CONSTELLATION ENERGY GENERATION LLC
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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FY2025 · Filed Feb 24, 2026
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11. Leases
- Leases
Lessee
We have operating leases for which we are the lessee. The significant types of operating leases are contracted generation and real estate. The following table outlines other terms and conditions of the lease agreements as of December 31, 2025. We did not have material finance leases in 2025, 2024, or 2023.
| In Years | |
|---|---|
| Remaining lease terms | 1-30 |
| Options to extend the term | 2-30 |
| Options to terminate within | 2 |
The components of operating lease costs were as follows:
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating lease costs | $104 | $105 | $96 |
| Variable lease costs | 109 | 145 | 146 |
| Total lease costs(a) | $213 | $250 | $242 |
(a)Excludes $50 million of sublease income recorded for each of the years ended December 31, 2025, 2024, and 2023.
The following table provides additional information regarding the presentation of operating lease ROU assets and lease liabilities in the Consolidated Balance Sheets:
| As of December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Operating lease ROU assets(a) | ||
| Other deferred debits and other assets | $371 | $436 |
| Operating lease liabilities(a) | ||
| Other current liabilities | 72 | 72 |
| Other deferred credits and other liabilities | 433 | 511 |
| Total operating lease liabilities | $505 | $583 |
(a)The operating ROU assets and lease liabilities include $141 million and $241 million, respectively, related to contracted generation as of December 31, 2025, and $176 million and $289 million, respectively, as of December 31, 2024.
Note 11 — Leases
The weighted average remaining lease terms, in years, and the weighted average discount rates for operating leases were as follows:
| As of December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Weighted average remaining lease term | 6.7 | 7.4 | 8.4 |
| Weighted average discount rate | 5.1% | 5.0% | 5.0% |
The following table reconciles the undiscounted cash flows for our operating leases to the operating lease liabilities recorded on our consolidated balance sheet as of December 31, 2025:
| 2026 | $104 |
| 2027 | 104 |
| 2028 | 105 |
| 2029 | 103 |
| 2030 | 63 |
| 2031 and thereafter | 159 |
| Total lease payments | 638 |
| Less: Imputed interest | 133 |
| Operating lease liabilities | $505 |
Supplemental cash flow information related to operating leases was as follows:
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash paid for amounts included in the measurement of operating lease liabilities | $90 | $87 | $102 |
| ROU assets obtained in exchange for operating lease obligations | 2 | 6 | 13 |
Lessor
We have operating leases for which we are the lessor. The significant types of operating leases are contracted generation and real estate. The following table outlines other terms and conditions of the lease agreements as of December 31, 2025.
| In Years | |
|---|---|
| Remaining lease terms | 1-15 |
| Options to extend the term | 5-20 |
The components of lease income were as follows:
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating lease income | $51 | $51 | $51 |
| Variable lease income | 231 | 244 | 248 |
Note 11 — Leases
The following table presents the lease payments we expect to receive over the remaining terms as of December 31, 2025:
| 2026 | $50 |
| 2027 | 50 |
| 2028 | 50 |
| 2029 | 48 |
| 2030 | 9 |
| 2031 and thereafter | 29 |
| Total | $236 |
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