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Arphra AIPlain-English read on Constellation Energy Corporation’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $19.65B | $24.44B | $24.92B | $23.57B | $25.53B | $31.25B | $33.3B | $34.99B | $38.6B |
| Cost of revenue | $16.9B | $22.3B | $21.62B | $17.58B | $6.16B | $19.3B | $20.46B | $22.12B | $23.39B |
| Gross profit | $2.75B | $2.14B | $3.3B | $5.99B | $19.36B | $12.06B | $12.83B | $13.47B | $14.78B |
| Gross margin | +13.97% | +8.74% | +13.26% | +25.42% | +75.83% | +38.60% | +38.53% | +38.50% | +38.29% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $0 | $0 | $54M | $8M | $0 | $26.15M | $28.27M | $29.24M | $32.17M |
| Total operating expenses | $3.09B | $1.64B | $1.69B | $1.64B | $16.28B | $8.05B | $8.7B | $9.1B | $9.72B |
| Operating income | -$346M | $495M | $1.61B | $4.35B | $3.09B | $3.82B | $4.21B | $4.35B | $4.75B |
| Operating margin | -1.76% | +2.03% | +6.46% | +18.47% | +12.09% | +12.22% | +12.64% | +12.42% | +12.30% |
| EBITDA | $3.81B | $2.92B | $4.22B | $6.97B | $5.01B | $6.78B | $7.34B | $7.66B | $8.47B |
| EBIT | $1.22B | $494M | $1.71B | $4.27B | $4.02B | $4.17B | $4.51B | $4.63B | $5.31B |
| Below the line | |||||||||
| Interest expense | $297M | $251M | $431M | $506M | $511M | $623.44M | $661.09M | $672.23M | $778.16M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | $488M | -$1.05B | $826M | $160M | $425M | — | — | — | — |
| Pre-tax income | $142M | -$555M | $2.44B | $4.51B | $3.51B | $4.54B | $4.71B | $5.11B | $5.52B |
| Income tax expense | $225M | -$388M | $859M | $774M | $1.19B | $1.32B | $1.34B | $1.39B | $1.59B |
| Earnings | |||||||||
| Net income | -$205M | -$160M | $1.62B | $3.75B | $2.32B | $3.31B | $3.44B | $3.65B | $4.04B |
| Net income · continuing ops | -$83M | -$167M | $1.58B | $3.74B | $2.32B | $3.33B | $3.47B | $3.74B | $3.95B |
| Net margin | -1.04% | -0.65% | +6.51% | +15.91% | +9.08% | +10.61% | +10.34% | +10.44% | +10.48% |
| EPS · basic | $-0.63 | $-0.49 | $5.02 | $11.90 | $7.40 | $11.71 | $13.57 | $17.32 | $19.81 |
| EPS · diluted | $-0.63 | $-0.49 | $5.01 | $11.90 | $7.40 | $11.72 | $13.55 | $17.23 | $19.63 |
| EPS · low estimate | — | — | — | — | — | $11.34 | $11.96 | $14.40 | $14.62 |
| EPS · high estimate | — | — | — | — | — | $11.98 | $14.83 | $22.56 | $23.08 |
| Shares · basic | 326.66M | 328M | 323M | 315M | 313M | 312.95M | 312.71M | 315.54M | 314.11M |
| Shares · diluted | 326.66M | 328M | 324M | 315M | 314M | 316.05M | 310.91M | 313.06M | 313.02M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 7 | 9 | 11 | 5 |
| Analysts (EPS) | — | — | — | — | — | 11 | 11 | 9 | 3 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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