CEG · 10-Q · 2026Q2 · Full report
Liquidity and Cash Position
Constellation Energy Corp · 2026-08-06 · Importance 89 · Surprise 82 · No source text
Cash, restricted cash, and cash equivalents declined to $1,077 million at June 30, 2026 from $2,062 million at June 30, 2025, while total assets increased to $98,253 million from $57,249 million at December 31, 2025. Short-term borrowings increased to $5,226 million from $1,650 million, and long-term debt increased to $19,111 million from $7,250 million following the Calpine transaction and related financing. During the first six months, Constellation issued $5,001 million of long-term debt, retired $5,352 million, increased short-term borrowings by $2,586 million, and assumed $12,551 million of Calpine debt. Total liabilities rose to $65,931 million from $42,396 million at year-end 2025, while shareholders’ equity increased to $31,977 million from $14,517 million largely through stock issued for Calpine.
Key facts
- The revolving credit facility (RCF) was amended in September 2025 to increase aggregate commitment from $4.5 billion to $7.0 billion and extended maturity date to September 2030; the incremental $2.5 billion became available upon closing of the Calpine acquisition in January 2026. source
- As of June 30, 2026, the commercial paper program maximum size was $7.0 billion (and was $4.5 billion as of December 31, 2025); the weighted average interest rate on commercial paper borrowings was 4.21% as of June 30, 2026. source
- As of June 30, 2026, Constellation has access to facilities with aggregate bank commitments of $14.5 billion. source
- As of June 30, 2026, Constellation had $7.0 billion of available capacity under its credit facilities and $0.7 billion of cash on hand. source
- Cash and cash equivalents for CEG Parent and Constellation as of June 30, 2026 were $1,077 and $1,034, respectively; as of December 31, 2025 cash and cash equivalents were $3,641 for both. source
- Net increase (decrease) in cash, restricted cash, and cash equivalents: (2,671) and (1,067) with a change of (1,604) (table values). source
- Accounts Receivable Facility maximum funding limit is $1.5 billion and it matures December 2027; draws bear interest at commercial paper rate or Daily One Month Term SOFR or Term SOFR plus an adder of 0.10% per annum; in January 2026 the Company drew on and repaid the full amount; in February and March 2026 the Company drew on the Facility in full; in Q2 2026 the Company used proceeds of term loan and senior notes to repay $1.1 billion of the Facility. source
- A loss of investment grade credit rating would have required a three-notch downgrade by S&P or Moody's from their current levels as of June 30, 2026 of BBB+ and Baa1, to BB+ and Ba1 or below, respectively. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -2.7% | Net increase (decrease) in cash, restricted cash, and cash equivalents: (2,671) and (1,067) with a change of (1,604) (table values). |
| liability | positive | realized | +1.1% | Accounts Receivable Facility maximum funding limit is $1.5 billion and it matures December 2027; draws bear interest at commercial paper… |
| cash | negative | realized | -1.0% | Cash, restricted cash, and cash equivalents at end of period: $1,077 million and $2,062 million (change $985). |
| assets | positive | realized | +0.3% | We recorded $1,636 million and $1,305 million of unbilled customer revenues in Accounts receivable, net as of June 30, 2026 and December… |
| cash | negative | realized | -0.2% | Proceeds from NDT fund sales for the six months ended June 30, 2026 were $4,737 million and investments in NDT funds were $4,911 million… |
| assets | positive | realized | +0.2% | Proceeds from NDT fund sales for the six months ended June 30, 2026 were $4,737 million and investments in NDT funds were $4,911 million… |
| cash | negative | committed | -0.1% | Planned contributions to the OPEB plans, including estimated benefit payments to unfunded plans, are $64 million in 2026. |
| cash | negative | committed | -0.0% | Estimated benefit payments to the non-qualified pension plans in 2026 are approximately $25 million. |
| liability | negative | contingent | — | A loss of investment grade credit rating would have required a three-notch downgrade by S&P or Moody's from their current levels as of… |
| assets | unclear | realized | — | Total consolidated assets as of June 30, 2026 were $98,253 million, total liabilities were $65,931 million, and total shareholders' equity… |
| liability | unclear | realized | — | Total consolidated assets as of June 30, 2026 were $98,253 million, total liabilities were $65,931 million, and total shareholders' equity… |