Constellation Energy Corporation (CEG) Cash Flow Statement
Where CEG’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $4.24B
- Capital expenditures
- $2.95B 11.5% of revenue
- Free cash flow
- $1.29B 5.0% margin
- Returned to shareholders
- $886.0M 69% of free cash flow
- Change in cash
- $619.0M cash at year-end $3.75B
Drawn to scale: where the cash came from and how it was used. Hover for values.
CEG operating cash flow, capex and free cash flow
CEG cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $4.44B2016 | $4.24B2025 | −0.5%/yr | |
| Capital expenditures | $3.08B2016 | $2.95B2025 | −0.5%/yr | |
| Free cash flow | $1.36B2016 | $1.29B2025 | −0.6%/yr | |
| Free cash flow margin | 7.7%2016 | 5.0%2025 | −2.6 pts | |
| Operating cash flow / net income | 9.202016 | 1.832025 | −7.37 | |
| Stock-based compensation | $78.0M2016 | $178.0M2023 | +12.5%/yr | |
| Dividends paid | $922.0M2016 | $486.0M2025 | −6.9%/yr | |
| Share buybacks (net) | $41.0M2019 | $400.0M2025 | +46.2%/yr | |
| Capex / revenue | 17.3%2016 | 11.5%2025 | −5.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CEG cash flow by activity
CEG net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CEG cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.32B | $3.74B | $1.62B | −$167.0M | −$83.0M | $579.0M | $1.22B | $370.0M | $2.22B | $483.0M |
| Depreciation & amortization | $2.60B | $2.70B | $2.51B | $2.43B | $4.54B | $3.64B | $3.06B | $3.42B | $2.79B | $2.75B |
| Stock-based compensation | — | — | $178.0M | $116.0M | −$650.0M | −$365.0M | −$261.0M | $77.0M | $88.0M | $78.0M |
| Change in working capital | −$953.0M | −$7.33B | −$9.87B | −$5.25B | −$3.61B | −$3.45B | −$698.0M | −$338.0M | −$757.0M | $311.0M |
| Other non-cash items | $270.0M | −$1.57B | $258.0M | $517.0M | −$1.54B | $181.0M | −$448.0M | $337.0M | −$1.05B | $823.0M |
| Cash from operating activities | $4.24B | −$2.46B | −$5.30B | −$2.35B | −$1.34B | $584.0M | $2.87B | $3.86B | $3.30B | $4.44B |
| Investing activities | ||||||||||
| Capital expenditures | −$2.95B | −$2.56B | −$2.42B | −$1.69B | −$1.33B | −$1.75B | −$1.84B | −$2.24B | −$2.26B | −$3.08B |
| Investments (net) | −$338.0M | $7.43B | $3.03B | $4.74B | $3.28B | $1.96B | −$1.87B | −$2.53B | — | — |
| Acquisitions & other investing | $89.0M | $2.56B | $2.42B | $50.0M | $1.33B | $1.75B | $1.84B | $2.24B | −$403.0M | −$738.0M |
| Cash from investing activities | −$3.20B | $7.43B | $3.03B | $3.10B | $3.28B | $1.96B | −$1.87B | −$2.53B | −$2.66B | −$3.82B |
| Financing activities | ||||||||||
| Dividends paid | −$486.0M | −$444.0M | −$366.0M | −$185.0M | −$1.83B | −$1.73B | −$899.0M | −$1.00B | −$659.0M | −$922.0M |
| Share repurchases & issuance (net) | −$400.0M | −$999.0M | −$992.0M | $1.75B | −$64.0M | −$64.0M | −$41.0M | — | — | — |
| Net borrowing (repayment) | $574.0M | −$845.0M | $3.51B | −$2.07B | $1.00B | −$924.0M | −$551.0M | −$80.0M | −$316.0M | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$108.0M | −$1.0M | $42.0M | −$293.0M | −$803.0M | $58.0M | $31.0M | $100.0M | $444.0M | $188.0M |
| Cash from financing activities | −$420.0M | −$2.29B | $2.20B | −$799.0M | −$1.70B | −$2.66B | −$1.46B | −$981.0M | −$531.0M | −$734.0M |
| Summary | ||||||||||
| Net change in cash | $619.0M | $2.67B | −$74.0M | −$48.0M | $249.0M | −$122.0M | −$454.0M | $349.0M | $106.0M | $17.0M |
| Cash at end of period | $3.75B | $3.13B | $454.0M | $528.0M | $576.0M | $327.0M | $449.0M | $903.0M | $554.0M | $448.0M |
| Free cash flow | $1.29B | −$5.03B | −$7.72B | −$4.04B | −$2.67B | −$1.16B | $1.03B | $1.62B | $1.04B | $1.36B |
| Free cash flow margin | 5.0% | −21.3% | −31.0% | −16.5% | −13.6% | −6.6% | 5.4% | 7.9% | 5.6% | 7.7% |
| Capex / revenue | 11.5% | 10.9% | 9.7% | 6.9% | 6.8% | 9.9% | 9.7% | 11.0% | 12.2% | 17.3% |
| Operating cash flow / net income | 1.83 | −0.66 | −3.27 | — | — | 1.01 | 2.36 | 10.44 | 1.48 | 9.20 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $508.0M | $1.60B | $432.0M | $930.0M | $833.0M | $118.0M | $850.0M | $1.19B | $814.0M | $883.0M | −$39.0M | $690.0M |
| Depreciation & amortization | $1.17B | $1.20B | $496.0M | $241.0M | $820.0M | $640.0M | $483.0M | $661.0M | $711.0M | $694.0M | $1.13B | $162.0M |
| Stock-based compensation | — | — | — | — | — | — | — | −$20.0M | — | $20.0M | $178.0M | — |
| Change in working capital | −$1.12B | −$1.60B | −$379.0M | $224.0M | $393.0M | −$1.19B | −$2.27B | −$1.48B | −$1.74B | −$1.84B | −$4.46B | −$2.52B |
| Other non-cash items | $573.0M | −$784.0M | $256.0M | $453.0M | −$569.0M | $540.0M | −$77.0M | −$463.0M | −$401.0M | −$477.0M | $7.0M | $670.0M |
| Cash from operating activities | $1.13B | $425.0M | $805.0M | $1.85B | $1.48B | $107.0M | −$1.02B | −$112.0M | −$613.0M | −$723.0M | −$3.18B | −$993.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$1.25B | −$1.27B | −$986.0M | −$390.0M | −$767.0M | −$806.0M | −$729.0M | −$552.0M | −$546.0M | −$738.0M | −$687.0M | −$399.0M |
| Investments (net) | −$106.0M | −$68.0M | −$90.0M | −$463.0M | −$872.0M | −$886.0M | $2.37B | $2.41B | $1.82B | $830.0M | $852.0M | $2.01B |
| Acquisitions & other investing | −$17.0M | −$2.39B | $99.0M | $390.0M | $767.0M | $806.0M | $729.0M | $552.0M | $546.0M | $738.0M | $687.0M | $399.0M |
| Cash from investing activities | −$1.37B | −$3.73B | −$977.0M | −$463.0M | −$872.0M | −$886.0M | $2.37B | $2.41B | $1.82B | $830.0M | $852.0M | $2.01B |
| Financing activities | ||||||||||||
| Dividends paid | −$154.0M | −$155.0M | −$121.0M | −$121.0M | −$122.0M | −$122.0M | −$111.0M | −$111.0M | −$110.0M | −$112.0M | −$89.0M | −$92.0M |
| Share repurchases & issuance (net) | −$1.97B | — | $0 | $0 | −$400.0M | $0 | $0 | $0 | −$500.0M | −$499.0M | −$242.0M | −$251.0M |
| Net borrowing (repayment) | $2.26B | $973.0M | −$40.0M | $722.0M | −$51.0M | −$57.0M | −$2.0M | −$714.0M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $10.0M | −$88.0M | −$10.0M | $43.0M | $88.0M | −$229.0M | $4.0M | $30.0M | −$859.0M | $695.0M | $1.14B | $980.0M |
| Cash from financing activities | $147.0M | $730.0M | −$171.0M | $644.0M | −$485.0M | −$408.0M | −$109.0M | −$795.0M | −$1.47B | $84.0M | $807.0M | $637.0M |
| Summary | ||||||||||||
| Net change in cash | −$94.0M | −$2.58B | −$343.0M | $2.03B | $120.0M | −$1.19B | $1.25B | $1.50B | −$262.0M | $191.0M | −$1.52B | $1.65B |
| Cash at end of period | $1.08B | $1.17B | $3.75B | $4.09B | $2.06B | $1.94B | $3.13B | $1.88B | $383.0M | $645.0M | $454.0M | $1.98B |
| Free cash flow | −$118.0M | −$850.0M | −$181.0M | $1.46B | $710.0M | −$699.0M | −$1.75B | −$664.0M | −$1.16B | −$1.46B | −$3.87B | −$1.39B |
| Free cash flow margin | −1.6% | −7.6% | −3.0% | 22.2% | 11.6% | −10.3% | −32.4% | −10.1% | −21.2% | −23.7% | −66.8% | −22.8% |
| Capex / revenue | 16.6% | 11.5% | 16.2% | 5.9% | 12.6% | 11.9% | 13.5% | 8.4% | 10.0% | 12.0% | 11.9% | 6.5% |
| Operating cash flow / net income | 2.22 | 0.27 | 1.86 | 1.99 | 1.77 | 0.91 | −1.20 | −0.09 | −0.75 | −0.82 | — | −1.44 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CEG cash generation
In fiscal 2025 (ended December 31, 2025), Constellation Energy generated $4.2 billion of cash from operations and spent $2.9 billion on capital expenditures, leaving free cash flow of $1.3 billion, 5.0% of revenue. It returned $886.0 million to shareholders through dividends ($486.0 million) and net share buybacks ($400.0 million). Cash and equivalents rose by $619.0 million over the year.
Related: CEG income statement, CEG balance sheet, CEG dividend history. See the CEG stock overview for the latest quote and news.
CEG cash flow FAQ
What is Constellation Energy's free cash flow?
Constellation Energy's free cash flow was $1.3 billion in fiscal 2025: $4.2 billion of operating cash flow minus $2.9 billion of capital expenditures It was -$5.0 billion a year earlier..
How much cash does Constellation Energy generate from operations?
Constellation Energy generated $4.2 billion of cash from operating activities in fiscal 2025, 1.83 times its net income of $2.3 billion.
How much does Constellation Energy spend on capital expenditures?
Constellation Energy spent $2.9 billion on capital expenditures in fiscal 2025, 11.5% of revenue, compared with $2.6 billion the year before.
How much stock does Constellation Energy buy back?
Constellation Energy spent $400.0 million on net share repurchases in fiscal 2025.
How much does Constellation Energy pay in dividends?
Constellation Energy paid $486.0 million in dividends in fiscal 2025, 37.7% of free cash flow.