4.33	2.98
P/B	—	—	—	—	2.48	3.35	5.2	7.44	2.93
EV/EBITDA	—	—	—	—	21.4	10.5	10.9	18.5	14.8
EV/Sales	—	—	—	—	1.37	1.87	3.22	4.54	3.76
Earnings yield	—	—	—	—	—	4.18%	5.3%	2.1%	3.89%
FCF yield	—	—	—	—	-14.3%	-20.5%	-7.14%	1.16%	-7.18%
PEG	—	—	—	—	—	—	—	—	-0.55

Profitability

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	16%	17.7%	16.2%	14.9%	8.74%	13%	25.4%	18.4%	16.4%
Operating margin	4.54%	6.85%	2.41%	1.84%	-1.67%	9.58%	20.6%	16.4%	8.66%
Net margin	2.17%	6.43%	3.29%	-0.42%	-0.68%	6.33%	15.9%	9.1%	11.1%
ROE	—	7.69%	3.95%	-0.71%	-1.47%	14%	27.6%	15.6%	15.1%
ROA	—	2.48%	1.2%	-0.17%	-0.36%	3.11%	7.06%	4.06%	3.89%
ROIC	—	3.98%	1.38%	0%	-2.44%	7.67%	21.2%	13.8%	5.39%
Return on tangible assets	—	2.49%	1.21%	-0.17%	-0.36%	3.16%	7.18%	4.12%	4.62%

Financial health

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	0.97	1.33	1	1.19	1.31	1.57	1.53	1.46
Quick ratio	—	0.8	1.1	0.84	1	1.08	1.34	1.31	1.2
Debt / equity	—	0.52	0.49	0.71	0.51	0.82	0.62	0.61	0.76
Debt / assets	—	0.17	0.15	0.17	0.12	0.18	0.16	0.16	0.25
Net debt / EBITDA	—	1.48	1.67	1.75	3.41	2.01	0.78	0.85	3.46
Interest coverage	1.84	5.47	3.34	1.51	-1.16	6.68	9.92	7.87	7.53
Effective tax rate	0%	26.9%	29.8%	100%	0%	35.1%	17.1%	33.8%	32.3%

Per share

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	62.6	58	53.9	60.3	74.7	77.1	74.8	81.6	93.5
EPS (basic)	1.13	3.45	1.81	-0.63	-0.49	5.02	11.9	7.4	7.4
EPS (diluted)	1.13	3.45	1.81	-0.63	-0.49	5.01	11.9	7.4	10.2
Book value per share	—	48.5	45	35.6	34.8	34.9	43	47.5	90
FCF per share	4.96	3.15	-3.56	-8.18	-12.4	-23.9	-16	4.12	0.86
Cash per share	—	0.93	0.69	1.55	1.29	1.14	9.59	11.6	1.97
Capex per share	—	—	—	—	—	—	—	9.42	10.8

Capital allocation

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	11.5%	12.5%
Capex / operating cash flow	—	—	—	—	—	—	—	69.6%	92.7%
Payout ratio	226%	73.9%	299.5%	-2.2K%	-110.8%	23.2%	11.9%	20.9%	15.9%
Dividend yield	—	—	—	—	0.66%	0.97%	0.63%	0.44%	0.65%

Yield

0.65%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.4265

ex-dividend Aug 18, 2026

Payout ratio

16%

of earnings

Dividend growth

3 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 18, 2026	$0.4265
May 15, 2026	$0.4265
Mar 9, 2026	$0.4265
Nov 17, 2025	$0.3878
Aug 18, 2025	$0.3878
May 16, 2025	$0.3878
Mar 7, 2025	$0.3878
Nov 15, 2024	$0.3525

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	303M	226M	504M	422M	368M	3B	3.6B
Receivables	2.9B	1.3B	1.7B	2.6B	1.9B	3.1B	3.6B
Inventory	1.3B	1.2B	1.3B	1.5B	1.5B	1.6B	1.7B
Total current assets	7.1B	6.9B	8B	9.4B	8.3B	10.8B	12.1B
Property, plant & equipment	24.2B	22.2B	19.6B	19.8B	22.1B	21.2B	-17.1B
Goodwill & intangibles	94M	94M	—	94M	850M	840M	840M
Total assets	49B	48.1B	48.1B	46.9B	50.8B	52.9B	57.2B
Accounts payable	1.7B	1.3B	1.8B	2.8B	—	—	2.8B
Short-term debt	3.5B	1.3B	3.3B	1.3B	1.8B	1B	1.7B
Total current liabilities	7.3B	5.2B	8B	7.8B	6.3B	6.8B	7.9B
Long-term debt	4.8B	5.9B	4.9B	4.5B	7.5B	7.4B	7.3B
Total liabilities	33.2B	33.4B	36.5B	35.5B	39.5B	39.4B	42.4B
Shareholders' equity	15.8B	14.7B	11.6B	11.4B	11.3B	13.5B	14.9B
Total debt	8.3B	7.2B	8.2B	5.8B	9.3B	8.4B	9B
Net debt	8B	7B	7.7B	5.3B	8.9B	5.4B	5.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.9B	368M	562M	311M	1.8B	3B	1.8B	2B	4B	3.6B	800M	697M
Receivables	1.5B	1.9B	1.9B	1.6B	1.2B	3.1B	3.2B	2.9B	3.2B	3.6B	4B	3.8B
Inventory	1.4B	1.5B	1.4B	1.4B	1.5B	1.6B	1.5B	1.6B	1.7B	1.7B	2.6B	3.4B
Total current assets	9.9B	8.3B	8.5B	7.9B	9.3B	10.8B	9.6B	9.2B	11.6B	12.1B	18B	19B
Property, plant & equipment	-17.3B	22.1B	-17.5B	-17.6B	-18B	21.2B	-18.4B	-18.5B	-18.9B	-17.1B	-15.8B	-16.8B
Goodwill & intangibles	—	850M	850M	840M	840M	840M	840M	840M	840M	840M	23.1B	23.1B
Total assets	49B	50.8B	52B	51.3B	51.8B	52.9B	52.3B	53B	56.2B	57.2B	96.9B	98.3B
Accounts payable	—	—	—	—	—	—	—	—	—	2.8B	2.7B	2.5B
Short-term debt	643M	1.8B	1.6B	1.7B	1B	1B	1B	1B	1.8B	1.7B	5.5B	5.6B
Total current liabilities	5.3B	6.3B	5.9B	5.8B	5.5B	6.8B	6.5B	6.3B	7.5B	7.9B	13.2B	13B
Long-term debt	7.5B	7.5B	8.4B	7.4B	7.4B	7.4B	7.3B	7.3B	7.3B	7.3B	17B	19.1B
Total liabilities	37B	39.5B	40.5B	39.6B	38.9B	39.4B	38.9B	39.2B	41.5B	42.4B	63.1B	65.9B
Shareholders' equity	12B	11.3B	11.6B	11.8B	12.9B	13.5B	13.3B	13.8B	14.7B	14.9B	33.8B	32.3B
Total debt	8.2B	9.3B	10B	9.1B	8.4B	8.4B	8.4B	8.3B	9B	9B	22.5B	24.7B
Net debt	6.3B	8.9B	9.4B	8.8B	6.6B	5.4B	6.5B	6.3B	5.1B	5.4B	21.7B	24B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	443M	1.2B	579M	-83M	-167M	1.6B	3.7B	2.3B
Depreciation & amortization	3.4B	3.1B	3.6B	4B	1.8B	1.9B	2B	1.9B
Stock-based compensation	—	—	—	—	—	—	—	—
Change in working capital	-381M	-727M	-3.6B	-3.6B	-6.4B	-7B	-10.3B	-323M
Operating cash flow	3.2B	3.1B	810M	-344M	-5.3B	-4.2B	-2B	4.2B
Capital expenditure	—	—	—	—	—	—	—	-2.9B
Investing cash flow	-443M	-63M	3.7B	4.6B	4.8B	5.5B	10B	-3.2B
Dividends paid	-1B	-899M	-1.7B	-1.8B	-185M	-366M	-444M	-486M
Share repurchases	—	—	—	0	0	-992M	-999M	-400M
Financing cash flow	-981M	-1.5B	-2.7B	-1.7B	-2B	2B	-4.1B	-420M
Net change in cash	1.8B	1.6B	1.9B	2.6B	-2.5B	3.3B	3.9B	619M
Free cash flow	1.6B	1B	-1.2B	-2.7B	-4B	-7.7B	-5B	1.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	690M	—	—	—	—	—	—	—	929M	432M	1.6B	508M
Depreciation & amortization	466M	—	—	—	—	—	—	—	485M	482M	672M	695M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-2.7B	—	—	—	—	—	—	—	-49M	-110M	-257M	-299M
Operating cash flow	-1.1B	—	—	—	—	—	—	—	1.8B	805M	425M	1.1B
Capital expenditure	—	—	—	—	—	—	—	—	-390M	-986M	-1.3B	-1.2B
Investing cash flow	2.4B	—	—	—	—	—	—	—	-463M	-977M	-3.7B	-1.4B
Dividends paid	-92M	—	—	—	—	—	—	—	-121M	-121M	-155M	-154M
Share repurchases	-251M	-242M	-499M	-500M	0	0	0	-400M	0	0	—	—
Financing cash flow	202M	-242M	-499M	-500M	0	0	0	-400M	644M	-171M	-770M	118M
Net change in cash	1.5B	-242M	-499M	-500M	0	0	0	-400M	2B	-343M	-4.1B	-123M
Free cash flow	-1.4B	—	—	—	—	—	—	—	1.5B	-181M	-850M	-118M

Constellation Energy Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement