CONSTELLATION ENERGY GENERATION LLC
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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FY2025 · Filed Feb 24, 2026
CEG$267.76-3.0%Stored close · as of Nov 10, 2026
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Constellation Energy Corporation
Consolidated Statements of Operations and Comprehensive Income
| For the Years Ended December 31, | |||
|---|---|---|---|
| (In millions, except per share data) | 2025 | 2024 | 2023 |
| Operating revenues | $25,533 | $23,568 | $24,918 |
| Operating expenses | |||
| Purchased power and fuel | 14,681 | 11,419 | 16,001 |
| Operating and maintenance | 6,159 | 6,159 | 5,685 |
| Depreciation and amortization | 985 | 1,123 | 1,096 |
| Taxes other than income taxes | 622 | 586 | 553 |
| Total operating expenses | 22,447 | 19,287 | 23,335 |
| Gain (loss) on sales of assets and businesses | — | 71 | 27 |
| Operating income (loss) | 3,086 | 4,352 | 1,610 |
| Other income and (deductions) | |||
| Interest expense, net | (511) | (506) | (431) |
| Other, net | 936 | 670 | 1,268 |
| Total other income and (deductions) | 425 | 164 | 837 |
| Income (loss) before income taxes | 3,511 | 4,516 | 2,447 |
| Income tax (benefit) expense | 1,187 | 774 | 859 |
| Equity in income (losses) of unconsolidated affiliates | (1) | (4) | (11) |
| Net income (loss) | 2,323 | 3,738 | 1,577 |
| Net income (loss) attributable to noncontrolling interests | 4 | (11) | (46) |
| Net income (loss) attributable to common shareholders | $2,319 | $3,749 | $1,623 |
| Comprehensive income (loss), net of income taxes | |||
| Net income (loss) | $2,323 | $3,738 | $1,577 |
| Other comprehensive income (loss), net of income taxes | |||
| Pension and non-pension postretirement benefit plans: | |||
| Prior service benefit reclassified to periodic benefit cost | (4) | (4) | (4) |
| Actuarial loss reclassified to periodic cost | 72 | 75 | 25 |
| Pension and non-pension postretirement benefit plans valuation adjustment | (219) | (176) | (453) |
| Unrealized gain (loss) on cash flow hedges | 7 | 4 | (1) |
| Unrealized gain (loss) on foreign currency translation | 21 | (10) | 2 |
| Other comprehensive income (loss), net of income taxes | (123) | (111) | (431) |
| Comprehensive income (loss) | $2,200 | $3,627 | $1,146 |
| Comprehensive income (loss) attributable to noncontrolling interests | 4 | (11) | (46) |
| Comprehensive income (loss) attributable to common shareholders | $2,196 | $3,638 | $1,192 |
| Average shares of common stock outstanding: | |||
| Basic | 313 | 315 | 323 |
| Assumed exercise and/or distributions of stock-based awards | 1 | — | 1 |
| Diluted | 314 | 315 | 324 |
| Earnings per average common share | |||
| Basic | $7.40 | $11.91 | $5.02 |
| Diluted | $7.40 | $11.89 | $5.01 |
Consolidated Statements of Cash Flows
| For the Years Ended December 31, | |||
|---|---|---|---|
| (In millions) | 2025 | 2024 | 2023 |
| Cash flows from operating activities | |||
| Net income (loss) | $2,323 | $3,738 | $1,577 |
| Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities | |||
| Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization | 2,601 | 2,700 | 2,514 |
| Deferred income taxes and amortization of ITCs | 273 | 222 | 251 |
| Net fair value changes related to derivatives | 645 | (1,297) | 996 |
| Net realized and unrealized (gains) losses on NDT funds | (708) | (311) | (476) |
| Net realized and unrealized (gains) losses on equity investments | 279 | (11) | (307) |
| Other non-cash operating activities | (223) | (172) | 18 |
| Changes in assets and liabilities: | |||
| Accounts receivable | (363) | 688 | 396 |
| Inventories | (134) | (99) | 60 |
| Accounts payable and accrued expenses | 316 | 1,121 | (1,330) |
| Option premiums received (paid), net | 38 | 216 | 26 |
| Collateral received (posted), net | (773) | 1,803 | (1,491) |
| Income taxes | 625 | 296 | 325 |
| Pension and non-pension postretirement benefit contributions | (211) | (184) | (54) |
| Other assets and liabilities | (451) | (11,174) | (7,806) |
| Net cash flows provided by (used in) operating activities | 4,237 | (2,464) | (5,301) |
| Cash flows from investing activities | |||
| Capital expenditures | (2,949) | (2,565) | (2,422) |
| Proceeds from NDT fund sales | 6,946 | 6,005 | 5,822 |
| Investment in NDT funds | (7,284) | (6,282) | (6,050) |
| Collection of DPP, net | — | 10,217 | 7,340 |
| Acquisitions of assets and businesses | (14) | (32) | (1,690) |
| Other investing activities | 103 | 85 | 31 |
| Net cash flows provided by (used in) investing activities | (3,198) | 7,428 | 3,031 |
| Cash flows from financing activities | |||
| Change in short-term borrowings | — | (1,105) | 146 |
| Proceeds from short-term borrowings with maturities greater than 90 days | 1,650 | 200 | 539 |
| Repayments of short-term borrowings with maturities greater than 90 days | — | (739) | (200) |
| Issuance of long-term debt | — | 920 | 3,195 |
| Retirement of long-term debt | (1,076) | (121) | (168) |
| Dividends paid on common stock | (486) | (444) | (366) |
| Repurchases of common stock | (400) | (999) | (992) |
| Other financing activities | (108) | (1) | 42 |
| Net cash flows provided by (used in) financing activities | (420) | (2,289) | 2,196 |
| Increase (decrease) in cash, restricted cash, and cash equivalents | 619 | 2,675 | (74) |
| Cash, restricted cash, and cash equivalents at beginning of period | 3,129 | 454 | 528 |
| Cash, restricted cash, and cash equivalents at end of period | $3,748 | $3,129 | $454 |
| Supplemental disclosure of non-cash investing and financing activities | |||
| Increase (decrease) in DPP | $— | $9,045 | $8,097 |
| Increase (decrease) in PP&E related to ARO update | 187 | (1,486) | 501 |
Consolidated Balance Sheets
| December 31, | ||
|---|---|---|
| (In millions) | 2025 | 2024 |
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | $3,641 | $3,022 |
| Restricted cash and cash equivalents | 107 | 107 |
| Accounts receivable, net | 4,266 | 3,718 |
| Derivative assets | 945 | 843 |
| Inventories, net | 1,736 | 1,600 |
| Renewable energy credits | 789 | 797 |
| Other | 635 | 689 |
| Total current assets | 12,119 | 10,776 |
| Property, plant, and equipment (net of accumulated depreciation and amortization of $19,072 and $18,088, respectively) | 22,474 | 21,235 |
| Deferred debits and other assets | ||
| Nuclear decommissioning trust funds | 19,336 | 17,305 |
| Goodwill | 420 | 420 |
| Derivative assets | 450 | 372 |
| Other | 2,450 | 2,818 |
| Total deferred debits and other assets | 22,656 | 20,915 |
| Total assets(a) | $57,249 | $52,926 |
| LIABILITIES AND EQUITY | ||
| Current liabilities | ||
| Short-term borrowings | $1,650 | $— |
| Long-term debt due within one year | 92 | 1,028 |
| Accounts payable and accrued expenses | 4,294 | 3,943 |
| Derivative liabilities | 467 | 467 |
| Renewable energy credit obligation | 1,075 | 1,076 |
| Other | 366 | 332 |
| Total current liabilities | 7,944 | 6,846 |
| Long-term debt | 7,250 | 7,384 |
| Deferred credits and other liabilities | ||
| Deferred income taxes and unamortized ITCs | 3,544 | 3,331 |
| Asset retirement obligations | 13,193 | 12,449 |
| Pension and non-pension postretirement benefit obligations | 1,977 | 1,875 |
| Payables related to Regulatory Agreement Units | 5,334 | 4,518 |
| Derivative liabilities | 414 | 399 |
| Other | 2,740 | 2,585 |
| Total deferred credits and other liabilities | 27,202 | 25,157 |
| Total liabilities(a) | 42,396 | 39,387 |
| Commitments and contingencies (Note 18) | ||
| Shareholders' equity | ||
| Common stock (No par value, 1,000 shares authorized, 312 shares and 313 shares outstanding, respectively) | 11,043 | 11,402 |
| Retained earnings (deficit) | 5,899 | 4,066 |
| Accumulated other comprehensive income (loss), net | (2,425) | (2,302) |
| Total shareholders' equity | 14,517 | 13,166 |
| Noncontrolling interests | 336 | 373 |
| Total equity | 14,853 | 13,539 |
| Total liabilities and shareholders' equity | $57,249 | $52,926 |
(a)Our consolidated assets include $4,551 million and $4,318 million at December 31, 2025 and 2024, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $914 million and $968 million at December 31, 2025 and 2024, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 21–Variable Interest Entities for additional information.
Consolidated Statements of Changes in Equity
| Shareholders' Equity · Noncontrolling Interests · Total Equity | ||||||
|---|---|---|---|---|---|---|
| (In millions, shares in thousands) · Issued Shares · Common Stock · Retained Earnings (Deficit) · Accumulated Other Comprehensive Income (Loss), net | ||||||
| Balance, December 31, 2022 | 327,130 | $13,274 | $(496) | $(1,760) | $354 | $11,372 |
| Net Income (loss) | — | — | 1,623 | — | (46) | 1,577 |
| Employee incentive plans | 902 | 81 | — | — | — | 81 |
| Changes in equity of noncontrolling interest | — | — | — | — | 53 | 53 |
| Common stock dividends($0.2820/common share) | — | — | (366) | — | — | (366) |
| Common stock repurchased | (10,560) | (1,000) | — | — | — | (1,000) |
| Other comprehensive income (loss), net of income taxes | — | — | — | (431) | — | (431) |
| Balance, December 31, 2023 | 317,472 | $12,355 | $761 | $(2,191) | $361 | $11,286 |
| Net Income (loss) | — | — | 3,749 | — | (11) | 3,738 |
| Employee incentive plans | 885 | 56 | — | — | — | 56 |
| Changes in equity of noncontrolling interest | — | — | — | — | 23 | 23 |
| Common stock dividends($0.3525/common share) | — | — | (444) | — | — | (444) |
| Common stock repurchased | (5,519) | (1,009) | — | — | — | (1,009) |
| Other comprehensive income (loss), net of income taxes | — | — | — | (111) | — | (111) |
| Balance, December 31, 2024 | 312,838 | $11,402 | $4,066 | $(2,302) | $373 | $13,539 |
| Net Income (loss) | — | — | 2,319 | — | 4 | 2,323 |
| Employee incentive plans | 799 | 39 | — | — | — | 39 |
| Changes in equity of noncontrolling interest | — | — | — | — | (41) | (41) |
| Common stock dividends($0.3878/common share) | — | — | (486) | — | — | (486) |
| Common stock repurchased | (1,282) | (404) | — | — | — | (404) |
| Capped call option contracts | — | 6 | — | — | — | 6 |
| Other comprehensive income (loss), net of income taxes | — | — | — | (123) | — | (123) |
| Balance, December 31, 2025 | 312,355 | $11,043 | $5,899 | $(2,425) | $336 | $14,853 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.