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Constellation Energy cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$118M in Q2 2026 · $309M over twelve months

Operating cash flow$1.1B
Capital spending−$1.2B
Free cash flow−$118M
Cash / net income2.2×

Analysis

In Q2 2026, Constellation Energy generated $1.1B of operating cash flow and spent $1.2B on capital projects, leaving free cash flow of −$118M. That is $828M less than in Q2 2025 ($710M).

Over the twelve months to Jun 30, 2026, operating cash flow was $4.2B; the largest uses were capital spending ($3.9B), acquisitions ($2.6B), buybacks ($2.0B); besides operations, cash came from net borrowing (+) / repaid (−) ($3.9B); the cash balance fell by $985M.

Operating cash flow was $1.1B against net income of $508M — 2.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$1.2B, deferred taxes +$300M, inventory −$169M.

Free cash flow

Constellation Energy: free cash flow by quarterConstellation Energy: free cash flow by quarter−$664MQ3 2024−$1.7BQ4 2024−$699MQ1 2025$710MQ2 2025$1.5BQ3 2025−$181MQ4 2025−$850MQ1 2026−$118MQ2 2026
Operating cash flow less capital spending.
Constellation Energy: operating cash flow against capital spendingConstellation Energy: operating cash flow against capital spendingOperating cash flowCapital spending−$112M$552MQ3 2024−$1.0B$729MQ4 2024$107M$806MQ1 2025$1.5B$767MQ2 2025$1.8B$390MQ3 2025$805M$986MQ4 2025$425M$1.3BQ1 2026$1.1B$1.2BQ2 2026
Latest (Q2 2026): Operating cash flow $1.1B, Capital spending $1.2B.

Capital allocation, year by year

Constellation Energy: where the cash came from (up) and went (down), by fiscal yearConstellation Energy: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow −$1.3BFY2021: Net borrowing $1.3BFY2021: Asset sales $878MFY2021: Capital spending −$1.3BFY2021: Acquisitions −$30.0M$2.2BFY2021FY2022: Operating cash flow −$2.4BFY2022: Net borrowing −$2.1BFY2022: Asset sales $52.0MFY2022: Capital spending −$1.7BFY2022: Acquisitions −$29.0MFY2022: Dividends −$185M$52.0MFY2022FY2023: Operating cash flow −$5.3BFY2023: Net borrowing $3.5BFY2023: Asset sales $24.0MFY2023: Capital spending −$2.4BFY2023: Acquisitions −$1.7BFY2023: Buybacks −$992MFY2023: Dividends −$366M$3.5BFY2023FY2024: Operating cash flow −$2.5BFY2024: Net borrowing −$845MFY2024: Capital spending −$2.6BFY2024: Acquisitions −$32.0MFY2024: Buybacks −$999MFY2024: Dividends −$444MFY2024FY2025: Operating cash flow $4.2BFY2025: Net borrowing $574MFY2025: Capital spending −$2.9BFY2025: Acquisitions −$14.0MFY2025: Buybacks −$400MFY2025: Dividends −$486M$4.8BFY2025
Over these 5 years operating cash flow totalled −$7.2B; the largest uses were operating cash flow ($11.5B) and capital spending ($11.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$697M
Debt$12.6B
Net debt$11.9B
Due within a year$92.0M

Constellation Energy funds itself: free cash flow was $309M over the last twelve months, and $697M of cash and investments stands against $12.6B of debt ($92.0M due within a year, 7.6× covered by cash).

Constellation Energy: debt maturities by year (FY2025)Constellation Energy: debt maturities by year (FY2025)$92.0MYear 1$666MYear 2$828MYear 3$157MYear 4$99.0MYear 5$5.6BAfter year 5
Principal due in each year as disclosed in the annual report, against $697M of cash and investments now.

Where the cash came from and went

Constellation Energy: sources (+) and uses (−) of cash, Q2 2026Constellation Energy: sources (+) and uses (−) of cash, Q2 2026Net borrowing (+) / repaid (−)$2.3BOther financing−$2.0BCapital spending−$1.2BOperating cash flow$1.1BDividends−$154MOther investing−$123MCash drawn (+) / kept (−)$94.0M
Constellation Energy: sources (+) and uses (−) of cash, TTM to Q2 2026Constellation Energy: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow$4.2BNet borrowing (+) / repaid (−)$3.9BCapital spending−$3.9BAcquisitions−$2.6BBuybacks−$2.0BCash drawn (+) / kept (−)$985MDividends−$551MOther investing−$93.0MOther financing−$45.0M

From profit to cash

Constellation Energy: net income to operating cash flow, Q2 2026Constellation Energy: net income to operating cash flow, Q2 2026Net income$508MDepreciation & amortization$1.2BDeferred taxes$300MOther non-cash−$41.0MReceivables−$16.0MInventory−$169MPayables$100MIncome taxes payable−$90.0MOther operating capital−$24.0MOperating cash flow$1.1B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026$1.1B−$1.2B——−$154M$2.3B$94.0M−$118M
Q1 2026$425M−$1.3B−$2.5B—−$155M$973M$2.6B−$850M
Q4 2025$805M−$986M−$1.0M—−$121M−$40.0M$343M−$181M
Q3 2025$1.8B−$390M−$13.0M—−$121M$722M−$2.0B$1.5B
Q2 2025$1.5B−$767M—−$400M−$122M−$51.0M−$120M$710M
Q1 2025$107M−$806M——−$122M−$57.0M$1.2B−$699M
Q4 2024−$1.0B−$729M−$10.0M—−$111M−$2.0M−$1.2B−$1.7B
Q3 2024−$112M−$552M−$7.0M—−$111M−$714M−$1.5B−$664M

Constellation Energy: income statement and cash flow

Constellation Energy, Q2 2026: revenue $7.5B (+23% year over year), operating margin 7.7%. The chart follows the revenue to costs, profit and cash.

Constellation Energy: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.