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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 |
| 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 |
| Operating Income | - | -408 | 2,386 | 4,848 | 4,198 |
| EBITDA | - | 1,558 | 4,761 | 7,029 | 5,959 |
| EBIT | - | -291 | 2,878 | 5,022 | 4,022 |
| Pretax Income | - | -542 | 2,447 | 4,516 | 3,511 |
| Tax Provision | - | -388 | 859 | 774 | 1,187 |
| Net Income | - | -160 | 1,623 | 3,749 | 2,319 |
| Net Income Common Stockholders | - | -160 | 1,623 | 3,749 | 2,319 |
| Total Expenses | - | 24,848 | 22,532 | 18,720 | 21,335 |
| Interest Expense | - | 251 | 431 | 506 | 511 |
| Interest Income | 98 | 93 | - | - | - |
| Selling General And Administration | 0 | -110 | -54 | - | - |
| Normalized EBITDA | - | 1,570 | 4,427 | 6,947 | 6,263 |
| Normalized Income | - | -150.52 | 1,406.23 | 3,681.02 | 2,520.25 |
| Market Cap | 113,590 | 113,590 | 113,590 | 113,590 | 113,590 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Constellation Energy Corporationthis co. | CEG | $98.3B | 48.98↑ premium | 7.82 | 16.0% | 19.96 |
| The Southern Company | SO | $103.0B | 24.28 | 2.93 | 12.1% | 12.46 |
| Duke Energy Corporation | DUK | $100.2B | 19.94 | 1.95 | 9.8% | 11.12 |
| American Electric Power Company, Inc. | AEP | $72.0B | 20.46 | 2.35 | 11.5% | 13.26 |
| Vistra Corp. | VST |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $69.7B |
| 58.94 |
| 21.23 |
| 36.0% |
| 14.82 |
| Sempra | SRE | $62.3B | 33.15 | 1.93 | 5.8% | 18.21 |
| Dominion Energy, Inc. | D | $55.0B | 18.35 | 1.96 | 10.7% | 12.47 |
| Entergy Corporation | ETR | $50.6B | 29.34 | 3.07 | 10.5% | 13.19 |
| Exelon Corporation | EXC | $48.0B | 17.34 | 1.67 | 9.6% | 10.76 |
| Peer Median | - | 22.37 | 2.15 | 10.6% | 12.83 | |