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Constellation Energy cash flow statement

In fiscal 2025, Constellation Energy's operations generated $4.24bn of cash; it spent $2.95bn on capital projects, leaving free cash flow of $1.29bn. It returned $486m in dividends and $400m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash from operations584−1,338−2,353−5,301−2,4644,2374,206
Depreciation and amortisation3,6364,5402,4272,5142,7002,6013,669
Stock-based pay2747116178332385—
Capital spending1,7471,3291,6892,4222,5652,9493,897
Free cash flow−1,163−2,667−4,042−7,723−5,0291,288309
Free cash flow after stock pay−1,190−2,714−4,158−7,901−5,361903—
Dividends paid00185366444486551
Share buybacks—00992999400—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Constellation Energy's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Constellation Energy.