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Constellation Energy Corporation produces and sells energy products and services in the United States. The company operates through five segments: Mid-Atlantic, Midwest, New York, ERCOT, and Other Power Regions. It offers electricity, natural gas, energy-related products, and sustainable solutions. The company has approximately 31,676 megawatts of generating capacity consisting of nuclear, wind, solar, natural gas, and hydroelectric assets. It serves distribution utilities, municipalities, cooperatives, and commercial, industrial, public sector, and residential customers. The company was incorporated in 2021 and is headquartered in Baltimore, Maryland.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $25.5B | $6.0B | $2.3B | $1.3B | 16.0% | 8.3% | -38.1% |
| 2024 | $23.6B | $7.0B | $3.7B | $-5.0B | 28.5% | -5.4% | 131.0% |
| 2023 | $24.9B | $4.8B | $1.6B | $-7.7B | 14.9% | 2.0% | -1114.4% |
| 2022 | $24.4B | $1.6B | $-160M | $-4.0B | -1.5% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 24,440 | 24,918 | 23,568 | 25,533 |
| Operating Revenue | - | 24,440 | 24,918 | 23,568 | 25,533 |
| Cost Of Revenue | - | 22,303 | 21,686 | 17,578 | 20,840 |
| Gross Profit | - | 2,137 | 3,232 | 5,990 | 4,693 |
| Operating Expense | - | 2,545 | 846 | 1,142 | 495 |
| Selling General And Administration | 0 | -110 | -54 | - | - |
| Total Expenses | - | 24,848 | 22,532 | 18,720 | 21,335 |
| Operating Income | - | -408 | 2,386 | 4,848 | 4,198 |
| Total Operating Income As Reported | - | 495 | 1,610 | 4,352 | 3,086 |
| EBITDA | - | 1,558 | 4,761 | 7,029 | 5,959 |
| Normalized EBITDA | - | 1,570 | 4,427 | 6,947 | 6,263 |
| EBIT | - | -291 | 2,878 | 5,022 | 4,022 |
| Interest Income | 98 | 93 | - | - | - |
| Interest Expense | - | 251 | 431 | 506 | 511 |
| Net Interest Income | - | -251 | -431 | -506 | -511 |
| Other Non Operating Income Expenses | - | 129 | 158 | 92 | 128 |
| Other Income Expense | - | 117 | 492 | 174 | -176 |
| Interest Income Non Operating | 98 | 93 | - | - | - |
| Interest Expense Non Operating | - | 251 | 431 | 506 | 511 |
| Net Non Operating Interest Income Expense | - | -251 | -431 | -506 | -511 |
| Pretax Income | - | -542 | 2,447 | 4,516 | 3,511 |
| Tax Provision | - | -388 | 859 | 774 | 1,187 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -2.52 | 117.23 | 14.02 | -102.75 |
| Net Income Continuous Operations | - | -167 | 1,577 | 3,738 | 2,323 |
| Net Income From Continuing And Discontinued Operation | - | -160 | 1,623 | 3,749 | 2,319 |
| Net Income From Continuing Operation Net Minority Interest | - | -160 | 1,623 | 3,749 | 2,319 |
| Net Income | - | -160 | 1,623 | 3,749 | 2,319 |
| Net Income Common Stockholders | - | -160 | 1,623 | 3,749 | 2,319 |
| Net Income Including Noncontrolling Interests | - | -167 | 1,577 | 3,738 | 2,323 |
| Normalized Income | - | -150.52 | 1,406.23 | 3,681.02 | 2,520.25 |
| Diluted NI Availto Com Stockholders | - | -160 | 1,623 | 3,749 | 2,319 |
| Basic Average Shares | - | 327 | 323 | 315 | 313 |
| Diluted Average Shares | - | 327 | 324 | 315 | 314 |
| Reconciled Depreciation | - | 1,849 | 1,883 | 2,007 | 1,937 |
| Reconciled Cost Of Revenue | - | 21,545 | 20,899 | 16,694 | 19,888 |
| Total Unusual Items | - | -12 | 334 | 82 | -304 |
| Total Unusual Items Excluding Goodwill | - | -12 | 334 | 82 | -304 |
| Minority Interests | - | 7 | 46 | 11 | -4 |
| Earnings From Equity Interest Net Of Tax | - | -13 | -11 | -4 | -1 |
| Special Income Charges | - | 1 | 27 | 71 | 0 |
| Gain On Sale Of Security | - | -13 | 307 | 11 | -304 |
| Depreciation Amortization Depletion Income Statement | - | 1,091 | 1,096 | 1,123 | 985 |
| Depreciation And Amortization In Income Statement | - | 1,091 | 1,096 | 1,123 | 985 |
| General And Administrative Expense | - | -110 | -54 | - | - |
| Salaries And Wages | 0 | -110 | -54 | - | - |
| Gain On Sale Of Ppe | - | 1 | 27 | 71 | 0 |
| Other Operating Expenses | - | 902 | -803 | -567 | -1,112 |
| Other Taxes | - | 552 | 553 | 586 | 622 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Constellation Energy Corporationthis co. | CEG | $94.5B | 40.74↑ premium | 6.51 | 16.0% | 16.75 |
| The Southern Company | SO | $103.3B | 23.79 | 2.87 | 12.1% | 12.32 |
| Duke Energy Corporation | DUK | $95.0B | 19.33 | 1.83 | 9.5% | 10.89 |
| American Electric Power Company, Inc. | AEP | $69.5B | 19.42 | 2.23 | 11.5% | 12.86 |
| Sempra | SRE |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $59.1B |
| 32.15 |
| 1.87 |
| 5.8% |
| 17.87 |
| Dominion Energy, Inc. | D | $58.5B | 19.51 | 2.08 | 10.7% | 12.89 |
| Vistra Corp. | VST | $51.8B | 54.90 | 19.77 | 36.0% | 14.07 |
| Entergy Corporation | ETR | $50.0B | 28.22 | 2.96 | 10.5% | 12.86 |
| Xcel Energy Inc. | XEL | $48.5B | 24.06 | 2.06 | 8.5% | 13.40 |
| Peer Median | - | 23.93 | 2.16 | 10.6% | 12.87 | |