Constellation Energy Corporation (CEG) financials

NASDAQ · Utilities · Independent Power Producers · 15,315 employees · CEO Joseph Dominguez

Price: $262.38 -0.83%
Market cap: $93B
Enterprise value: $117B
Last report: Q2 '26 filed 2026-08-06
Next report: 2026-11-09 EPS est. $3.88

Revenue (TTM)$31.3B+26.0% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)14.7%-0.8 pp vs a year agoOperating income $4.6B

Net income (TTM)$3.47B+15.2% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$309M+112.9% vs a year agoCapex $3.9B

Diluted EPS (TTM)$10.29+7.4% vs a year agoSum of the last 4 quarters

Net cash-$23.6B-278.0% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $93B
Revenue: $31.3B
Revenue growth: +32%
Profit margin: 11.1%
P/E: 25.5×
P/S: 3.0×
EV / EBITDA: 14.6×
Free cash flow: $309M
Net income: $3.47B
Revenue estimate: $33.7B
Earnings: 2026-11-09
Dividend: $1.67

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-06): revenue missed by 2.9%, EPS beat by 11.4%Revenue $7.5B vs $7.73B expected (-2.9%); EPS $2.55 vs $2.29 (+11.4%).
Revenue growth steady: 23.0% year on yearQ2 '26 revenue $7.5B, against an average of 22.1% over the four quarters before.
Operating margin 14.7% (TTM), -0.8 pp on a year agoOperating income grew 19.7% while revenue grew 26.0%.
10.3% of pre-tax profit is non-operatingPre-tax income $5.13B vs operating income $4.6B (TTM). Gains on equity stakes and other one-off items lift net income and EPS - operating income is the cleaner measure of the business.
Capex 12.5% of revenue (a year ago 11.5%)$3.9B invested in the last 4 quarters (+36.5% on a year earlier). Free cash flow $309M = 8.9% of net income.
Returned $2.52B to shareholders = 816.2% of free cash flowBuybacks $1.97B (a year earlier $400M), dividends $551M, stock-based pay $0 (TTM). More than the free cash flow: paid from cash or debt.
Diluted share count up 12.7% in a year354M diluted shares in Q2 '26, 314M a year earlier.
Net debt $23.6BCash + short-term investments $1.08B, debt incl. leases $24.7B; a year ago net debt $6.25B.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	$7.5B	$6.1B	+23.0%
Gross margin	17.7%	22.4%	-4.6 pp
Operating income	$580M	$951M	-39.0%
Operating margin	7.7%	15.6%	-7.9 pp
Net income	$513M	$839M	-38.9%
Diluted EPS	$1.45	$2.67	-45.7%
Operating cash flow	$1.13B	$1.48B	-23.6%
Capex	$1.25B	$767M	+62.5%
Free cash flow	-$118M	$710M	-116.6%
R&D	$0	$0	–
Stock-based compensation	$0	$0	–

Reported vs consensus

2026-08-06

	Actual	Consensus	vs consensus
Revenue	$7.5B	$7.73B	-2.9%
EPS (as estimated)	$2.55	$2.29	+11.4%

From the report of 2026-08-06 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
Power and Power-related Revenues	$4.96B	–	66.1%	–	–
Other Revenues	$2.15B	–	28.6%	–	–
Constellation Mid Atlantic	–	–	–	–	–
Constellation Other Regions	–	–	–	–	–
Constellation Midwest	–	–	–	–	–
Constellation New York	–	–	–	–	–
Constellation ERCOT	–	–	–	–	–
Capacity Revenues	$396M	–	5.3%	–	–

Revenue by region

share of total

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
Constellation Mid Atlantic	$1.56B	+7.4%	30.5%	$6.78B	+13.4%
Constellation Midwest	$1.57B	+2.9%	30.8%	$6.18B	+12.9%
Constellation Other Regions	$964M	-18.2%	18.9%	$5.3B	-2.2%
Constellation New York	$564M	+5.4%	11.1%	$2.31B	+3.8%
Constellation ERCOT	$446M	-3.9%	8.8%	$1.86B	+7.2%

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $4.21B
Capex: -$3.9B
Buybacks: -$1.97B
Dividends: -$551M
Acquisitions: -$2.54B
Net debt issued: $3.92B
Stock-based compensation: $0
Free cash flow: $309M
Returned to shareholders / FCF: 816.2%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	25.5×	29.9× 3 of 5 years	18.8× – 47.7×
EV / EBITDA	14.6×	12.0×	5.6× – 20.6×
EV / Sales	3.7×	2.4×	1.1× – 4.5×
Price / FCF	300.9×	85.8× 1 of 5 years	85.8× – 85.8×
Price / Book	2.9×	4.0×	1.2× – 7.6×
FCF yield	0.3%	-12.0%	-20.5% – 1.2%
Return on invested capital	3.4%	2.9%	0.4% – 7.7%
Return on equity	14.7%	11.2%	-1.8% – 28.5%

Analysts

Consensus target $341.85 (+30.3%)
range $296.00 – $380.00 · rating Buy

Strong buy0

Buy17

Hold6

Sell0

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$33.7B	+32.1%	$12.17	+64.4%	21.6×	13
FY2027	$34.7B	+2.8%	$13.30	+9.3%	19.7×	12
FY2028	$36.8B	+6.1%	$16.99	+27.7%	15.4×	11
FY2029	$39.8B	+8.3%	$19.87	+17.0%	13.2×	4
FY2030	$41.2B	+3.4%	$21.75	+9.5%	12.1×	4

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 303 figures Constellation Energy Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable and Accrued Liabilities, Current	$4.43B	$3.66B	+21.1%	$4.29B	$3.94B	+8.9%
Accounts Payable and Accrued Liabilities, Noncurrent	$5.91B	$4.94B	+19.7%	–	–	–
Accounts Payable, Current	$2.46B	$2.45B	+0.5%	$2.81B	$2.37B	+18.7%
Accounts Payable, Other, Current	$20M2025-12-31	$40M	-50.0%	$20M	$40M	-50.0%
Accounts Receivable, after Allowance for Credit Loss, Current	$4.66B	$2.95B	+58.2%	$4.27B	$3.72B	+14.7%
Accounts Receivable, Allowance for Credit Loss, Current	$165M	$203M	-18.7%	$158M	$190M	-16.8%
Accounts Receivable, Allowance for Credit Loss, Writeoff	$12M	$4M	+200.0%	$79M	$21M	+276.2%
Accounts Receivable, Credit Loss Expense (Reversal)	$20M	$13M	+53.8%	$47M	$17M	+176.5%
Accounts Receivable, Sale	$589M	$898M	-34.4%	$4.2B	$280M	+1,401.4%
Accrued Income Taxes, Current	$395M	$205M	+92.7%	$246M	$232M	+6.0%
Accumulated Deferred Investment Tax Credit	$309M2025-12-31	$325M	-4.9%	$309M	$325M	-4.9%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$19.6B	$18.5B	+5.9%	$19.1B	$18.1B	+5.4%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$2.4B	-$2.27B	-5.5%	-$2.43B	-$2.3B	-5.3%
Allowance for Doubtful Other Receivables, Current	$8M2025-09-30	$6M	+33.3%	$6M2024-12-31	$5M	+20.0%
Amortization of Intangible Assets	$9M	$5M	+80.0%	$18M	$22M	-18.2%
Amortization of Nuclear Fuel Lease	$252M	$236M	+6.8%	$952M	$884M	+7.7%
Amortization of Other Deferred Charges	$0	$0	–	–	–	–
Amortization of Power Contracts Emission Credits	–	–	–	$17M	$38M	-55.3%
Asset Retirement Obligation, Accretion Expense	$164M	$160M	+2.5%	$647M	$655M	-1.2%
Asset Retirement Obligation, Period Increase (Decrease)	-$570M	–	–	–	–	–
Assets	$98.3B	$53B	+85.3%	$57.2B	$52.9B	+8.2%
Assets, Current	$19B	$9.23B	+105.4%	$12.1B	$10.8B	+12.5%
Cash and Cash Equivalents, at Carrying Value	$697M	$1.97B	-64.7%	$3.64B	$3.02B	+20.5%
Cash and Cash Equivalents, Fair Value Disclosure	$368M	–	–	$42M	$120M	-65.0%
Cash Collateral for Borrowed Securities	$29M	$1M	+2,800.0%	$3M2024-12-31	$44M	-93.2%
Cash Flows Between Transferor and Transferee, Beneficial Interest	–	–	–	$10.5B2024-12-31	$8.14B	+29.2%
Cash Flows Between Transferor and Transferee, Proceeds from Collections Reinvested in Revolving Period Transfers	–	–	–	$12.2B2024-12-31	$11.8B	+3.5%
Cash Flows Between Transferor and Transferee, Proceeds from New Transfers	–	–	–	$1.69B2024-12-31	$3.65B	-53.7%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$1.08B	$2.06B	-47.8%	$3.75B	$3.13B	+19.8%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	-$94M	$120M	-178.3%	$619M	$2.68B	-76.9%
Common Stock, Dividends, Per Share, Declared	$0.43	$0.39	+10.0%	$0.39	$0.35	+10.0%
Common Stock, Par or Stated Value Per Share	$0.00	$0.00	–	$0.00	$0.00	–
Common Stock, Shares Authorized	1B	1B	0.0%	1B	1B	0.0%
Common Stock, Shares, Outstanding	355M	312M	+13.8%	312M	313M	-0.3%
Common Stock, Value, Issued	$26.7B	$10.9B	+143.9%	$11B	$11.4B	-3.1%
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	-$5M	-$6M	+16.7%	$4M	-$11M	+136.4%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$540M	$876M	-38.4%	$2.2B	$3.64B	-39.6%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$535M	$870M	-38.5%	$2.2B	$3.63B	-39.3%
Cost, Depreciation and Amortization	$443M	$254M	+74.4%	$985M	$1.12B	-12.3%
Cost, Direct Labor	$60M	$39M	+53.8%	$161M	$152M	+5.9%
Cost, Direct Material	$4.02B	$3.13B	+28.4%	$14.7B	$11.4B	+28.6%
Costs and Expenses	$6.93B	$5.15B	+34.5%	$22.4B	$19.3B	+16.4%
Current Federal Tax Expense (Benefit)	–	–	–	$764M	$451M	+69.4%
Current Foreign Tax Expense (Benefit)	–	–	–	$14M	-$25M	+156.0%
Current State and Local Tax Expense (Benefit)	–	–	–	$136M	$127M	+7.1%
Debt and Lease Obligation	$19.1B	–	–	$7.25B	$7.38B	-1.8%
Debt Instrument, Unamortized Discount (Premium), Net	$20M	–	–	$1M	$4M	-75.0%
Decommissioning Fund Investments	$20.5B	$18.3B	+12.0%	$19.3B	$17.3B	+11.7%
Decommissioning Fund Investments, Fair Value	$20.6B	–	–	$19.4B	$17.3B	+12.0%
Deferred Compensation Liability, Current and Noncurrent	$107M	–	–	$124M	$93M	+33.3%
Deferred Compensation Plan Assets	$123M	–	–	$112M	$100M	+12.0%
Deferred Costs and Other Assets	$38.1B	$22B	+73.1%	$22.7B	$20.9B	+8.3%
Deferred Credits and Other Liabilities	$33.8B	$25.7B	+31.5%	$27.2B	$25.2B	+8.1%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$238M	$229M	+3.9%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	$0	$45M	-100.0%
Deferred Income Taxes and Other Tax Liabilities, Noncurrent	$8.51B	$3.35B	+154.3%	$3.54B	$3.33B	+6.4%
Deferred Income Taxes and Tax Credits	$300M	$112M	+167.9%	$273M	$222M	+23.0%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	$50M	-$39M	+228.2%
Deferred Tax Assets, Derivative Instruments	$1.09B2025-12-31	$700M	+55.7%	$1.09B	$700M	+55.7%
Deferred Tax Assets, Tax Credit Carryforwards, General Business	$23M2025-12-31	$19M	+21.1%	$23M	$19M	+21.1%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30

Data as of 2026-11-01