Constellation Energy Stock CEG
Constellation Energy stock (CEG): Quarterly and annual results since 2023 from Quarterly Report and SEC filings: revenue, earnings, balance sheet, cash flow and management guidance, every figure with its source. As of 08/2026, quarterly reporting. Stock analysis by NadirAlpha. Constellation Energy stock (CEG): listed on Nasdaq, index S&P 500, Nasdaq 100, WKN A3DCXB. NadirAlpha has evaluated 33 original documents, cross-checked every figure automatically and linked each to its source; sources as of 08/2026. Revenue Q2 2026: USD 7.5 billion (+23% year on year). Latest reported (Q2 2026): Nuclear Generation, Renewable Energy Capture, Nuclear Capacity Factor (excl. Salem and STP). Latest reading: Revenue decelerating, Guidance raised, Divestiture, New market.
Revenue decelerating Guidance raised strategy: Divestiture strategy: New market
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Not investment adviceNeutral financial information, no recommendation, no investment research within the meaning of MiFID II.
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Constellation Energy Current Status
Summary of the most recent reporting period of Constellation Energy (Q2 2026): core figures, drivers and management statements, every figure with a source number. NadirAlpha methodology
Assessment by NadirAlpha, as of Q2 2026.
Constellation Energy reported second-quarter 2026 operating revenues of 7,504 million, substantially higher than the 6,101 million in Q2 2025, with the January 2026 Calpine Corporation acquisition contributing significantly to generation volumes and operating costs 29. GAAP diluted EPS was 1.42, compared to 2.67 in the prior-year quarter, while adjusted (non-GAAP) operating earnings per share rose to $2.55 from $1.91 30. Constellation Energy raised its full-year adjusted operating earnings guidance to $11.50 to $12.50 per share and the board authorized a $4.4 billion increase to the share repurchase program, with approximately 7.1 million shares repurchased for $2.0 billion in the first half of 2026 30 29.
Management commentary on the 2026-Q2 results (8-K-EX99.1, 2026-08-06):
“This quarter's accomplishments reflect the momentum we're building across our business. From advancing the restart of the Crane Clean Energy Center, to executing long-term agreements with our corporate customers and extending the lives of two critical New York assets, we're strengthening the nation's energy infrastructure and helping meet growing demand for reliable power.” Joe Dominguez, President and Chief Executive Officer 30
“Our second-quarter results and increased full-year EPS guidance demonstrate the earnings power of our expanded platform, strong operational and commercial performance, and the disciplined execution of our capital allocation strategy. We remain focused on integrating Calpine, capturing the value of our expanded fleet and investing in opportunities that generate attractive returns. With a strong balance sheet, a differentiated customer facing business, and a generation portfolio well positioned to serve increasing demand for reliable energy, we are well positioned to deliver on our growth commitments and create sustained value for our owners.” Shane Smith, Executive Vice President and Chief Financial Officer 30
Revenue · 2026-Q27,504$m+23.0 % vs. 2025-Q2
Net profit · 2026-Q2508$m−39.0 % vs. 2025-Q2
EPS · 2026-Q21.42$−46.8 % vs. 2025-Q2
Revenue trend
Guidance
For FY2026, Constellation Energy guides EPS (non-GAAP) 11.5 to 12.5 $ (raised); Capex 5,700 $m (initiated). 30
ProfitabilityOperating income for Q2 2026 was 580 million and net income attributable to common shareholders totaled 508 million, compared to 951 million and 833 million respectively in Q2 2025 29. Operating cash flow was 1,128 million; capital expenditures of 1,246 million produced free cash flow of -118 million for the quarter 130. The effective income tax rate for the six months ended June 30, 2026 was 30.7%, compared to 32.4% in the prior-year period 29.
LeverageNet debt at June 30, 2026 stood at 24,003 million, with cash and cash equivalents of 697 million 130. The Calpine acquisition assumed approximately $12.6 billion of debt, comprising $7.6 billion of corporate long-term debt and $5.0 billion of project financing arrangements, materially expanding the balance sheet from prior-year levels 29. To reduce this load, Constellation issued senior unsecured notes totaling $2.75 billion in January 2026 and $2.2 billion in May 2026 to repay Calpine-assumed debt and short-term borrowings 29.
Management viewFERC granted a waiver to transfer capacity interconnection rights to the Crane Clean Energy Center and the NRC approved a fuel license amendment, advancing the planned 2027 nuclear restart at that facility 30. Constellation signed 920 MW of long-term nuclear power purchase agreements with investment-grade customers for 15 to 20 years beginning 2029 to 2032, extending its contracted clean energy position 29. Constellation Energy entered a 380 MW data center supply agreement with CyrusOne at Freestone Energy Center, including an exclusive Phase 2 option for an additional 380 MW 29.
ChangeOperating and maintenance expenses increased $636 million for Q2 2026 primarily from the addition of Calpine operations, and purchased power and fuel expense rose $891 million versus Q2 2025 29. Depreciation and amortization increased $189 million and interest expense rose $165 million, reflecting Calpine asset acquisitions and the associated debt assumed 29. The nuclear fleet capacity factor for the six months ended June 30, 2026 was 92.7%, versus 94.5% in the prior-year period, as refueling outage days increased to 185 from 129 29.
Risks (current)Constellation remitted $235 million to Exelon in March 2026 related to IRS Notice 2026-7 CAMT guidance on repair and maintenance deductions, representing a company-specific fiscal outflow in the period 29. Accrued liabilities for asbestos personal injury claims totaled $28 million current and $122 million noncurrent as of June 30, 2026; the Illinois Climate and Equitable Jobs Act requires elimination of CO2 emissions from certain natural gas units near environmental justice communities by January 1, 2030, subject to reliability exceptions 29. A three-notch downgrade below investment grade would require an estimated $3.4 billion in incremental collateral for derivatives and normal purchase/normal sale contracts, and net counterparty credit exposure on derivative contracts stood at $2,406 million as of June 30, 2026 29.
New this reporting periodThe acquisition of Calpine Corporation closed January 7, 2026 for $21.8 billion, adding approximately 23 GW of generation capacity across natural gas, geothermal, battery storage, and solar, plus a competitive retail platform serving 62 TWh annually 29. The 105 MW Pastoria Solar Project was commissioned in April 2026 and the 460 MW Pin Oak Creek Energy Center in ERCOT achieved commercial operation the same month 29. Constellation agreed to divest the Brazos Valley Energy Center, a 606 MW natural gas plant, to LS Power for $860 million as part of regulatory commitments from the Calpine acquisition, and filed nuclear license renewal applications for the Ginna and Nine Mile Point Unit 1 reactors to extend operations through 2049 30.
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Constellation Energy Stock: Key Figures ($m)
The core financial figures of Constellation Energy stock in three views: fiscal years up to FY2026, half-years and quarters up to Q2 2026, in $m, most recent period first. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.
Revenue ($m) · annual basis, as reported
Net income ($m) · annual basis, as reported
EPS ($) · annual basis, as reported
Operating cash flow ($m) · annual basis, as reported
Revenue ($m) · quarterly basis, as reported
Net income ($m) · quarterly basis, as reported
EPS ($) · quarterly basis, as reported
Operating cash flow ($m) · quarterly basis, as reported
Cash ($m) · annual basis, as reported
Debt ($m) · annual basis, as reported
Net Debt ($m) · annual basis, as reported
Capex ($m) · annual basis, as reported
FCF ($m) · annual basis, as reported
D&A ($m) · annual basis, as reported
Cash ($m) · quarterly basis, as reported
Debt ($m) · quarterly basis, as reported
Net Debt ($m) · quarterly basis, as reported
Capex ($m) · quarterly basis, as reported
FCF ($m) · quarterly basis, as reported
D&A ($m) · quarterly basis, as reported
Shown: the most recent fiscal years. Full history since FY2021 is on record.
Fiscal years
Amounts in $m · EPS in $ per share · as reported
| Period | Revenue | Op. income | Net income | EPS ($) | EBITDA (adj.) | OCF | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | 25,533 | 3,086 | 2,319 | 7.40 | – | 4,237 | 126 |
| FY2024 | 23,568 | 4,352 | 3,749 | 11.89 | – | -2,464 | 126 |
| FY2023 | 24,918 | 1,610 | 1,623~ | 5.01 | 4,025 | -5,301 | 125 |
Quarters
Amounts in $m · EPS in $ per share · as reported
| Period | Published | Revenue | Op. income | Net income | EPS ($) | EBITDA (adj.) | FCF | Cash | Net Debt | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| 2026-Q2* | 2026-08-06 | 7,504 | 580 | 508 | 1.42 | – | -118 | 697 | 24,003 | 130 |
| 2026-Q1* | 2026-05-11 | 11,122 | 2,332 | 1,603 | 4.49 | – | -850 | 800 | 21,666 | 128 |
| 2025-Q4* | 2026-02-24 | 6,074 | 598 | 432 | 1.38*≈ | – | -181 | 3,641 | 5,351 | 126 |
| 2025-Q3* | 2025-11-07 | 6,570 | 1,086 | 929 | 2.97 | – | 1,458 | 3,959 | 3,376 | 124 |
| 2025-Q2* | 2025-08-07 | 6,101 | 951 | 833 | 2.67 | – | 710 | 1,974 | 5,377 | 21 |
| 2025-Q1* | 2025-05-06 | 6,788 | 451 | 129~ | 0.38 | – | -699 | 1,846 | 5,539 | 19 |
| 2024-Q4* | 2025-02-18 | 5,382 | 972 | 850 | 2.70*≈ | – | -1,745 | 3,022 | 5,390 | 17 |
| 2024-Q3* | 2024-11-04 | 6,550 | 1,467 | 1,196 | 3.82 | – | -664 | 1,793 | 5,649 | 15 |
| 2024-Q2* | 2024-08-06 | 5,475 | 1,100 | 809 | 2.58 | – | -1,159 | 311 | 7,162 | 13 |
| 2024-Q1* | 2024-05-09 | 6,161 | 813 | 883 | 2.78 | – | -1,461 | 562 | 7,854 | 11 |
| 2023-Q4* | 2024-02-27 | 5,796 | -67 | -39~ | -0.12*≈ | 1,137 | -3,869 | 368 | 8,893 | 9 |
| 2023-Q3* | 2023-11-06 | 6,111 | 977 | 690~ | 2.26 | 1,199 | -1,392 | 1,889 | 5,686 | 7 |
| 2023-Q2* | 2023-08-03 | 5,446 | 669 | 824 | 2.56 | 1,031 | -868 | 269 | 5,948 | 5 |
| 2023-Q1* | 2023-05-04 | 7,565 | 31 | 102~ | 0.29 | 658 | -1,594 | 237 | 5,587 | 3 |
* derived: values with formula provenance (hover); Q4 = FY − 9M · H2 = FY − H1 · EPS via implied shares · net debt = financial debt − cash · FCF = OCF − |capex|.
Columns not reported in this reporting cadence are hidden: Op. income (adj.), EPS adj. (not reported in any source for these periods).
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Constellation Energy Balance Sheet & Cash Flow ($m)
Balance sheet and cash flow of Constellation Energy up to Q2 2026 in $m: net debt = financial debt minus cash, free cash flow = operating cash flow minus capex, every input sourced. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
Fiscal years
Amounts in $m · as reported
| Period | Published | Cash | Debt | Net Debt | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | 2026-02-24 | 3,641 | 8,992 | 5,351 | 2,601 | 4,237 | 2,949 | 1,288 | 126 |
| FY2024 | 2025-02-18 | 3,022 | 8,412 | 5,390 | 2,700 | -2,464 | 2,565 | -5,029 | 17 |
| FY2023 | 2024-02-27 | 368 | 9,261 | 8,893 | 2,514 | -5,301 | 2,422 | -7,723 | 9 |
Quarters
Amounts in $m · as reported
| Period | Published | Cash | Debt | Net Debt | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2026-Q2 | 2026-08-06 | 697 | 24,700 | 24,003 | 1,166 | 1,128 | 1,246 | -118 | 130 |
| 2026-Q1 | 2026-05-11 | 800 | 22,466 | 21,666 | 1,202 | 425 | 1,275 | -850 | 128 |
| 2025-Q4 | 2026-02-24 | 3,641 | 8,992 | 5,351 | 242~ | 805 | 986 | -181 | 126 |
| 2025-Q3 | 2025-11-07 | 3,959 | 7,335 | 3,376 | 241~ | 1,848 | 390 | 1,458 | 124 |
| 2025-Q2 | 2025-08-07 | 1,974 | 7,351 | 5,377 | 660 | 1,477 | 767 | 710 | 21 |
| 2025-Q1 | 2025-05-06 | 1,846 | 7,385 | 5,539 | 640 | 107 | 806 | -699 | 19 |
| 2024-Q4 | 2025-02-18 | 3,022 | 8,412 | 5,390 | 255~ | -1,016 | 729 | -1,745 | 17 |
| 2024-Q3 | 2024-11-04 | 1,793 | 7,442 | 5,649 | 266~ | -112 | 552 | -664 | 15 |
| 2024-Q2 | 2024-08-06 | 311 | 7,473 | 7,162 | 694 | -613 | 546 | -1,159 | 13 |
| 2024-Q1 | 2024-05-09 | 562 | 8,416 | 7,854 | 694 | -723 | 738 | -1,461 | 11 |
| 2023-Q4 | 2024-02-27 | 368 | 9,261 | 8,893 | 288~ | -3,182 | 687 | -3,869 | 9 |
| 2023-Q3 | 2023-11-06 | 1,889 | 7,575 | 5,686 | 266~ | -993 | 399 | -1,392 | 7 |
| 2023-Q2 | 2023-08-03 | 269 | 6,217 | 5,948 | 614 | -192 | 676 | -868 | 5 |
| 2023-Q1 | 2023-05-04 | 237 | 5,824 | 5,587 | 605 | -934 | 660 | -1,594 | 3 |
Debt = long-term + current · Net debt = debt − cash · FCF = OCF − capex.
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Constellation Energy Guidance Tracking (latest per metric/period · 4/7)
What Constellation Energy guided for Q2 2026 and beyond and whether the targets were met; ranges count as met when the actual lies within. NadirAlpha methodology
Direction: confirmedinitiatedraised Verdict: beatpending
| For period | Guided on | Metric | Guided | Actual | Verdict | Direction | Source |
|---|---|---|---|---|---|---|---|
| FY2027 | 2026-02-24 | Capex | 4,700 | – | 25 | ||
| FY2026 | 2026-08-06 | EPS (non-GAAP) | 11.5–12.5 | – | 30 | ||
| FY2026 | 2026-02-24 | Capex | 5,700 | – | 25 | ||
| FY2025 | 2025-11-07 | Adjusted (non-GAAP) Operating Earnings | 9.05–9.45 | – | – | 24 | |
| FY2024 | 2024-11-04 | EPS (non-GAAP) | 8–8.4 | – | – | 16 | |
| FY2024 | 2024-08-06 | Adjusted (non-GAAP) Operating Earnings | 7.6–8.4 | – | – | 14 | |
| FY2023 | 2023-11-06 | EBITDA (adjusted) | 3,800–4,000 | 4,025 | 8 |
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Constellation Energy Stock: Price & Chart
Price history of Constellation Energy stock (CEG) as a TradingView chart, loaded only after a click, alongside the trend of the key figures from the tables. NadirAlpha methodology
Daily candles with news and earnings markers. Loads only on click.
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Constellation Energy Event Timeline
This timeline collects the material events of Constellation Energy from the original reports: guidance changes, revenue and margin signals, strategy shifts, product and M&A announcements, grouped by quarter. NadirAlpha methodology
Overview: one dot per event · click jumps to the period
2026 · 10 events
Guidance raised 2026-08-06
Full-year Adjusted Operating Earnings guidance raised to $11.50-$12.50 per share 30
Full-year Adjusted Operating Earnings guidance raised to $11.50-$12.50 per share 30
Divestiture 2026-08-06
Entered agreement to divest Brazos Valley Energy Center (606 MW natural gas) to LS Power for $860 million, satisfying regulatory commitments from Calpine acquisition 30
Entered agreement to divest Brazos Valley Energy Center (606 MW natural gas) to LS Power for $860 million, satisfying regulatory commitments from Calpine acquisition 30
New market 2026-08-06
Signed 920 MW of long-term nuclear PPAs with investment-grade customers for 15-20 years, beginning 2029-2032 30
Signed 920 MW of long-term nuclear PPAs with investment-grade customers for 15-20 years, beginning 2029-2032 30
“America needs reliable, clean power and Constellation is built to meet this demand with the strength of our fleet and the solutions we're delivering for customers. Right now, our focus is on execution, operating at a high level, integrating two great companies, bringing new resources to market, and navigating a changing regulatory environment, led by the women and men who power our business every day.” Joe Dominguez, President and Chief Executive Officer 28
Guidance confirmed 2026-05-11
Full-year 2026 Adjusted Operating Earnings guidance of $11.00-$12.00 per share affirmed 28
Full-year 2026 Adjusted Operating Earnings guidance of $11.00-$12.00 per share affirmed 28
Divestiture 2026-05-11
Agreement to divest five generation assets in PJM to LS Power for $5.0 billion as required by DOJ merger approval conditions 27
Agreement to divest five generation assets in PJM to LS Power for $5.0 billion as required by DOJ merger approval conditions 27
Acquisition 2026-05-11
Calpine Corporation acquisition closed January 7, 2026 for $21,835 million in cash and stock, adding ~23 GW of natural gas, geothermal, battery storage, and solar capacity plus a competitive retail platform 27
Calpine Corporation acquisition closed January 7, 2026 for $21,835 million in cash and stock, adding ~23 GW of natural gas, geothermal, battery storage, and solar capacity plus a competitive retail platform 27
Operating income doubled 2026-05-11
Operating income more than doubled YoY (451.0 to USD 2,332.0 million, +417%). 128
Operating income more than doubled YoY (451.0 to USD 2,332.0 million, +417%). 128
Cash flow inflection 2026-05-11
Operating cash flow reached USD 425.0 million vs USD 107.0 million in 2025-Q1 (×4.0). 128
Operating cash flow reached USD 425.0 million vs USD 107.0 million in 2025-Q1 (×4.0). 128
2025 · 16 events
“Constellation enters 2026 well positioned to meet the nation's growing demand for reliable, clean electricity. This past year, we welcomed Calpine to our company, expanding our generation portfolio, strengthening our commercial platform and enhancing our ability to serve customers nationwide. With the nation's largest nuclear fleet at the core of our strategy, we're pairing the grid's most reliable power with flexible resources to meet accelerating demand driven by electrification and the data economy. Our long-term agreements with Microsoft, Meta and most recently CyrusOne demonstrate how we're putting that expanded portfolio to work while maintaining reliability for customers and keeping costs stable. And none of this happens without our people, who deliver outstanding performance every day. We're at a pivotal moment for American competitiveness, and Constellation is ready to meet it.” Joe Dominguez, President and Chief Executive Officer 26
Adjusted result turned positive ◦ 2026-02-24
Full-year 2025 adjusted operating earnings per share increased to $9.39 from $8.67 in 2024, driven by favorable market and portfolio conditions and higher Illinois banked ZEC revenues 26
Full-year 2025 adjusted operating earnings per share increased to $9.39 from $8.67 in 2024, driven by favorable market and portfolio conditions and higher Illinois banked ZEC revenues 26
New market 2026-02-24
DOE issued $1 billion unsecured loan guarantee in November 2025 to support financing of Crane Clean Energy Center restart, maturing October 2055, backed by 20-year PPA with Microsoft 26
DOE issued $1 billion unsecured loan guarantee in November 2025 to support financing of Crane Clean Energy Center restart, maturing October 2055, backed by 20-year PPA with Microsoft 26
Acquisition 2026-02-24
Calpine Corporation acquisition completed for approximately $22 billion, adding approximately 23 GWs of natural gas, geothermal, battery storage, and solar generation capacity across 72 assets 26
Calpine Corporation acquisition completed for approximately $22 billion, adding approximately 23 GWs of natural gas, geothermal, battery storage, and solar generation capacity across 72 assets 26
“We achieved one of the highest operating quarters for our nuclear fleet and advanced major milestones like our historic settlement with Maryland for continued operations of the Conowingo dam. Momentum continues to build around reliable, clean nuclear energy as a cornerstone of America's energy strategy. With growing recognition of nuclear's role in powering the data economy and supporting reliability and affordability for consumers, Constellation is positioned to help our regions and nation grow, while continuing to deliver benefits for our customers, communities, and owners.” Joe Dominguez, President and Chief Executive Officer 24
Guidance confirmed 2025-11-07
Full-year 2025 adjusted operating earnings guidance narrowed to $9.05-$9.45 per share 24
Full-year 2025 adjusted operating earnings guidance narrowed to $9.05-$9.45 per share 24
Strategic pivot 2025-11-07
One Big Beautiful Bill Act signed into law in July 2025, preserving nuclear PTC transferability through 2032 under IRA and permanently extending bonus depreciation and R&D deduction provisions 23
One Big Beautiful Bill Act signed into law in July 2025, preserving nuclear PTC transferability through 2032 under IRA and permanently extending bonus depreciation and R&D deduction provisions 23
Strategic pivot 2025-11-07
NRC completed updated environmental review for Peach Bottom Units 2 and 3, restoring operating license expiration dates to 2053 and 2054 23
NRC completed updated environmental review for Peach Bottom Units 2 and 3, restoring operating license expiration dates to 2053 and 2054 23
“With increasing demand for electricity to power American families and businesses, AI, electric vehicles and industrial growth, we're doing our part to ensure reliability and affordability. We are adding megawatts to the grid through extending the lives of our existing fleet, expediting the Crane Clean Energy Center restart, expanding nuclear plant capacity through uprates, and launching a new, AI-powered demand response tool that helps businesses reduce energy use during periods of peak demand. These efforts reduce costs for everyone while strengthening grid reliability and reflect the kind of leadership our customers, our communities and our economy need right now.” Joe Dominguez, President and Chief Executive Officer 22
Adjusted result turned positive ◦ 2025-08-07
Adjusted operating earnings increased to $1.91 per share in Q2 2025 from $1.68 per share in Q2 2024, driven by higher Illinois banked ZEC revenues and favorable market and portfolio conditions 22
Adjusted operating earnings increased to $1.91 per share in Q2 2025 from $1.68 per share in Q2 2024, driven by higher Illinois banked ZEC revenues and favorable market and portfolio conditions 22
Acquisition 2025-08-07
Regulatory approvals for Calpine acquisition received from PUCT, NYPSC, and FERC in June-July 2025; transaction completion expected by December 31, 2025 22
Regulatory approvals for Calpine acquisition received from PUCT, NYPSC, and FERC in June-July 2025; transaction completion expected by December 31, 2025 22
New market 2025-08-07
Signed 20-year power purchase agreement with Meta Platforms for full output of Clinton Clean Energy Center beginning June 2027, supporting relicensing with planned 30 MW capacity expansion through plant uprates 22
Signed 20-year power purchase agreement with Meta Platforms for full output of Clinton Clean Energy Center beginning June 2027, supporting relicensing with planned 30 MW capacity expansion through plant uprates 22
Operating cash flow turned positive 2025-08-07
Operating cash flow turned positive on a half-year basis (2024-H2: -1,128.0 to 2025-H1: +USD 1,584.0 million, aggregated from reported quarters where needed). 130
Operating cash flow turned positive on a half-year basis (2024-H2: -1,128.0 to 2025-H1: +USD 1,584.0 million, aggregated from reported quarters where needed). 130
“Constellation delivered another strong quarter, driven by the unmatched capabilities of our people and the strength of our fleet. We provide American families and businesses with the essential power that makes life possible. This commitment is at the heart of our company and defines our special bond with America. Our team is working hard to meet the power needs of customers nationwide, including powering the new AI products that Americans increasingly are using in their daily lives and that businesses and government are using to provide better products and services. We are delighted to partner with America's leading technology companies as we have done with the relaunch of the Crane Clean Energy Center, and have made tremendous progress on new power agreements that we expect to announce soon. As Presidents Trump and Biden repeatedly have emphasized, it is vital for our national security and for our economy that America lead the AI race, and I am so proud that Constellation is playing such an important role.” Joe Dominguez, President and Chief Executive Officer 20
Net income turned negative ◦ 2025-05-06
GAAP net income declined to 129 million from $883 million in Q1 2024, primarily due to unfavorable unrealized losses on fair value adjustments of $505 million and unfavorable NDT fund investment activity 19
GAAP net income declined to 129 million from $883 million in Q1 2024, primarily due to unfavorable unrealized losses on fair value adjustments of $505 million and unfavorable NDT fund investment activity 19
Adjusted result turned positive ◦ 2025-05-06
Adjusted (non-GAAP) Operating Earnings increased to $2.14 per share from $1.82 per share in Q1 2024, reflecting operational performance gains 20
Adjusted (non-GAAP) Operating Earnings increased to $2.14 per share from $1.82 per share in Q1 2024, reflecting operational performance gains 20
Acquisition 2025-05-06
Calpine Corporation acquisition announced for 50 million newly issued shares and $4.5 billion in cash, adding over 27 GWs of natural gas, geothermal, battery storage, and solar generation capacity; closing expected by December 31, 2025 19
Calpine Corporation acquisition announced for 50 million newly issued shares and $4.5 billion in cash, adding over 27 GWs of natural gas, geothermal, battery storage, and solar generation capacity; closing expected by December 31, 2025 19
2024 · 13 events
Operating income doubled
Operating income more than doubled YoY (1,610.0 to USD 4,352.0 million, +170%). 126
Operating income more than doubled YoY (1,610.0 to USD 4,352.0 million, +170%). 126
“The 14,000 women and men of Constellation remain the driving force behind our strong operational and financial performance in 2024. Whether it's AI and the many technologies of the future, or the everyday needs of families and businesses across our nation, Constellation provides the reliable and sustainable energy needed today and is investing billions of dollars to power our country for decades to come. We know that reliable, affordable and sustainable power is the key to America's freedom and the life-blood of our economic prosperity, and over the past three years we have built a company that can meet that need for power with unmatched capabilities.” Joe Dominguez, President and Chief Executive Officer 18
earnings 2025-02-18
GAAP net income of 2.70 per share in Q4 2024 compared to ($0.11) per share in Q4 2023; full-year adjusted operating earnings of $8.67 per share exceeded the guidance range of $8.00 to $8.40 18
GAAP net income of 2.70 per share in Q4 2024 compared to ($0.11) per share in Q4 2023; full-year adjusted operating earnings of $8.67 per share exceeded the guidance range of $8.00 to $8.40 18
Guidance confirmed 2025-02-18
Affirmed 2025 adjusted operating earnings guidance of $8.90 to $9.60 per share 18
Affirmed 2025 adjusted operating earnings guidance of $8.90 to $9.60 per share 18
Acquisition 2025-02-18
Entered definitive agreement to acquire Calpine Corporation for 50 million newly issued shares and $4.5 billion in cash, subject to regulatory approvals with expected closing by December 31, 2025 18
Entered definitive agreement to acquire Calpine Corporation for 50 million newly issued shares and $4.5 billion in cash, subject to regulatory approvals with expected closing by December 31, 2025 18
“There is no more important commodity in the world today than clean energy that is there when you need it. We continue to see opportunities to add clean energy to the grid by extending the life and increasing the output of our nuclear fleet to meet the nation's growing needs in a way that creates jobs, benefits grid reliability and protects the environment.” Joe Dominguez, President and Chief Executive Officer 16
Guidance raised 2024-11-04
Raised full-year 2024 adjusted operating earnings guidance to $8.00 to $8.40 per share, narrowing from prior range of $7.60 to $8.40 16
Raised full-year 2024 adjusted operating earnings guidance to $8.00 to $8.40 per share, narrowing from prior range of $7.60 to $8.40 16
New market 2024-11-04
Executed 20-year power purchase agreement with Microsoft to support restart of Three Mile Island Unit 1 as Crane Clean Energy Center, with estimated capital expenditure of approximately $1.6 billion and expected in-service date of 2028 15
Executed 20-year power purchase agreement with Microsoft to support restart of Three Mile Island Unit 1 as Crane Clean Energy Center, with estimated capital expenditure of approximately $1.6 billion and expected in-service date of 2028 15
“During one of the hottest summers on record, our carbon-free nuclear fleet has again performed at industry leading levels. Combined with the rest of our generation fleet, we are helping to keep American families and businesses cool, the U.S. economy running strong and our communities thriving. This world class performance is only possible because of the dedicated, talented people who work here 24/7/365, which is why I am proud that we have once again been certified as a Great Place to Work.” Joe Dominguez, President and CEO 14
Guidance raised 2024-08-06
Raised full-year 2024 adjusted operating earnings guidance to $7.60 to $8.40 per share from prior guidance of $7.23 to $8.03 per share 14
Raised full-year 2024 adjusted operating earnings guidance to $7.60 to $8.40 per share from prior guidance of $7.23 to $8.03 per share 14
Divestiture 2024-08-06
Settlement agreement with CPS and City of Austin resolved all South Texas Project litigation; agreed to sell 2% ownership interest to CPS at same price as NRG acquisition, with closing expected in first half of 2025 13
Settlement agreement with CPS and City of Austin resolved all South Texas Project litigation; agreed to sell 2% ownership interest to CPS at same price as NRG acquisition, with closing expected in first half of 2025 13
“We had another strong quarter as support grows for nuclear energy as a reliable, clean source to meet growing demand from electric vehicles, heavy industry and emerging technologies, such as AI and related digital infrastructure. We're also adding more firm clean energy to the grid by extending the lives of our nuclear plants, increasing their output and exploring opportunities to locate next generation nuclear reactors at our sites. The largest and most critical industries in America are coming to us to power their businesses with clean energy in every hour of every day, providing opportunities for sustainable growth as we lead the nation's transition to a clean-energy economy.” Joe Dominguez, President and CEO 12
earnings 2024-05-09
Net income increased to USD 883 million from $96 million in Q1 2023; Q1 2023 included mark-to-market losses of $1,195 million on purchased power and fuel versus gains of $124 million in Q1 2024 11
Net income increased to USD 883 million from $96 million in Q1 2023; Q1 2023 included mark-to-market losses of $1,195 million on purchased power and fuel versus gains of $124 million in Q1 2024 11
New market 2024-05-09
Nuclear Production Tax Credit became effective in 2024, generating an estimated $304 million in Q1 with a transferable credit of up to $15 per MWh through 2032 11
Nuclear Production Tax Credit became effective in 2024, generating an estimated $304 million in Q1 with a transferable credit of up to $15 per MWh through 2032 11
Operating income doubled 2024-05-09
Operating income more than doubled YoY (31.0 to USD 813.0 million, +2523%). 11
Operating income more than doubled YoY (31.0 to USD 813.0 million, +2523%). 11
2023 · 17 events
“We had extremely strong financial and operational performance as our nuclear fleet continued to achieve unmatched reliability, allowing us to deliver carbon-free energy to our customers in all hours of the day under some of the harshest weather conditions in decades. Our generation fleet was matched by an industry-leading commercial business serving the most competitive large industrial customers and three-fourths of the Fortune 100 last year, including top names in technology and other industries seeking to drive economic growth with clean energy across our nation. We took a disciplined approach to growing our business in 2023, completing our acquisition of a partial stake in the South Texas Project nuclear plant, repowering our wind assets, taking steps to extend the life of our nuclear plants and investing in new equipment to increase their output. We are delivering our hourly-matched carbon-free energy product to top sustainability leaders, and our results reflect growing acknowledgement by our customers that nuclear energy delivers unique value that can't be matched anywhere in the marketplace.” Joe Dominguez, President and Chief Executive Officer 10
guidance 2024-02-27
Announced 2024 capital allocation strategy with 25% quarterly dividend increase to $0.3525 per share, targeting 10% annual dividend growth 9
Announced 2024 capital allocation strategy with 25% quarterly dividend increase to $0.3525 per share, targeting 10% annual dividend growth 9
Acquisition 2024-02-27
Acquired 44% undivided ownership interest in South Texas Project Nuclear Generating Station for $1.65 billion, closed November 1, 2023 10
Acquired 44% undivided ownership interest in South Texas Project Nuclear Generating Station for $1.65 billion, closed November 1, 2023 10
“Our continued strong performance this quarter is the result of pairing the nation's largest clean energy fleet with an unmatched commercial business, allowing us to produce affordable and reliable carbon-free energy when and where American families and businesses need it. This combination of businesses is the fundamental strength of our strategy. It allows us to help customers like Microsoft and ComEd manage their energy costs in a volatile market, while also lowering their carbon emissions with clean energy matched to their use in every hour of every day. We continue to execute our growth strategy, closing on the South Texas Project transaction ahead of schedule and moving forward with $1.5 billion in growth spending on equipment to increase the output of our nuclear plants, wind repowering and pursuit of a nuclear-powered clean hydrogen facility as part of a multi-state hub.” Joe Dominguez, President and Chief Executive Officer 8
earnings 2023-11-06
Operating income recovered to USD 977 million from a loss of $41 million in Q3 2022 7
Operating income recovered to USD 977 million from a loss of $41 million in Q3 2022 7
Revenue decelerating 2023-11-06
Illinois ZEC price declined 97.5% to $0.30/MWh in Q3 2023 from $12.01/MWh in Q3 2022 7
Illinois ZEC price declined 97.5% to $0.30/MWh in Q3 2023 from $12.01/MWh in Q3 2022 7
New market 2023-11-06
Selected as major MachH2 hydrogen hub participant with up to $1 billion Department of Energy grant to build world's largest nuclear-powered hydrogen production facility 8
Selected as major MachH2 hydrogen hub participant with up to $1 billion Department of Energy grant to build world's largest nuclear-powered hydrogen production facility 8
Segment divergence 2023-11-06
Other Power Regions revenue grew +53.2% to USD 2,014.0 million in 2023-Q3 (33% of group revenue) while group revenue changed +1.0%. 7
Other Power Regions revenue grew +53.2% to USD 2,014.0 million in 2023-Q3 (33% of group revenue) while group revenue changed +1.0%. 7
“Constellation continues to deliver strong operational and financial performance across the business, while giving customers the visibility and certainty they need to manage energy costs during a time of market volatility and creating value for our shareholders. During a summer of record-setting heat, our nuclear fleet continues to deliver clean, reliable and affordable electricity to the communities we serve in every hour of every day of the year, making it an essential tool in meeting our customers' carbon reduction goals. In a first for our industry, we recently signed a landmark agreement with Microsoft to provide one of its data centers with environmental attributes from nuclear energy as part of a strategy to power its operations with clean energy around the clock, demonstrating the unique value of nuclear as a sustainable climate solution.” Joe Dominguez, President and CEO 6
earnings 2023-08-03
GAAP net income of USD 824 million in Q2 2023 compared to a loss of $111 million in Q2 2022, driven by favorable market conditions and lower purchased power and fuel costs 6
GAAP net income of USD 824 million in Q2 2023 compared to a loss of $111 million in Q2 2022, driven by favorable market conditions and lower purchased power and fuel costs 6
Acquisition 2023-08-03
Agreed to acquire NRG Energy's 44% stake in South Texas Project Nuclear Generating Station for $1.75 billion, expected to close within 2023 5
Agreed to acquire NRG Energy's 44% stake in South Texas Project Nuclear Generating Station for $1.75 billion, expected to close within 2023 5
New market 2023-08-03
Signed landmark agreement with Microsoft to provide environmental attributes from nuclear energy for data centers, enabling hourly carbon-free energy matching 6
Signed landmark agreement with Microsoft to provide environmental attributes from nuclear energy for data centers, enabling hourly carbon-free energy matching 6
Operating income doubled 2023-08-03
Operating income more than doubled YoY (272.0 to USD 669.0 million, +146%). 114
Operating income more than doubled YoY (272.0 to USD 669.0 million, +146%). 114
“We had a strong start to 2023, putting us in position to end the year comfortably in the top half of our guidance range and giving us confidence to raise our gross margin outlook for 2024. Our performance was led by the Commercial team as customers came to us for help managing their energy needs in a time of volatile markets, a trend we think will continue to create value for the balance of 2023 and into 2024. Our clean generation fleet also performed well during the quarter, reliably delivering affordable, carbon-free energy to homes and businesses across the country.” Joe Dominguez, President and Chief Executive Officer 4
Revenue accelerating 2023-05-04
Q1 operating revenues of USD 7,565 million increased from $5,591 million in Q1 2022, reflecting higher wholesale power prices and mark-to-market gains 3
Q1 operating revenues of USD 7,565 million increased from $5,591 million in Q1 2022, reflecting higher wholesale power prices and mark-to-market gains 3
Margin compressing 2023-05-04
Operating income declined to USD 31 million from $435 million in Q1 2022 due to higher fuel costs 3
Operating income declined to USD 31 million from $435 million in Q1 2022 due to higher fuel costs 3
New market 2023-05-04
Hydrogen production commenced at Nine Mile Point, the nation's first 1 MW demonstration scale nuclear-powered clean hydrogen production facility 4
Hydrogen production commenced at Nine Mile Point, the nation's first 1 MW demonstration scale nuclear-powered clean hydrogen production facility 4
Operating income turned positive 2023-05-04
Operating income turned positive for the first time after 2 negative periods (-172.0 to +USD 31.0 million). 112
Operating income turned positive for the first time after 2 negative periods (-172.0 to +USD 31.0 million). 112
Operating income halved 2023-05-04
Operating income more than halved YoY (435.0 to USD 31.0 million, -93%). 112
Operating income more than halved YoY (435.0 to USD 31.0 million, -93%). 112
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Constellation Energy Business Model
How Constellation Energy (CEG) makes its money, summarised from the filings up to Q2 2026, neutral and without forecast. NadirAlpha methodology
Constellation Energy Corporation is the largest producer of carbon-free nuclear electricity in the United States, operating a portfolio of nuclear, natural gas, geothermal, battery storage, and solar generating assets that was significantly expanded through the January 2026 acquisition of Calpine Corporation. Constellation Energy sells electricity under long-term bilateral power purchase agreements with utilities, corporate off-takers, municipalities, and data center operators, participates in organized wholesale capacity and energy markets including PJM, and serves approximately 2.5 million commercial, industrial, and institutional accounts through a competitive retail energy platform. Revenue is primarily driven by generation margins on nuclear and thermal output, capacity market clearing prices, retail supply contracts, and long-term PPAs, with profitability influenced by fleet availability, fuel and commodity costs, and the financing costs associated with its generation asset base.
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Constellation Energy Stock: Share-Price Drivers
Factors Constellation Energy itself names as material for its business development, reproduced neutrally, without price forecast and without assessment of our own. NadirAlpha methodology
Powering data-center load growth through nuclear and new generation capacity
Constellation has signed co-location and power purchase agreements tied to data-center demand, including a CyrusOne data-center co-location at Freestone with a Phase 1 agreement for 380 MW and a Phase 2 expansion 29 28, alongside a 20-year PPA with Meta for the Clinton Clean Energy Center 22; these multi-year contracts underpin future revenue against a 2026-Q2 revenue base of USD 7,504 million 130
Constellation has signed co-location and power purchase agreements tied to data-center demand, including a CyrusOne data-center co-location at Freestone with a Phase 1 agreement for 380 MW and a Phase 2 expansion 29 28, alongside a 20-year PPA with Meta for the Clinton Clean Energy Center 22; these multi-year contracts underpin future revenue against a 2026-Q2 revenue base of USD 7,504 million 130
Proposed Calpine acquisition
The merger with Calpine is pending, financed in part by senior unsecured notes and a debt exchange offering for Calpine notes issued in January 2026 29 25 27; net debt stood at USD 24,003 million in 2026-Q2 against USD 21,666 million in the prior quarter 130 128
The merger with Calpine is pending, financed in part by senior unsecured notes and a debt exchange offering for Calpine notes issued in January 2026 29 25 27; net debt stood at USD 24,003 million in 2026-Q2 against USD 21,666 million in the prior quarter 130 128
Data-center co-location demand (CyrusOne)
CyrusOne data-center co-location at Freestone Energy Center launched a Phase 1 agreement for 380 MW with a further Phase 2 agreement, indicating the offering is gaining traction with hyperscale customers 29 28 27
CyrusOne data-center co-location at Freestone Energy Center launched a Phase 1 agreement for 380 MW with a further Phase 2 agreement, indicating the offering is gaining traction with hyperscale customers 29 28 27
Nuclear restart of Crane Clean Energy Center (Three Mile Island Unit 1)
Planned restart expected around 2028, supported by a Loan Guarantee Agreement with the U.S. Department of Energy and an FFB Note Purchase Agreement signed 2025-11-17 25 30
Planned restart expected around 2028, supported by a Loan Guarantee Agreement with the U.S. Department of Energy and an FFB Note Purchase Agreement signed 2025-11-17 25 30
Long-term PPAs with technology customers
A 20-year PPA with Meta for the Clinton Clean Energy Center and a Microsoft 20-year PPA extend contracted output 22 21 18; a 30 MW Clinton uprate is planned for 2029 25 23
A 20-year PPA with Meta for the Clinton Clean Energy Center and a Microsoft 20-year PPA extend contracted output 22 21 18; a 30 MW Clinton uprate is planned for 2029 25 23
New generation and storage additions
Pin Oak Creek 460 MW natural-gas facility reached commercial operation in April 2026, and the Pastoria Power Bank 80 MW/320 MWh battery system and Pastoria Solar came online in 2026, broadening the generation fleet 29 28 27
Pin Oak Creek 460 MW natural-gas facility reached commercial operation in April 2026, and the Pastoria Power Bank 80 MW/320 MWh battery system and Pastoria Solar came online in 2026, broadening the generation fleet 29 28 27
Regulatory and policy backdrop
The One Big Beautiful Bill Act (2025-07) and the Conowingo Hydroelectric 50-year license renewal (2025-09) support the long-dated asset base 21 25 24
The One Big Beautiful Bill Act (2025-07) and the Conowingo Hydroelectric 50-year license renewal (2025-09) support the long-dated asset base 21 25 24
Cash flow and capital intensity
Operating cash flow was USD 1,128 million in 2026-Q2 against capex of USD 1,246 million, leaving free cash flow of USD -118 million as investment in restarts and new capacity continues 130
Operating cash flow was USD 1,128 million in 2026-Q2 against capex of USD 1,246 million, leaving free cash flow of USD -118 million as investment in restarts and new capacity continues 130
Sector trend: Power demand is being driven higher by data-center and electrification load, prompting long-dated co-location and power purchase agreements with technology customers 29 22. Capital spending on nuclear restarts, gas peaking and battery storage is rising, keeping near-term free cash flow pressured even as contracted volumes build 130 25.
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Constellation Energy Revenue by Type (as of 2026-Q2 · USDm · 6/11)
Where the revenue of Constellation Energy comes from: segments and product types with share, growth and margin, as of Q2 2026, older structures remain in the expandable part. NadirAlpha methodology
| Segment | Since | Revenue | Growth | Source |
|---|---|---|---|---|
| Period 2026-Q1 (3M) | ||||
| Calpine | 2026-Q1 | 2,395 | 100% | 27 |
| Mid-Atlantic | 2022-Q3 | 1,847 | 10.9% | 27 |
| Midwest | 2022-Q3 | 1,732 | 23.4% | 27 |
| Other Power Regions | 2022-Q3 | 1,487 | -4.4% | 27 |
| New York | 2022-Q3 | 569 | 1.2% | 27 |
| ERCOT | 2022-Q3 | 370 | -7% | 27 |
| Period FY2024 (12M) | ||||
| Midwest Nuclear Generation | FY2024 | 95.3 | – | 18 |
| Mid-Atlantic Nuclear Generation | FY2024 | 52.9 | – | 18 |
| New York Nuclear Generation | FY2024 | 25.1 | – | 18 |
| ERCOT Nuclear Generation | FY2024 | 8.4 | – | 18 |
| Period FY2023 | ||||
| Other | – | – | – | 9 |
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Constellation Energy Products & announcements (9/24 active+recent)
24 product announcements of Constellation Energy since 2023, grouped by year; active means still mentioned in the most recent reports, nothing is deleted. NadirAlpha methodology
Status: PlannedLaunched
| Product/Line | Since | Status | Source |
|---|---|---|---|
| 2029 | |||
| Clinton Clean Energy Center 30 MW uprates (2x) | 2029 | 25 | |
| 2026 | |||
| Pastoria Power Bank 80 MW/320 MWh battery system | 2026-07 | 29 | |
| Pastoria Power Bank Battery Storage | 2026-06 | 27 | |
| Pastoria Battery Energy Storage System coming online | 2026-05 | 28 | |
| Pin Oak Creek Energy Center 460 MW natural gas facility | 2026-04 | 29 | |
| CyrusOne data center Phase 1 agreement 380 MW (2x) | 2026-03 | 29 | |
| CyrusOne Data Center Facility at Freestone Energy Center | 2026-03 | 27 | |
| 2025 | |||
| Conowingo Dam re-licensing | 2025-09 | 24 | |
| Maryland 700 MW natural gas generation approval | 2025 | 25 | |
| 2026 | |||
| Crane nuclear facility restart (3x) | 2026-06 | 25 | |
| 2024 | |||
| Wind Farm Construction | 2024-12 | 7 | |
| Moody's Credit Rating Upgrade | 2024-03 | 13 | |
| Wind repowering projects | 2024 | 9 | |
| Nuclear PTC Eligibility | 2024 | 23 | |
| Hydrogen projects with policy support | 2024 | 9 | |
| Green bond issuance | 2024 | 12 | |
| 2023 | |||
| MachH2 hydrogen hub project | 2023-09 | 8 | |
| Share repurchase program (2×) | 2023-03 | 13 | |
| Hydrogen production at Nine Mile Point | 2023-03 | 4 | |
| Powering Change workforce development program launch | 2023-02 | 9 | |
| Microsoft Carbon-Free Energy Agreement | 2023 | 9 | |
| Hourly Carbon-Free Energy platform launch | 2023 | 9 | |
| Criterion Wind Facility Repower (3×) | 2023 | 6 | |
| Commonwealth Edison carbon-free energy transaction | 2023 | 9 | |
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Constellation Energy Transactions & Events (22)
Transactions of Constellation Energy since 2023: acquisitions, disposals, agreements and regulation, deliberately including smaller items; purchase prices only when the company names them. NadirAlpha methodology
Acquisitions · 8Partnerships/contracts · 3Divestitures/exits · 6Regulation/legislation · 4older: 1 (in the table)
Acquisitions by Constellation Energy
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2026 | |||
| Pastoria/Bess Battery Storage | 2026-04 | Completed | 27 |
| Pastoria Solar (3×) | 2026-04 | Completed | 28 |
| 2025 | |||
| Proposed acquisition of Calpine | 2025-03 | Announced | 19 |
| Pin Oak Creek (3×) | 2025 | Completed | 28 |
| Calpine merger | 2025 | Announced | 29 |
| 2024 | |||
| Crane Clean Energy Center (4×) | 2024-12 | Completed | 30 |
| 2023 | |||
| STP acquisition (2×) | 2023-05 | Completed | 17 |
| NRG South Texas LP Acquisition (11×) | 2023 | Completed | 25 |
| 2021 | |||
| EDF 49.99% equity interest purchase in CENG | 2021-08 | Completed | 9 |
Divestitures and exits by Constellation Energy
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2026 | |||
| Five generation assets sale to LS Power in PJM (2×) | 2026-03 | Divested | 27 |
| Calpine Divestiture - Jack A. Fusco, York 1, Edge Moor | 2026-03 | Divested | 27 |
| Gregory Power Plant minority interest divestiture (2×) | 2026-01 | Divested | 29 |
| Sale of Five Natural Gas Facilities to LS Power (2×) | 2026 | Divested | 27 |
| Brazos Valley Energy Center divestiture | 2026 | Divested | 30 |
| Agreement with LS Power to divest Brazos Valley Energy Center (2×) | 2026 | Divested | 29 |
Partnerships and contracts of Constellation Energy
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2025 | |||
| Clinton Clean Energy Center PPA with Meta (3×) | 2025-06 | Agreement | 22 |
| Microsoft 20-Year Power Purchase Agreement | 2025 | Agreement | 18 |
| Freestone Energy Center Data Center Agreement | 2025 | Agreement | 26 |
Regulation and legislation at Constellation Energy
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2025 | |||
| Conowingo Hydroelectric 50-year license renewal (3x) | 2025-09 | Regulation | 25 |
| One Big Beautiful Bill Act | 2025-07 | Regulation | 21 |
| Dresden License Renewal (2x) | 2025 | Regulation | 26 |
| 2024 | |||
| Nuclear uprates and license renewals | 2024 | Regulation | 9 |
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Constellation Energy Risks (120 since the annual report of 2026-02-24, 323 tracked in total)
Which risks Constellation Energy has named since the annual report, company-specific first, generic standard risks in the expandable part; first mention refers to the document base from 2023. NadirAlpha methodology
Category: FinancialGeopoliticsLegalCyberRegulatorySupply chainMacroCustomersPeopleTechnologyCompetitionESGklimaMarket
| Risk | Category | Last reported |
|---|---|---|
| Constellation Energy: first mention in 10-Q quarterly report of 2026-08-06 (2026-Q2), source 29 | ||
| Remitted 235 million to Exelon in March 2026 related to IRS Notice 2026-7 CAMT guidance on repair and maintenance deductions | = | |
| Geopolitical developments including sanctions could impact uranium processing industry counterparty delivery | = | |
| Accrued $28 million current and $122 million noncurrent liabilities for asbestos personal injury claims as of June 30, 2026. | = | |
| Illinois Climate and Equitable Jobs Act requires elimination of CO2 emissions from certain natural gas units within 3 miles of environmental justice communities by January 1, 2030, subject to reliability exceptions. | = | |
| Company operates retail customer platform serving 2.5 million accounts across distributed generation assets requiring cybersecurity protections. | = | |
| Three-notch downgrade below investment grade would require incremental collateral estimated at $3.4 billion for derivatives and NPNS | = | |
| Exposed to credit-related losses if counterparties default on derivative contracts; net exposure of 2,406 million as of June 30, 2026 | = | |
| Constellation Energy: first mention in 10-K annual report of 2026-02-24 (FY2025), source 25 | ||
| Supreme Court of Texas denied plaintiffs' petitions for writ of mandamus in Winter Storm Uri bellwether appeals; parties returning to Multi-District-Litigation court for dismissal of remaining tort claims. | 2026-Q2 2026-08-06 29 | |
| Nuclear facilities subject to NRC decommissioning funding requirements; must demonstrate reasonable assurance of available funds | 2026-Q2 2026-08-06 29 | |
| Constellation Energy: first mention in 10-K annual report of 2024-02-27 (FY2023), source 9 | ||
| Approximate 30% of uranium concentrate sourced from three suppliers; Russia/Ukraine conflict impacts supply availability and pricing | 2026-Q2 2026-08-06 29 | |
| Assumed project financing arrangements from Calpine with specific collateral requirements and consent restrictions on asset sales | 2026-Q2 2026-08-06 29 | |
| California Cap and Invest Program extended through January 1, 2046 requiring surrender of compliance instruments; compliance costs could have material unfavorable impact. | 2026-Q2 2026-08-06 29 | |
| Constellation Energy: first mention in 10-Q quarterly report of 2023-11-06 (2023-Q3), source 7 | ||
| Loss of investment grade credit rating would require three-notch downgrade; would trigger additional collateral requirements on derivative contracts | 2026-Q2 2026-08-06 29 | |
| Constellation Energy: first mention in 10-Q quarterly report of 2023-08-03 (2023-Q2), source 5 | ||
| Russian enriched uranium export restrictions and U.S. import ban require long-term contracting with diverse suppliers; company has increased nuclear fuel inventory to mitigate supply risk. | 2026-Q2 2026-08-06 29 | |
| Constellation Energy: first mention in 10-Q quarterly report of 2023-05-04 (2023-Q1), source 3 | ||
| Purchased power and fuel costs increased to $10,375 million for six months ended June 30, 2026 from $7,516 million in 2025. | 2026-Q2 2026-08-06 29 | |
| Interest expense increased to $536 million for six months ended June 30, 2026 from $264 million in 2025 due to Calpine acquisition financing. | 2026-Q2 2026-08-06 29 | |
| Constellation Energy: first mention in 10-Q quarterly report of 2026-05-11 (2026-Q1), source 27 | ||
| Credit-risk-related contingent features require collateral posting if downgraded or loss of investment grade rating. | = | |
| Long-term debt increased to $16,994 million at March 31, 2026 from $7,250 million at December 31, 2025. | = | |
| Must divest six generating assets by September 4, 2026 under DOJ approval conditions. | = | |
| Crane Clean Energy Center contingent transmission upgrades could extend to December 2030 per PJM study. | = | |
| Required to divest Fusco and York Energy Centers assets in accordance with DOJ resolution. | = | |
| Commodity price risk managed through derivative contracts and hedging strategies. | = | |
| Texas Supreme Court denied plaintiffs writ mandamus petitions in bellwether appeals relating to Winter Storm Uri tort claims. | = | |
| FERC directing PJM to revise tariff regarding colocated load service options and behind-the-meter generation rules | = | |
| California Cap-and-Trade Program extended through 2046; Illinois climate regulations requiring permanent CO2 elimination for certain natural gas units | = | |
| Nuclear Production Tax Credit eligibility extended through 2032 but phase-out thresholds limit benefits. | = | |
| PJM tariff revisions for reliability and capacity market price collars face FERC review and further stakeholder processes | = | |
| Constellation Energy: first mention in 10-K annual report of 2026-02-24 (FY2025), source 25 | ||
| Russia-Ukraine conflict and U.S. restrictions on Russian enriched uranium imports; Zion Energy Center may require shutdown by January 2030 under Illinois Climate and Equitable Jobs Act without relief | 2026-Q1 2026-05-11 27 | |
| Merger may cause dilution to earnings per share and reduce shareholder ownership | = | |
| No assurance dividends will continue at current rate post-Calpine acquisition | = | |
| RTO/ISO participation requires adherence to collateral and margining policies; non-performance by major members could impact operations. | = | |
| Nuclear decommissioning obligations of $12.9 billion subject to material changes from regulatory changes, technological advances, and timing assumptions | = | |
| Class B and C LLRW disposal contract through 2040; Texas site capacity 3.9 million curies through 2027; on-site storage required for excess | = | |
| Transaction and merger-related costs may be higher than anticipated | = | |
| Nuclear decommissioning trust fund status impacts timing of decommissioning activities and selection of decommissioning approach | = | |
| Required NRC minimum property insurance coverage of $1.06 billion per reactor site; currently maintains $1.5 billion | = | |
| Decommissioning obligation changes for Regulatory Agreement Units offset between NDT funds and payables, creating balance sheet complexity. | = | |
| Concentration risk through power procurement contracts with load serving entities | = | |
| Russia-Ukraine conflict and uranium sanctions create nuclear fuel supply disruption risk | = | |
| Geothermal resources may decline unexpectedly; leases may not be renewed favorably | = | |
| Integration challenges including customer retention and loss of key employees | = | |
| Oklahoma antitrust lawsuit alleges violations in natural gas sales during extreme weather event | = | |
| DOJ resolution requires divestiture of five PJM assets, one ERCOT asset, and Gregory Power Plant minority interest within 240 days of closing. | = | |
| Potentially liable for environmental remediation costs at current and formerly owned properties; established contingent liabilities | = | |
| Environmental investigation and remediation liabilities based on estimates subject to variations in actual scope, timing, cost allocation, and regulatory requirements | = | |
| Environmental remediation costs at multiple sites could have material unfavorable impact | = | |
| West Lake Landfill and Latty Avenue sites create ongoing remediation and cost-sharing uncertainties | = | |
| FERC license issuance timing uncertain; operational restrictions and funding commitments pending final approval. | = | |
| Six nuclear stations await determination of compliance requirements under Clean Water Act Section 316(b); facility viability could be questioned | = | |
| Price-Anderson Act liability cap of $16.3 billion per incident with secondary pool participation up to $520 million per year | = | |
| Prior NEPA review for Peach Bottom license renewal was deemed incomplete; updated review now completed but regulatory risk remains. | = | |
| Renewable energy credit obligation of $1,075 million reflects future commitments that may be subject to regulatory and market changes. | = | |
| Data center and AI demand may not continue growing at expected pace | = | |
| Project financing entities must maintain compliance with specific debt covenants or face potential accelerated repayment requirements. | = | |
| Current assumption of DOE acceptance of spent nuclear fuel in 2040 creates uncertainty regarding long-term storage costs and decommissioning timing | = | |
| Potential unknown liabilities and unforeseen costs from Calpine acquisition | = | |
| Merger could divert management attention from ongoing business operations | = | |
| Nuclear major incident could exceed insurance coverage and regulatory limits | = | |
| Access to capital markets depends on security ratings; BBB+ from S&P and Baa1 from Moody's provide investment grade status. | = | |
| Decline in NDT and pension asset values could increase decommissioning and benefit costs | = | |
| Nuclear production tax credit subject to legislative changes and dependent on annual gross receipts; significant deviation from forecasted market prices impacts quarterly credit recognition | = | |
| Expiration of PPAs could reduce revenue; short-term market sales may be lower | = | |
| Significant debt maturity obligations require continued access to capital markets | = | |
| Terrorist attacks could disrupt operations and increase insurance and security costs | = | |
| Changes to energy systems from new technologies and GHG regulations could affect business | = | |
| Extreme weather, drought conditions could disrupt operations and reduce capacity | = | |
| Forecasting future cash flows requires judgments on commodity prices and generation operations subject to macroeconomic and regulatory factors | = | |
| Natural disasters, earthquakes, wildfires could damage assets and disrupt operations | = | |
| Pandemic could affect workforce availability and ability to operate generating assets | = | |
| Operating results fluctuate seasonally based on weather patterns affecting electricity and natural gas demand | = | |
| Disruptions in capital and credit markets could restrict liquidity access | = | |
| Unhedged positions expose earnings to volatility; hedging may not be fully effective | = | |
| Milder weather, economic downturns, and demand response programs can depress demand | = | |
| Solar, storage, efficiency improvements could reduce demand and commodity prices | = | |
| Price volatility in wholesale and retail power markets, nuclear fuel, natural gas, and oil | = | |
| Wholesale market rule changes could affect portfolio profitability; PJM considering reforms | = | |
| Employee strike, loss of employees, aging workforce could increase costs and reduce productivity | = | |
| Extensive environmental regulations affect operations, require capex and increase costs | = | |
| FERC found PJM tariff unjust and unreasonable regarding co-located load rates and behind-the-meter generation netting rules | = | |
| EPA issued final rule repealing 2009 Endangerment Finding underpinning all GHG regulation; power sector GHG repeal rule expected 2026 | = | |
| Non-compliance with federal grant and cooperative agreement rules could affect status | = | |
| FERC hydropower license renewals could require capex or make projects uneconomic | = | |
| Federal or state actions could limit market-based rates and affect wholesale markets | = | |
| National Energy Dominance Council and governors urging PJM to file proposed tariff revisions for capacity auctions | = | |
| Uncertain allocation of remediation costs among potentially responsible parties | = | |
| Tax position challenges and law changes create uncertainty in tax obligations | = | |
| AI system errors, biases, security vulnerabilities could cause operational disruptions | = | |
| Advanced nuclear SMRs, CCUS, energy storage and geothermal require substantial investment with uncertain commercialization timelines | = | |
| Retail competition varies from full to partial across states; customer acquisition and retention dependent on pricing and service quality | = | |
| Constellation Energy: first mention in 10-Q quarterly report of 2025-11-07 (2025-Q3), source 23 | ||
| Downgrade below investment grade would increase collateral requirements and borrowing costs | FY2025 2026-02-24 25 | |
| Spot and forward market price variability affects earnings and cash flows | FY2025 2026-02-24 25 | |
| Sustained inflation could increase interest rates, capital costs, and labor expenses | FY2025 2026-02-24 25 | |
| Constellation Energy: first mention in 10-Q quarterly report of 2025-08-07 (2025-Q2), source 21 | ||
| Various lawsuits and regulatory proceedings ongoing in ordinary course of business | 2025-Q3 2025-11-07 23 | |
| Constellation Energy: first mention in 10-Q quarterly report of 2025-05-06 (2025-Q1), source 19 | ||
| Changes in interest rates impact fair value of NDT fund fixed-income securities; hypothetical 25 bps increase would reduce NDT assets by material amount. | FY2025 2026-02-24 25 | |
| Constellation Energy: first mention in 10-K annual report of 2025-02-18 (FY2024), source 17 | ||
| Default by major RTO/ISO member could result in material adverse impact. | 2026-Q1 2026-05-11 27 | |
| Company in compliance with all debt covenants as of December 31, 2025 | FY2025 2026-02-24 25 | |
| Inability to cost-effectively manage power portfolio could reduce financial results | FY2025 2026-02-24 25 | |
| State RPS requirements and energy conservation mandates could reduce revenues | FY2025 2026-02-24 25 | |
| Constellation Energy: first mention in 10-Q quarterly report of 2024-11-04 (2024-Q3), source 15 | ||
| Net derivative asset position of $2.493 billion as of March 31, 2026 subject to credit and market risk. | 2026-Q1 2026-05-11 27 | |
| Constellation Energy: first mention in 10-Q quarterly report of 2024-08-06 (2024-Q2), source 13 | ||
| Nuclear PTC benefits subject to additional Treasury and IRS guidance which may materially impact total benefits received. | FY2025 2026-02-24 25 | |
| Constellation Energy: first mention in 10-K annual report of 2024-02-27 (FY2023), source 9 | ||
| NRC minimum funding requirements for nuclear decommissioning could require additional financial assurances if plants retire before licensed life end. | FY2025 2026-02-24 25 | |
| DOE spent nuclear fuel acceptance delayed; company receiving reimbursement for storage costs under settlement agreements | FY2025 2026-02-24 25 | |
| Market price movements require posting collateral with purchasers; access to bank credit facilities needed for liquidity. | 2026-Q1 2026-05-11 27 | |
| Operations subject to physical climate risks including temperature changes, weather patterns and sea level rise | FY2025 2026-02-24 25 | |
| Long-lived assets and goodwill could be impaired by market and regulatory changes | FY2025 2026-02-24 25 | |
| Unhedged generation positions expose company to market fluctuations in electricity, natural gas, and oil prices. | FY2025 2026-02-24 25 | |
| Recession could increase uncollectible customer balances and reduce volumes | FY2025 2026-02-24 25 | |
| Long-term climate changes may increase extreme weather frequency and severity | FY2025 2026-02-24 25 | |
| Retail operations compete in low-margin environment with low barriers to entry | FY2025 2026-02-24 25 | |
| Company party to various lawsuits and regulatory proceedings in ordinary course of business requiring material loss contingency estimates | FY2025 2026-02-24 25 | |
| Changes in Atomic Energy Act or NRC regulations could increase capex or operating costs | FY2025 2026-02-24 25 | |
| Compliance with NERC mandatory standards could increase operating costs or capex | FY2025 2026-02-24 25 | |
| Physical and cyber attacks could disrupt operations, damage reputation, cause revenue loss | FY2025 2026-02-24 25 | |
| Constellation Energy: first mention in 10-Q quarterly report of 2023-11-06 (2023-Q3), source 7 | ||
| Interest expense increased 73% to $253 million in Q1 2026 from $146 million in Q1 2025. | 2026-Q1 2026-05-11 27 | |
| Constellation Energy: first mention in 10-Q quarterly report of 2023-05-04 (2023-Q1), source 3 | ||
| NRC minimum funding requirements for nuclear facilities; Crane and Zion decommissioning funding status monitored | 2026-Q1 2026-05-11 27 | |
| Russia and Ukraine conflict and sanctions against Russia could impact uranium processing industry deliveries. | 2026-Q1 2026-05-11 27 | |
| If downgraded below investment grade, counterparties may demand collateral posting. | 2026-Q1 2026-05-11 27 | |
| $120 million liability for asbestos-related bodily injury claims through 2055 | FY2025 2026-02-24 25 | |
| Energy prices highly volatile impacting wholesale and retail sales revenues and purchased power costs across all regions | FY2025 2026-02-24 25 | |
| Counterparty non-performance on indemnification agreements and power market obligations | FY2025 2026-02-24 25 | |
= last mention identical with the first mention (same source)
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Constellation Energy Reported KPIs (as disclosed) (593)
The story KPIs of Constellation Energy that standard databases usually miss, grouped by publication, most recent first, with source number. NadirAlpha methodology
Company-specific KPIs verbatim from the filings (English, as disclosed; not normalised). Balance-sheet and boilerplate items filtered.
| KPI | Value / change | Source |
|---|---|---|
| Constellation Energy, published 2026-08-06, period 2026-Q2 | ||
| Nuclear Decommissioning ARO | 11,942 | 29 |
| Notional Interest Rate Swaps | 4.0 billion | 29 |
| Non-Nuclear ARO | 704 | 29 |
| NDT Funds | 20,583 | 29 |
| Total Supply/Sales | 89,815 GWhs | 30 |
| Renewable Energy Capture | 96.0% | 30 |
| RNF | 3,481 | 29 |
| Purchased Power | 15,006 GWhs | 30 |
| Nuclear Generation | 44,160 GWhs | 30 |
| Nuclear Capacity Factor (excl. Salem and STP) | 93.0% | 30 |
| Natural Gas, Oil, and Renewables Generation | 30,649 GWhs | 30 |
| EFOF (Natural Gas, Oil, and Renewables) | 6.2% | 30 |
| Constellation Energy, published 2026-05-11, period 2026-Q1 | ||
| Outstanding Common Stock Shares | 361.190063 | 27 |
| Nuclear Fleet Capacity Factor | 92.3% | 27 |
| Equivalent Forced Outage Factor Natural Gas | 4.5% | 27 |
| Average Shares Diluted | 354 | 27 |
| Average Shares Basic | 354 | 27 |
| Weighted Average Commercial Paper Interest Rate | 3.98% | 27 |
| Total Supply/Sales by Region | 93,330 (USD GWhs) | 28 |
| Revolving Credit Facility Maturity Extension | to September 2030 | 27 |
| Revolving Credit Facility Incremental Commitments | $2.5 billion | 27 |
| Revolving Credit Facility Increase | from $4.5 billion to $7.0 billion | 27 |
| Renewable Energy Capture | 96.7% | 28 |
| RNF Total | 4,770 | 27 |
| RNF Other Power Regions | 267 | 27 |
| RNF New York | 409 | 27 |
| RNF Midwest | 854 | 27 |
| RNF Mid Atlantic | 812 | 27 |
| RNF ERCOT | 209 | 27 |
| RNF Calpine | 1,126 | 27 |
| Nuclear capacity factor (excl. Salem and STP) | 92.3% | 28 |
| Nuclear Generation | 44,666 | 28 |
| Natural Gas, Oil, and Renewables | 32,061 | 28 |
| NDT real assets investment commitments | $656 million | 27 |
| NDT private equity investment commitments | $445 million | 27 |
| NDT private credit investment commitments | $493 million | 27 |
| Maximum commercial paper program size March | $7.0 billion | 27 |
| Maximum commercial paper program size December | $4.5 billion | 27 |
| January 2026 senior note issuance | $2.75 billion | 27 |
| Equivalent Forced Outage Factor (EFOF) - natural gas, oil, and pumped-storage hydro | 4.5% | 28 |
| Equity investments without readily determinable fair values March | $113 million | 27 |
| Equity investments without readily determinable fair values December | $109 million | 27 |
| DOE loan guarantee | up to $1.0 billion | 27 |
| Calpine senior debt exchange offering | $2.3 billion | 27 |
| Calpine project financing | approximately $5.0 billion | 27 |
| Calpine debt repaid unsecured notes March | $1.4 billion | 27 |
| Calpine debt repaid first lien notes February | $1.25 billion | 27 |
| Calpine debt repaid corporate term loans | $2.5 billion | 27 |
| Calpine debt assumed | approximately $12.6 billion | 27 |
| Calpine corporate unsecured letters of credit capacity | $200 million | 27 |
| Calpine corporate secured letters of credit capacity | $525 million | 27 |
| Calpine corporate long term debt | approximately $7.6 billion | 27 |
| Assumed project credit facilities outstanding letters of credit | approximately $1.7 billion | 27 |
| Assumed project credit facilities capacity | approximately $2.3 billion | 27 |
| Constellation Energy, published 2026-02-24, period FY2025 | ||
| Wholesale power load TWhs | 57 | 25 |
| Volunteer hours | 128,900 | 25 |
| Voluntary resignation rate | 3.3% | 25 |
| Total long term debt | 7,403 | 25 |
| Total capacity MWs | 31,676 | 25 |
| SNF stored tons | 23,900 | 25 |
| SNF obligation total | 1,426 | 25 |
| SNF assemblies stored | 97,600 | 25 |
| Short term loan agreements outstanding | 1,650 | 25 |
| Scope 1+2 GHG emissions | 8.5 million metric tons CO2e | 25 |
| Revolving credit facility commitment | 7,000 | 25 |
| Retirement rate | 2.3% | 25 |
| Retail gas supply Bcf | 800 | 25 |
| Retail electric power supply TWhs | 147 | 25 |
| Residential customers | 1.4 | 25 |
| Renewable energy capture | 96.6% | 25 |
| renewable energy capture | 96.1% | 25 |
| renewable energy capture | 96.4% | 25 |
| renewable capacity MWs | 2.6 | 25 |
| refueling outage duration 2025 days | 22 | 25 |
| refueling outage duration 2024 days | 19 | 25 |
| refueling outage duration 2023 days | 21 | 25 |
| purchased power | 63,999 | 25 |
| purchased power | 60,983 | 25 |
| owned generation fleet | 204,944 | 25 |
| owned generation fleet | 208,434 | 25 |
| nuclear output TWhs | 183 | 25 |
| nuclear natural gas oil GHG emissions | 8.2 million metric tons | 25 |
| nuclear generation capacity percentage of total | 69.4% | 25 |
| Nuclear Decommissioning ARO | 12.9 billion | 25 |
| nuclear capacity MWs | 22 | 25 |
| nuclear capacity factor | 94.7% | 25 |
| new hires | 2,100 | 25 |
| new and renewed CBAs | 3 | 25 |
| net fair value derivative contracts liability | 753 | 25 |
| NEIL distribution | 114 | 25 |
| NDTF interest rate equity sensitivity | 1,099 million | 25 |
| natural gas dispatch match | 97.9% | 25 |
| natural gas dispatch match | 97.4% | 25 |
| natural gas dispatch match | 98.5% | 25 |
| natural gas capacity MWs | 7 | 25 |
| member equity percentage | 62% | 25 |
| maximum annual retrospective premium obligation NEIL | 297 | 25 |
| long-term debt percentage | 31% | 25 |
| letters of credit posted | 718 | 25 |
| letters of credit held | 115 | 25 |
| involuntary termination rate | 1.3% | 25 |
| incremental collateral requirement for downgrade | 2.7 billion | 25 |
| gross fair value derivative contracts liability | 1,307 | 25 |
| geothermal capacity Geysers | 730 | 25 |
| electric supply from renewable | 2% | 25 |
| electric supply from renewable | 2% | 25 |
| electric supply from renewable | 2% | 25 |
| electric supply from nuclear | 68% | 25 |
| electric supply from nuclear | 67% | 25 |
| electric supply from nuclear | 65% | 25 |
| electric supply from natural gas oil | 6% | 25 |
| Electric supply from natural gas oil | 8% | 25 |
| Electric supply from natural gas oil | 9% | 25 |
| Customer accounts served | 2 | 25 |
| Credit facilities capacity | 9.5 billion | 25 |
| Contracted generation MWs | 4,798 | 25 |
| Commodity derivative net asset | 504 | 25 |
| Commodity derivative net asset | 317 | 25 |
| Commercial paper percentage | 7% | 25 |
| Cash from operations | 4,237 | 25 |
| Cash collateral held | 47 | 25 |
| Cash at end of period | 3,748 | 25 |
| Capital expenditures | 2,949 | 25 |
| Calpine senior secured first lien notes repaid | 1,250 | 25 |
| Calpine project financing assumed | 5 billion | 25 |
| Calpine long-term debt assumed | 7.6 billion | 25 |
| Calpine debt remaining | 6,500 | 25 |
| Calpine debt exchanged | 2,300 | 25 |
| Calpine debt assumed | 12.6 billion | 25 |
| Calpine corporate term loans repaid | 2,500 | 25 |
| Calpine acquisition purchase price cash | 4.5 billion | 25 |
| C&I power renewal rate | 77% | 25 |
| C&I gas renewal rate | 84% | 25 |
| Battery storage capacity from Calpine | 800 | 25 |
| Available credit capacity | 7.4 billion | 25 |
| Assumed CBAs from Calpine | 8 | 25 |
| Additional collateral required credit downgrade | 2,670 | 25 |
| Undistributed earnings | 6,808 | 25 |
| Short-term borrowings | 1,650 | 25 |
| Share repurchase authority remaining | 593 million | 25 |
| Restricted cash and cash equivalents | 79 | 25 |
| Renewable energy credits | 789 | 25 |
| Renewable energy credit obligation | 1,075 | 25 |
| Property, plant, and equipment (net) | 22,474 | 25 |
| Nuclear decommissioning trust funds | 19,336 | 25 |
| Nuclear decommissioning obligation | 12.9 billion | 25 |
| Membership interest | 10,144 | 25 |
| Member's equity | 14,527 | 25 |
| Long-term debt due within one year | 92 | 25 |
| Long-term debt | 7,250 | 25 |
| Dividend per share | 0.4265 | 25 |
| Derivative liabilities (non-current) | 414 | 25 |
| Derivative liabilities (current) | 467 | 25 |
| Derivative assets (non-current) | 450 | 25 |
| Derivative assets (current) | 945 | 25 |
| Deferred income taxes and unamortized ITCs | 3,544 | 25 |
| Cash and cash equivalents | 3,641 | 25 |
| Asset retirement obligations | 13,193 | 25 |
| Accumulated other comprehensive income (loss), net | (2,425) | 25 |
| ARO (Asset Retirement Obligations) | 12.9 billion | 25 |
| Constellation Energy, published 2026-02-24, period 2025-Q4 | ||
| Total Supply/Sales | 64,242 (USD GWhs) | 26 |
| Nuclear Generation | 45,459 | 26 |
| Natural Gas, Oil, and Renewables | 4,614 | 26 |
| Constellation Energy, published 2025-11-07, period 2025-Q3 | ||
| Total available capacity | 7,308 | 23 |
| Revolving credit facility commitment | 4,500 | 23 |
| Refueling outage days | 23 | 23 |
| Refueling outage days | 37 | 23 |
| Refueling outage days 9M | 152 | 23 |
| Refueling outage days 9M | 164 | 23 |
| Operating cash flow 9M | 3,432 | 23 |
| Operating cash flow 9M | (1,448) | 23 |
| Nuclear fleet capacity factor | 96.8% | 23 |
| Nuclear fleet capacity factor | 95.0% | 23 |
| Nuclear fleet capacity factor 9M | 95.3% | 23 |
| Nuclear fleet capacity factor 9M | 94.6% | 23 |
| non-refueling outage days | 5 | 23 |
| non-refueling outage days | 20 | 23 |
| non-refueling outage days 9M | 27 | 23 |
| non-refueling outage days 9M | 33 | 23 |
| net credit exposure | 1,013 | 23 |
| investing cash flow 9M | (2,221) | 23 |
| investing cash flow 9M | 5,056 | 23 |
| financing cash flow 9M | (249) | 23 |
| financing cash flow 9M | (2,180) | 23 |
| collateral required if downgraded | 2.4 billion | 23 |
| cash and equivalents 9M 2025 end | 4,091 | 23 |
| cash and equivalents 9M 2024 end | 1,882 | 23 |
| available credit facilities | 7.3 billion | 23 |
| Renewable Energy Capture | 96.8% | 24 |
| RNF (Revenue Net of Fuel) | 2,992 | 23 |
| Purchased power and fuel | (3,567) | 23 |
| Operating revenues | 6,570 | 23 |
| Nuclear Generation | 46,477 | 24 |
| Dispatch match rate (gas and pumped storage) | 95.5% | 24 |
| Capacity factor (excl. Salem and STP) | 96.8% | 24 |
| Constellation Energy, published 2025-08-07, period 2025-Q2 | ||
| remaining performance obligations | 855 | 21 |
| effective income tax rate Q2 | 34.6% | 21 |
| Effective Income Tax Rate H1 | 32.4% | 21 |
| Credit Facility Commitment | 9.5 billion | 21 |
| Cash and Equivalents | 2,062 | 21 |
| Total Available Capacity June 30 | 7,202 | 21 |
| Short-Term Loan Agreement May | 900 | 21 |
| Revolving Credit Facility Commitment | 4,500 | 21 |
| Repurchase Authority Remaining | 540 | 21 |
| Renewable Energy Capture | 96.1% | 22 |
| Operating Revenues | 6,101 | 21 |
| Operating Revenues | 12,889 | 21 |
| Nuclear Generation | 45,170 | 22 |
| Nuclear Capacity Factor (excl. Salem and STP) | 94.8% | 22 |
| Letters of Credit Posted | 1,009 | 21 |
| Letters of Credit Held | 129 | 21 |
| Gas and Pumped Storage Dispatch Match Rate | 98.3% | 22 |
| Fair Value Long-Term Debt June 30 | 7,639 | 21 |
| Cash Collateral Posted | 882 | 21 |
| Cash Collateral Held | 35 | 21 |
| Carrying Amount Long-Term Debt June 30 | 7,411 | 21 |
| Adjusted Operating Earnings | 1,272 | 21 |
| Additional Collateral Required for Credit Downgrade | 2,446 | 21 |
| ASR Agreement Cost June | 404 | 21 |
| Constellation Energy, published 2025-05-06, period 2025-Q1 | ||
| Nuclear Decommissioning Trust Funds Dec | 17,305 | 19 |
| Nuclear decommissioning trust funds | 17,512 | 19 |
| Uranium concentrate requirements supplied by three suppliers 2025-2030 | 35% | 19 |
| Total Supply Sales | 68,422 (USD GWhs) | 20 |
| Renewable Energy Capture | 96.2% | 20 |
| Planned contributions to OPEB plans | 22 | 19 |
| Nuclear Generation | 45,582 | 20 |
| Nuclear Capacity Factor | 94.1% | 20 |
| Natural Gas Dispatch Match Rate | 99.2% | 20 |
| Hypothetical 25 basis points interest rate increase and 10% equity price decrease impact on NDT trust assets | 948 | 19 |
| Effective income tax rate | 14.6% | 19 |
| Effective income tax rate | 15.7% | 19 |
| Collateral offset net at March 31 | 1,063 | 19 |
| Collateral estimated requirement if credit downgrade below investment grade | 2.3 | 19 |
| Cash on hand | 1.8 | 19 |
| Available capacity under credit facilities | 7.2 | 19 |
| Constellation Energy, published 2025-02-18, period FY2024 | ||
| West Medway II outstanding | 50 | 17 |
| West Medway II outstanding | 85 | 17 |
| Voluntary resignation rate | 3.50 | 17 |
| Unrecognized compensation costs RSU | 41 million | 17 |
| Unrecognized compensation costs RSU | 35 million | 17 |
| Unrecognized compensation costs performance shares | 50 million | 17 |
| Unrecognized compensation costs performance shares | 39 million | 17 |
| Total net credit exposure | 1,140 | 17 |
| total credit exposure before collateral | 1,182 | 17 |
| total credit collateral | 42 | 17 |
| total CBAs | 21 | 17 |
| Texas LLRW facility capacity through | 3.9 million curies | 17 |
| stock repurchase authorization total | 3 billion | 17 |
| spent nuclear fuel tons stored | 23,400 | 17 |
| spent nuclear fuel assemblies stored | 95,800 | 17 |
| SNF acceptance date assumption | 2040 | 17 |
| shares repurchased | 1.2 million | 17 |
| shares repurchased | 10.6 million | 17 |
| share repurchase authorization | 991 | 17 |
| secondary financial protection pool | 15.8 billion | 17 |
| RPG outstanding | 60 | 17 |
| RPG outstanding | 70 | 17 |
| RPG interest rate | 4.11% | 17 |
| Retirement rate | 2.40 | 17 |
| required nuclear energy liability insurance per site | 500 million | 17 |
| repurchase cost | 150 million | 17 |
| repurchase cost | 1 billion | 17 |
| RCF maximum program size | 4.5 billion | 17 |
| RCF maximum program size | 3.5 billion | 17 |
| other counterparties | 71 | 17 |
| open asbestos claims | 203 | 17 |
| OPEB target asset allocation fixed income | 66% | 17 |
| OPEB target asset allocation fixed income | 70% | 17 |
| OPEB target asset allocation equity | 20% | 17 |
| OPEB target asset allocation equity | 17% | 17 |
| OPEB target asset allocation alternatives | 14% | 17 |
| OPEB target asset allocation alternatives | 13% | 17 |
| nuclear fuel Capex percentage | 35% | 17 |
| Nuclear Decommissioning ARO | 12.2 billion | 17 |
| notional amounts derivatives | 2,635 million | 17 |
| notional amounts derivatives | 2,001 million | 17 |
| non-investment grade total exposure before credit collateral | 25 | 17 |
| non-investment grade net exposure | 22 | 17 |
| non-investment grade credit collateral | 3 | 17 |
| new and renewed CBAs | 8 | 17 |
| net cumulative cash reimbursements SNF | 1,829 million | 17 |
| NEIL distribution estimated | 43 million | 17 |
| NEIL distribution | 59 million | 17 |
| NEIL distribution | 30 million | 17 |
| NDT fund value reduction hypothetical | 943 million | 17 |
| Maximum Retrospective Premium Obligation | 268 million | 17 |
| Latty Avenue Settlement Payment | 50 million | 17 |
| involuntary termination rate | 1.50 | 17 |
| Investor-Owned Utilities Counterparties | 899 | 17 |
| Investment Grade Total Exposure Before Credit Collateral | 842 | 17 |
| Investment Grade Net Exposure | 832 | 17 |
| Investment Grade Credit Collateral | 10 | 17 |
| Internally Rated Non-Investment Grade Total Exposure | 137 | 17 |
| Internally Rated Non-Investment Grade Net Exposure | 110 | 17 |
| Internally Rated Non-Investment Grade Credit Collateral | 27 | 17 |
| Internally Rated Investment Grade Total Exposure | 178 | 17 |
| Internally Rated Investment Grade Net Exposure | 176 | 17 |
| Internally Rated Investment Grade Credit Collateral | 2 | 17 |
| Growth Capex | 1.7 billion | 17 |
| Financial Institutions Counterparties | 62 | 17 |
| Expected Long-Term Return Assumption OPEB | 6.50% | 17 |
| Estimated Remedy Cost West Lake Landfill | 530 million | 17 |
| Estimated Open Claims Amount | 14 million | 17 |
| Estimated Future Asbestos Claims | 111 million | 17 |
| Estimated Cost Groundwater RI/FS | 60 million | 17 |
| EROA Pension | 6.50% | 17 |
| EROA OPEB | 6.00% | 17 |
| Energy Cooperatives Municipalities Counterparties | 108 | 17 |
| Employer Contributions | 117 | 17 |
| Employer Contributions | 106 | 17 |
| Employer Contributions | 90 | 17 |
| Current Liability Limit per Incident Price Anderson | 16.3 billion | 17 |
| Cumulative Cash Reimbursements SNF | 2,099 million | 17 |
| Continental Wind Outstanding | 290 | 17 |
| Continental Wind Outstanding | 315 | 17 |
| Continental Wind Net Capacity | 667 MWs | 17 |
| Continental Wind Letters of Credit | 119 | 17 |
| Continental Wind Letters of Credit | 116 | 17 |
| Continental Wind Interest Rate | 6.00% | 17 |
| Constellation Renewables Outstanding | 630 | 17 |
| Constellation Renewables Outstanding | 650 | 17 |
| Company's Share Secondary Layer | 3.5 billion | 17 |
| Collateral Required for Credit Downgrade | 1.9 billion | 17 |
| Class A LLRW Percentage | 93 | 17 |
| Cash on Hand | 3 billion | 17 |
| Capital Expenditure Estimate | 3.5 billion | 17 |
| Capital Expenditure Estimate | 3 billion | 17 |
| Average Spread Power | 48.71 | 17 |
| Average Spread Natural Gas | 3.68 | 17 |
| Available Capacity Credit Facilities | 6.7 billion | 17 |
| Asbestos Reserve | 125 million | 17 |
| Asbestos Reserve | 131 million | 17 |
| Asbestos Claims Forecast Year | 2055 | 17 |
| Antelope Valley Outstanding Loan Balance | 365 | 17 |
| Antelope Valley Outstanding Loan Balance | 390 | 17 |
| Antelope Valley Letters of Credit | 36 | 17 |
| Antelope Valley Letters of Credit | 36 | 17 |
| Antelope Valley Interest Rate | 2.82% | 17 |
| Actual Asset Returns OPEB Plans | 6.80% | 17 |
| Nuclear PTC | 15 per MWh (base credit of 3 per MWh with five times multiplier if prevailing wage requirements met) | 17 |
| Nuclear Decommissioning Asset Retirement Obligations | $12.2 billion | 17 |
| NDT Funds | 17,321 (in millions (as of December 31, 2024)) | 17 |
| Crane Capital Expenditure Estimate | $1.6 billion | 17 |
| Common Stock Record Holders | approximately 66,724 | 17 |
| Average Diluted Common Shares Outstanding | 315 million | 17 |
| Average Diluted Common Shares Outstanding | 324 million | 17 |
| Annual depreciation rate for electric generation | 3.43% | 17 |
| Constellation Energy, published 2025-02-18, period 2024-Q4 | ||
| Total Supply/Sales by Region | 269,417 (USD GWhs) | 18 |
| Total Purchased Power | 60,983 | 18 |
| Total Nuclear Generation | 181,711 | 18 |
| Total Natural Gas, Oil, and Renewables | 26,723 | 18 |
| Nuclear Operating Capacity Factor (Prior Year) | 94.4% | 18 |
| Nuclear Operating Capacity Factor | 94.6% | 18 |
| Energy Capture Wind, Solar and Run-of-River Hydro | 96.1% | 18 |
| Dispatch Match Rate Gas and Pumped Storage Hydro | 97.4% | 18 |
| Constellation Energy, published 2024-11-04, period 2024-Q3 | ||
| Refueling outage days | 164 | 15 |
| Refueling outage days | 37 | 15 |
| Nuclear fleet capacity factor | 94.6% | 15 |
| Nuclear Fleet Capacity Factor | 95.0% | 15 |
| Non-refueling outage days | 33 | 15 |
| Non-refueling outage days | 20 | 15 |
| Total shareholders equity | 12,570 | 15 |
| Total liabilities | $38,893 | 15 |
| Total equity | 12,941 | 15 |
| Total deferred debits and other assets | 21,672 | 15 |
| Total deferred credits and other liabilities | 26,063 | 15 |
| Total current liabilities | 5,452 | 15 |
| Total current assets | 9,270 | 15 |
| Total assets | $51,834 | 15 |
| Spent nuclear fuel obligation | 1,349 | 15 |
| Short-term borrowings | $– | 15 |
| Share repurchase authority remaining | 991 | 15 |
| Retained earnings | 3,325 | 15 |
| Restricted cash and cash equivalents | 89 | 15 |
| Renewable energy credits | 700 | 15 |
| Renewable energy credit obligation | 909 | 15 |
| Renewable Energy Capture | 96.0% | 16 |
| Property, plant and equipment, net | 20,892 | 15 |
| Other deferred debits | 2,297 | 15 |
| Other deferred credits | 2,028 | 15 |
| Other current liabilities | 322 | 15 |
| Other current assets | 2,819 | 15 |
| Nuclear decommissioning trust funds | 17,694 | 15 |
| Nuclear capacity factor (excl. Salem and STP) | 95.0% | 16 |
| Nuclear Generation | 45,510 GWhs | 16 |
| Noncontrolling interests | 371 | 15 |
| Natural gas, oil and emission allowances | 209 | 15 |
| Materials and supplies | 1,263 | 15 |
| Mark-to-market derivative liabilities, noncurrent | 341 | 15 |
| Mark-to-market derivative liabilities, current | 502 | 15 |
| Mark-to-market derivative assets, noncurrent | 732 | 15 |
| Mark-to-market derivative assets, current | 632 | 15 |
| Long-term debt due within one year | 1,034 | 15 |
| Long-term debt | 7,378 | 15 |
| Investments | 494 | 15 |
| Environmental liabilities accrued | 223 | 15 |
| Dispatch match rate (Natural Gas, Oil, and Renewables) | 98.2% | 16 |
| Deferred income taxes and unamortized ITCs | 3,554 | 15 |
| Deferred income taxes | 35 | 15 |
| Common stock | 11,379 | 15 |
| Commercial paper outstanding | 0 | 15 |
| Commercial commitments total | 2,999 | 15 |
| Cash and cash equivalents | $1,793 | 15 |
| Available capacity RCF | 4,449 | 15 |
| Asset retirement obligations | 12,322 | 15 |
| Asbestos reserves | 126 | 15 |
| Accumulated other comprehensive income | (2,134) | 15 |
| Constellation Energy, published 2024-08-06, period 2024-Q2 | ||
| S&P credit rating | BBB+ | 13 |
| Share repurchase program total authorization | 3 billion | 13 |
| Share repurchase program shares purchased | 16.1 million | 13 |
| Share repurchase program remaining authority | 991 million | 13 |
| Share repurchase program cost | 2 billion | 13 |
| Refueling outage days | 49 | 13 |
| Refueling outage days | 94 | 13 |
| Refueling outage days | 127 | 13 |
| Refueling outage days | 180 | 13 |
| Planned OPEB contributions | 23 million | 13 |
| Nuclear PTC revenue | 408 million | 13 |
| Nuclear PTC revenue | 712 million | 13 |
| Nuclear PTC Recognized | 712 | 13 |
| Nuclear Fleet Capacity Factor | 95.4% | 13 |
| Nuclear Fleet Capacity Factor | 92.4% | 13 |
| Nuclear Fleet Capacity Factor | 94.4% | 13 |
| Nuclear Fleet Capacity Factor | 92.6% | 13 |
| Non-Refueling Outage Days | 3 | 13 |
| Non-Refueling Outage Days | 25 | 13 |
| Non-Refueling Outage Days | 13 | 13 |
| Non-Refueling Outage Days | 34 | 13 |
| Moody's Credit Rating | Baa1 | 13 |
| Incremental Collateral Downgrade Requirement | 2.0 billion | 13 |
| Cash on Hand | 0.3 billion | 13 |
| Bank Credit Commitments | 7.5 billion | 13 |
| Available Capacity Credit Facilities | 4.7 billion | 13 |
| Renewable Energy Capture | 96.6% | 14 |
| Refueling Outage Days | 49 | 14 |
| Nuclear Generation (GWhs) | 45,314 | 14 |
| Nuclear Capacity Factor (excl. Salem and STP) | 95.4% | 14 |
| Non-Refueling Outage Days | 3 | 14 |
| Dispatch Match Rate | 98.0% | 14 |
| Constellation Energy, published 2024-05-09, period 2024-Q1 | ||
| Nuclear PTC Estimated 2024 Q1 | 304 million | 11 |
| Environmental Liabilities Accrued March | 145 million | 11 |
| Environmental Liabilities Accrued December | 149 million | 11 |
| Diluted EPS | 2.78 | 11 |
| commercial paper weighted average interest rate March | 5.56% | 11 |
| commercial paper weighted average interest rate December | 5.66% | 11 |
| Cash and Equivalents | 562 | 11 |
| basic EPS | 2.79 | 11 |
| asbestos related claims reserve | 131 million | 11 |
| asbestos open claims March | 219 | 11 |
| asbestos open claims amount | 18 million | 11 |
| asbestos estimated future claims | 113 million | 11 |
| Renewable Energy Capture Rate | 96.3% | 12 |
| Nuclear PTC | 304 million | 11 |
| Nuclear Generation (GWhs) | 45,391 | 12 |
| Nuclear Capacity Factor (excl. Salem and STP) | 93.3% | 12 |
| Natural Gas, Oil, and Renewables Dispatch Match Rate | 97.9% | 12 |
| Constellation Energy, published 2024-02-27, period FY2023 | ||
| unbilled customer revenues | 372 | 9 |
| total net generation capacity | 33,094 | 9 |
| other capacity | 3,269 | 9 |
| nuclear units | 25 | 9 |
| nuclear capacity MW | 2645 | 9 |
| New York capacity | 3,093 | 9 |
| NDT funds nuclear decommissioning | 13.9 billion | 9 |
| Midwest capacity | 11,605 | 9 |
| Mid-Atlantic capacity | 10,393 | 9 |
| ERCOT capacity | 4,734 | 9 |
| contract liabilities | 40 | 9 |
| contract assets | 82 | 9 |
| ZEC price New York | $19.05/MWh | 9 |
| ZEC price New Jersey Mid Atlantic | $9.95/MWh | 9 |
| ZEC price Illinois Midwest | $5.18/MWh | 9 |
| Spent nuclear fuel obligation | 1,296 | 9 |
| PJM performance bonuses | 120 | 9 |
| Nuclear fleet capacity factor | 94.4% | 9 |
| Nuclear decommissioning trust funds | 16,398 | 9 |
| Illinois CMC average price | $4.13/MWh | 9 |
| Illinois CMC average price | ($42.20)/MWh | 9 |
| Electricity price PJM West | $33.06/MWh | 9 |
| Electricity price North ERCOT | $55.15/MWh | 9 |
| Electricity price ComEd | $26.64/MWh | 9 |
| Electricity price Central New York | $26.97/MWh | 9 |
| Asset retirement obligations | 14,118 | 9 |
| Constellation Energy, published 2024-02-27, period 2023-Q4 | ||
| total supply | 67,309 | 10 |
| total supply | 269,689 | 10 |
| total outage days | 63 | 10 |
| total outage days | 307 | 10 |
| refueling outage days | 56 | 10 |
| refueling outage days | 256 | 10 |
| purchased power | 15,287 | 10 |
| purchased power | 67,215 | 10 |
| Nuclear Generation | 45,563 | 10 |
| Nuclear Generation | 44,436 | 10 |
| Nuclear Generation | 174,047 | 10 |
| Nuclear Generation | 173,350 | 10 |
| Non-Refueling Outage Days | 7 | 10 |
| Non-Refueling Outage Days | 51 | 10 |
| Natural Gas, Oil & Renewables | 6,459 | 10 |
| Natural Gas, Oil & Renewables | 28,427 | 10 |
| Constellation Energy, published 2023-11-06, period 2023-Q3 | ||
| ZEC Price New York | $18.27 /MWh | 7 |
| ZEC Price New Jersey | $10.00 /MWh | 7 |
| ZEC Price Illinois | $0.30 /MWh | 7 |
| Surety Bonds Total | $897 | 7 |
| Refueling Outage Days Q3 | 20 | 7 |
| Refueling Outage Days 9M | 200 | 7 |
| Nuclear Fleet Capacity Factor Q3 | 97.2 % | 7 |
| Nuclear Fleet Capacity Factor 9M | 94.1 % | 7 |
| Non-Refueling Outage Days Q3 | 10 | 7 |
| Non-Refueling Outage Days 9M | 44 | 7 |
| Letters of Credit Total | $1,723 | 7 |
| Environmental Liabilities Accrued | $137 | 7 |
| commercial commitments total | $2,620 | 7 |
| asbestos liability | $103 | 7 |
| Renewable Energy Capture | 96.6% | 8 |
| Nuclear Generation GWhs | 44,125 | 8 |
| Nuclear Capacity Factor | 97.2% | 8 |
| Dispatch Match Rate | 98.5% | 8 |
| Constellation Energy, published 2023-08-03, period 2023-Q2 | ||
| share repurchase program authority | 1 billion | 5 |
| renewable energy capture | 96.1 | 6 |
| planned contributions OPEB plans | 30 million | 5 |
| percentage of expected generation hedged 2024 Mid-Atlantic Midwest New York ERCOT | 77%-80% | 5 |
| percentage of expected generation hedged 2023 Mid-Atlantic Midwest New York ERCOT | 95%-98% | 5 |
| nuclear generation GWhs | 41,895 | 6 |
| Nuclear decommissioning trust funds | 14821 | 5 |
| nuclear capacity factor excluding Salem | 92.4 | 6 |
| non-investment grade counterparty credit exposure before collateral | 15 million | 5 |
| net credit exposure | 1,250 million | 5 |
| mark-to-market energy contract net assets June 30 | 977 million | 5 |
| mark-to-market energy contract net assets December 31 | 1,046 million | 5 |
| investment grade counterparty credit exposure before collateral | 958 million | 5 |
| internally rated non-investment grade exposure | 258 million | 5 |
| internally rated investment grade exposure | 117 million | 5 |
| hypothetical interest rate increase impact 50 basis points | not material | 5 |
| hypothetical equity price reduction interest rate increase impact | 787 million | 5 |
| forecasted market price risk exposure 5 MWh reduction | -151 million | 5 |
| forecasted market price risk exposure 5 MWh reduction | 11 million | 5 |
| Estimated collateral if downgrade below investment grade | 2.2 billion | 5 |
| Effective income tax rate | 33.5% | 5 |
| Effective income tax rate | 101.1% | 5 |
| Effective income tax rate | 29.2% | 5 |
| Effective income tax rate | 74.9% | 5 |
| Dispatch match rate | 99.1 | 6 |
| Credit ratings S&P | BBB | 5 |
| Credit ratings Moody's | Baa2 | 5 |
| Credit collateral from counterparties - letters of credit | 51 million | 5 |
| Credit collateral from counterparties - cash | 47 million | 5 |
| Cash on Hand | 0.3 billion | 5 |
| Cash and cash equivalents | 269 | 5 |
| Available liquidity capacity | 3.7 billion | 5 |
| Aggregate bank commitments | 5.9 billion | 5 |
| Volatility percentage arithmetic average | 124% | 5 |
| Volatility percentage | 122%-128% | 5 |
| Forward power price arithmetic average | 50 | 5 |
| Forward power price | 10-243 | 5 |
| Forward gas price arithmetic average | 3.79 | 5 |
| Forward gas price | 1.20-17 | 5 |
| Constellation Energy, published 2023-05-04, period 2023-Q1 | ||
| ZEC price NY | $21.38 | 3 |
| ZEC price NJ Mid-Atlantic | $10.00 | 3 |
| ZEC price Illinois Midwest | $12.01 | 3 |
| Uranium concentrate supply concentration | 60% from three suppliers 2023-2027 | 3 |
| Total credit facility commitments | $5.9 billion | 3 |
| Shares repurchased | 3.2 million | 3 |
| Share repurchase program authorization | $1 billion | 3 |
| Share repurchase cost | $251 million | 3 |
| Refueling outage days | 86 | 3 |
| Purchased power | 15,726 | 3 |
| PJM revenue increase | $38 million | 3 |
| Nuclear fleet generation | 42,463 | 3 |
| Nuclear Fleet Capacity Factor | 92.8% | 3 |
| Nuclear decommissioning trust funds | 14,676 | 3 |
| Non-refueling outage days | 9 | 3 |
| Natural gas, oil and renewables generation | 7,064 | 3 |
| Incremental collateral if downgraded | $2.4 billion | 3 |
| Hedge percentage 2024 Mid-Atlantic Midwest NY ERCOT | 77%-80% | 3 |
| Hedge percentage 2023 Mid-Atlantic Midwest NY ERCOT | 95%-98% | 3 |
| Estimated OPEB contributions | $17 million | 3 |
| Electricity price Southeast MA other | $51.84 | 3 |
| Electricity price PJM West Mid-Atlantic | $33.12 | 3 |
| Electricity price North ERCOT | $23.25 | 3 |
| Electricity price ComEd Midwest | $26.80 | 3 |
| Electricity price Central NY | $30.16 | 3 |
| CMC Price IL | $1.51 | 3 |
| Cash on Hand | $0.2 billion | 3 |
| Capacity Price Southeast/NE/Other | $126.67 | 3 |
| Capacity Price Rest of State NY | $103.67 | 3 |
| Capacity Price EMAC Mid-Atlantic | $97.86 | 3 |
| Capacity Price ComEd Midwest | $68.96 | 3 |
| Available credit capacity | $3.9 billion | 3 |
| Share Repurchase Program | approximately $250 million (approximately 3.2 million shares) | 4 |
| Renewable Energy Capture | 96.6% | 4 |
| Nuclear Generation | 42,463 GWhs | 4 |
| Nuclear Capacity Factor (excl. Salem) | 92.8% | 4 |
| Dividend per Share | $0.2820 | 4 |
| Dispatch Match Rate | 98.4% | 4 |
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Constellation Energy Development
A condensed summary of Constellation Energy per reporting period as running text: what changed operationally, which drivers management names, how earnings and cash flow developed. NadirAlpha methodology
FY2026: Constellation Energy
Constellation Energy's FY 2026 was defined by the completion of the Calpine Corporation acquisition on January 7, 2026 for total merger consideration of $21,835 million in cash and stock, adding approximately 23 GW of predominantly natural gas, geothermal, battery storage, and solar capacity and a competitive retail platform serving 62 TWh annually 27. Operating revenues reached USD 11,122 million in Q1 2026 and USD 7,504 million in Q2 2026, with the increase in both periods driven primarily by Calpine's contribution following the close of the transaction 128 130. As a condition of DOJ merger approval, Constellation agreed to divest 4.4 GW of natural gas-fired facilities to LS Power for $5.0 billion, with the Brazos Valley Energy Center (606 MW, $860 million) disclosed as a specific divestiture in Q2 29 30. Constellation Energy also signed 920 MW of long-term nuclear power purchase agreements with investment-grade customers for 15-20 years beginning 2029-2032, and received FERC approval for the transfer of capacity interconnection rights to the Crane Clean Energy Center, advancing its planned 2027 restart 29 30. Full-year adjusted operating earnings guidance was raised in Q2 to $11.50-$12.50 per diluted share, compared with the $11.00-$12.00 per diluted share range affirmed after Q1 results 28 30.
FY2025: Constellation Energy
Constellation Energy reported full-year 2025 operating revenues of 25,533 million, an increase of 8.3% versus 2024 driven by higher capacity revenues and favorable market conditions, partially offset by lower nuclear Production Tax Credit revenues 25. GAAP net income attributable to common shareholders declined to 2,319 million, or 7.40 per diluted share, primarily due to lower nuclear PTC revenues and unfavorable unrealized losses on economic hedges, while adjusted (non-GAAP) Operating Earnings increased to $9.39 per diluted share from $8.67 in 2024 25. Operating cash flow improved to 4,237 million in 2025, versus a use of cash in 2024, primarily driven by the amendment of the Accounts Receivable Facility 25. The year's defining strategic development was the announced acquisition of Calpine Corporation, covering over 27 GWs of generation capacity across natural gas, geothermal, battery storage, and solar assets, which received all major regulatory approvals during 2025 and closed on January 7, 2026 25. Operationally, the nuclear fleet achieved a 94.7% capacity factor for the year and produced 183 TWhs of zero-emissions electricity 25.
FY2024: Constellation Energy
Constellation Energy's FY2024 operating revenues of USD 23,568 million declined 5.4% from $24,918 million in 2023, driven by lower natural gas prices and energy cost fluctuations, while operating income increased to USD 4,352 million from $1,610 million in 2023, supported by approximately $2,080 million in nuclear Production Tax Credit benefits and a 28.6% decrease in purchased power and fuel expense 17. Net income rose to USD 3,749 million, a 137% increase over 2023, with the effective income tax rate declining from 35.1% to 17.1% due to the non-taxable nature of nuclear PTCs 17. The nuclear fleet achieved a capacity factor of 94.6% in 2024 with refueling outage days reduced from 256 to 230, and full-year adjusted operating earnings per share of $8.67 exceeded the final guidance range of $8.00 to $8.40 17 18. In Q3 2024, Constellation signed a 20-year power purchase agreement with Microsoft to support the restart of Three Mile Island Unit 1 as the Crane Clean Energy Center, with estimated capital expenditure of approximately $1.6 billion and an expected in-service date of 2028 15. Following year-end, the company entered a definitive agreement to acquire Calpine Corporation for approximately 50 million newly issued shares and $4.5 billion in cash, subject to regulatory approvals with expected closing by December 31, 2025 17.
FY2023: Constellation Energy
In FY2023, Constellation Energy reported operating revenues of USD 24,918 million, an increase of 2.0% from $24,440 million in 2022, with mark-to-market gains of $1,399 million in 2023 compared to mark-to-market losses of $1,188 million in 2022 contributing to the year-over-year change 9. Net income attributable to common shareholders was USD 1,623 million, turning positive from a loss of $160 million in 2022, driven primarily by favorable market and portfolio conditions with higher realized margins on load contracts and generation-to-load optimization 9. Operating income improved to USD 1,610 million from $495 million in 2022, supported by lower purchased power and fuel expenses, which declined to $16,001 million from $17,462 million in 2022 9. On November 1, 2023, Constellation completed the acquisition of a 44% undivided ownership interest in South Texas Project Nuclear Generating Station for net cash of $1.65 billion, expanding its nuclear generating capacity 9. Operating cash flows were negative USD 5,301 million in 2023, compared to negative $2,353 million in 2022, primarily due to working capital changes and collateral posting requirements for derivative positions 9.
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Glossary
- Revenue: Revenue from contracts with customers, net of sales deductions, as the company itself reports it; not total output, gross revenue, GMV or order intake.
- Op. income: The operating line of the income statement; EBIT only as a marked fallback, never pre-tax or ordinary income.
- EBITDA (adj.): Adjusted EBITDA, verbatim and company-defined (non-GAAP), never derived.
- Net income: Net income attributable to the shareholders of the parent, after discontinued operations; not the result including minority interests, not comprehensive income.
- EPS: Diluted earnings per share attributable to the shareholders of the parent; a printed figure always beats a calculated one, calculated values are marked.
- EPS adj.: Adjusted earnings per share, verbatim and company-defined (non-GAAP).
- FCF: Free cash flow = operating cash flow minus capital expenditure on property, plant and equipment; the company's own free cash flow figure is shown separately.
- OCF: Cash flow from operating activities as reported; IFRS companies may show interest paid in financing cash flow, so the figure is not always comparable.
- Cash: Cash and cash equivalents, without securities unless the company reports them as part of the position.
- Net Debt: Net debt = financial debt excluding lease liabilities minus cash at the same reporting date; the company's own net position may differ.
- *: derived, the formula is in the hover
- ≈: calculated, approximation
- ~: uncertain; the value stays visible, verdicts do not use it
- °: repaired by a targeted query against the document, or curated with documentary evidence
- EBIT: EBIT as a fallback: the income statement carries no operating line
- basic: basic earnings per share as a fallback when diluted is missing
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Sources: quarterly reports, annual reports and investor relations documents
The evidence base for Constellation Energy stock: every document with type and date, every figure in the report leads here by number and to the original by link. NadirAlpha methodology
33 documents · 2022 to 2026 · SEC EDGAR (USA)
Older sources (+3)
| # | Document type | Published |
|---|---|---|
| #201 | 10-Q quarterly report | 2022-05-12 |
| #202 | 10-Q quarterly report | 2022-08-04 |
| #203 | 10-Q quarterly report | 2022-11-08 |
Constellation Energy Stock FAQ
Is there a management forecast (guidance) for FY2026?
Yes. Management has issued targets for FY2026, including EPS (non-GAAP). The guidance tracking chapter shows all targets and checks them against the actuals reported later; neutral, with no estimate of our own.
Which additional key figures does Constellation Energy report?
As reported for Q2 2026: Nuclear Generation, Renewable Energy Capture, Nuclear Capacity Factor (excl. Salem and STP), Total Supply/Sales, RNF, Purchased Power. The chapter Reported KPIs lists every value with its source. Revenue is broken down by Calpine, Mid-Atlantic, Midwest, Other Power Regions.
Does Constellation Energy pay a dividend?
The filings report on the dividend; most recent entry: dividend per share 0.4265 (FY2025) (as reported, no assessment of our own). Details with source links are in the report chapters.
Where can I find the official investor relations documents of Constellation Energy?
NadirAlpha links all 33 original filings used (SEC filings) in the sources chapter: earnings release, quarterly report, annual report, each with type, publication date and a direct link; every figure in the report carries a source number.
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