Constellation Energy (CEG) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 14, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CEG SEC filings page.
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).
Constellation shifted from accounting profits without cash in FY2023–FY2024 to positive cash after heavy reinvestment in FY2025.
In FY2024, net income of$3.7B coexisted with operating cash flow of-$2.5B , showing that reported earnings were not translating into cash. FY2025 reversed that relationship: operating cash flow reached$4.2B against net income of$2.3B , making cash conversion the clearest change in the business profile.
Revenue increased from
The balance sheet became less debt-dependent even as the company expanded: debt-to-equity declined from 0.6x to 0.5x while the current ratio stayed near 1.5x. Equity growth, rather than simply lower borrowing, helped support that improvement, leaving liabilities at roughly three-quarters of assets.
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 has an operating margin of 12.1%, meaning the company retains $12 of operating profit per $100 of revenue. This below-average margin results in a low score of 21/100, suggesting thin profitability after operating expenses. This is down from 18.5% the prior year.
Constellation Energy's revenue grew 8.3% year-over-year to $25.5B, a solid pace of expansion. This earns a growth score of 28/100.
Constellation Energy carries a low D/E ratio of 0.50, meaning only $0.50 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 84/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 1.53, Constellation Energy holds $1.53 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 89/100.
Constellation Energy has a free cash flow margin of 5.0%, earning a moderate score of 46/100. The company generates positive cash flow after capital investments, but with room for improvement.
Constellation Energy's ROE of 16.0% shows moderate profitability relative to equity, earning a score of 64/100. This is down from 28.5% the prior year.
Constellation Energy scores 2.26, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($99.0B) 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 $7.5B in revenue in Q2 2026. This represents an increase of 23.0% from the same quarter a year earlier. Against the prior quarter it is down 32.5%.
Constellation Energy's EBITDA was $1.7B in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 8.4% from the same quarter a year earlier. Against the prior quarter it is down 50.6%.
Constellation Energy reported $513.0M in net income in Q2 2026. This represents a decrease of 38.9% from the same quarter a year earlier. Against the prior quarter it is down 67.7%.
Constellation Energy earned $1.42 per diluted share (EPS) in Q2 2026. This represents a decrease of 46.8% from the same quarter a year earlier. Against the prior quarter it is down 68.4%.
Cash & Balance Sheet
Constellation Energy recorded an outflow of $118.0M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 116.6% from the same quarter a year earlier. Against the prior quarter it is up 86.1%.
Constellation Energy held $697.0M in cash against $19.1B in long-term debt as of Q2 2026.
Constellation Energy paid $0.43 per share in dividends in Q2 2026. This represents an increase of 10.0% from the same quarter a year earlier. It is unchanged from the prior quarter.
Margins & Returns
Constellation Energy's operating margin was 7.7% in Q2 2026, reflecting core business profitability. This is down 7.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 13.2 percentage points.
Constellation Energy's net profit margin was 6.8% in Q2 2026, showing the share of revenue converted to profit. This is down 6.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 7.5 percentage points.
Constellation Energy's ROE was 1.6% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 4.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 3.1 percentage points.
Not reported for Q2 2026.
Capital Allocation
Constellation Energy invested $1.2B in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 62.5% from the same quarter a year earlier. Against the prior quarter it is down 2.3%.
Not reported for Q2 2026.
Not reported for Q2 2026.
CEG Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.5B+23.0% | $11.1B+63.8% | $6.1B+12.9% | $6.6B+0.3% | $6.1B+11.4% | $6.8B+10.2% | $5.4B-7.1% | $6.5B+7.2% |
| Operating Income | $580.0M-39.0% | $2.3B+417.1% | $598.0M-38.5% | $1.1B-26.0% | $951.0M-13.5% | $451.0M-44.5% | $972.0M+1550.7% | $1.5B+50.2% |
| EBITDA | $1.7B+8.4% | $3.5B+223.9% | $1.3B-22.7% | $1.7B-18.7% | $1.6B-10.2% | $1.1B-27.6% | $1.6B+167.4% | $2.1B+33.2% |
| Interest Expense | $283.0M+139.8% | $253.0M+73.3% | $113.0M+25.6% | $134.0M-8.8% | $118.0M-16.9% | $146.0M+15.0% | $90.0M-35.3% | $147.0M+79.3% |
| Income Tax | $398.0M-9.5% | $530.0M+2309.1% | $259.0M+4216.7% | $466.0M+3.8% | $440.0M+185.7% | $22.0M-86.7% | $6.0M-96.7% | $449.0M+119.0% |
| Net Income | $513.0M-38.9% | $1.6B+1247.5% | $432.0M-49.3% | $930.0M-22.5% | $839.0M+3.1% | $118.0M-86.6% | $852.0M+2402.7% | $1.2B+64.2% |
| EPS (Basic) | $1.42-46.8% | $4.49+1081.6% | $1.38-49.1% | $2.98-22.2% | $2.67+3.5% | $0.38-86.4% | $2.71+2810.0% | $3.83+68.7% |
| EPS (Diluted) | $1.42-46.8% | $4.49+1081.6% | $1.38-49.3% | $2.97-22.3% | $2.67+3.5% | $0.38-86.3% | $2.72+2820.0% | $3.82+69.0% |
| Diluted Shares (Avg) | 360M+14.6% | 354M+12.7% | N/A | 313M-0.3% | 314M-0.6% | 314M-1.3% | N/A | 314M-2.8% |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $98.3B+85.3% | $96.9B+85.5% | $57.2B+8.2% | $56.2B+8.3% | $53.0B+3.3% | $52.3B+0.5% | $52.9B+4.3% | $51.8B+5.9% |
| Current Assets | $19.0B+105.4% | $18.0B+87.0% | $12.1B+12.5% | $11.6B+25.7% | $9.2B+17.6% | $9.6B+13.8% | $10.8B+29.8% | $9.3B-6.4% |
| Cash & Equivalents | $697.0M-64.7% | $800.0M-56.7% | $3.6B+20.5% | $4.0B+120.8% | $2.0B+534.7% | $1.8B+228.5% | $3.0B+721.2% | $1.8B-5.1% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $3.4B | $2.6B | $1.7B+8.5% | N/A | N/A | N/A | $1.6B | N/A |
| Accounts Receivable | $4.7B+58.2% | $4.4B+38.2% | $4.3B+14.7% | $3.2B+162.3% | $2.9B+86.8% | $3.2B+72.1% | $3.7B+92.2% | $1.2B-21.6% |
| Long-Term Investments | $0-100.0% | $0-100.0% | $307.0M-52.0% | $427.0M-13.6% | $398.0M-31.8% | $386.0M-38.0% | $640.0M+13.7% | $494.0M-32.0% |
| Goodwill | $11.5B+2644.5% | $11.5B+2644.5% | $420.0M0.0% | $420.0M0.0% | $420.0M0.0% | $420.0M-1.2% | $420.0M-1.2% | $420.0M |
| Total Liabilities | $65.9B+68.0% | $63.1B+62.1% | $42.4B+7.6% | $41.5B+6.6% | $39.2B-0.8% | $38.9B-3.8% | $39.4B-0.2% | $38.9B+5.2% |
| Current Liabilities | $13.0B+108.3% | $13.2B+101.9% | $7.9B+16.0% | $7.5B+36.7% | $6.3B+7.8% | $6.5B+10.5% | $6.8B+8.3% | $5.5B+3.6% |
| Non-Current Liabilities | $52.9B+60.4% | $49.9B+54.1% | $34.5B+5.9% | $34.0B+1.7% | $33.0B-2.3% | $32.4B-6.3% | $32.5B-1.8% | $33.4B+5.5% |
| Long-Term Debt | $19.1B+162.3% | $17.0B+132.1% | $7.3B-1.8% | $7.3B-1.5% | $7.3B-1.7% | $7.3B-12.3% | $7.4B-1.5% | $7.4B-1.8% |
| Total Equity | $32.0B+137.8% | $33.5B+158.4% | $14.5B+10.3% | $14.3B+14.2% | $13.4B+17.7% | $13.0B+15.7% | $13.2B+20.5% | $12.6B+7.7% |
| Retained Earnings | $7.7B+61.0% | $7.3B+80.6% | $5.9B+45.1% | $5.6B+68.1% | $4.8B+113.7% | $4.1B+165.1% | $4.1B+434.3% | $3.3B+274.9% |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.1B-23.6% | $425.0M+297.2% | $805.0M+179.2% | $1.8B+1750.0% | $1.5B+340.9% | $107.0M+114.8% | -$1.0B+68.1% | -$112.0M+88.7% |
| Depreciation & Amortization | $1.2B+76.7% | $1.2B+87.8% | $656.0M+0.8% | $645.0M-2.4% | $660.0M-4.9% | $640.0M-7.8% | $651.0M-3.4% | $661.0M+6.4% |
| Capital Expenditures | $1.2B+62.5% | $1.3B+58.2% | $986.0M+35.3% | $390.0M-29.3% | $767.0M+40.5% | $806.0M+9.2% | $729.0M+6.1% | $552.0M+38.3% |
| Free Cash Flow | -$118.0M-116.6% | -$850.0M-21.6% | -$181.0M+89.6% | $1.5B+319.6% | $710.0M+161.3% | -$699.0M+52.2% | -$1.7B+54.9% | -$664.0M+52.3% |
| Investing Cash Flow | -$1.4B-57.0% | -$3.7B-321.2% | -$977.0M-141.2% | -$463.0M-119.2% | -$872.0M-147.9% | -$886.0M-206.7% | $2.4B+178.4% | $2.4B+19.8% |
| Financing Cash Flow | $147.0M+130.3% | $730.0M+278.9% | -$171.0M-56.9% | $644.0M+181.0% | -$485.0M+67.0% | -$408.0M-585.7% | -$109.0M-113.5% | -$795.0M-224.8% |
| Dividends Paid | $154.0M+26.2% | $155.0M+27.0% | $121.0M+9.0% | $121.0M+9.0% | $122.0M+10.9% | $122.0M+8.9% | $111.0M+24.7% | $111.0M+20.7% |
| Share Buybacks | N/A | N/A | $0 | $0 | $400.0M-20.0% | $0-100.0% | $0-100.0% | $0-100.0% |
Not reported in any period shown, so not listed: Stock-Based Compensation.
CEG Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 7.7%-7.9pp | 21.0%+14.3pp | 9.8%-8.2pp | 16.5%-5.9pp | 15.6%-4.5pp | 6.6%-6.6pp | 18.1%+19.2pp | 22.4%+6.4pp |
| Net Margin | 6.8%-6.9pp | 14.3%+12.6pp | 7.1%-8.7pp | 14.2%-4.2pp | 13.8%-1.1pp | 1.7%-12.6pp | 15.8%+16.5pp | 18.3%+6.4pp |
| Return on Equity | 1.6%-4.6pp | 4.8%+3.8pp | 3.0%-3.5pp | 6.5%-3.1pp | 6.2%-0.9pp | 0.9%-7.0pp | 6.5%+6.8pp | 9.6%+3.3pp |
| Return on Assets | 0.5%-1.1pp | 1.6%+1.4pp | 0.8%-0.9pp | 1.7%-0.7pp | 1.6%0.0pp | 0.2%-1.5pp | 1.6%+1.7pp | 2.3%+0.8pp |
| Current Ratio | 1.460.0x | 1.36-0.1x | 1.530.0x | 1.56-0.1x | 1.48+0.1x | 1.470.0x | 1.57+0.3x | 1.70-0.2x |
| Debt-to-Equity | 0.60+0.1x | 0.51-0.1x | 0.50-0.1x | 0.51-0.1x | 0.54-0.1x | 0.57-0.2x | 0.56-0.1x | 0.59-0.1x |
| Asset Turnover | 0.080.0x | 0.110.0x | 0.110.0x | 0.120.0x | 0.120.0x | 0.130.0x | 0.100.0x | 0.130.0x |
| FCF Margin | -1.6%-13.2pp | -7.6%+2.7pp | -3.0%+29.4pp | 22.2%+32.3pp | 11.6%+32.8pp | -10.3%+13.4pp | -32.4%+34.3pp | -10.1%+12.6pp |
Not reported in any period shown, so not listed: Gross Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Constellation Energy CEG | FY2025 | $25.5B | $2.3B | 9.1% | $99.0B | 55/100 |
| Brookfield Renewable Partners L.P. BEP | FY2025 | $6.4B | $712.0M | 11.1% | $8.7B | 33/100 |
| Brookfield Renewable Corporation BEPC | FY2025 | $3.7B | -$2.3B | -62.8% | $5.4B | 22/100 |
| ReNew Energy Global plc RNW | FY2025 | $1.1B | $54.0M | 4.8% | $2.5B | 25/100 |
| Enlight Renewable Energy Ltd. ENLT | FY2025 | $488.6M | $160.7M | 32.9% | $9.6B | 37/100 |
| The Southern Company SO | FY2025 | $29.6B | $4.3B | 14.7% | $100.1B | 55/100 |
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 P/E ratio?
Constellation Energy (CEG) trades at 28.6x earnings, its market capitalization divided by net income of $3.5B net income, trailing 12 months to June 30, 2026. The market capitalization is $99.0B as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Constellation Energy's price-to-sales ratio?
Constellation Energy (CEG) trades at 3.2x sales, its market capitalization divided by revenue of $31.3B revenue, trailing 12 months to June 30, 2026. The market capitalization is $99.0B as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Constellation Energy's Altman Z-Score?
Constellation Energy (CEG) has an Altman Z-Score of 2.26, 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 55 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.