$CEG

Constellation Energy Corp

CIK:0001868275|SEC Filings

Consolidated Statements of Operations and Comprehensive Income, Parent - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Operating revenues	$ 7,504	$ 6,101	$ 18,626	$ 12,889
Operating expenses
Purchased power and fuel	4,023	3,132	10,375	7,516
Operating and maintenance	2,253	1,617	4,033	3,162
Depreciation and amortization	443	254	886	502
Taxes other than income taxes	207	147	436	307
Total operating expenses	6,926	5,150	15,730	11,487
Gain (loss) on sales of assets	2	0	16	0
Operating income (loss)	580	951	2,912	1,402
Other income and (deductions)
Interest expense, net	(283)	(118)	(536)	(264)
Other, net	603	440	649	286
Total other income and (deductions)	320	322	113	22
Income (loss) before income taxes	900	1,273	3,025	1,424
Income tax (benefit) expense	398	440	928	462
Equity in income (losses) of unconsolidated affiliates	6	0	14	0
Net income (loss)	508	833	2,111	962
Net income (loss) attributable to noncontrolling interests	(5)	(6)	8	5
Net income (loss) attributable to common shareholders	513	839	2,103	957
Comprehensive income (loss), net of income taxes
Net income (loss)	508	833	2,111	962
Pension and non-pension postretirement benefit plans:
Prior service benefit reclassified to periodic benefit cost	0	(2)	(1)	(2)
Actuarial loss reclassified to periodic cost	26	18	54	35
Pension and non-pension postretirement benefit plan valuation adjustment	0	0	(25)	(34)
Unrealized gain (loss) on cash flow hedges	2	1	3	3
Unrealized gain (loss) on foreign currency translation	(1)	20	(4)	28
Other comprehensive income (loss), net of income taxes	27	37	27	30
Comprehensive income (loss)	535	870	2,138	992
Comprehensive income (loss) attributable to noncontrolling interests	(5)	(6)	8	5
Comprehensive income (loss) attributable to common shareholders	$ 540	$ 876	$ 2,130	$ 987
Average shares of common stock outstanding:
Basic (in shares)	360	314	357	314
Assumed exercise and/or distributions of stock-based awards (in shares)	0	0	0	0
Diluted (in shares)	360	314	357	314
Earnings per average common share
Basic (in dollars per share)	$ 1.42	$ 2.67	$ 5.89	$ 3.05
Diluted (in dollars per share)	$ 1.42	$ 2.67	$ 5.88	$ 3.05

Consolidated Statements of Cash Flows, Parent - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income (loss)	$ 2,111	$ 962
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities
Depreciation, amortization, and accretion, including nuclear fuel and contract amortization	2,368	1,300
Deferred income taxes and amortization of ITCs	740	14
Net fair value changes related to derivatives	(589)	188
Net realized and unrealized (gains) losses on NDT funds	(419)	(336)
Net realized and unrealized (gains) losses on equity investments	24	275
Other non-cash operating activities	(240)	(21)
Changes in assets and liabilities:
Accounts receivable	307	208
Inventories	(63)	17
Accounts payable and accrued expenses	(1,277)	(229)
Option premiums received (paid), net	(52)	18
Collateral received (posted), net	(357)	(242)
Income taxes	13	209
Pension and non-pension postretirement benefit contributions	(200)	(181)
Other assets and liabilities	(813)	(598)
Net cash flows provided by (used in) operating activities	1,553	1,584
Cash flows from investing activities
Capital expenditures	(2,521)	(1,573)
Proceeds from NDT fund sales	4,737	3,830
Investment in NDT funds	(4,911)	(3,999)
Acquisition of Calpine, net of cash and restricted cash acquired	(2,537)	0
Other investing activities	131	(16)
Net cash flows provided by (used in) investing activities	(5,101)	(1,758)
Cash flows from financing activities
Change in short-term borrowings	2,586	0
Proceeds from short-term borrowings with maturities greater than 90 days	4,500	900
Repayments of short-term borrowings with maturities greater than 90 days	(3,500)	0
Issuance of long-term debt	5,001	0
Retirement of long-term debt	(5,352)	(1,008)
Dividends paid on common stock	(309)	(244)
Repurchases of common stock	(1,971)	(400)
Other financing activities	(78)	(141)
Net cash flows provided by (used in) financing activities	877	(893)
Increase (decrease) in cash, restricted cash, and cash equivalents	(2,671)	(1,067)
Cash, restricted cash, and cash equivalents at beginning of period	3,748	3,129
Cash, restricted cash, and cash equivalents at end of period	1,077	2,062
Supplemental disclosure of non-cash investing and financing activities
Common stock issued for acquisition of Calpine	17,507	0
Exchange of Calpine senior notes for Constellation senior notes	2,290	0
Decrease in PP&E related to ARO update	$ (868)	$ (6)

Consolidated Balance Sheets, Parent - USD ($)
$ in Millions

Jun. 30, 2026

Dec. 31, 2025

Current assets

Cash and cash equivalents

$ 697

$ 3,641

Restricted cash and cash equivalents

380

107

Accounts receivable, net

4,661

4,266

Derivative assets

2,167

945

Inventories, net

3,368

1,736

Renewable energy credits

784

789

Assets held for sale

5,743

126

Other

1,165

509

Total current assets

18,965

12,119

Property, plant, and equipment (net of accumulated depreciation and amortization of $19,589 and $19,072, respectively)

41,228

22,474

Deferred debits and other assets

Nuclear decommissioning trust funds

20,492

19,336

Goodwill

11,527

420

Derivative assets

1,741

450

Other

4,300

2,450

Total deferred debits and other assets

38,060

22,656

Total assets

^[1]

98,253

57,249

Current liabilities

Short-term borrowings

5,226

1,650

Long-term debt due within one year

363

Accounts payable and accrued expenses

4,432

4,294

Derivative liabilities

716

467

Renewable energy credit obligation

927

1,075

Other

1,368

366

Total current liabilities

13,032

7,944

Long-term debt

19,111

7,250

Deferred credits and other liabilities

Deferred income taxes and unamortized ITCs

8,513

3,544

Asset retirement obligations

12,612

13,193

Pension and non-pension postretirement benefit obligations

1,844

1,977

5,914

5,334

Derivative liabilities

601

414

Other

4,304

2,740

Total deferred credits and other liabilities

33,788

27,202

Total liabilities

^[1]

65,931

42,396

Commitments and contingencies (Note 15)

Shareholders' equity

Common stock (No par value, 1,000 shares authorized, 355 and 312 shares outstanding, respectively)

26,683

11,043

Retained earnings (deficit)

7,692

5,899

Accumulated other comprehensive income (loss), net

(2,398)

(2,425)

Total shareholders’ equity

31,977

14,517

Noncontrolling interests

345

336

Total equity

32,322

14,853

Total liabilities and equity

$ 98,253

$ 57,249

[1]

Our consolidated assets include $4,197 million and $4,551 million at June 30, 2026 and December 31, 2025, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $1,287 million and $914 million at June 30, 2026 and December 31, 2025, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 17 — Variable Interest Entities for additional information.