Constellation Energy Corporation

CEG · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012
Valuation
Market cap	$110,323	$69,969	$37,333	$28,192	–	–	–	–	–	–	–	–	–	–
Enterprise value	$116,010	$75,732	$46,587	$33,892	–	–	–	–	–	–	–	–	–	–
P/E (TTM) at period end	47.57×	18.66×	23.00×	–	–	–	–	–	–	–	–	–	–	–
P/S (TTM) at period end	4.32×	2.97×	1.50×	1.15×	–	–	–	–	–	–	–	–	–	–
P/B at period end	7.60×	5.31×	3.42×	2.56×	–	–	–	–	–	–	–	–	–	–
EV / EBITDA (TTM)	20.40×	10.74×	11.30×	11.60×	–	–	–	–	–	–	–	–	–	–
EV / Sales (TTM)	4.54×	3.21×	1.87×	1.39×	–	–	–	–	–	–	–	–	–	–
Returns
Return on equity	16.0%	28.5%	14.9%	(1.5%)	(1.8%)	4.8%	8.3%	2.8%	19.8%	4.2%	11.8%	6.6%	8.4%	4.5%
Return on invested capital	10.1%	19.1%	5.2%	0.8%	–	0.8%	3.9%	4.1%	3.9%	2.2%	7.4%	4.3%	5.1%	3.9%
Dividend yield	0.4%	0.6%	1.0%	0.7%	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	1.53×	1.57×	1.31×	1.19×	1.00×	1.33×	0.97×	1.46×	1.64×	1.15×	1.29×	1.64×	1.67×	1.52×
Debt / equity	0.61×	0.56×	0.84×	0.51×	0.59×	0.58×	0.62×	0.67×	0.66×	0.87×	0.88×	0.65×	0.61×	0.59×
Effective tax rate	33.8%	17.1%	35.1%	71.6%	148.0%	29.8%	29.8%	(32.2%)	(96.8%)	39.7%	26.4%	21.2%	41.0%	52.5%
Share count
Diluted shares outstanding	314	315	324	329	–	–	327	326	326	326	326	326	326	326

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012
Revenue and gross profit
Revenue	$31,270	$25,533	$23,568	$24,918	$24,440	$19,649	$17,603	$18,924	$20,437	$18,500	$17,757	$19,135	$17,393	$15,630	$14,437
Cost of revenue	($23,132)	($20,840)	($17,578)	($21,686)	($22,303)	($16,904)	($14,328)	($15,627)	($17,125)	($15,395)	($14,372)	($15,317)	($14,828)	($12,731)	($11,703)
Gross profit	$8,138	$4,693	$5,990	$3,232	$2,137	$2,745	$3,275	$3,297	$3,312	$3,105	$3,385	$3,818	$2,565	$2,899	$2,734
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($85)	($55)	($9)	($58)	–	–	–	–	–	–	–	–	–	–	–
Total operating expenses	($3,542)	($1,607)	($1,638)	($1,622)	($1,642)	($3,091)	($3,019)	($1,974)	($2,337)	($2,158)	($2,565)	($1,543)	($1,389)	($1,222)	($1,137)
Total costs and expenses	($26,674)	($22,447)	($19,216)	($23,308)	($23,945)	($19,995)	($17,347)	($17,601)	($19,462)	($17,553)	($16,937)	($16,860)	($16,217)	($13,953)	($12,840)
Operating income	$4,596	$3,086	$4,352	$1,610	$495	($346)	$256	$1,323	$975	$947	$820	$2,275	$1,176	$1,677	$1,597
Earnings
EBITDA	$8,265	$5,687	$7,052	$4,124	$2,922	$4,194	$3,892	$4,386	$4,390	$3,741	$3,567	$4,864	$3,695	$4,236	$4,563
Interest income	–	–	–	–	$93	$98	$90	$110	–	–	–	–	–	–	$299
Interest expense	($783)	($511)	($506)	($431)	($250)	($282)	($328)	($429)	($432)	($440)	($364)	($364)	($302)	($353)	–
Pre-tax income	$5,112	$3,511	$4,516	$2,447	($542)	$152	$836	$1,733	$335	$1,422	$912	$1,820	$1,293	$1,797	$1,175
Income tax expense	($1,653)	($1,187)	($774)	($859)	$388	($225)	($249)	($516)	$108	$1,376	($362)	($480)	($274)	($737)	($617)
Net income	$3,465	$2,319	$3,749	$1,623	($160)	($205)	$589	$1,125	$370	$2,710	$483	$1,372	$835	$1,070	$562
Per share
Diluted EPS (GAAP)	$10.26	$7.40	$11.89	$5.01	($0.49)	–	–	$3.44	$1.13	$8.31	$1.48	$4.20	$2.56	$3.28	$1.72
Basic EPS (GAAP)	$10.27	$7.40	$11.91	$5.02	($0.49)	–	–	$3.44	$1.13	$8.31	$1.48	$4.20	$2.56	$3.28	$1.72
Basic shares outstanding	335	313	315	323	328	–	–	327	326	326	326	326	326	326	326
Margins
Gross margin	26.0%	18.4%	25.4%	13.0%	8.7%	14.0%	18.6%	17.4%	16.2%	16.8%	19.1%	20.0%	14.7%	18.5%	18.9%
Operating margin	14.7%	12.1%	18.5%	6.5%	2.0%	(1.8%)	1.5%	7.0%	4.8%	5.1%	4.6%	11.9%	6.8%	10.7%	11.1%
Net margin	11.1%	9.1%	15.9%	6.5%	(0.7%)	(1.0%)	3.3%	5.9%	1.8%	14.6%	2.7%	7.2%	4.8%	6.8%	3.9%

Analyst consensus

Buy22 analysts

Bearish · 0 · Hold · 6 · Bullish · 16

Earnings history

	EPS	Estimate
Q3 2024	$2.74	$2.66	Beat
Q4 2024	$2.44	$2.16	Beat
Q1 2025	$2.14	$2.18	Miss
Q2 2025	$1.91	$1.84	Beat
Q3 2025	$3.04	$3.11	Miss
Q4 2025	$2.30	$2.28	Beat
Q1 2026	$2.74	$2.56	Beat
Q2 2026	$2.55	$2.29	Beat

Peers

Company overview

IPO dateJan 19, 2022

CEOJoseph Dominguez

Employees15,315

SectorUtilities

IndustryIndependent Power Producers

CountryUS

ExchangeNASDAQ Global Select

Websiteconstellationenergy.com

Constellation Energy Corporation operates as a U.S.-based firm dedicated to producing and distributing electricity. Its activities are organized across five primary geographical segments: the Mid-Atlantic, Midwest, New York, ERCOT, and various other power markets. In addition to electrical power, the company supplies natural gas, sustainable energy solutions, and an array of associated energy products and services. Possessing a significant generation capability of 32,400 megawatts, its power portfolio incorporates diverse sources such as nuclear, wind, solar, natural gas, and hydroelectric facilities. The company serves a wide spectrum of clients, including utility distributors, local government bodies, cooperatives, along with commercial, industrial, public sector, and household consumers. Founded in 2021, its corporate headquarters are situated in Baltimore, Maryland. Constellation Energy Corporation previously operated as a subsidiary of Exelon Corporation.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.