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Constellation Energy Corp

For the period ended Mar 31, 2025. Filed May 6, 2025.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 6, 2025

CEG$249.95+4.3%Stored close · as of Nov 6, 2026

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2025

or

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
CommissionFile NumberName of Registrant; State or Other Jurisdiction of Incorporation; Address of Principal Executive Offices; and Telephone NumberIRS Employer Identification Number
001-41137CONSTELLATION ENERGY CORPORATION87-1210716
333-85496CONSTELLATION ENERGY GENERATION, LLC23-3064219
(a Pennsylvania limited liability company)200 Energy WayKennett Square, Pennsylvania 19348-2473(833) 883-0162

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
CONSTELLATION ENERGY CORPORATION:
Common Stock, without par valueCEGThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Constellation Energy CorporationYesxNo☐
Constellation Energy Generation, LLCYesxNo☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Constellation Energy CorporationLarge Accelerated FilerxAccelerated Filer☐Non-accelerated Filer☐Smaller Reporting Company☐Emerging Growth Company☐
Constellation Energy Generation, LLCLarge Accelerated Filer☐Accelerated Filer☐Non-accelerated FilerxSmaller Reporting Company☐Emerging Growth Company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐ Nox

The number of shares outstanding of each registrant’s common stock as of April 30, 2025 was as follows:

Constellation Energy Corporation Common Stock, without par value313,417,370
Constellation Energy Generation, LLCNot applicable

TABLE OF CONTENTS

Page No.
GLOSSARY OF TERMS AND ABBREVIATIONS1
FILING FORMAT4
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION4
AVAILABLE INFORMATION4
PART IFINANCIAL INFORMATION4
ITEM 1.FINANCIAL STATEMENTS4
Constellation Energy Corporation
Consolidated Statements of Operations and Comprehensive Income5
Consolidated Statements of Cash Flows6
Consolidated Balance Sheets7
Consolidated Statements of Changes in Equity9
Constellation Energy Generation, LLC
Consolidated Statements of Operations and Comprehensive Income10
Consolidated Statements of Cash Flows11
Consolidated Balance Sheets12
Consolidated Statements of Changes in Equity14
Combined Notes to Consolidated Financial Statements
1. Basis of Presentation15
2. Mergers, Acquisitions, and Dispositions15
3. Revenue from Contracts with Customers16
4. Segment Information17
5. Government Assistance18
6. Accounts Receivable19
7. Nuclear Decommissioning20
8. Income Taxes22
9. Retirement Benefits23
10. Derivative Financial Instruments23
11. Debt and Credit Agreements28
12. Fair Value of Financial Assets and Liabilities30
13. Commitments and Contingencies34
14. Shareholders' Equity35
15. Variable Interest Entities36
16. Supplemental Financial Information39
ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS42
Executive Overview42
Significant Transactions and Developments42
Other Key Business Drivers42
Critical Accounting Policies and Estimates43
Financial Results of Operations43
Liquidity and Capital Resources51
ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK55
ITEM 4.CONTROLS AND PROCEDURES58
PART IIOTHER INFORMATION59
ITEM 1.LEGAL PROCEEDINGS59
ITEM 1A.RISK FACTORS59
ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS59
ITEM 4.MINE SAFETY DISCLOSURES59
ITEM 5.OTHER INFORMATION59
ITEM 6.EXHIBITS60
SIGNATURES61
Constellation Energy Corporation61
Constellation Energy Generation, LLC62
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.