Constellation Energy Corporation (CEG) Income Statement
CEG 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCEG revenue and net income
Where CEG's revenue goes
2025Each bar shows an amount and its share of revenue. CEG kept 9.1% of revenue as net income.
CEG profit margins
CEG growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +8.3% | +1.5% | +7.7% | +2.9% |
| Gross profit | −21.7% | +30.0% | +7.5% | +2.1% |
| Operating income | −29.1% | +84.0% | +64.5% | +3.1% |
| Net income | −38.1% | — | +31.5% | +5.4% |
| EPS (diluted) | +8.2% | +31.0% | +39.1% | +8.4% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CEG quarterly EPS vs estimates
Constellation Energy beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 6, 2026 (estimate $3.99).
CEG income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $25.53B | $23.57B | $24.92B | $24.44B | $19.65B | $17.60B | $18.92B | $20.44B | $18.50B | $17.76B |
| Cost of revenue | $20.84B | $17.58B | $21.69B | $22.30B | $16.90B | $14.33B | $15.63B | $17.12B | $15.39B | $14.37B |
| Gross profit | $4.69B | $5.99B | $3.23B | $2.14B | $2.75B | $3.27B | $3.30B | $3.31B | $3.10B | $3.38B |
| Sales, general & admin | — | — | $162.0M | $330.0M | $0 | — | — | — | — | — |
| Total operating expenses | $1.61B | $1.64B | $1.62B | $1.64B | $3.09B | $3.02B | $1.97B | $2.34B | $2.16B | $2.56B |
| Operating income | $3.09B | $4.35B | $1.61B | $495.0M | −$346.0M | $256.0M | $1.32B | $975.0M | $947.0M | $820.0M |
| Interest income | — | — | — | $93.0M | $98.0M | $90.0M | — | — | — | — |
| Interest expense | $511.0M | $506.0M | $431.0M | $251.0M | $297.0M | $357.0M | $429.0M | $432.0M | $440.0M | $364.0M |
| Income before taxes | $3.51B | $4.51B | $2.44B | −$555.0M | $142.0M | $828.0M | $1.73B | $335.0M | $1.42B | $912.0M |
| Income taxes | $1.19B | $774.0M | $859.0M | −$388.0M | $225.0M | $249.0M | $516.0M | −$108.0M | −$1.38B | $362.0M |
| Net income | $2.32B | $3.75B | $1.62B | −$160.0M | −$205.0M | $589.0M | $1.12B | $370.0M | $2.71B | $483.0M |
| EBITDA | $5.63B | $6.97B | $4.16B | $2.92B | $3.81B | $4.31B | $4.31B | $4.37B | $4.15B | $4.52B |
| EPS (diluted) | $9.39 | $8.68 | $3.72 | $4.18 | $0.19 | $1.80 | $3.44 | $1.13 | $8.31 | $1.48 |
| Gross margin | 18.4% | 25.4% | 13.0% | 8.7% | 14.0% | 18.6% | 17.4% | 16.2% | 16.8% | 19.1% |
| Operating margin | 12.1% | 18.5% | 6.5% | 2.0% | −1.8% | 1.5% | 7.0% | 4.8% | 5.1% | 4.6% |
| Net margin | 9.1% | 15.9% | 6.5% | −0.7% | −1.0% | 3.3% | 5.9% | 1.8% | 14.6% | 2.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.50B | $11.12B | $6.07B | $6.57B | $6.10B | $6.79B | $5.38B | $6.55B | $5.47B | $6.16B | $5.80B | $6.11B |
| Cost of revenue | $6.17B | $7.99B | $5.13B | $5.08B | $5.00B | $5.93B | $4.10B | $4.65B | $3.93B | $4.90B | $5.53B | $4.63B |
| Gross profit | $1.33B | $3.13B | $944.0M | $1.49B | $1.10B | $859.0M | $1.29B | $1.90B | $1.54B | $1.26B | $267.0M | $1.49B |
| Sales, general & admin | — | $1.78B | — | — | — | — | — | — | $4.0M | $2.0M | $121.0M | $42.0M |
| Total operating expenses | $749.0M | $799.0M | $5.48B | $406.0M | $147.0M | $408.0M | $314.0M | $429.0M | $443.0M | $445.0M | $334.0M | $508.0M |
| Operating income | $580.0M | $2.33B | $145.0M | $1.09B | $951.0M | $451.0M | $972.0M | $1.47B | $1.10B | $813.0M | −$67.0M | $977.0M |
| Interest expense | $283.0M | $253.0M | $113.0M | $134.0M | $118.0M | $146.0M | $90.0M | $147.0M | $142.0M | $127.0M | $139.0M | $82.0M |
| Income before taxes | $906.0M | $2.13B | $692.0M | $1.40B | $1.27B | $151.0M | $856.0M | $1.65B | $963.0M | $1.05B | $143.0M | $895.0M |
| Income taxes | $398.0M | $530.0M | $264.0M | $466.0M | $440.0M | $22.0M | $6.0M | $449.0M | $154.0M | $165.0M | $182.0M | $205.0M |
| Net income | $513.0M | $1.59B | $432.0M | $930.0M | $839.0M | $118.0M | $852.0M | $1.20B | $814.0M | $883.0M | −$36.0M | $731.0M |
| EBITDA | $1.62B | $3.40B | $1.30B | $1.72B | $1.65B | $1.08B | $1.54B | $2.45B | $1.79B | $1.50B | $532.0M | $1.71B |
| EPS (diluted) | $2.55 | $2.74 | $2.30 | $3.04 | $1.91 | $2.14 | $2.44 | $2.74 | $1.68 | $1.82 | −$0.11 | $1.99 |
| Gross margin | 17.7% | 28.2% | 15.5% | 22.7% | 18.0% | 12.7% | 23.9% | 28.9% | 28.2% | 20.4% | 4.6% | 24.3% |
| Operating margin | 7.7% | 21.0% | 2.4% | 16.5% | 15.6% | 6.6% | 18.1% | 22.4% | 20.1% | 13.2% | −1.2% | 16.0% |
| Net margin | 6.8% | 14.3% | 7.1% | 14.2% | 13.8% | 1.7% | 15.8% | 18.3% | 14.9% | 14.3% | −0.6% | 12.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CEG's financial statements (latest annual report filed February 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CEG financial results
In fiscal year 2025 (ended December 31, 2025), Constellation Energy reported revenue of $25.5 billion, up 8.3% from the year before. It had net income of $2.3 billion (down 38.1%), a net profit margin of 9.1%. Diluted earnings per share came to $9.39. Over five years revenue grew at an average rate of 7.7% a year.
See the CEG stock overview for the latest quote and news, or the CEG chart for price history and technical indicators.
CEG income statement FAQ
What is Constellation Energy's annual revenue?
Constellation Energy reported total revenue of $25.5 billion for fiscal year 2025, which ended on December 31, 2025. That was up 8.3% from $23.6 billion the previous year.
Is Constellation Energy profitable?
Yes. Constellation Energy reported net income of $2.3 billion in fiscal 2025, a net profit margin of 9.1%; its operating margin was 12.1%.
What is Constellation Energy's gross margin?
Constellation Energy's gross margin was 18.4% in fiscal 2025: for every $100 of revenue, Constellation Energy kept $18 after the direct cost of its products and services.
How fast is Constellation Energy growing?
Revenue grew 7.7% a year on average over the last five fiscal years, from $17.6 billion to $25.5 billion.
What are Constellation Energy's earnings per share?
Constellation Energy earned $9.39 per diluted share in fiscal 2025, compared with $8.68 a year earlier.
When will Constellation Energy report its next earnings?
Constellation Energy is expected to report results for the quarter ending September 30, 2026 on November 6, 2026.
When does Constellation Energy's fiscal year end?
Constellation Energy's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 24, 2026.