Constellation Energy Financials
Constellation Energy (CEG) reported $31.3B in revenue over the twelve months to Jun 30, 2026, up 26.0% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Cash conversion shifted from accounting profit with heavy reinvestment to positive free cash flow, while margins normalized.
The key change is earnings quality: FY2024's$3.7B net income coexisted with operating cash flow of-$2.5B , so reported earnings were not translating into cash. In FY2025, operating cash flow reached$4.2B and free cash flow turned positive at$1.3B , indicating that cash conversion improved more sharply than profit alone suggests.
Despite revenue growth in FY2025, operating margin compressed from
The balance sheet expanded, with assets reaching
Financial Health Signals
Scored against utilities for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Constellation Energy's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Constellation Energy scores 2.24, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($98.1B) relative to total liabilities ($42.4B). This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Constellation Energy passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Constellation Energy generates $1.83 in operating cash flow ($4.2B OCF vs $2.3B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Constellation Energy earns $6.04 in operating income for every $1 of interest expense ($3.1B vs $511.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Constellation Energy generated $25.5B in revenue in fiscal year 2025. This represents an increase of 8.3% from the prior year.
Constellation Energy's EBITDA was $5.7B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 19.4% from the prior year.
Constellation Energy reported $2.3B in net income in fiscal year 2025. This represents a decrease of 38.1% from the prior year.
Constellation Energy earned $7.40 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 37.8% from the prior year.
Cash & Balance Sheet
Constellation Energy generated $1.3B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 125.6% from the prior year.
Constellation Energy held $3.6B in cash against $7.3B in long-term debt as of fiscal year 2025.
Constellation Energy paid $0.39 per share in dividends in fiscal year 2025. This represents an increase of 10.0% from the prior year.
Margins & Returns
Constellation Energy's operating margin was 12.1% in fiscal year 2025, reflecting core business profitability. This is down 6.4 percentage points from the prior year.
Constellation Energy's net profit margin was 9.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 6.8 percentage points from the prior year.
Constellation Energy's ROE was 16.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 12.5 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Constellation Energy spent $400.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 60.0% from the prior year.
Constellation Energy invested $2.9B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 15.0% from the prior year.
Not reported for fiscal year 2025.
CEG Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.5B-32.5% | $11.1B+83.1% | $6.1B-7.5% | $6.6B+7.7% | $6.1B-10.1% | $6.8B+26.1% | $5.4B-17.8% | $6.5B |
| Operating Income | $580.0M-75.1% | $2.3B+290.0% | $598.0M-44.9% | $1.1B+14.2% | $951.0M+110.9% | $451.0M-53.6% | $972.0M-33.7% | $1.5B |
| Interest Expense | $283.0M+11.9% | $253.0M+123.9% | $113.0M-15.7% | $134.0M+13.6% | $118.0M-19.2% | $146.0M+62.2% | $90.0M-38.8% | $147.0M |
| Income Tax | $398.0M-24.9% | $530.0M+104.6% | $259.0M-44.4% | $466.0M+5.9% | $440.0M+1900.0% | $22.0M+266.7% | $6.0M-98.7% | $449.0M |
| Net Income | $513.0M-67.7% | $1.6B+268.1% | $432.0M-53.5% | $930.0M+10.8% | $839.0M+611.0% | $118.0M-86.2% | $852.0M-29.0% | $1.2B |
| EPS (Diluted) | $1.42-68.4% | $4.49+225.4% | $1.38-53.5% | $2.97+11.2% | $2.67+602.6% | $0.38-86.0% | $2.72-28.8% | $3.82 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses.
CEG Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $98.3B+1.4% | $96.9B+69.3% | $57.2B+1.9% | $56.2B+5.9% | $53.0B+1.5% | $52.3B-1.3% | $52.9B+2.1% | $51.8B |
| Current Assets | $19.0B+5.3% | $18.0B+48.6% | $12.1B+4.0% | $11.6B+26.2% | $9.2B-4.1% | $9.6B-10.6% | $10.8B+16.2% | $9.3B |
| Cash & Equivalents | $697.0M-12.9% | $800.0M-78.0% | $3.6B-8.0% | $4.0B+100.6% | $2.0B+6.9% | $1.8B-38.9% | $3.0B+68.5% | $1.8B |
| Inventory | $3.4B+30.4% | $2.6B+48.7% | $1.7B | N/A | N/A | N/A | $1.6B | N/A |
| Accounts Receivable | $4.7B+5.6% | $4.4B+3.5% | $4.3B+34.7% | $3.2B+7.5% | $2.9B-7.7% | $3.2B-14.1% | $3.7B+207.8% | $1.2B |
| Goodwill | $11.5B0.0% | $11.5B+2644.5% | $420.0M0.0% | $420.0M0.0% | $420.0M0.0% | $420.0M0.0% | $420.0M0.0% | $420.0M |
| Total Liabilities | $65.9B+4.5% | $63.1B+48.8% | $42.4B+2.2% | $41.5B+5.7% | $39.2B+0.8% | $38.9B-1.2% | $39.4B+1.3% | $38.9B |
| Current Liabilities | $13.0B-1.4% | $13.2B+66.4% | $7.9B+6.6% | $7.5B+19.2% | $6.3B-4.4% | $6.5B-4.4% | $6.8B+25.6% | $5.5B |
| Long-Term Debt | $19.1B+12.5% | $17.0B+134.4% | $7.3B-0.3% | $7.3B-0.2% | $7.3B-0.5% | $7.3B-0.9% | $7.4B+0.1% | $7.4B |
| Total Equity | $32.0B-4.5% | $33.5B+130.6% | $14.5B+1.2% | $14.3B+6.7% | $13.4B+3.8% | $13.0B-1.6% | $13.2B+4.7% | $12.6B |
| Retained Earnings | $7.7B+4.9% | $7.3B+24.3% | $5.9B+5.6% | $5.6B+16.9% | $4.8B+17.7% | $4.1B-0.1% | $4.1B+22.3% | $3.3B |
CEG Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.1B+165.4% | $425.0M-47.2% | $805.0M-56.4% | $1.8B+25.1% | $1.5B+1280.4% | $107.0M+110.5% | -$1.0B-807.1% | -$112.0M |
| Capital Expenditures | $1.2B-2.3% | $1.3B+29.3% | $986.0M+152.8% | $390.0M-49.2% | $767.0M-4.8% | $806.0M+10.6% | $729.0M+32.1% | $552.0M |
| Free Cash Flow | -$118.0M+86.1% | -$850.0M-369.6% | -$181.0M-112.4% | $1.5B+105.4% | $710.0M+201.6% | -$699.0M+59.9% | -$1.7B-162.8% | -$664.0M |
| Investing Cash Flow | -$1.4B+63.3% | -$3.7B-282.0% | -$977.0M-111.0% | -$463.0M+46.9% | -$872.0M+1.6% | -$886.0M-137.4% | $2.4B-1.4% | $2.4B |
| Financing Cash Flow | $147.0M-79.9% | $730.0M+526.9% | -$171.0M-126.6% | $644.0M+232.8% | -$485.0M-18.9% | -$408.0M-274.3% | -$109.0M+86.3% | -$795.0M |
| Dividends Paid | $154.0M-0.6% | $155.0M+28.1% | $121.0M0.0% | $121.0M-0.8% | $122.0M0.0% | $122.0M+9.9% | $111.0M0.0% | $111.0M |
| Share Buybacks | N/A | N/A | $0 | $0-100.0% | $400.0M | $0 | $0 | $0 |
CEG Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 7.7%-13.2pp | 21.0%+11.1pp | 9.8%-6.7pp | 16.5%+0.9pp | 15.6%+9.0pp | 6.6%-11.4pp | 18.1%-4.3pp | 22.4% |
| Net Margin | 6.8%-7.5pp | 14.3%+7.2pp | 7.1%-7.1pp | 14.2%+0.4pp | 13.8%+12.0pp | 1.7%-14.1pp | 15.8%-2.5pp | 18.3% |
| Return on Equity | 1.6%-3.1pp | 4.8%+1.8pp | 3.0%-3.5pp | 6.5%+0.2pp | 6.2%+5.3pp | 0.9%-5.6pp | 6.5%-3.1pp | 9.6% |
| Return on Assets | 0.5%-1.1pp | 1.6%+0.9pp | 0.8%-0.9pp | 1.7%+0.1pp | 1.6%+1.4pp | 0.2%-1.4pp | 1.6%-0.7pp | 2.3% |
| Current Ratio | 1.46+0.1x | 1.36-0.2x | 1.530.0x | 1.56+0.1x | 1.480.0x | 1.47-0.1x | 1.57-0.1x | 1.70 |
| Debt-to-Equity | 0.60+0.1x | 0.510.0x | 0.500.0x | 0.510.0x | 0.540.0x | 0.570.0x | 0.560.0x | 0.59 |
| FCF Margin | -1.6%+6.1pp | -7.6%-4.7pp | -3.0%-25.2pp | 22.2%+10.5pp | 11.6%+21.9pp | -10.3%+22.1pp | -32.4%-22.3pp | -10.1% |
Not reported in any period shown, so not listed: Gross Margin.
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Where Constellation Energy Ranks
Frequently Asked Questions
What is Constellation Energy's annual revenue?
Constellation Energy (CEG) reported $25.5B in total revenue for fiscal year 2025. This represents a 8.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Constellation Energy's revenue growing?
Constellation Energy (CEG) revenue grew by 8.3% year-over-year, from $23.6B to $25.5B in fiscal year 2025.
Is Constellation Energy profitable?
Yes, Constellation Energy (CEG) reported a net income of $2.3B in fiscal year 2025, with a net profit margin of 9.1%.
What is Constellation Energy's EBITDA?
Constellation Energy (CEG) had EBITDA of $5.7B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Constellation Energy have?
As of fiscal year 2025, Constellation Energy (CEG) had $3.6B in cash and equivalents against $7.3B in long-term debt.
What is Constellation Energy's operating margin?
Constellation Energy (CEG) had an operating margin of 12.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Constellation Energy's net profit margin?
Constellation Energy (CEG) had a net profit margin of 9.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Constellation Energy pay dividends?
Yes, Constellation Energy (CEG) paid $0.39 per share in dividends during fiscal year 2025.
What is Constellation Energy's return on equity (ROE)?
Constellation Energy (CEG) has a return on equity of 16.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Constellation Energy's free cash flow?
Constellation Energy (CEG) generated $1.3B in free cash flow during fiscal year 2025. This represents a 125.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Constellation Energy's operating cash flow?
Constellation Energy (CEG) generated $4.2B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Constellation Energy's total assets?
Constellation Energy (CEG) had $57.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Constellation Energy's capital expenditures?
Constellation Energy (CEG) invested $2.9B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Constellation Energy's current ratio?
Constellation Energy (CEG) had a current ratio of 1.53 as of fiscal year 2025, which is generally considered healthy.
What is Constellation Energy's debt-to-equity ratio?
Constellation Energy (CEG) had a debt-to-equity ratio of 0.50 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Constellation Energy's return on assets (ROA)?
Constellation Energy (CEG) had a return on assets of 4.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Constellation Energy's Altman Z-Score?
Constellation Energy (CEG) has an Altman Z-Score of 2.24, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Constellation Energy's Piotroski F-Score?
Constellation Energy (CEG) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Constellation Energy's earnings high quality?
Constellation Energy (CEG) has an earnings quality ratio of 1.83x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Constellation Energy cover its interest payments?
Constellation Energy (CEG) has an interest coverage ratio of 6.04x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Constellation Energy?
Constellation Energy (CEG) scores 56 out of 100 on our Financial Health Score, indicating moderate standing within its utilities peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.