Constellation Energy

Leverage and liquidity: As of September 30, 2025, long‑term debt was about 7.27 billion, short‑term borrowings 1.65 billion, and cash roughly 4.0 billion, implying net debt near 4.9 billion.

Investment grade ratings include Moody’s Baa1, upgraded in 2024. YTD operating cash flow through Q3 2025 was 3.43 billion with capex 1.96 billion, indicating positive free cash generation pre‑Q4. Constellation repurchased stock and increased its dividend while issuing a 30‑year green bond to fund uprates.

Risk factors include sizable nuclear asset retirement obligations offset by decommissioning trusts, collateral needs during price spikes, and large multi‑year capex for life extensions, uprates and potential restarts.

The balance sheet and bank facilities appear sufficient to fund the plan while preserving investment grade, but we would monitor post‑close leverage at Calpine and any incremental funding needs for Crane.