10-K · February 24, 2026
Constellation’s 10-K emphasizes scale and diversification: as of December 31, 2025 the company reports 31,676 MW of owned generating capacity and, after the Jan 7, 2026 Calpine acquisition, a pro forma fleet of ~55 GW…
Earnings analysis · 10-Q
CEG earnings analysis
Filed May 11, 2026 · Our reading of the company's report
The latest report
Constellation Energy Corporation's Q1 2026 results show significant revenue growth, reporting $11.12B, surpassing estimates by $4.29B. The company achieved an EPS of $4.49, exceeding expectations by $1.89, and…
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Constellation Energy Corporation's Q1 2026 results show significant revenue growth, reporting $11.12B, surpassing estimates by $4.29B. The company achieved an EPS of $4.49, exceeding expectations by $1.89, and reiterated its full-year guidance for Adjusted Operating Earnings between $11.00 and $12.00 per share, suggesting ongoing operational strength despite challenging market conditions.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $4.49
What stood out
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Revenue Soars to $11.12B
Constellation reported revenues of $11.12B, exceeding estimates of $8.61B by $4.29B.
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Strong EPS Performance
The reported EPS was $4.49, significantly above the estimated EPS of $2.60 by $1.89.
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Affirmed Full-Year EPS Guidance
Management reaffirmed its 2026 Adjusted Operating Earnings guidance range of $11.00 to $12.00 per share.
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Operational Cash Flow Positive
The operating cash flow for the quarter showed improvement, reflecting operational efficiency.
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Increase in Share Repurchase Authority
The Board approved a $4.4B increase in the share repurchase program, with $4.7B remaining for buybacks.
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Acquisition Integration Progressing
Management is focused on successfully integrating Calpine post-acquisition, which may enhance future operational capacity.
What to watch
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High Debt Levels Persist
Constellation Energy's ongoing high debt levels present refinancing and liquidity risks, particularly in a volatile interest rate environment.
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Commodity Price Sensitivity
The company faces risks related to fluctuating commodity prices affecting energy sales and procurement costs.
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Regulatory Pressures
Continued regulatory scrutiny and compliance costs could impact operational efficiencies and profitability.
Management's outlook
Management expects 2026 Adjusted Operating Earnings of $11.00 - $12.00 per share.
Earlier filings 4
10-K · February 18, 2025
Constellation positions itself as the nation’s largest carbon‑free generator and a major competitive energy supplier, operating 31,676 MW of owned capacity (nearly 90% carbon‑free) and serving ~1.5 million customers…
10-Q · August 6, 2024
Constellation reported Q2 revenue of $5,475,000,000 (up $29,000,000 vs Q2 2023) and delivered materially higher operating income of $1,100,000,000 (vs $669,000,000 a year ago). Diluted EPS rose slightly to $2.58 (from…
10-Q · November 6, 2023
Constellation Energy reported Q3 operating revenues of $6,111M and operating income of $977M, restoring profitability versus the prior-year quarter. Diluted EPS was $2.26 (vs $(0.57) in Q3 2022) but operating cash flow…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.