CEG · 10-Q · 2026Q3 · Full report
Operating Cash Flow Trends
Constellation Energy Corp · 2026-11-09 · Importance 69 · Surprise 64 · From source text
Net cash provided by operating activities was $4.979 billion for the nine months ended September 30, 2026, compared with $3.432 billion in 2025. Capital expenditures increased 76.3% to $3.461 billion from $1.963 billion. Investing cash outflow was $6.064 billion, including $2.537 billion paid for the Calpine acquisition, while financing cash outflow was $1.654 billion. Cash, restricted cash, and cash equivalents ended the period at $1.009 billion, down from $3.748 billion at the beginning of the period.
Key facts
- Net cash used in investing activities was $6,064 million for the nine months ended September 30, 2026, compared with $2,221 million in 2025; the increase in cash used was primarily related to the Calpine acquisition and higher capital expenditures for Crane restart, Calpine, nuclear uprates, and co-location infrastructure.
- Net cash provided by operating activities was $4,979 million for the nine months ended September 30, 2026, compared with $3,432 million in 2025, an increase of $1,547 million.
- Constellation sold $2,745 million of gross customer receivables under supplier tariffs in the nine months ended September 30, 2026, compared with $3,207 million in the same period of 2025.
- Constellation Energy Corp's net cash provided by operating activities was $4,979 million for the nine months ended September 30, 2026.
- Constellation Energy Corp spent $3,461 million on capital expenditures in the nine months ended September 30, 2026.
- Aggregate receivables sold under the Calpine AR Facility during the nine months ended September 30, 2026 were $3,176 million, and proceeds collected on sold receivables were $3,131 million.
- The Calpine AR Facility permits revolving sales of up to a stated dollar amount of certain Calpine Energy Solutions, LLC trade receivables, but the amount is omitted in the provided text.
- Under the Calpine AR Facility, receivables sold are accounted for as sales and reflected as cash provided by operating activities.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -3.9% | Net cash used in investing activities was $6,064 million for the nine months ended September 30, 2026, compared with $2,221 million in… |
| cash | negative | realized | -3.5% | Constellation Energy Corp spent $3,461 million on capital expenditures in the nine months ended September 30, 2026. |
| cash | positive | realized | +3.2% | Aggregate receivables sold under the Calpine AR Facility during the nine months ended September 30, 2026 were $3,176 million, and proceeds… |
| cash | positive | realized | +1.6% | Net cash provided by operating activities was $4,979 million for the nine months ended September 30, 2026, compared with $3,432 million in… |
| cash | negative | realized | -0.5% | Constellation sold $2,745 million of gross customer receivables under supplier tariffs in the nine months ended September 30, 2026,… |