How much did Constellation spend on capital expenditures last quarter?

Constellation spent $1.2 billion on purchases of property and equipment in the quarter ended June 30, 2026, up 62% from the same quarter a year earlier. Over its latest four reported quarters it spent $3.9 billion.

Did Constellation's capital spending exceed its operating cash flow?

Yes. In the quarter ended June 30, 2026 Constellation spent 110% of its $1.1 billion of operating cash flow on capital equipment, leaving free cash flow of −$0.1 billion.

What is Constellation's free cash flow?

−$0.1 billion in the quarter ended June 30, 2026, and $0.3 billion over the latest four reported quarters, against −$2.4 billion over the four before. Free cash flow here is operating cash flow less purchases of property and equipment, as the company reports them. Three of the last four quarters were negative.

Did Constellation borrow to fund its spending?

Constellation's long-term debt rose by $2.1 billion over the quarter ended June 30, 2026. The balance-sheet change is a proxy for net borrowing: maturities, reclassification and acquisitions also move it, and the cash flow statement's financing lines are the exact record.

How does Constellation's capital spending compare with its depreciation?

In the quarter ended June 30, 2026 Constellation spent 1.1 times its depreciation and amortization of $1.2 billion. A ratio well above one means the asset base is growing faster than it is being written off, and depreciation will keep rising as the new assets enter service.

Is this Constellation's AI spending?

No. These are Constellation's company-wide purchases of property and equipment from its cash flow statement, which include everything from data centers to offices and vehicles. The company does not report an AI line, and this page does not estimate one.

PowerCEGFilings through August 6, 2026

Constellation capital spending

In the quarter ended June 30, 2026, Constellation spent $1.2 billion on capital equipment, 110% of its $1.1 billion of operating cash flow and up 62% from a year earlier. Free cash flow was −$0.1 billion, and long-term debt rose by $2.1 billion.

Next report: November 9, 2026. Provider schedule, not yet confirmed by the company. The full calendar.

Sources, method and freshnessFilings through August 6, 2026

Constellation’s 10-Q and 10-K filings, latest-filed value per period. Filing history at SEC EDGAR.

Cite as The Capex Report, Constellation capital spending, filings through August 6, 2026.

Constellation, quarter ended June 30, 2026

110%

Share of operating cash flow

Above 100%: spending exceeded what operations generated

Capital spending, quarter: $1.2B; +62.5% against the same quarter a year earlier
Free cash flow, quarter: −$118.0M; Operating cash flow less purchases of property and equipment
Capital spending, four quarters: $3.9B; +36.5% against the four quarters before
Long-term debt, change: +$2.1B; Balance-sheet change over the quarter, a proxy for net borrowing
Spend to depreciation: 2.9×; Capital spending as a multiple of the quarter’s depreciation of property and equipment

Spending against cash flow

$ billion, quarterly

Constellation, quarterly capital spending and operating cash flow through Jun 2026

Jun 2026Capital spending $1.2BOperating cash flow $1.1BFree cash flow −$118.0M

Bars are capital spending, the line is operating cash flow, red below the axis is free cash flow when negative. Hover a quarter to read it. 16 reported quarters shown.

Constellation’s quarterly capital spending has been above the same quarter a year earlier for three consecutive quarters. Over the latest four quarters it generated $4.2 billion from operations and spent $3.9 billion, leaving $0.3 billion of free cash flow against −$2.4 billion over the four before.

Financing the build

The five hyperscalers combined

Constellation, sources and uses of cash by quarter through Jun 2026

$ billion, quarterly. Sources above the axis, uses below.

Jun 2026Operating cash flow $1.1BLong-term debt issued $2.2BShort-term borrowing, net $629.0MCapital spending $1.2BFinance-lease principal $0.0MLong-term debt repaid $98.0MReturned to shareholders $2.1BChange in cash −$94.0M

Operating cash flowLong-term debt issuedShort-term borrowing, netCapital spendingFinance-lease principalLong-term debt repaidReturned to shareholdersChange in cash

The dot is the quarter’s change in cash. Hover a quarter to read it.

Sources and uses of cash by quarter, millions of US dollars. Outflows are shown as positive amounts, as the filings report them.
Millions of dollars	Sep 2024 Q3 FY2024	Dec 2024 Q4 FY2024	Mar 2025 Q1 FY2025	Jun 2025 Q2 FY2025	Sep 2025 Q3 FY2025	Dec 2025 Q4 FY2025	Mar 2026 Q1 FY2026	Jun 2026 Q2 FY2026
Operating cash flow	(112)	(1,016)	107	1,477	1,848	805	425	1,128
Long-term debt issued	0	20	0	0	0	0	2,770	2,231
Short-term borrowing, net	(480)	0	0	900	750	0	1,957	629
Stock issued	0	0	0	0	0	0	0	0
Capital spending	552	729	806	767	390	986	1,275	1,246
Finance-lease principal	0	0	0	0	0	0	0	0
Long-term debt repaid	34	22	57	951	28	40	5,254	98
Share repurchases	0	0	0	400	0	0	0	1,971
Dividends	111	111	122	122	121	121	155	154
Free cash flow	(664)	(1,745)	(699)	710	1,458	(181)	(850)	(118)
Net long-term debt issued	(34)	(2)	(57)	(951)	(28)	(40)	(2,484)	2,133
Returned to shareholders	111	111	122	522	121	121	155	2,125
Outside funding needed	775	1,856	821	(188)	(1,337)	302	1,005	2,243
Change in cash	1,499	1,247	(1,187)	120	2,029	(343)	(2,577)	(94)
Interest expense	147	90	146	118	134	113	253	283
Stock-based compensation	—	—	—	—	—	—	—	—

Millions of dollars, outflows positive as reported in the cash flow statement.

The balance sheet

The five hyperscalers combined

Constellation, net debt by fiscal quarter; below zero is net cash

$ billion at quarter end

Jun 2026Net debt $18.8BGross debt $19.5B

Net debtNet cashGross debt

Constellation balance sheet, millions of US dollars
Millions of dollars	Sep 2024 Q3 FY2024	Dec 2024 Q4 FY2024	Mar 2025 Q1 FY2025	Jun 2025 Q2 FY2025	Sep 2025 Q3 FY2025	Dec 2025 Q4 FY2025	Mar 2026 Q1 FY2026	Jun 2026 Q2 FY2026
Cash and equivalents	1,793	3,022	1,846	1,974	3,959	3,641	800	697
Long-term investments	494	640	386	398	427	307	—	—
Cash and investments	2,287	3,662	2,232	2,372	4,386	3,948	800	697
Long-term debt	7,378	7,384	7,321	7,286	7,269	7,250	16,994	19,111
Current debt	1,034	1,028	1,037	125	118	92	370	363
Commercial paper	—	—	—	—	—	—	—	—
Gross debt	8,412	8,412	8,358	7,411	7,387	7,342	17,364	19,474
Net debt	6,125	4,750	6,126	5,039	3,001	3,394	16,564	18,777
Property and equipment, net, as reported	20,892	21,235	21,566	21,820	21,990	22,474	40,769	41,228
Accumulated depreciation	17,972	18,088	18,377	18,493	18,932	19,072	19,524	19,589
Inventory	—	1,600	—	—	—	1,736	2,582	3,368
Total assets	51,834	52,926	52,252	53,038	56,161	57,249	96,911	98,253
Shareholders’ equity	12,570	13,166	12,956	13,446	14,350	14,517	33,483	31,977
Interest expense	147	90	146	118	134	113	253	283
Effective interest cost	7.0%	4.3%	7.0%	6.4%	7.3%	6.2%	5.8%	5.8%
Stock-based compensation	—	—	—	—	—	—	—	—
Shares outstanding, millions	313	313	313	312	312	312	362	355

Quarter-end balances. Gross debt is long-term plus current debt as reported; net debt is gross debt less cash and investments, negative when the company holds more than it owes.

What the asset base is made of

Across the hyperscalers

Constellation, property and equipment at cost by class, by fiscal quarter

$ billion at quarter end

Jun 2026Machinery and equipment $58.0BConstruction in progress $2.8B

Machinery and equipmentConstruction in progress

Constellation property and equipment by class, millions of US dollars
Millions of dollars	Dec 2022 Q4 FY2022	Dec 2023 Q4 FY2023	Dec 2024 Q4 FY2024	Dec 2025 Q4 FY2025	Mar 2026 Q1 FY2026	Jun 2026 Q2 FY2026
Machinery and equipment	35,918	38,406	38,065	39,551	56,556	57,999
Construction in progress	630	1,133	1,273	1,995	3,737	2,818
Classes combined	36,548	39,539	39,338	41,546	60,293	60,817
Property and equipment, gross, as reported	36,548	39,539	39,323	41,546	60,293	60,817
Accumulated depreciation	16,726	17,423	18,088	19,072	19,524	19,589
Share of the balance the classes explain	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Gross cost before depreciation, by the classes the company reports. Classes read: Construction In Progress, Electric Generation Equipment, Nuclear Fuel, Other Capitalized Property Plant and Equipment.

Debt issued

The ledger across all companies

Constellation bonds, notes, term loans and facilities since 2025
Priced	Type	Tranches and maturities	Coupons	Amount, $ millions	Confidence	Filing
Jan 15, 2026	Notes	3 tranches, 2029 to 2031	3.75 to 5.00%	2,400	Medium: closing 8-K	8-K
Jan 7, 2026	Notes	5 tranches, 2028 to 2031	3.75 to 5.13%	5,050	Medium: closing 8-K	8-K
Nov 18, 2025	Term loan	—	—	1,000	Low: one amount read from the filing text	8-K

In 2026 Constellation has priced $7.5B of notes and term loans in 2 filings. Read from pricing term sheets, prospectus supplements and 8-K filings; commercial paper and bank lines drawn without an 8-K are not here, and the cash flow statement above remains the complete record.

Demand behind the capex

All companies, side by side

Constellation, remaining performance obligations (bars) and quarterly revenue (line), by fiscal quarter

$ billion, quarterly

Jun 2026Remaining performance obligations $11.9BQuarterly revenue $5.8B

Remaining performance obligationsQuarterly revenue

Constellation contracted revenue, millions of US dollars
Millions of dollars	Sep 2024 Q3 FY2024	Dec 2024 Q4 FY2024	Mar 2025 Q1 FY2025	Jun 2025 Q2 FY2025	Sep 2025 Q3 FY2025	Dec 2025 Q4 FY2025	Mar 2026 Q1 FY2026	Jun 2026 Q2 FY2026
Revenue	4,773	4,526	6,106	5,161	5,703	5,694	7,541	5,843
Remaining performance obligations	665	915	862	855	851	1,047	12,034	11,855
Backlog over trailing revenue	0.0×	0.0×	0.0×	0.0×	0.0×	0.0×	0.5×	0.5×
Deferred revenue	35	33	—	—	—	—	—	—

At Jun 2026 Constellation carried $11.9B of remaining performance obligations, 0.5× its trailing four quarters of revenue. Remaining performance obligations are contracted revenue not yet recognised, under the company’s own definition; deferred revenue is the part already billed. Neither is comparable across companies.

Depreciation against capex

The five hyperscalers combined

Constellation, depreciation of property and equipment (bars) and capital spending (line), by fiscal quarter

$ billion, quarterly

Jun 2026Depreciation of property and equipment $434.0MCapital spending $1.2B

Depreciation of property and equipmentCapital spending

Constellation capital spending and depreciation, millions of US dollars
Millions of dollars	Sep 2024 Q3 FY2024	Dec 2024 Q4 FY2024	Mar 2025 Q1 FY2025	Jun 2025 Q2 FY2025	Sep 2025 Q3 FY2025	Dec 2025 Q4 FY2025	Mar 2026 Q1 FY2026	Jun 2026 Q2 FY2026
Capital spending	552	729	806	767	390	986	1,275	1,246
Depreciation of property and equipment	260	251	243	249	237	238	436	434
Capex to depreciation	2.1×	2.9×	3.3×	3.1×	1.6×	4.1×	2.9×	2.9×
Amortization of intangibles	6	4	5	5	4	4	7	9
Depreciation and amortization, as reported	661	651	640	660	645	656	1,202	1,166
Property and equipment, net, as reported	20,892	21,235	21,566	21,820	21,990	22,474	40,769	41,228
Property and equipment, gross	—	39,323	—	—	—	41,546	60,293	60,817

In Jun 2026 Constellation spent 2.9× what it recorded as depreciation of property and equipment. Depreciation of property and equipment excludes amortization of acquired intangibles, shown separately. Depreciation reported in 22 of 24 quarters on file.

The statement

Download the source data

Quarterly financial statement in millions of US dollars. Negative amounts are in parentheses.
Millions of dollars	Sep 2024 Q3 FY2024	Dec 2024 Q4 FY2024	Mar 2025 Q1 FY2025	Jun 2025 Q2 FY2025	Sep 2025 Q3 FY2025	Dec 2025 Q4 FY2025	Mar 2026 Q1 FY2026	Jun 2026 Q2 FY2026
Revenue	6,550	5,382	6,788	6,101	6,570	6,074	11,122	7,504
Operating cash flow	(112)	(1,016)	107	1,477	1,848	805	425	1,128
Capital spending	552	729	806	767	390	986	1,275	1,246
Free cash flow	(664)	(1,745)	(699)	710	1,458	(181)	(850)	(118)
Depreciation and amortization	661	651	640	660	645	656	1,202	1,166
Long-term debt	7,378	7,384	7,321	7,286	7,269	7,250	16,994	19,111
First filed / release date	Nov 4, 2024	Feb 18, 2025	May 6, 2025	Aug 7, 2025	Nov 7, 2025	Feb 24, 2026	May 11, 2026	Aug 6, 2026

Millions of dollars. Negatives in parentheses. A dash means the filing did not report it or the extract withheld it. Fiscal quarter labels follow the company’s calendar.

Questions this page answers

How much did Constellation spend on capital expenditures last quarter?: Constellation spent $1.2 billion on purchases of property and equipment in the quarter ended June 30, 2026, up 62% from the same quarter a year earlier. Over its latest four reported quarters it spent $3.9 billion.
Did Constellation's capital spending exceed its operating cash flow?: Yes. In the quarter ended June 30, 2026 Constellation spent 110% of its $1.1 billion of operating cash flow on capital equipment, leaving free cash flow of −$0.1 billion.
What is Constellation's free cash flow?: −$0.1 billion in the quarter ended June 30, 2026, and $0.3 billion over the latest four reported quarters, against −$2.4 billion over the four before. Free cash flow here is operating cash flow less purchases of property and equipment, as the company reports them. Three of the last four quarters were negative.
Is Constellation's capital spending still rising?: Yes. Constellation's quarterly capital spending has been above the same quarter a year earlier for three consecutive quarters. The latest four quarters' spending is 37% above the four before.
Did Constellation borrow to fund its spending?: Constellation's long-term debt rose by $2.1 billion over the quarter ended June 30, 2026. The balance-sheet change is a proxy for net borrowing: maturities, reclassification and acquisitions also move it, and the cash flow statement's financing lines are the exact record.
How does Constellation's capital spending compare with its depreciation?: In the quarter ended June 30, 2026 Constellation spent 1.1 times its depreciation and amortization of $1.2 billion. A ratio well above one means the asset base is growing faster than it is being written off, and depreciation will keep rising as the new assets enter service.
Is this Constellation's AI spending?: No. These are Constellation's company-wide purchases of property and equipment from its cash flow statement, which include everything from data centers to offices and vehicles. The company does not report an AI line, and this page does not estimate one.

Terms used on this page

Capital expenditures (capex)Free cash flow Capex versus depreciation Long-term debt. The methodology sets out every definition and its limits.

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