Constellation Energy Corp

CEG 10-K · Q4 2025

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Income Statement

Income Statement
Metric Q4 2025 Q4 2024 YoY
Cost Direct Material 3,598 2,591 +38.9%
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Constellation Energy Generation, LLC 3,598 2,591 +38.9%
Utilities Operating Expense Maintenance Operations And Other Costs And Expenses 1,486 1,493 -0.5%
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Constellation Energy Generation, LLC 1,486 1,493 -0.5%
Cost Of Goods And Services Sold Depreciation And Amortization 242 255 -5.1%
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Constellation Energy Generation, LLC 242 255 -5.1%
Taxes Excluding Income And Excise Taxes 150 140 +7.1%
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Constellation Energy Generation, LLC 150 140 +7.1%
Total Costs & Expenses 5,476 4,479 +22.3%
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Constellation Energy Generation, LLC 5,476 4,479 +22.3%
Operating Income 598 972 -38.5%
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Constellation Energy Generation, LLC 598 972 -38.5%
Interest Expense -113 -90 -25.6%
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Constellation Energy Generation, LLC -113 -90 -25.6%
Other Non-Operating Income (Expense) 207 -23 +1000.0%
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Constellation Energy Generation, LLC 207 -23 +1000.0%
Non-Operating Income (Expense) 94 -113 +183.2%
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Constellation Energy Generation, LLC 94 -113 +183.2%
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments 692 859 -19.4%
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Constellation Energy Generation, LLC 692 859 -19.4%
Income Tax Expense (Benefit) 259 6 +4216.7%
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Constellation Energy Generation, LLC 259 6 +4216.7%
Net Income 432 850 -49.2%
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Constellation Energy Generation, LLC 432 850 -49.2%
Net Income Loss Attributable To Noncontrolling Interest 0 -2 +100.0%
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Constellation Energy Generation, LLC 0 -2 +100.0%
Net Income 432 852 -49.3%
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Constellation Energy Generation, LLC 432 852 -49.3%
Other Comprehensive Income Loss Amortization Adjustment From A O C I Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax -1 -1 0.0%
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Constellation Energy Generation, LLC -1 -1 0.0%
Other Comprehensive Income Loss Reclassification Adjustment From A O C I Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax 18 22 -18.2%
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Constellation Energy Generation, LLC 18 22 -18.2%
Other Comprehensive Income Loss Reclassification Adjustment From A O C I Pension And Other Postretirement Benefit Plans For Net Transition Asset Obligation Net Of Tax -185 -172 -7.6%
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Constellation Energy Generation, LLC -185 -172 -7.6%
Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax 1 -18 +105.6%
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Constellation Energy Generation, LLC 1 -18 +105.6%
Other Comprehensive Income Loss Net Of Tax -165 -168 +1.8%
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Accumulated Defined Benefit Plans Adjustment -168 -151 -11.3%
Accumulated Gain Loss Net Cash Flow Hedge Parent 2 1 +100.0%
Accumulated Other Comprehensive Income -165 -168 +1.8%
Accumulated Translation Adjustment 1 -18 +105.6%
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Constellation Energy Generation, LLC -165 -168 +1.8%
Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest 267 682 -60.9%
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Constellation Energy Generation, LLC 267 682 -60.9%
Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest 0 -2 +100.0%
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Constellation Energy Generation, LLC 0 -2 +100.0%
Comprehensive Income 267 684 -61.0%
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Constellation Energy Generation, LLC 267 684 -61.0%
Wtd Avg Shares (Basic) 0 0
Wtd Avg Shares (Diluted) 0 -1 +100.0%
EPS (Basic) 1.38 2.71 -49.1%
EPS (Diluted) 1.38 2.72 -49.3%
Revenue 5,694 4,526 +25.8%
Show Business Segments breakouts
ERCOT · Operating Segments 293 234 +25.2%
Mid-Atlantic · Operating Segments 1,650 1,275 +29.4%
Midwest · Operating Segments 1,330 897 +48.3%
New York · Operating Segments 617 509 +21.2%
Other Power Regions · Operating Segments 1,146 1,076 +6.5%
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Material Reconciling Items 658 535 +23.0%
Operating Segments 5,036 3,991 +26.2%
Revenue 6,074 5,382 +12.9%
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ERCOT · Operating Segments 415 349 +18.9%
Mid-Atlantic · Operating Segments 1,611 1,374 +17.2%
Midwest · Operating Segments 1,487 1,268 +17.3%
New York · Operating Segments 535 516 +3.7%
Other Power Regions · Operating Segments 1,306 1,254 +4.1%
Show Consolidation Items breakouts
Material Reconciling Items 720 621 +15.9%
Operating Segments 5,354 4,761 +12.5%
Other Revenue 380 856 -55.6%
Show Business Segments breakouts
ERCOT · Operating Segments 122 115 +6.1%
Mid-Atlantic · Operating Segments -39 99 -139.4%
Midwest · Operating Segments 157 371 -57.7%
New York · Operating Segments -82 7 -1271.4%
Other Power Regions · Operating Segments 160 178 -10.1%
Show Consolidation Items breakouts
Material Reconciling Items 62 86 -27.9%
Operating Segments 318 770 -58.7%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 2024 YoY
Current Assets
Cash & Cash Equivalents 3,641 3,022 +20.5%
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Constellation Energy Generation, LLC 3,641 3,018 +20.6%
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Variable Interest Entity Primary Beneficiary 52 59 -11.9%
Restricted Cash And Cash Equivalents At Carrying Value 107 107 0.0%
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Constellation Energy Generation, LLC 79 97 -18.6%
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Variable Interest Entity Primary Beneficiary 48 50 -4.0%
Accounts Receivable 4,266 3,718 +14.7%
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Constellation Energy Generation, LLC 4,251 3,703 +14.8%
Constellation Energy Generation, LLC · Customer accounts receivable 3,577 3,116 +14.8%
Constellation Energy Generation, LLC · Other accounts receivable 674 587 +14.8%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 2,477 2,146 +15.4%
Show Accounts Notes Loans And Financing Receivable By Receivable Type breakouts
Customer accounts receivable 3,577 3,116 +14.8%
Other accounts receivable 689 602 +14.5%
Derivative Assets Current 945 843 +12.1%
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Commodity Contract 933 810 +15.2%
Commodity Contract · Collateral 375 152 +146.7%
Commodity Contract · Netting -6,791 -4,860 -39.7%
Commodity Contract · Not Designated As Hedging Instrument Economic Hedge 7,349 5,518 +33.2%
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Constellation Energy Generation, LLC 945 843 +12.1%
Inventory 1,736 1,600 +8.5%
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Constellation Energy Generation, LLC 1,736 1,600 +8.5%
Renewable Energy Credits Current 789 797 -1.0%
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Constellation Energy Generation, LLC 789 797 -1.0%
Other Assets Current 635 689 -7.8%
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Constellation Energy Generation, LLC 634 689 -8.0%
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Variable Interest Entity Primary Beneficiary 29 38 -23.7%
Total Current Assets 12,119 10,776 +12.5%
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Constellation Energy Generation, LLC 12,075 10,747 +12.4%
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Variable Interest Entity Primary Beneficiary 2,619 2,306 +13.6%
Non-Current Assets
Property, Plant & Equipment 22,474 21,235 +5.8%
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Constellation Energy Generation, LLC 22,474 21,235 +5.8%
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Variable Interest Entity Primary Beneficiary 1,942 2,025 -4.1%
Goodwill 420 420 0.0%
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Constellation Energy Generation, LLC 420 420 0.0%
Derivative Assets Noncurrent 450 372 +21.0%
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Commodity Contract 449 371 +21.0%
Commodity Contract · Collateral 272 120 +126.7%
Commodity Contract · Netting -4,853 -3,421 -41.9%
Commodity Contract · Not Designated As Hedging Instrument Economic Hedge 5,030 3,672 +37.0%
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Constellation Energy Generation, LLC 450 372 +21.0%
Other Non-Current Assets 2,450 2,818 -13.1%
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Constellation Energy Generation, LLC 2,443 2,814 -13.2%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 123 142 -13.4%
Show Reclassification Type breakouts
Separation from Parent 21 201 -89.6%
Total Assets 57,249 52,926 +8.2%
Show Variable Interest Entities by Interest Type [Axis] breakouts
Commercial Agreement VIEs · Variable Interest Entity Not Primary Beneficiary 711 617 +15.2%
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Constellation Energy Generation, LLC 57,198 52,893 +8.1%
Constellation Energy Generation, LLC · Variable Interest Entity Primary Beneficiary 4,551 4,318 +5.4%
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Variable Interest Entity Primary Beneficiary 4,684 4,473 +4.7%
Variable Interest Entity Primary Beneficiary · Asset Pledged As Collateral 4,551 4,318 +5.4%
Operating Lease Right-of-Use Assets 371 436 -14.9%
Show Finite Lived Intangible Assets By Major Class breakouts
Long-term Contract for Purchase of Electric Power 141 176 -19.9%
Intangible Assets 201 236 -14.8%
Show Finite Lived Intangible Assets By Major Class breakouts
Customer Relationships 37 55 -32.7%
UECs 164 181 -9.4%
Long Term Investments 307 640 -52.0%
Other Assets
Decommissioning Fund Investments 19,336 17,305 +11.7%
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Constellation Energy Generation, LLC 19,336 17,305 +11.7%
Show Fair Value By Asset Class breakouts
Assets Total 19,396 17,321 +12.0%
Assets Total · Zion Station 67 63 +6.3%
Deferred Costs And Other Assets 22,656 20,915 +8.3%
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Constellation Energy Generation, LLC 22,649 20,911 +8.3%
Current Liabilities
Short Term Borrowings 1,650
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Term Loan Due May 2026 · Unsecured Debt 900
Term Loan Due September 2026 · Unsecured Debt 750
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Constellation Energy Generation, LLC 1,650
Long Term Debt And Capital Lease Obligations Current 92 1,028 -91.1%
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Constellation Energy Generation, LLC 92 1,028 -91.1%
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Variable Interest Entity Primary Beneficiary 66 64 +3.1%
Accounts Payable And Accrued Liabilities Current 4,294 3,943 +8.9%
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Constellation Energy Generation, LLC · Nonrelated Party 4,033 3,696 +9.1%
Constellation Energy Generation, LLC · Related Party 365 349 +4.6%
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Variable Interest Entity Primary Beneficiary 34 54 -37.0%
Derivative Liabilities Current 467 467 0.0%
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Commodity Contract 465 465 0.0%
Commodity Contract · Collateral -386 -173 -123.1%
Commodity Contract · Netting -6,791 -4,860 -39.7%
Commodity Contract · Not Designated As Hedging Instrument Economic Hedge 7,642 5,498 +39.0%
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Constellation Energy Generation, LLC 467 467 0.0%
Energy Marketing Accounts Payable 1,075 1,076 -0.1%
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Constellation Energy Generation, LLC 1,075 1,076 -0.1%
Other Liabilities Current 366 332 +10.2%
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Constellation Energy Generation, LLC 358 328 +9.1%
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Variable Interest Entity Primary Beneficiary 3
Total Current Liabilities 7,944 6,846 +16.0%
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Constellation Energy Generation, LLC 8,040 6,944 +15.8%
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Variable Interest Entity Primary Beneficiary 103 118 -12.7%
Accounts Payable 2,813 2,369 +18.7%
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Constellation Energy Generation, LLC · Nonrelated Party 2,801 2,348 +19.3%
Current Portion of Long-Term Debt -92 -1,028 +91.1%
Non-Current Liabilities
Long-Term Debt 7,250 7,384 -1.8%
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Constellation Energy Generation, LLC 7,250 7,384 -1.8%
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Variable Interest Entity Primary Beneficiary 578 642 -10.0%
Deferred Income Taxes And Other Tax Liabilities Noncurrent 3,544 3,331 +6.4%
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Constellation Energy Generation, LLC 3,544 3,331 +6.4%
Asset Retirement Obligations Excluding Spent Nuclear Fuel Noncurrent 13,193 12,449 +6.0%
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Constellation Energy Generation, LLC 13,193 12,449 +6.0%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 231 206 +12.1%
Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent 1,977 1,875 +5.4%
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Constellation Energy Generation, LLC 1,977 1,875 +5.4%
Payable To Regulatory Agreement Units Noncurrent 5,334 4,518 +18.1%
Show Related Party, Name [Axis] breakouts
AEP Texas · Affiliated Entity 149 126 +18.3%
CenterPoint · Affiliated Entity 430 365 +17.8%
ComEd · Affiliated Entity 4,313 3,780 +14.1%
PECO · Affiliated Entity 442 247 +78.9%
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Constellation Energy Generation, LLC 5,334 4,518 +18.1%
Show Related Party Transactions By Related Party breakouts
Affiliated Entity 5,334 4,518 +18.1%
Derivative Liabilities Noncurrent 414 399 +3.8%
Show Derivative Risk breakouts
Commodity Contract 413 399 +3.5%
Commodity Contract · Collateral -319 -141 -126.2%
Commodity Contract · Netting -4,853 -3,421 -41.9%
Commodity Contract · Not Designated As Hedging Instrument Economic Hedge 5,585 3,961 +41.0%
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Constellation Energy Generation, LLC 414 399 +3.8%
Other Non-Current Liabilities 2,740 2,585 +6.0%
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Constellation Energy Generation, LLC 2,583 2,410 +7.2%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 2 2 0.0%
Total Liabilities 42,396 39,387 +7.6%
Show Variable Interest Entities by Interest Type [Axis] breakouts
Commercial Agreement VIEs · Variable Interest Entity Not Primary Beneficiary 95 42 +126.2%
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Constellation Energy Generation, LLC 42,335 39,310 +7.7%
Constellation Energy Generation, LLC · Variable Interest Entity Primary Beneficiary 914 968 -5.6%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 914 968 -5.6%
Variable Interest Entity Primary Beneficiary · Nonrecourse 914 968 -5.6%
Long-Term Debt 7,403
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Antelope Valley Solar Ranch One · Nonrecourse 335 365 -8.2%
Continetal Wind · Nonrecourse 260 290 -10.3%
Renewable Power Generation · Nonrecourse 55 60 -8.3%
Operating Lease Liabilities 433 511 -15.3%
Other Liabilities
Deferred Credits And Other Liabilities 27,202 25,157 +8.1%
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Constellation Energy Generation, LLC 27,045 24,982 +8.3%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 233 208 +12.0%
Stockholders' Equity
Members Capital (Q)
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Constellation Energy Generation, LLC 10,144 10,538 -3.7%
Retained Earnings 5,899 4,066 +45.1%
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Constellation Energy Generation, LLC 6,808 4,974 +36.9%
Accumulated Other Comprehensive Income -2,425 -2,302 -5.3%
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Constellation Energy Generation, LLC -2,425 -2,302 -5.3%
Members Equity (Q)
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Constellation Energy Generation, LLC 14,527 13,210 +10.0%
Members Equity Attributable To Noncontrolling Interest (Q)
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Constellation Energy Generation, LLC 336 373 -9.9%
Limited Liability Company Llc Members Equity Including Portion Attributable To Noncontrolling Interest (Q)
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Accumulated Other Comprehensive Income · Constellation Energy Generation, LLC -2,425 -2,302 -5.3%
Membership Interest · Constellation Energy Generation, LLC 10,144 10,538 -3.7%
Noncontrolling Interest · Constellation Energy Generation, LLC 336 373 -9.9%
Retained Earnings · Constellation Energy Generation, LLC 6,808 4,974 +36.9%
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Constellation Energy Generation, LLC 14,863 13,583 +9.4%
Total Liabilities & Equity 57,249 52,926 +8.2%
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Constellation Energy Generation, LLC 57,198 52,893 +8.1%
Common Stock 11,043 11,402 -3.1%
Total Stockholders' Equity 14,517 13,166 +10.3%
Minority Interest 336 373 -9.9%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 14,853 13,539 +9.7%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -2,413 -2,262 -6.7%
Accumulated Gain Loss Net Cash Flow Hedge Parent 1 -6 +116.7%
Accumulated Other Comprehensive Income -2,425 -2,302 -5.3%
Accumulated Translation Adjustment -13 -34 +61.8%
Aoci Including Portion Attributable To Noncontrolling Interest -2,425 -2,302 -5.3%
Common Stock 11,043 11,402 -3.1%
Noncontrolling Interest 336 373 -9.9%
Retained Earnings 5,899 4,066 +45.1%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Depreciation Amortization And Accretion Net 656 651 +0.8%
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Constellation Energy Generation, LLC 656 651 +0.8%
Deferred Income Taxes And Tax Credits 25 -136 +118.4%
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Constellation Energy Generation, LLC 25 -136 +118.4%
Unrealized Gain Loss On Derivatives 317 -136 +333.1%
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Commodity Contract · Not Designated As Hedging Instrument Economic Hedge 334 -98 +440.8%
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Unrealized Gain Loss On Derivatives -537 -189 -184.1%
Unrealized Gain Loss On Derivatives 450 461 -2.4%
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Constellation Energy Generation, LLC 317 -136 +333.1%
Realized And Unrealized Gain Loss On Investments -120 164 -173.2%
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Constellation Energy Generation, LLC -120 164 -173.2%
Equity Securities Fv Ni Gain Loss 23 -126 +118.3%
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Constellation Energy Generation, LLC 23 -126 +118.3%
Other Non-Cash Items -149 -11 -1254.5%
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Constellation Energy Generation, LLC -165 -23 -617.4%
Increase Decrease In Receivables -179 -395 +54.7%
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Constellation Energy Generation, LLC -162 -388 +58.2%
Increase Decrease In Due To Related Parties (Q)
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Constellation Energy Generation, LLC 67 -7 +1057.1%
Change in Inventory -72 -130 +44.6%
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Constellation Energy Generation, LLC -72 -130 +44.6%
Increase Decrease In Accounts Payable And Accrued Liabilities 341 1,159 -70.6%
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Constellation Energy Generation, LLC 362 1,154 -68.6%
Increase Decrease In Option Premiums Collected Received -11 57 -119.3%
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Constellation Energy Generation, LLC -11 57 -119.3%
Increase Decrease Cash Collateral From Counterparties -581 308 -288.6%
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Constellation Energy Generation, LLC -581 308 -288.6%
Increase Decrease In Accrued Income Taxes Payable 202 142 +42.3%
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Constellation Energy Generation, LLC 202 142 +42.3%
Increase Decrease In Pension And Postretirement Obligations -18 -6 -200.0%
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Constellation Energy Generation, LLC -18 -6 -200.0%
Increase Decrease In Other Operating Capital Net -61 -3,407 +98.2%
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Constellation Energy Generation, LLC -118 -3,392 +96.5%
Net Cash from Operations 805 -1,016 +179.2%
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Constellation Energy Generation, LLC 837 -1,018 +182.2%
Investing Activities
Capital Expenditures -986 -729 -35.3%
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Constellation Energy Generation, LLC -986 -729 -35.3%
Proceeds From Sale And Maturity Of Other Investments 1,421 1,071 +32.7%
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Constellation Energy Generation, LLC 1,421 1,071 +32.7%
Payments To Acquire Other Investments -1,511 -1,142 -32.3%
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Constellation Energy Generation, LLC -1,511 -1,142 -32.3%
Other Investing Activities 100 69 +44.9%
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Constellation Energy Generation, LLC 100 69 +44.9%
Net Cash from Investing -977 2,372 -141.2%
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Constellation Energy Generation, LLC -977 2,372 -141.2%
Payments To Acquire Businesses Net Of Cash Acquired -1 -10 +90.0%
Financing Activities
Proceeds From Short Term Debt Maturing In More Than Three Months 0 0
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Constellation Energy Generation, LLC 0 0
Repayments Of Long Term Debt -40 -22 -81.8%
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Constellation Energy Generation, LLC -40 -22 -81.8%
Payments Of Distributions To Affiliates (Q)
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Constellation Energy Generation, LLC -121 -110 -10.0%
Proceeds From Payments For Other Financing Activities -10 4 -350.0%
Net Cash from Financing -171 -109 -56.9%
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Constellation Energy Generation, LLC -177 -109 -62.4%
Payments Of Dividends Common Stock -121 -111 -9.0%
Share Repurchases 0 0
Other Cash Flow
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect -343 1,247 -127.5%
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Constellation Energy Generation, LLC -317 1,245 -125.5%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 3,748 3,129 +19.8%
Show Legal Entity breakouts
Constellation Energy Generation, LLC 3,720 3,115 +19.4%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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