7Baggers

Constellation Energy Corporatio
(NASDAQ:CEG) 

CEG stock logo

Constellation Energy Corporation generates and sells electricity in the United States. The company operates through five segments: Mid-Atlantic, Midwest, New York, ERCOT, and Other Power Regions. It sells natural gas, renewable energy, and other energy-related products and services. The company has ...

Founded: 1816
Full Time Employees: 11,696
Sector: Utilities
Industry: Utilities—Renewable
Utilities
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At a glance:
Bull Thesis:
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Income Statements:
Quarterly
Annual
    Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 
                    
      operating revenues
    		11,122,000,000 6,074,000,000 6,570,000,000 6,101,000,000 6,788,000,000 6,550,000,000 5,475,000,000 6,161,000,000 5,796,000,000 6,111,000,000 5,446,000,000 7,565,000,000 7,333,000,000 6,051,000,000 5,465,000,000 5,431,000,000 
      yoy
    		63.85% -7.27% 20.00% -0.97% 17.12% 7.18% 0.53% -18.56% -20.96% 0.99% -0.35% 39.29%     
      qoq
    		83.11% -7.55% 7.69% -10.12% 3.63% 19.63% -11.13% 6.30% -5.15% 12.21% -28.01% 3.16% 21.19% 10.72% 0.63%  
      operating expenses
    		                
      purchased power and fuel
    		6,352,000,000 3,598,000,000 3,567,000,000 3,132,000,000 4,384,000,000 3,119,000,000 2,292,000,000 3,417,000,000 4,018,000,000 3,367,000,000 2,887,000,000 5,729,000,000 5,708,000,000 4,695,000,000 3,508,000,000 3,545,000,000 
      operating and maintenance
    		1,780,000,000 1,486,000,000 1,511,000,000 1,617,000,000 1,545,000,000 1,535,000,000 1,645,000,000 1,486,000,000 1,422,000,000 1,353,000,000 1,477,000,000 1,432,000,000 1,375,000,000 989,000,000 1,273,000,000 1,161,000,000 
      depreciation and amortization
    		443,000,000 242,000,000 241,000,000 254,000,000 248,000,000 266,000,000 296,000,000 306,000,000 288,000,000 266,000,000 274,000,000 267,000,000 273,000,000 262,000,000 277,000,000 280,000,000 
      taxes other than income taxes
    		229,000,000 150,000,000 165,000,000 147,000,000 160,000,000 165,000,000 142,000,000 139,000,000 134,000,000 148,000,000 139,000,000 132,000,000 137,000,000 145,000,000 133,000,000 137,000,000 
      total operating expenses
    		8,804,000,000 5,476,000,000 5,484,000,000 5,150,000,000 6,337,000,000 5,085,000,000 4,375,000,000 5,348,000,000 5,862,000,000 5,134,000,000 4,777,000,000 7,560,000,000 7,493,000,000 6,091,000,000 5,191,000,000 5,172,000,000 
      gain on sales of assets
    		14,000,000                
      operating income
    		2,332,000,000 598,000,000 1,086,000,000 951,000,000 451,000,000 1,467,000,000 1,100,000,000 813,000,000 -67,000,000 977,000,000 669,000,000 31,000,000 -172,000,000 -41,000,000 272,000,000 435,000,000 
      yoy
    		417.07% -59.24% -1.27% 16.97% -773.13% 50.15% 64.42% 2522.58% -61.05% -2482.93% 145.96% -92.87%     
      qoq
    		289.97% -44.94% 14.20% 110.86% -69.26% 33.36% 35.30% -1313.43% -106.86% 46.04% 2058.06% -118.02% 319.51% -115.07% -37.47%  
      operating margin %
    		20.97% 9.85% 16.53% 15.59% 6.64% 22.40% 20.09% 13.20% -1.16% 15.99% 12.28% 0.41% -2.35% -0.68% 4.98% 8.01% 
      other income and
    		                
      interest expense
    		-253,000,000 -113,000,000 -134,000,000 -118,000,000 -146,000,000 -147,000,000 -142,000,000 -127,000,000 -139,000,000 -82,000,000 -103,000,000 -107,000,000 -64,000,000 -75,000,000 -56,000,000 -55,000,000 
      other
    		46,000,000 207,000,000 443,000,000 440,000,000 -154,000,000 325,000,000 6,000,000 362,000,000 349,000,000  605,000,000 314,000,000 383,000,000 -196,000,000 -654,000,000 -318,000,000 
      total other income and
    		-207,000,000 94,000,000 309,000,000 322,000,000 -300,000,000 178,000,000 -136,000,000 235,000,000 210,000,000 -82,000,000 502,000,000 207,000,000 319,000,000 -271,000,000 -710,000,000 -374,000,000 
      income before income taxes
    		2,125,000,000 692,000,000 1,395,000,000 1,273,000,000 151,000,000 1,645,000,000 964,000,000 1,048,000,000 143,000,000 895,000,000 1,171,000,000 238,000,000 147,000,000 -312,000,000 -438,000,000 61,000,000 
      income tax expense
    		530,000,000 259,000,000 466,000,000 440,000,000 22,000,000 449,000,000 154,000,000 165,000,000         
      equity in income (losses) of unconsolidated affiliates
    		8,000,000      -1,000,000          
      net income
    		1,603,000,000 432,000,000 929,000,000 833,000,000 129,000,000 1,196,000,000 809,000,000 883,000,000 -39,000,000 690,000,000 824,000,000 102,000,000 28,000,000 -193,000,000 -113,000,000 111,000,000 
      yoy
    		1142.64% -63.88% 14.83% -5.66% -430.77% 73.33% -1.82% 765.69% -239.29% -457.51% -829.20% -8.11%     
      qoq
    		271.06% -53.50% 11.52% 545.74% -89.21% 47.84% -8.38% -2364.10% -105.65% -16.26% 707.84% 264.29% -114.51% 70.80% -201.80%  
      net income margin %
    		14.41% 7.11% 14.14% 13.65% 1.90% 18.26% 14.78% 14.33% -0.67% 11.29% 15.13% 1.35% 0.38% -3.19% -2.07% 2.04% 
      net income attributable to noncontrolling interests
    		13,000,000  -1,000,000 -6,000,000 11,000,000 -4,000,000 -5,000,000    -9,000,000 6,000,000 -6,000,000 -5,000,000 -2,000,000 5,000,000 
      net income attributable to common shareholders
    		1,590,000,000 432,000,000 930,000,000 839,000,000 118,000,000 1,200,000,000 814,000,000 883,000,000 -37,000,000 731,000,000 833,000,000 96,000,000 34,000,000 -188,000,000 -111,000,000 106,000,000 
      comprehensive income, net of income taxes
    		                
      other comprehensive income, net of income taxes
    		 -165,000,000 12,000,000 37,000,000 -7,000,000 27,000,000 19,000,000 11,000,000 -394,000,000 3,000,000 8,000,000 -48,000,000 209,000,000 23,000,000 24,000,000 21,000,000 
      pension and non-pension postretirement benefit plans:
    		                
      prior service benefit reclassified to periodic benefit cost
    		-1,000,000 -1,000,000 -1,000,000 -2,000,000  -1,000,000 -1,000,000 -1,000,000 -1,000,000  -3,000,000 -1,000,000 -2,000,000 -2,000,000 -1,000,000 -1,000,000 
      actuarial loss reclassified to periodic cost
    		28,000,000 18,000,000 19,000,000 18,000,000 17,000,000 15,000,000 21,000,000 18,000,000 7,000,000 5,000,000 8,000,000 6,000,000 28,000,000 28,000,000 27,000,000 18,000,000 
      pension and non-pension postretirement benefit plan valuation adjustment
    		-25,000,000 -8,500,000   -34,000,000  -2,000,000 -3,000,000 -13,250,000   -53,000,000 1,000,000 4,000,000   
      unrealized gain on cash flow hedges
    		1,000,000 2,000,000 2,000,000 1,000,000 2,000,000 1,000,000 2,000,000          
      unrealized gain on foreign currency translation
    		-3,000,000 1,000,000 -8,000,000 20,000,000 8,000,000 12,000,000 -1,000,000 -3,000,000 1,000,000 -2,000,000 3,000,000    -2,000,000 4,000,000 
      comprehensive income
    		1,603,000,000 267,000,000 941,000,000 870,000,000 122,000,000 1,223,000,000 828,000,000 894,000,000 -433,000,000 693,000,000 832,000,000 54,000,000 237,000,000 -170,000,000 -89,000,000 132,000,000 
      comprehensive income attributable to noncontrolling interests
    		13,000,000  -1,000,000 -6,000,000 11,000,000 -4,000,000 -5,000,000    -9,000,000 6,000,000 -6,000,000 -5,000,000 -2,000,000 5,000,000 
      comprehensive income attributable to common shareholders
    		1,590,000,000 267,000,000 942,000,000 876,000,000 111,000,000 1,227,000,000 833,000,000 894,000,000 -431,000,000 734,000,000 841,000,000 48,000,000 243,000,000 -165,000,000 -87,000,000 127,000,000 
      average shares of common stock outstanding:
    		                
      basic
    		354,000,000  313,000,000 314,000,000 313,000,000 313,000,000 315,000,000 317,000,000 -1,000,000 322,000,000 324,000,000 328,000,000 1,000,000 327,000,000 327,000,000 327,000,000 
      assumed exercise and/or distributions of stock-based awards
    		    1,000,000 1,000,000 1,000,000 1,000,000  1,000,000 1,000,000   1,000,000 1,000,000 1,000,000 
      diluted
    		354,000,000  313,000,000 314,000,000 314,000,000 314,000,000 316,000,000 318,000,000 -1,000,000 323,000,000 325,000,000 328,000,000 1,000,000 328,000,000 328,000,000 328,000,000 
      earnings per average common share
    		                
      basic
    		4,490,000 1,380,000 2,980,000 2,670,000 380,000 3,830,000 2,580,000 2,790,000 -100,000 2,270,000 2,570,000 290,000 100,000 -570,000 -340,000 320,000 
      diluted
    		4,490,000 1,380,000 2,970,000 2,670,000 380,000 3,820,000 2,580,000 2,780,000 -100,000 2,260,000 2,560,000 290,000 100,000 -570,000 -340,000 320,000 
      gain on sales of assets and businesses
    		     2,000,000   -1,000,000   26,000,000 -12,000,000 -1,000,000 -2,000,000 16,000,000 
      operating revenues from affiliates
    		               160,000,000 
      total operating revenues
    		        5,796,000,000 6,111,000,000 5,446,000,000 7,565,000,000 7,333,000,000 6,051,000,000 5,465,000,000 5,591,000,000 
      purchased power and fuel from affiliates
    		               5,000,000 
      operating and maintenance from affiliates
    		               44,000,000 
      interest expense to affiliates
    		               -1,000,000 
      income taxes
    		        169,250,000 205,000,000 342,000,000 131,000,000 116,000,000 -123,000,000 -328,000,000 -53,000,000 
      equity in losses of unconsolidated affiliates
    		        -2,750,000  -5,000,000 -5,000,000 -3,000,000 -4,000,000 -3,000,000 -3,000,000 
      net loss attributable to noncontrolling interests
    		        -11,000,000 -41,000,000       
      unrealized loss on cash flow hedges
    		             -1,000,000   
      comprehensive loss attributable to noncontrolling interests
    		        -11,000,000 -41,000,000       
      unrealized loss on foreign currency translation
    		            -1,000,000 -6,000,000   
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 
                      
        assets
      		                
        current assets
      		                
        cash and cash equivalents
      		800,000,000 3,641,000,000 3,959,000,000 1,974,000,000 1,846,000,000 1,793,000,000 311,000,000 562,000,000 368,000,000 1,889,000,000 269,000,000 237,000,000 422,000,000 1,192,000,000 806,000,000 1,605,000,000 
        restricted cash and cash equivalents
      		371,000,000 107,000,000 132,000,000 88,000,000 96,000,000 89,000,000 72,000,000 83,000,000 86,000,000 88,000,000 56,000,000 99,000,000 106,000,000 111,000,000 120,000,000 91,000,000 
        accounts receivable
      		4,414,000,000 4,266,000,000               
        derivative assets
      		1,795,000,000 945,000,000               
        inventories
      		2,582,000,000 1,736,000,000               
        renewable energy credits
      		1,038,000,000 789,000,000 786,000,000 628,000,000 914,000,000 700,000,000 487,000,000 805,000,000 660,000,000 593,000,000 436,000,000 720,000,000 617,000,000 524,000,000 355,000,000 577,000,000 
        assets held for sale
      		5,735,000,000                
        other
      		1,274,000,000 635,000,000 696,000,000 714,000,000 778,000,000 2,819,000,000 2,394,000,000 2,066,000,000 1,655,000,000 2,179,000,000 1,742,000,000 1,067,000,000 1,026,000,000 1,607,000,000 1,317,000,000 1,238,000,000 
        total current assets
      		18,009,000,000 12,119,000,000 11,649,000,000 9,233,000,000 9,631,000,000 9,270,000,000 7,852,000,000 8,460,000,000 8,299,000,000 9,902,000,000 7,575,000,000 8,108,000,000 9,360,000,000 9,853,000,000 8,090,000,000 8,767,000,000 
        property, plant, and equipment
      		40,769,000,000 22,474,000,000 21,990,000,000 21,820,000,000 21,566,000,000 20,892,000,000 21,973,000,000 22,446,000,000 22,116,000,000 20,849,000,000 20,239,000,000 20,074,000,000 19,822,000,000 19,705,000,000 19,739,000,000 19,837,000,000 
        deferred debits and other assets
      		                
        nuclear decommissioning trust funds
      		19,366,000,000 19,336,000,000 18,985,000,000 18,289,000,000 17,472,000,000 17,694,000,000 16,883,000,000 16,916,000,000 16,398,000,000 14,573,000,000 14,821,000,000 14,606,000,000 14,114,000,000 13,453,000,000 14,001,000,000 15,272,000,000 
        goodwill
      		11,527,000,000 420,000,000 420,000,000 420,000,000 420,000,000 420,000,000 420,000,000 425,000,000 425,000,000        
        total deferred debits and other assets
      		38,133,000,000 22,656,000,000 22,522,000,000 21,985,000,000 21,055,000,000 21,672,000,000 21,515,000,000 21,108,000,000 20,343,000,000 18,214,000,000 18,745,000,000 17,976,000,000 17,727,000,000 17,058,000,000 17,504,000,000 18,242,000,000 
        total assets
      		96,911,000,000 57,249,000,000 56,161,000,000 53,038,000,000 52,252,000,000 51,834,000,000 51,340,000,000 52,014,000,000 50,758,000,000 48,965,000,000 46,559,000,000 46,158,000,000 46,909,000,000 46,616,000,000 45,333,000,000 46,846,000,000 
        liabilities and equity
      		                
        current liabilities
      		                
        short-term borrowings
      		5,102,000,000 1,650,000,000 1,650,000,000 900,000,000   680,000,000 1,509,000,000 1,644,000,000 527,000,000 935,000,000 705,000,000 1,159,000,000 693,000,000 200,000,000 1,080,000,000 
        long-term debt due within one year
      		370,000,000 92,000,000 118,000,000 125,000,000 1,037,000,000 1,034,000,000 1,035,000,000 122,000,000 121,000,000 116,000,000 110,000,000 161,000,000 143,000,000 181,000,000 184,000,000 191,000,000 
        accounts payable and accrued expenses
      		4,449,000,000 4,294,000,000 3,926,000,000 3,659,000,000 3,614,000,000 2,685,000,000 2,422,000,000 2,417,000,000 2,612,000,000 2,252,000,000       
        derivative liabilities
      		810,000,000 467,000,000               
        renewable energy credit obligation
      		1,193,000,000 1,075,000,000 956,000,000 806,000,000 1,001,000,000 909,000,000 730,000,000 895,000,000 972,000,000 857,000,000 673,000,000 865,000,000 901,000,000 773,000,000 587,000,000 727,000,000 
        total current liabilities
      		13,215,000,000 7,944,000,000 7,455,000,000 6,256,000,000 6,545,000,000 5,452,000,000 5,801,000,000 5,922,000,000 6,319,000,000 5,263,000,000 5,225,000,000 5,947,000,000 7,839,000,000 7,887,000,000 5,878,000,000 6,434,000,000 
        long-term debt
      		16,994,000,000 7,250,000,000 7,269,000,000 7,286,000,000 7,321,000,000 7,378,000,000 7,409,000,000 8,352,000,000 7,496,000,000 7,512,000,000 6,156,000,000 5,763,000,000 4,466,000,000 4,480,000,000 4,507,000,000 4,548,000,000 
        deferred credits and other liabilities
      		                
        deferred income taxes and unamortized itcs
      		8,199,000,000 3,544,000,000 3,578,000,000 3,348,000,000 3,226,000,000 3,554,000,000 3,377,000,000 3,208,000,000 3,209,000,000 3,208,000,000 3,203,000,000 2,982,000,000 3,031,000,000    
        asset retirement obligations
      		12,433,000,000 13,193,000,000 13,032,000,000 12,679,000,000 12,524,000,000 12,322,000,000 13,510,000,000 14,278,000,000 14,118,000,000 13,797,000,000 12,971,000,000 12,831,000,000 12,699,000,000 12,564,000,000 13,402,000,000 13,276,000,000 
        pension and non-pension postretirement benefit obligations
      		1,835,000,000 1,977,000,000 1,767,000,000 1,763,000,000 1,755,000,000            
        payables related to regulatory agreement units
      		5,389,000,000 5,334,000,000 5,222,000,000 4,939,000,000 4,593,000,000 4,828,000,000 4,310,000,000 3,874,000,000 3,688,000,000 2,923,000,000 3,120,000,000 3,069,000,000 2,897,000,000 2,658,000,000 2,265,000,000  
        total deferred credits and other liabilities
      		32,882,000,000 27,202,000,000 26,745,000,000 25,693,000,000 25,052,000,000 26,063,000,000 26,349,000,000 26,180,000,000 25,657,000,000 24,190,000,000 23,566,000,000 23,362,000,000 23,232,000,000 23,080,000,000 23,559,000,000 24,359,000,000 
        total liabilities
      		63,091,000,000 42,396,000,000 41,469,000,000 39,235,000,000 38,918,000,000 38,893,000,000 39,559,000,000 40,454,000,000 39,472,000,000 36,965,000,000 34,947,000,000 35,072,000,000 35,537,000,000 35,447,000,000 33,944,000,000 35,341,000,000 
        commitments and contingencies
      		                
        shareholders' equity
      		                
        common stock
      		28,574,000,000 11,043,000,000 11,022,000,000 10,939,000,000 11,203,000,000 11,379,000,000 11,350,000,000 11,847,000,000 12,355,000,000 12,576,000,000 12,808,000,000 13,029,000,000 13,274,000,000 13,255,000,000 13,241,000,000 13,212,000,000 
        retained earnings
      		7,334,000,000 5,899,000,000 5,588,000,000 4,779,000,000 4,062,000,000 3,325,000,000 2,236,000,000 1,532,000,000 761,000,000 887,000,000 248,000,000      
        accumulated other comprehensive income
      		-2,425,000,000 -2,425,000,000 -2,260,000,000 -2,272,000,000 -2,309,000,000 -2,134,000,000 -2,161,000,000 -2,180,000,000 -2,191,000,000        
        total shareholders' equity
      		33,483,000,000 14,517,000,000 14,350,000,000 13,446,000,000 12,956,000,000 12,570,000,000 11,425,000,000 11,199,000,000 10,925,000,000 11,666,000,000 11,256,000,000 10,728,000,000 11,018,000,000 10,803,000,000 11,000,000,000 11,105,000,000 
        noncontrolling interests
      		337,000,000 336,000,000 342,000,000 357,000,000 378,000,000 371,000,000 356,000,000 361,000,000 361,000,000 334,000,000 356,000,000 358,000,000 354,000,000 366,000,000 389,000,000 400,000,000 
        total equity
      		33,820,000,000 14,853,000,000 14,692,000,000 13,803,000,000 13,334,000,000 12,941,000,000 11,781,000,000 11,560,000,000 11,286,000,000 12,000,000,000 11,612,000,000 11,086,000,000 11,372,000,000 11,169,000,000 11,389,000,000 11,505,000,000 
        total liabilities and shareholders' equity
      		96,911,000,000 57,249,000,000 56,161,000,000 53,038,000,000 52,252,000,000 51,834,000,000 51,340,000,000 52,014,000,000 50,758,000,000 48,965,000,000 46,559,000,000 46,158,000,000 46,909,000,000 46,616,000,000 45,333,000,000 46,846,000,000 
        customer accounts receivable
      		  3,168,000,000 2,947,000,000 3,193,000,000 1,208,000,000 1,578,000,000 1,855,000,000 1,934,000,000 1,541,000,000 1,306,000,000 2,147,000,000 2,585,000,000 1,819,000,000 1,734,000,000 1,936,000,000 
        other accounts receivable
      		  612,000,000 571,000,000 444,000,000 557,000,000 633,000,000 472,000,000 917,000,000 723,000,000 646,000,000 542,000,000 731,000,000 579,000,000 385,000,000 334,000,000 
        mark-to-market derivative assets
      		  632,000,000 726,000,000 858,000,000 632,000,000 935,000,000 1,232,000,000 1,179,000,000 1,467,000,000 1,733,000,000 1,952,000,000 2,368,000,000 2,557,000,000 1,990,000,000 1,775,000,000 
        natural gas, oil, and emission allowances
      		  242,000,000 200,000,000 148,000,000 209,000,000 201,000,000 179,000,000 284,000,000 289,000,000 278,000,000  429,000,000    
        materials and supplies
      		  1,422,000,000 1,385,000,000 1,354,000,000 1,263,000,000 1,241,000,000 1,206,000,000 1,216,000,000 1,133,000,000 1,109,000,000 1,085,000,000 1,076,000,000 1,042,000,000 1,026,000,000 999,000,000 
        investments
      		  427,000,000 398,000,000 386,000,000 494,000,000 584,000,000 623,000,000 563,000,000 727,000,000 647,000,000 223,000,000 202,000,000 193,000,000 211,000,000 217,000,000 
        mark-to-market derivative liabilities
      		  474,000,000 407,000,000 550,000,000 502,000,000 563,000,000 667,000,000 632,000,000 1,108,000,000 1,179,000,000 1,573,000,000 1,558,000,000 2,392,000,000 1,673,000,000 1,469,000,000 
        spent nuclear fuel obligation
      		  1,412,000,000 1,397,000,000 1,381,000,000 1,349,000,000 1,331,000,000 1,313,000,000 1,296,000,000 1,278,000,000 1,260,000,000 1,244,000,000 1,230,000,000 1,219,000,000 1,213,000,000 1,210,000,000 
        deferred income taxes
      		     35,000,000 25,000,000 38,000,000 52,000,000 43,000,000 43,000,000 45,000,000 44,000,000 23,000,000 34,000,000 36,000,000 
        pension obligations
      		     867,000,000 877,000,000 888,000,000 1,070,000,000 610,000,000 638,000,000 645,000,000 605,000,000 636,000,000 682,000,000 722,000,000 
        non-pension postretirement benefit obligations
      		     774,000,000 749,000,000 746,000,000 732,000,000 642,000,000 638,000,000 633,000,000 609,000,000 861,000,000 862,000,000 862,000,000 
        accumulated other comprehensive loss
      		         -1,797,000,000 -1,800,000,000 -1,808,000,000 -1,760,000,000 -1,969,000,000 -1,992,000,000 -2,016,000,000 
        accounts payable
      		          1,260,000,000 1,558,000,000 2,828,000,000 2,597,000,000 2,160,000,000 1,847,000,000 
        accrued expenses
      		          744,000,000 743,000,000 906,000,000 933,000,000 749,000,000 803,000,000 
        natural gas, oil and emission allowances
      		           259,000,000  422,000,000 357,000,000 212,000,000 
        retained deficit
      		           -493,000,000 -496,000,000 -483,000,000 -249,000,000 -91,000,000 
        receivables from affiliates
      		                
        prepaid pension asset
      		                
        payables to affiliates
      		                
        long-term debt to affiliates
      		                
        predecessor member's equity
      		                
        deferred income taxes and unamortized investment tax credits
      		             2,647,000,000 2,855,000,000 3,247,000,000 
        payable related to regulatory agreement units
      		               2,969,000,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 
                        
          cash flows from operating activities
        		                
          net income
        		1,603,000,000 432,000,000 929,000,000 833,000,000 129,000,000 1,196,000,000 809,000,000 883,000,000 -39,000,000 690,000,000 824,000,000 102,000,000 28,000,000 -193,000,000 -113,000,000 111,000,000 
          adjustments to reconcile net income to net cash flows from operating activities
        		                
          depreciation, amortization, and accretion, including nuclear fuel and contract amortization
        		1,202,000,000                
          deferred income taxes and amortization of itcs
        		440,000,000 25,000,000 234,000,000 112,000,000 -98,000,000 167,000,000 182,000,000 9,000,000  0 222,000,000 -33,000,000     
          net fair value changes related to derivatives
        		-1,040,000,000 317,000,000 140,000,000 -168,000,000 356,000,000 -385,000,000 -590,000,000 -186,000,000 850,000,000 -135,000,000 8,000,000 273,000,000 442,000,000 513,000,000 -44,000,000 75,000,000 
          net realized and unrealized losses on ndt funds
        		-17,000,000 -120,000,000 -252,000,000 -292,000,000 -44,000,000 -278,000,000 -5,000,000 -192,000,000 -322,000,000        
          net realized and unrealized losses on equity investments
        		27,000,000 23,000,000 -19,000,000 7,000,000 268,000,000 104,000,000 58,000,000 -47,000,000 183,000,000   5,000,000     
          other non-cash operating activities
        		-199,000,000 -149,000,000 -53,000,000 -68,000,000 47,000,000 -96,000,000 -24,000,000 -41,000,000 -129,000,000 44,000,000 49,000,000 54,000,000 -55,000,000 -155,000,000 203,000,000 256,000,000 
          changes in assets and liabilities:
        		                
          accounts receivable
        		323,000,000 -179,000,000 -392,000,000 223,000,000 -15,000,000 312,000,000 307,000,000 464,000,000 -546,000,000 -356,000,000 785,000,000 513,000,000 -718,000,000 -210,000,000 138,000,000 -78,000,000 
          inventories
        		106,000,000 -72,000,000 -79,000,000 -81,000,000 98,000,000 -27,000,000 -56,000,000 114,000,000 -30,000,000 -34,000,000 -44,000,000 168,000,000 -62,000,000 -78,000,000 -170,000,000 82,000,000 
          accounts payable and accrued expenses
        		-1,377,000,000 341,000,000 204,000,000 61,000,000 -290,000,000 169,000,000 175,000,000 -382,000,000 196,000,000 199,000,000 -209,000,000 -1,516,000,000 353,000,000 404,000,000 349,000,000 36,000,000 
          option premiums received
        		-15,000,000 -11,000,000 31,000,000 -8,000,000 26,000,000 30,000,000 55,000,000 74,000,000         
          collateral received (posted)
        		249,000,000 -581,000,000 50,000,000 244,000,000 -486,000,000 627,000,000 571,000,000 297,000,000         
          income taxes
        		103,000,000 202,000,000 214,000,000 89,000,000 120,000,000 240,000,000 -245,000,000 159,000,000 48,000,000 117,000,000 -3,000,000 163,000,000 -202,000,000 75,000,000 35,000,000 254,000,000 
          pension and non-pension postretirement benefit contributions
        		-191,000,000 -18,000,000 -12,000,000 -7,000,000 -174,000,000 10,000,000 -11,000,000 -177,000,000 -8,000,000 -28,000,000 -8,000,000 -10,000,000 -8,000,000 -16,000,000 -9,000,000 -204,000,000 
          other assets and liabilities
        		-789,000,000 -61,000,000 208,000,000 -128,000,000 -470,000,000 -2,842,000,000 -2,533,000,000 -2,392,000,000 -2,914,000,000 -2,441,000,000 -1,690,000,000 -761,000,000 -1,718,000,000 -1,810,000,000 -1,037,000,000 -909,000,000 
          net cash flows from operating activities
        		425,000,000 805,000,000 1,848,000,000 1,477,000,000 107,000,000 -112,000,000 -613,000,000 -723,000,000 -3,182,000,000 -993,000,000 -192,000,000 -934,000,000 -2,422,000,000 -1,194,000,000 -88,000,000 1,351,000,000 
          cash flows from investing activities
        		                
          capital expenditures
        		-1,275,000,000 -986,000,000 -390,000,000 -767,000,000 -806,000,000 -552,000,000 -546,000,000 -738,000,000 -687,000,000 -399,000,000 -676,000,000 -660,000,000 -599,000,000 -290,000,000 -390,000,000 -410,000,000 
          proceeds from ndt fund sales
        		2,504,000,000 1,421,000,000 1,695,000,000 1,746,000,000 2,084,000,000 2,044,000,000 1,111,000,000 1,779,000,000 1,601,000,000 1,105,000,000 1,139,000,000 1,977,000,000 1,016,000,000 846,000,000 1,058,000,000 1,130,000,000 
          investment in ndt funds
        		-2,572,000,000 -1,511,000,000 -1,774,000,000 -1,847,000,000 -2,152,000,000 -2,097,000,000 -1,196,000,000 -1,847,000,000 -1,676,000,000 -1,171,000,000 -1,173,000,000 -2,030,000,000 -1,059,000,000 -889,000,000 -1,130,000,000 -1,193,000,000 
          acquisition of calpine, net of cash and restricted cash acquired
        		-2,537,000,000                
          other investing activities
        		148,000,000 100,000,000 9,000,000 1,000,000 -7,000,000 10,000,000 7,000,000 -1,000,000 22,000,000 -3,000,000 6,000,000 -18,000,000 -5,000,000 1,000,000 6,000,000 -4,000,000 
          net cash flows from investing activities
        		-3,732,000,000 -977,000,000 -463,000,000 -872,000,000 -886,000,000 2,406,000,000 1,820,000,000 830,000,000 852,000,000 2,008,000,000 -48,000,000 219,000,000 1,233,000,000 1,170,000,000 297,000,000 404,000,000 
          cash flows from financing activities
        		                
          change in short-term borrowings
        		1,957,000,000     -480,000,000 -790,000,000 165,000,000 1,105,000,000 -435,000,000 230,000,000 -754,000,000 466,000,000 493,000,000 0 -702,000,000 
          proceeds from short-term borrowings with maturities greater than 90 days
        		3,000,000,000 0 750,000,000   0 0 200,000,000 12,000,000 27,000,000 0 500,000,000     
          repayments of short-term borrowings with maturities greater than 90 days
        		-1,500,000,000     -200,000,000 -39,000,000 -500,000,000 0 0 0 -200,000,000 0 0 -880,000,000 -300,000,000 
          issuance of long-term debt
        		2,770,000,000     0 0 900,000,000 3,000,000 1,401,000,000 438,000,000 1,353,000,000 5,000,000 3,000,000 4,000,000 2,000,000 
          retirement of long-term debt
        		-5,254,000,000 -40,000,000 -28,000,000 -951,000,000 -57,000,000 -34,000,000 -33,000,000 -32,000,000 -18,000,000 -29,000,000 -91,000,000 -30,000,000 -19,000,000 -34,000,000 -51,000,000 -1,058,000,000 
          dividends paid on common stock
        		-155,000,000 -121,000,000 -121,000,000 -122,000,000 -122,000,000 -111,000,000 -110,000,000 -112,000,000 -89,000,000 -92,000,000 -92,000,000 -93,000,000 -46,000,000 -46,000,000 -47,000,000 -46,000,000 
          other financing activities
        		-88,000,000 -10,000,000 43,000,000 88,000,000 -229,000,000 30,000,000 3,000,000 -38,000,000 36,000,000 16,000,000 12,000,000 -22,000,000 8,000,000 -15,000,000 -5,000,000 -23,000,000 
          net cash flows from financing activities
        		730,000,000 -171,000,000 644,000,000 -485,000,000 -408,000,000 -795,000,000 -1,469,000,000 84,000,000 807,000,000 637,000,000 229,000,000 523,000,000    -635,000,000 
          increase in cash, restricted cash, and cash equivalents
        		-2,577,000,000 -343,000,000 2,029,000,000 120,000,000 -1,187,000,000 1,499,000,000 -262,000,000 191,000,000 -1,523,000,000 1,652,000,000 -11,000,000 -192,000,000 -775,000,000 377,000,000 -770,000,000 1,120,000,000 
          cash, restricted cash, and cash equivalents at beginning of period
        		3,748,000,000 0 0 0 3,129,000,000 0 0 454,000,000 0 0 0 528,000,000 0 0 0 576,000,000 
          cash, restricted cash, and cash equivalents at end of period
        		1,171,000,000 -343,000,000 2,029,000,000 120,000,000 1,942,000,000 1,499,000,000 -262,000,000 645,000,000 -1,523,000,000 1,652,000,000 -11,000,000 336,000,000 -775,000,000 377,000,000 -770,000,000 1,696,000,000 
          supplemental disclosure of non-cash investing and financing activities
        		                
          common stock issued for acquisition of calpine
        		17,507,000,000                
          exchange of calpine senior notes for constellation senior notes
        		2,290,000,000                
          decrease in pp&e related to aro update
        		-889,000,000                
          depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization
        		 656,000,000 645,000,000 660,000,000 640,000,000 661,000,000 694,000,000 694,000,000 674,000,000 621,000,000 614,000,000 605,000,000 617,000,000 603,000,000 605,000,000 602,000,000 
          collection of dpp
        		     3,008,000,000 2,452,000,000 1,644,000,000 3,282,000,000 2,476,000,000 656,000,000 926,000,000 1,869,000,000 1,500,000,000 742,000,000 853,000,000 
          acquisitions of assets and businesses
        		 -1,000,000 -3,000,000 -5,000,000 -5,000,000 -7,000,000 -1,000,000 -14,000,000         
          repurchases of common stock
        		 0 0   0 -500,000,000 -499,000,000 -242,000,000 -251,000,000 -268,000,000 -231,000,000     
          increase in dpp
        		     3,227,000,000 2,643,000,000 1,812,000,000 2,809,000,000 2,953,000,000 1,541,000,000 794,000,000 1,433,000,000 1,873,000,000 942,000,000 918,000,000 
          increase in pp&e related to aro update
        		 -1,000,000 194,000,000   -1,086,000,000   -261,000,000    1,000,000 9,000,000 -2,000,000 335,000,000 
          supplemental cash flow information
        		                
          increase in capital expenditures not paid
        		    10,000,000 -34,000,000 -56,000,000 110,000,000    11,000,000     
          proceeds from sales of assets and businesses
        		       7,000,000 0 0 0 24,000,000 11,000,000 2,000,000 11,000,000 28,000,000 
          deferred income taxes and amortization of itc
        		                
          receivables from and payables to affiliates
        		            0 0 0 20,000,000 
          retirement of long-term debt to affiliate
        		            0 0 0 -258,000,000 
          change in money pool with exelon
        		                
          acquisition of ceng noncontrolling interest
        		                
          distributions to exelon
        		                
          contributions from exelon
        		                
          option premiums paid
        		         12,000,000 -25,000,000 -23,000,000 -14,000,000    
          collateral (posted) received
        		         252,000,000 -213,000,000 -261,000,000     
          decrease in capital expenditures not paid
        		         -19,000,000    124,000,000 -22,000,000 -119,000,000 
          gain on sales of assets and businesses
        		          0 -26,000,000 12,000,000 0 3,000,000 -16,000,000 
          net realized and unrealized (gains) losses on ndt funds
        		          -83,000,000 -187,000,000     
          net realized and unrealized (gains) losses on equity investments
        		                
          asset impairments
        		                
          net realized and unrealized losses (gains) on ndt funds
        		            -238,000,000 232,000,000 529,000,000 271,000,000 
          net realized and unrealized losses (gains) on equity investments
        		                
          net cash flows used in financing activities
        		            414,000,000 401,000,000   
          adjustments to reconcile net income to net cash flows from operating activities:
        		                
          deferred income taxes and amortization of investment tax credits
        		             -208,000,000 -400,000,000 -307,000,000 
          net unrealized loss on ctv investments
        		                
          collateral received
        		             -357,000,000 -46,000,000 1,169,000,000 
          changes in money pool with exelon
        		                
          contribution from exelon
        		             0 0 1,750,000,000 
          net unrealized losses (gains) on equity investments
        		                
          option premiums (paid) received
        		              -136,000,000 -31,000,000 
          net unrealized losses on equity investments
        		               20,000,000