Glycolysis converts one glucose into two pyruvates, yielding two net ATP and reducing two NAD+ to two NADH in the canonical pathway. It first spends two ATP, then produces four by substrate-level phosphorylation. The pathway itself consumes no molecular oxygen; sustained operation nevertheless requires regeneration of NAD+.[ref]
Biology 2e by Mary Ann Clark and others. §7.2, First Half of Glycolysis, step 5; Second Half of Glycolysis, steps 6–10; Outcomes of Glycolysis
The useful organizing idea is three separate ledgers: carbon chemical atoms, transfers between ADP and ATP, and redox transfers between NAD+ and NADH. Splitting the carbon skeleton doubles the number of downstream conversions; recycling a cofactor permits repeated operation. These counts explain the yield without memorizing a drawing of every enzyme. The two net ATP belong to glycolysis alone, not to complete cellular respiration.
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