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CEG

Constellation Energy Corporation

CEG

Constellation Energy Corporation • NASDAQ
$364.36 ▲ 1.47% (+5.27)
Market Cap $113.79 B
52w High $412.70
52w Low $161.35
Dividend Yield 1.55%
P/E 41.69
Volume 837.67K
Outstanding Shares 312.30M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $7.184B ▲ $165M ▲ $930M ▲ 12.945% ▼ $2.97 ▲ $1.77B ▲
Q2-2025 $6.101B ▼ $147M ▼ $839M ▲ 13.752% ▲ $2.67 ▲ $1.645B ▲
Q1-2025 $6.788B ▲ $408M ▲ $118M ▼ 1.738% ▼ $0.38 ▼ $1.078B ▼
Q4-2024 $5.382B ▼ $314M ▼ $852M ▼ 15.831% ▼ $2.71 ▼ $1.538B ▼
Q3-2024 $6.55B $429M $1.2B 18.321% $3.83 $2.128B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.091B ▲ $56.161B ▲ $41.469B ▲ $14.35B ▲
Q2-2025 $2.062B ▲ $53.038B ▲ $39.235B ▲ $13.446B ▲
Q1-2025 $1.846B ▼ $52.252B ▼ $38.918B ▼ $12.956B ▼
Q4-2024 $3.022B ▲ $52.926B ▲ $39.387B ▲ $13.166B ▲
Q3-2024 $1.793B $51.834B $38.893B $12.57B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $930M ▲ $1.848B ▲ $-463M ▲ $644M ▲ $2.029B ▲ $1.458B ▲
Q2-2025 $833M ▲ $1.477B ▲ $-872M ▲ $-485M ▼ $120M ▲ $710M ▲
Q1-2025 $129M ▼ $107M ▲ $-886M ▼ $-408M ▼ $-1.187B ▼ $-699M ▲
Q4-2024 $850M ▼ $-1.016B ▼ $2.372B ▼ $-109M ▲ $1.247B ▼ $-1.745B ▼
Q3-2024 $1.191B $-112M $2.406B $-795M $1.499B $-664M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Constellation ERCOT
Constellation ERCOT
 $350.00M ▲$400.00M ▲$460.00M ▲$630.00M ▲
Constellation Mid Atlantic
Constellation Mid Atlantic
 $1.26Bn ▲$1.67Bn ▲$1.45Bn ▼$1.77Bn ▲
Constellation Midwest
Constellation Midwest
 $1.27Bn ▲$1.40Bn ▲$1.52Bn ▲$1.39Bn ▼
Constellation New York
Constellation New York
 $510.00M ▲$680.00M ▲$540.00M ▼$580.00M ▲
Constellation Other Regions
Constellation Other Regions
 $1.24Bn ▲$1.56Bn ▲$1.18Bn ▼$1.54Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Constellation’s income statement shows a company that has moved from modest or even negative profits a few years ago to very solid profitability more recently. Revenue has stayed fairly steady at a high level, but the real story is margin improvement: gross profit, operating profit, and net income have all strengthened meaningfully, especially in the most recent year. Earnings per share have swung from small losses to robust gains, reflecting better pricing, cost control, and probably a more supportive policy and power-price environment. The flip side is that results are still somewhat volatile, which is typical for a power producer exposed to market prices, regulatory changes, and hedging outcomes.

Balance Sheet

Balance Sheet The balance sheet looks reasonably solid for a large utility-like business. Total assets have inched up over time, and shareholder equity has grown, which supports a stronger capital base. Debt sits at a meaningful but not extreme level for this type of asset-heavy, regulated business, and it has come down from a peak. Cash on hand was quite thin in the middle of the period but has recently risen sharply, giving the company more flexibility and a better liquidity cushion. Overall, the structure fits a capital-intensive utility profile: large fixed assets, substantial but manageable leverage, and gradually improving book value.

Cash Flow

Cash Flow Cash flow is the main weak spot. Operating cash flow has been negative in several recent years, and after factoring in ongoing capital spending, free cash flow has been firmly negative throughout the period. This suggests that, despite healthy accounting profits, the business is consuming cash—likely due to working capital swings, hedging collateral, or the timing of large projects and maintenance. Capital expenditures are sizable but fairly steady, reflecting ongoing investment in plants and clean energy initiatives. The pattern implies reliance on external financing or balance-sheet flexibility to support growth and transition projects, which adds some financial risk if market or policy conditions turn less favorable.

Competitive Edge

Competitive Edge Competitively, Constellation stands out as one of the strongest players in clean power. Its largest advantage is its fleet of nuclear plants, which provide reliable, carbon-free baseload power that is very hard and very expensive for competitors to replicate. This fleet gives Constellation a strong moat in a world that is increasingly valuing low-carbon electricity and grid reliability. Regulatory barriers, long construction timelines for new nuclear, and the company’s deep operating experience all reinforce that edge. Long-term relationships with many large corporate customers further stabilize its position, while supportive government policies toward nuclear and clean energy currently work in its favor. Key risks are regulatory shifts, public perception of nuclear, and competition from other low-carbon technologies if costs change quickly.

Innovation and R&D

Innovation and R&D Constellation is unusually innovative for a utility-type company. It is pushing several advanced clean energy fronts at once: using nuclear power to make clean hydrogen, exploring direct air capture at its plants, and evaluating next-generation reactors like small modular units. It is also investing in digital platforms that help customers manage and decarbonize their energy use, and in hourly matching of carbon-free output to customer demand, which could become a premium product as corporate climate goals tighten. Efforts to restart shuttered nuclear capacity and co-locate data centers next to its plants illustrate a willingness to pursue complex, high-impact projects. The opportunity is significant, but so are the execution and technology risks, especially in hydrogen, carbon capture, and advanced nuclear, where commercial paths are still emerging.

Summary

Constellation Energy combines a strong, hard-to-replicate asset base with improving profitability and an aggressive clean-energy strategy. Its nuclear-heavy portfolio positions it well for a decarbonizing grid, and recent earnings trends show that this advantage is translating into healthier margins and bottom-line growth. The balance sheet is broadly in line with a large utility, with growing equity and adequate liquidity, though leverage remains an important consideration. The main financial concern is persistent negative free cash flow, which reflects the cost and timing of large investments and raises dependence on capital markets and policy support. Strategically, the company is leaning into innovation—hydrogen, carbon capture, advanced reactors, and data-center partnerships—aiming to turn its clean baseload power into a platform for future growth. Overall, CEG looks like a financially stronger and more strategically ambitious utility, but one whose path involves meaningful execution, regulatory, and cash-flow risks alongside substantial long-term opportunity.

NEWS

November 21, 2025 · 8:00 AM UTC

Constellation Announces Key Senior Leadership Changes Ahead of Calpine Deal Closing

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November 20, 2025 · 8:00 AM UTC

Constellation Awards $500,000 in Grants to Clean Energy, Community-Based Student Projects

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November 19, 2025 · 9:46 AM UTC

Nuclear Power Surge, $10M Buyback, and a $1.9B SEO Bombshell

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November 18, 2025 · 4:58 PM UTC

U.S. Government Backs Constellation's Plan to Launch Crane Clean Energy Center, Adding 835 MWs of New Baseload Power to the Grid

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November 7, 2025 · 6:50 AM UTC

Constellation Reports Third Quarter 2025 Results

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