CONSTELLATION ENERGY GENERATION LLC
For the period ended Sep 30, 2025. Filed Nov 7, 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.
Sep 30, 2025 · Filed Nov 7, 2025
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Consolidated Balance Sheets
| (In millions) | September 30, 2025 | December 31, 2024 |
|---|---|---|
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | $3,959 | $3,022 |
| Restricted cash and cash equivalents | 132 | 107 |
| Accounts receivable, net | ||
| Customer accounts receivable (net of allowance for credit losses of $190 as of September 30, 2025 and December 31, 2024) | 3,168 | 3,116 |
| Other accounts receivable (net of allowance for credit losses of $8 and $6 as of September 30, 2025 and December 31, 2024, respectively) | 612 | 602 |
| Mark-to-market derivative assets | 632 | 843 |
| Inventories, net | ||
| Natural gas, oil, and emission allowances | 242 | 243 |
| Materials and supplies | 1,422 | 1,357 |
| Renewable energy credits | 786 | 797 |
| Other | 696 | 689 |
| Total current assets | 11,649 | 10,776 |
| Property, plant, and equipment (net of accumulated depreciation and amortization of $18,932 and $18,088 as of September 30, 2025 and December 31, 2024, respectively) | 21,990 | 21,235 |
| Deferred debits and other assets | ||
| Nuclear decommissioning trust funds | 18,985 | 17,305 |
| Investments | 427 | 640 |
| Goodwill | 420 | 420 |
| Mark-to-market derivative assets | 459 | 372 |
| Other | 2,231 | 2,178 |
| Total deferred debits and other assets | 22,522 | 20,915 |
| Total assets(a) | $56,161 | $52,926 |
| (In millions) | September 30, 2025 | December 31, 2024 |
|---|---|---|
| LIABILITIES AND EQUITY | ||
| Current liabilities | ||
| Short-term borrowings | $1,650 | $— |
| Long-term debt due within one year | 118 | 1,028 |
| Accounts payable and accrued expenses | 3,926 | 3,943 |
| Mark-to-market derivative liabilities | 474 | 467 |
| Renewable energy credit obligation | 956 | 1,076 |
| Other | 331 | 332 |
| Total current liabilities | 7,455 | 6,846 |
| Long-term debt | 7,269 | 7,384 |
| Deferred credits and other liabilities | ||
| Deferred income taxes and unamortized ITCs | 3,578 | 3,331 |
| Asset retirement obligations | 13,032 | 12,449 |
| Pension and non-pension postretirement benefit obligations | 1,767 | 1,875 |
| Spent nuclear fuel obligation | 1,412 | 1,366 |
| Payables related to Regulatory Agreement Units | 5,222 | 4,518 |
| Mark-to-market derivative liabilities | 440 | 399 |
| Other | 1,294 | 1,219 |
| Total deferred credits and other liabilities | 26,745 | 25,157 |
| Total liabilities(a) | 41,469 | 39,387 |
| Commitments and contingencies (Note 14) | ||
| Shareholders' equity | ||
| Common stock (No par value, 1,000 shares authorized, 312 and 313 shares outstanding as of September 30, 2025 and December 31, 2024, respectively) | 11,022 | 11,402 |
| Retained earnings (deficit) | 5,588 | 4,066 |
| Accumulated other comprehensive income (loss), net | (2,260) | (2,302) |
| Total shareholders' equity | 14,350 | 13,166 |
| Noncontrolling interests | 342 | 373 |
| Total equity | 14,692 | 13,539 |
| Total liabilities and shareholders' equity | $56,161 | $52,926 |
(a)Our consolidated assets include $4,358 million and $4,318 million at September 30, 2025 and December 31, 2024, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $925 million and $968 million at September 30, 2025 and December 31, 2024, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 16 — Variable Interest Entities for additional information.
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