Constellation Energy Corporation (CEG) Q2 FY2026 Financial Statements: Operating revenues $7.50B, Net income $513.00M
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PeriodQ2 FY2026
Published
Constellation Energy Corporation reported $7.50 billion in operating revenues for Q2 FY2026, the quarter ended June 30, 2026, up 23.0% from a year earlier, of which the Calpine segment, added by the January 2026 acquisition and reported for the first time as a sixth segment, accounted for $2.15 billion. Net income attributable to common shareholders was $513 million, down 38.9%, and diluted earnings per share of $1.42 was down 46.8%, a steeper fall than earnings because the shares issued to buy Calpine enlarged the share count. Operating income of $580 million was down 39.0%, and management attributes the quarter's decline in earnings attributable to common shareholders to unrealized losses on economic hedges, Calpine merger and integration costs and heavier nuclear refueling outages, set against higher capacity revenues and the addition of Calpine's operations. Those hedge losses are unrealized and the merger and integration costs are one-off, and both are excluded from Constellation Energy's own adjusted (non-GAAP) operating earnings measure, on which per-share earnings rose from a year earlier and the company raised its full-year 2026 guidance range in the second-quarter earnings release furnished on Form 8-K.
| Metric | Amount | vs. year ago |
|---|---|---|
| Operating revenues | $7,504,000,000 | up 23.0% |
| Net income | $513,000,000 | down 38.9% |
| Diluted EPS | $1.42 | down 46.8% |
| Operating income | $580,000,000 | down 39.0% |
| Calpine segment revenues | $2,147,000,000 |
About this file
| Ticker | CEG |
|---|---|
| CIK | 0001868275 |
| Company | Constellation Energy Corporation |
| Business type | utility |
| Schema template | competitive power generator / independent power producer |
| Schema note | Constellation is a competitive generator and energy supplier, not a rate-regulated utility, so the statements are presented the way the company prints them: operating revenues less purchased power and fuel, operating and maintenance, depreciation and amortization, and taxes other than income taxes. Revenue net of fuel (RNF) is the measure management uses to run the segments and is carried alongside segment revenues. A gross-profit line is not part of this presentation. |
| Reporting currency | USD |
| Converted to USD | no |
| Units | actual dollars (not millions) |
CEG annual income statement, balance sheet and cash flow
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Fiscal year | 2025 | 2024 | 2023 |
| Label | FY2025 | FY2024 | FY2023 |
| Period start | 2025-01-01 | 2024-01-01 | 2023-01-01 |
| Period end | 2025-12-31 | 2024-12-31 | 2023-12-31 |
| Period type | fiscal year | fiscal year | fiscal year |
| Source accession | 0001868275-26-000032 | 0001868275-26-000032 | 0001868275-26-000032 |
| Income statement | |||
| Operating revenues | 25,533,000,000 | 23,568,000,000 | 24,918,000,000 |
| Purchased power and fuel | 14,681,000,000 | 11,419,000,000 | 16,001,000,000 |
| Operating and maintenance | 6,159,000,000 | 6,159,000,000 | 5,685,000,000 |
| Depreciation and amortization | 985,000,000 | 1,123,000,000 | 1,096,000,000 |
| Taxes other than income taxes | 622,000,000 | 586,000,000 | 553,000,000 |
| Total operating expenses | 22,447,000,000 | 19,287,000,000 | 23,335,000,000 |
| Gain loss on sales of assets and businesses | 0 | 71,000,000 | 27,000,000 |
| Operating income | 3,086,000,000 | 4,352,000,000 | 1,610,000,000 |
| Interest expense net | -511,000,000 | -506,000,000 | -431,000,000 |
| Other income net | 936,000,000 | 670,000,000 | 1,268,000,000 |
| Total other income and deductions | 425,000,000 | 164,000,000 | 837,000,000 |
| Income before income taxes | 3,511,000,000 | 4,516,000,000 | 2,447,000,000 |
| Income tax expense | 1,187,000,000 | 774,000,000 | 859,000,000 |
| Equity in income losses of unconsolidated affiliates | -1,000,000 | -4,000,000 | -11,000,000 |
| Net income | 2,323,000,000 | 3,738,000,000 | 1,577,000,000 |
| Net income attributable to noncontrolling interests | 4,000,000 | -11,000,000 | -46,000,000 |
| Net income attributable to common shareholders | 2,319,000,000 | 3,749,000,000 | 1,623,000,000 |
| Basic shares | 313,000,000 | 315,000,000 | 323,000,000 |
| Diluted shares | 314,000,000 | 315,000,000 | 324,000,000 |
| Basic EPS | 7.4 | 11.91 | 5.02 |
| Diluted EPS | 7.4 | 11.89 | 5.01 |
| Balance sheet | |||
| Cash and cash equivalents | 3,641,000,000 | 3,022,000,000 | |
| Restricted cash and cash equivalents | 107,000,000 | 107,000,000 | |
| Accounts receivable net | 4,266,000,000 | 3,718,000,000 | |
| Inventories net | 1,736,000,000 | 1,600,000,000 | |
| Total current assets | 12,119,000,000 | 10,776,000,000 | |
| Property plant and equipment net | 22,474,000,000 | 21,235,000,000 | |
| Nuclear decommissioning trust funds | 19,336,000,000 | 17,305,000,000 | |
| Goodwill | 420,000,000 | 420,000,000 | |
| Total deferred debits and other assets | 22,656,000,000 | 20,915,000,000 | |
| Total assets | 57,249,000,000 | 52,926,000,000 | |
| Short term borrowings | 1,650,000,000 | 0 | |
| Long term debt due within one year | 92,000,000 | 1,028,000,000 | |
| Accounts payable and accrued expenses | 4,294,000,000 | 3,943,000,000 | |
| Total current liabilities | 7,944,000,000 | 6,846,000,000 | |
| Long term debt | 7,250,000,000 | 7,384,000,000 | |
| Deferred income taxes and unamortized itcs | 3,544,000,000 | 3,331,000,000 | |
| Asset retirement obligations | 13,193,000,000 | 12,449,000,000 | |
| Total deferred credits and other liabilities | 27,202,000,000 | 25,157,000,000 | |
| Total liabilities | 42,396,000,000 | 39,387,000,000 | |
| Common stock | 11,043,000,000 | 11,402,000,000 | |
| Retained earnings | 5,899,000,000 | 4,066,000,000 | |
| Accumulated other comprehensive income loss | -2,425,000,000 | -2,302,000,000 | |
| Total shareholders equity | 14,517,000,000 | 13,166,000,000 | |
| Noncontrolling interests | 336,000,000 | 373,000,000 | |
| Total equity | 14,853,000,000 | 13,539,000,000 | |
| Common shares outstanding | 312,355,000 | 312,838,000 | |
| Total debt derived | 8,992,000,000 | 8,412,000,000 | |
| Cash flow | |||
| Depreciation amortization and accretion | 2,601,000,000 | 2,700,000,000 | 2,514,000,000 |
| Operating cash flow | 4,237,000,000 | -2,464,000,000 | -5,301,000,000 |
| Capital expenditures | -2,949,000,000 | -2,565,000,000 | -2,422,000,000 |
| Net cash flows from investing activities | -3,198,000,000 | 7,428,000,000 | 3,031,000,000 |
| Dividends paid on common stock | -486,000,000 | -444,000,000 | -366,000,000 |
| Repurchases of common stock | -400,000,000 | -999,000,000 | -992,000,000 |
| Net cash flows from financing activities | -420,000,000 | -2,289,000,000 | 2,196,000,000 |
| Free cash flow | 1,288,000,000 | -5,029,000,000 | -7,723,000,000 |
| Segment results | |||
| Mid atlantic | |||
| Operating revenues | 6,487,000,000 | 5,522,000,000 | 5,138,000,000 |
| Revenue net of purchased power and fuel | 3,411,000,000 | 3,080,000,000 | 2,924,000,000 |
| Midwest | |||
| Operating revenues | 5,804,000,000 | 4,805,000,000 | 4,658,000,000 |
| Revenue net of purchased power and fuel | 3,702,000,000 | 3,202,000,000 | 3,255,000,000 |
| New york | |||
| Operating revenues | 2,190,000,000 | 2,050,000,000 | 2,021,000,000 |
| Revenue net of purchased power and fuel | 1,600,000,000 | 1,453,000,000 | 1,251,000,000 |
| Ercot | |||
| Operating revenues | 1,904,000,000 | 1,550,000,000 | 1,346,000,000 |
| Revenue net of purchased power and fuel | 1,137,000,000 | 1,047,000,000 | 582,000,000 |
| Other power regions | |||
| Operating revenues | 5,583,000,000 | 5,506,000,000 | 5,851,000,000 |
| Revenue net of purchased power and fuel | 819,000,000 | 1,268,000,000 | 1,240,000,000 |
| Total reportable segments | |||
| Operating revenues | 21,968,000,000 | 19,433,000,000 | 19,014,000,000 |
| Revenue net of purchased power and fuel | 10,669,000,000 | 10,050,000,000 | 9,252,000,000 |
| Other not allocated to a segment | |||
| Operating revenues | 3,565,000,000 | 4,135,000,000 | 5,904,000,000 |
| Revenue net of purchased power and fuel | 183,000,000 | 2,099,000,000 | -335,000,000 |
| Total consolidated | |||
| Operating revenues | 25,533,000,000 | 23,568,000,000 | 24,918,000,000 |
| Revenue net of purchased power and fuel | 10,852,000,000 | 12,149,000,000 | 8,917,000,000 |
CEG quarterly income statement, balance sheet and cash flow
| Q2 2026 | Q2 2025 | |
|---|---|---|
| Fiscal year | 2026 | 2025 |
| Fiscal quarter | 2 | 2 |
| Label | Q2 2026 | Q2 2025 |
| Period start | 2026-04-01 | 2025-04-01 |
| Period end | 2026-06-30 | 2025-06-30 |
| Period type | three months | three months |
| Source accession | 0001868275-26-000104 | 0001868275-26-000104 |
| Income statement | ||
| Operating revenues | 7,504,000,000 | 6,101,000,000 |
| Purchased power and fuel | 4,023,000,000 | 3,132,000,000 |
| Operating and maintenance | 2,253,000,000 | 1,617,000,000 |
| Depreciation and amortization | 443,000,000 | 254,000,000 |
| Taxes other than income taxes | 207,000,000 | 147,000,000 |
| Total operating expenses | 6,926,000,000 | 5,150,000,000 |
| Gain loss on sales of assets and businesses | 2,000,000 | 0 |
| Operating income | 580,000,000 | 951,000,000 |
| Interest expense net | -283,000,000 | -118,000,000 |
| Other income net | 603,000,000 | 440,000,000 |
| Total other income and deductions | 320,000,000 | 322,000,000 |
| Income before income taxes | 900,000,000 | 1,273,000,000 |
| Income tax expense | 398,000,000 | 440,000,000 |
| Equity in income losses of unconsolidated affiliates | 6,000,000 | 0 |
| Net income | 508,000,000 | 833,000,000 |
| Net income attributable to noncontrolling interests | -5,000,000 | -6,000,000 |
| Net income attributable to common shareholders | 513,000,000 | 839,000,000 |
| Basic shares | 360,000,000 | 314,000,000 |
| Diluted shares | 360,000,000 | 314,000,000 |
| Basic EPS | 1.42 | 2.67 |
| Diluted EPS | 1.42 | 2.67 |
| Balance sheet | ||
| Cash and cash equivalents | 697,000,000 | |
| Restricted cash and cash equivalents | 380,000,000 | |
| Accounts receivable net | 4,661,000,000 | |
| Inventories net | 3,368,000,000 | |
| Assets held for sale | 5,743,000,000 | |
| Total current assets | 18,965,000,000 | |
| Property plant and equipment net | 41,228,000,000 | |
| Nuclear decommissioning trust funds | 20,492,000,000 | |
| Goodwill | 11,527,000,000 | |
| Total deferred debits and other assets | 38,060,000,000 | |
| Total assets | 98,253,000,000 | |
| Short term borrowings | 5,226,000,000 | |
| Long term debt due within one year | 363,000,000 | |
| Accounts payable and accrued expenses | 4,432,000,000 | |
| Total current liabilities | 13,032,000,000 | |
| Long term debt | 19,111,000,000 | |
| Deferred income taxes and unamortized itcs | 8,513,000,000 | |
| Asset retirement obligations | 12,612,000,000 | |
| Total deferred credits and other liabilities | 33,788,000,000 | |
| Total liabilities | 65,931,000,000 | |
| Common stock | 26,683,000,000 | |
| Retained earnings | 7,692,000,000 | |
| Accumulated other comprehensive income loss | -2,398,000,000 | |
| Total shareholders equity | 31,977,000,000 | |
| Noncontrolling interests | 345,000,000 | |
| Total equity | 32,322,000,000 | |
| Common shares outstanding | 355,302,000 | |
| Total debt derived | 24,700,000,000 | |
| Segment results | ||
| Mid atlantic | ||
| Operating revenues | 1,555,000,000 | 1,448,000,000 |
| Revenue net of purchased power and fuel | 988,000,000 | 782,000,000 |
| Midwest | ||
| Operating revenues | 1,568,000,000 | 1,524,000,000 |
| Revenue net of purchased power and fuel | 979,000,000 | 1,036,000,000 |
| New york | ||
| Operating revenues | 564,000,000 | 535,000,000 |
| Revenue net of purchased power and fuel | 390,000,000 | 397,000,000 |
| Ercot | ||
| Operating revenues | 446,000,000 | 464,000,000 |
| Revenue net of purchased power and fuel | 284,000,000 | 271,000,000 |
| Other power regions | ||
| Operating revenues | 964,000,000 | 1,178,000,000 |
| Revenue net of purchased power and fuel | 287,000,000 | 181,000,000 |
| Calpine | ||
| Operating revenues | 2,147,000,000 | n/a |
| Revenue net of purchased power and fuel | 1,028,000,000 | n/a |
| Total reportable segments | ||
| Operating revenues | 7,244,000,000 | 5,149,000,000 |
| Revenue net of purchased power and fuel | 3,956,000,000 | 2,667,000,000 |
| Other not allocated to a segment | ||
| Operating revenues | 260,000,000 | 952,000,000 |
| Revenue net of purchased power and fuel | -475,000,000 | 302,000,000 |
| Total consolidated | ||
| Operating revenues | 7,504,000,000 | 6,101,000,000 |
| Revenue net of purchased power and fuel | 3,481,000,000 | 2,969,000,000 |
CEG year-to-date income statement and cash flow
| Six months ended June 30, 2026 | |
|---|---|
| Label | Six months ended June 30, 2026 |
| Period start | 2026-01-01 |
| Period end | 2026-06-30 |
| Period type | six months |
| Source accession | 0001868275-26-000104 |
| Income statement | |
| Operating revenues | 18,626,000,000 |
| Purchased power and fuel | 10,375,000,000 |
| Operating and maintenance | 4,033,000,000 |
| Depreciation and amortization | 886,000,000 |
| Taxes other than income taxes | 436,000,000 |
| Total operating expenses | 15,730,000,000 |
| Gain loss on sales of assets and businesses | 16,000,000 |
| Operating income | 2,912,000,000 |
| Interest expense net | -536,000,000 |
| Other income net | 649,000,000 |
| Total other income and deductions | 113,000,000 |
| Income before income taxes | 3,025,000,000 |
| Income tax expense | 928,000,000 |
| Equity in income losses of unconsolidated affiliates | 14,000,000 |
| Net income | 2,111,000,000 |
| Net income attributable to noncontrolling interests | 8,000,000 |
| Net income attributable to common shareholders | 2,103,000,000 |
| Basic shares | 357,000,000 |
| Diluted shares | 357,000,000 |
| Basic EPS | 5.89 |
| Diluted EPS | 5.88 |
| Cash flow | |
| Depreciation amortization and accretion | 2,368,000,000 |
| Operating cash flow | 1,553,000,000 |
| Capital expenditures | -2,521,000,000 |
| Acquisition of calpine net of cash acquired | -2,537,000,000 |
| Net cash flows from investing activities | -5,101,000,000 |
| Dividends paid on common stock | -309,000,000 |
| Repurchases of common stock | -1,971,000,000 |
| Net cash flows from financing activities | 877,000,000 |
| Free cash flow | -968,000,000 |
| Segment results | |
| Mid atlantic | |
| Operating revenues | 3,402,000,000 |
| Revenue net of purchased power and fuel | 1,800,000,000 |
| Midwest | |
| Operating revenues | 3,300,000,000 |
| Revenue net of purchased power and fuel | 1,831,000,000 |
| New york | |
| Operating revenues | 1,133,000,000 |
| Revenue net of purchased power and fuel | 798,000,000 |
| Ercot | |
| Operating revenues | 816,000,000 |
| Revenue net of purchased power and fuel | 493,000,000 |
| Other power regions | |
| Operating revenues | 2,450,000,000 |
| Revenue net of purchased power and fuel | 554,000,000 |
| Calpine | |
| Operating revenues | 4,541,000,000 |
| Revenue net of purchased power and fuel | 2,153,000,000 |
| Total reportable segments | |
| Operating revenues | 15,642,000,000 |
| Revenue net of purchased power and fuel | 7,629,000,000 |
| Other not allocated to a segment | |
| Operating revenues | 2,984,000,000 |
| Revenue net of purchased power and fuel | 622,000,000 |
| Total consolidated | |
| Operating revenues | 18,626,000,000 |
| Revenue net of purchased power and fuel | 8,251,000,000 |
| Prior year comparative | |
| Label | Six months ended June 30, 2025 |
| Period start | 2025-01-01 |
| Period end | 2025-06-30 |
| Period type | six months |
| Source accession | 0001868275-26-000104 |
| Income statement | |
| Operating revenues | 12,889,000,000 |
| Purchased power and fuel | 7,516,000,000 |
| Operating and maintenance | 3,162,000,000 |
| Depreciation and amortization | 502,000,000 |
| Taxes other than income taxes | 307,000,000 |
| Total operating expenses | 11,487,000,000 |
| Gain loss on sales of assets and businesses | 0 |
| Operating income | 1,402,000,000 |
| Interest expense net | -264,000,000 |
| Other income net | 286,000,000 |
| Total other income and deductions | 22,000,000 |
| Income before income taxes | 1,424,000,000 |
| Income tax expense | 462,000,000 |
| Equity in income losses of unconsolidated affiliates | 0 |
| Net income | 962,000,000 |
| Net income attributable to noncontrolling interests | 5,000,000 |
| Net income attributable to common shareholders | 957,000,000 |
| Basic shares | 314,000,000 |
| Diluted shares | 314,000,000 |
| Basic EPS | 3.05 |
| Diluted EPS | 3.05 |
| Cash flow | |
| Depreciation amortization and accretion | 1,300,000,000 |
| Operating cash flow | 1,584,000,000 |
| Capital expenditures | -1,573,000,000 |
| Acquisition of calpine net of cash acquired | 0 |
| Net cash flows from investing activities | -1,758,000,000 |
| Dividends paid on common stock | -244,000,000 |
| Repurchases of common stock | -400,000,000 |
| Net cash flows from financing activities | -893,000,000 |
| Free cash flow | 11,000,000 |
| Segment results | |
| Mid atlantic | |
| Operating revenues | 3,113,000,000 |
| Revenue net of purchased power and fuel | 1,591,000,000 |
| Midwest | |
| Operating revenues | 2,928,000,000 |
| Revenue net of purchased power and fuel | 1,886,000,000 |
| New york | |
| Operating revenues | 1,097,000,000 |
| Revenue net of purchased power and fuel | 798,000,000 |
| Ercot | |
| Operating revenues | 862,000,000 |
| Revenue net of purchased power and fuel | 485,000,000 |
| Other power regions | |
| Operating revenues | 2,734,000,000 |
| Revenue net of purchased power and fuel | 375,000,000 |
| Calpine | |
| Operating revenues | n/a |
| Revenue net of purchased power and fuel | n/a |
| Total reportable segments | |
| Operating revenues | 10,734,000,000 |
| Revenue net of purchased power and fuel | 5,135,000,000 |
| Other not allocated to a segment | |
| Operating revenues | 2,155,000,000 |
| Revenue net of purchased power and fuel | 238,000,000 |
| Total consolidated | |
| Operating revenues | 12,889,000,000 |
| Revenue net of purchased power and fuel | 5,373,000,000 |
CEG trailing twelve month income statement and cash flow
| Trailing twelve months ended June 30, 2026 | |
|---|---|
| Label | Trailing twelve months ended June 30, 2026 |
| Period start | 2025-07-01 |
| Period end | 2026-06-30 |
| Period type | trailing twelve months |
| Source accession | 0001868275-26-000032; 0001868275-26-000104 |
| Derivation | Fiscal 2025 as reported in the 2025 Form 10-K (accession 0001868275-26-000032), plus the six months ended June 30, 2026, less the six months ended June 30, 2025, both as reported in the second-quarter 2026 Form 10-Q (accession 0001868275-26-000104). Per-share amounts and share counts are deliberately omitted: Constellation issued 49.4 million shares to acquire Calpine in January 2026 and repurchased approximately 7.1 million shares for approximately $2.0 billion, which the 10-Q reports as the total for both the three and the six months ended June 30, 2026 because none were repurchased in the first quarter, so no single share count describes the twelve-month span. |
| Income statement | |
| Operating revenues | 31,270,000,000 |
| Purchased power and fuel | 17,540,000,000 |
| Operating and maintenance | 7,030,000,000 |
| Depreciation and amortization | 1,369,000,000 |
| Taxes other than income taxes | 751,000,000 |
| Total operating expenses | 26,690,000,000 |
| Gain loss on sales of assets and businesses | 16,000,000 |
| Operating income | 4,596,000,000 |
| Interest expense net | -783,000,000 |
| Other income net | 1,299,000,000 |
| Total other income and deductions | 516,000,000 |
| Income before income taxes | 5,112,000,000 |
| Income tax expense | 1,653,000,000 |
| Equity in income losses of unconsolidated affiliates | 13,000,000 |
| Net income | 3,472,000,000 |
| Net income attributable to noncontrolling interests | 7,000,000 |
| Net income attributable to common shareholders | 3,465,000,000 |
| Cash flow | |
| Depreciation amortization and accretion | 3,669,000,000 |
| Operating cash flow | 4,206,000,000 |
| Capital expenditures | -3,897,000,000 |
| Dividends paid on common stock | -551,000,000 |
| Repurchases of common stock | -1,971,000,000 |
| Net cash flows from investing activities | -6,541,000,000 |
| Net cash flows from financing activities | 1,350,000,000 |
| Free cash flow | 309,000,000 |
Adjustments
| Value | |
|---|---|
| Splits applied | none |
| ADR ratio | n/a |
| FX | None. Constellation reports in U.S. dollars. |
Notes
- Constellation Energy is a competitive power generator and energy supplier, so the statements here follow the company's own presentation: operating revenues, then purchased power and fuel, operating and maintenance, depreciation and amortization and taxes other than income taxes. There is no cost-of-goods or gross-profit line in this business.
- Constellation completed its acquisition of Calpine Corporation on January 7, 2026. Calpine's results are consolidated from that date, so the quarter and six months ended June 30, 2026 are not comparable with the year-ago periods or with fiscal 2025. Total merger consideration was $21.835 billion. The consideration table values the stock issued at $17.603 billion, being approximately 50 million shares valued at $354.58 per share as of January 6, 2026, and then deducts $96 million of stock subject to a vesting period and $14 million for the effective settlement of preexisting relationships, with cash consideration of $4.342 billion making up the balance; the statement of changes in equity records the same issuance as 49.4 million shares and $17.507 billion, which is the $17.603 billion of stock net of that $96 million. The transaction added $11.107 billion of goodwill and $12.551 billion of assumed debt at fair value. The Calpine reportable segment's operating revenues were $2.147 billion for the three months and $4.541 billion for the six months ended June 30, 2026. Separately, the acquisition note reports operating revenues attributable to Calpine following the acquisition date of $1.907 billion and $5.043 billion for those same three- and six-month periods, and states that because integration activities for certain functions began and financing activities were consolidated, it is impracticable to determine Calpine's earnings since the acquisition date. Figures from the second-quarter 2026 Form 10-Q (accession 0001868275-26-000104).
- The acquisition also reshaped the balance sheet. Between December 31, 2025 and June 30, 2026 total assets rose from $57.2 billion to $98.3 billion, property, plant and equipment from $22.5 billion to $41.2 billion, goodwill from $420 million to $11.5 billion, and total debt (short-term borrowings plus long-term debt including the current portion) from $8.99 billion to $24.70 billion. Assets held for sale of $5.743 billion at June 30, 2026 consist principally of the generating plants Constellation is required to divest as a condition of the transaction: the 10-Q records the acquisition-date fair value, less costs to sell, of the six generating assets required to be divested at $5.603 billion, and does not break down the June 30, 2026 balance.
- Operating cash flow for fiscal 2024 and fiscal 2023 is negative, and that is a presentation effect rather than an operating one. Until December 31, 2024 Constellation sold customer receivables into a revolving financing facility and took back a subordinated interest called the deferred purchase price. Cash proceeds on sale were recorded inside operating activities, while collections of the deferred purchase price - $10.217 billion in 2024 and $7.340 billion in 2023 - were recorded in investing activities. The facility was amended on December 31, 2024, the remaining receivables were assigned back to the company and no deferred purchase price arose in 2025, which is why operating cash flow swings from negative $2.464 billion in 2024 to positive $4.237 billion in 2025. Free cash flow for those years carries the same distortion. Described in the 2025 Form 10-K (accession 0001868275-26-000032).
- Total debt is not a line the company prints; it is the sum of short-term borrowings, long-term debt due within one year and long-term debt from each balance sheet, and is labelled as derived.
- Free cash flow is operating cash flow less capital expenditures. Capital expenditures, dividends paid and share repurchases are carried with the negative sign the cash flow statement prints, so free cash flow is the two figures added together.
- Revenue net of purchased power and fuel (RNF) is the measure Constellation's chief operating decision maker uses to run the reportable segments; it is operating revenues less purchased power and fuel expense and is not a measure defined under U.S. GAAP. It is carried in the segment tables because segment operating income is not reported.
- The 2025 Form 10-K presents three years of operations and cash flows (2025, 2024, 2023) but only two balance sheets (December 31, 2025 and 2024), so fiscal 2023 here carries no balance sheet.
- The second-quarter 2026 Form 10-Q presents cash flows for the six months only, not for the three months, so no cash flow statement is carried for the quarters ended June 30, 2026 or June 30, 2025. The six-month cash flows are in the year-to-date block.
- The Form 10-Q's balance sheet shows only June 30, 2026 and December 31, 2025, so the quarter ended June 30, 2025 carries an income statement only.
- Share counts and per-share amounts are as reported; there have been no stock splits.
- The second-quarter 2026 balance sheet reclassifies $126 million of December 31, 2025 current assets as held for sale, out of the $635 million the 10-K showed in other current assets. Fiscal 2025 here follows the 10-K's own presentation.
Uncertainties
- The trailing-twelve-month figures are derived, not reported: fiscal 2025 plus the first half of 2026 less the first half of 2025. Because Calpine was consolidated from January 7, 2026, that twelve-month window mixes roughly six months of Constellation standalone with roughly six months of the combined company, and it should not be read as a run rate. No per-share trailing figure is given, for the same reason.
- Purchase accounting for Calpine is provisional. The 10-Q states that the amounts recorded for property, plant and equipment, identifiable intangibles, leases, asset retirement and environmental obligations, contingencies and income taxes are subject to revision during the measurement period, and that the $11.1 billion of goodwill is provisionally allocated to the Calpine segment. The June 30, 2026 balance sheet may therefore change.
- Adjusted Operating Earnings are taken from the earnings presentation furnished as Exhibit 99.2 to the August 6, 2026 Form 8-K, not from the Form 10-Q, and the presentation notes that its items may not sum because of rounding. The full-year 2026 guidance range is a company forecast, not a reported result.
- Constellation reports basic and diluted weighted average share counts rounded to whole millions, so earnings per share recomputed from the figures here will differ slightly from the per-share amounts the company prints.
- Fiscal 2023 and fiscal 2024 free cash flow is arithmetically correct but economically misleading because of the receivables facility described in the notes; those years should not be compared with 2025 or with the trailing-twelve-month figure without that context.
Non GAAP adjusted earnings
| Value | |
|---|---|
| Measure | Adjusted Operating Earnings (non-GAAP) |
| Definition | Constellation's Adjusted Operating Earnings exclude unrealized gains and losses on economic hedges, interest rate swaps and fair value adjustments on gas imbalances and equity investments; decommissioning-related activity; amortization of commodity contracts acquired with Calpine; Calpine merger and integration costs; plant retirements and divestitures; pension and other post-employment benefit non-service credits and costs; and changes in legal and environmental liabilities. It is not a measure defined under U.S. GAAP and may not be comparable to similarly titled measures at other companies. |
| Source accession | 0001868275-26-000097 |
| Source note | Second-quarter 2026 earnings presentation furnished as Exhibit 99.2 to the Form 8-K filed August 6, 2026 (accession 0001868275-26-000097). These figures are from a furnished earnings presentation, not from the Form 10-Q. |
| Periods | |
| 1. | |
| Label | Q2 2026 |
| Period start | 2026-04-01 |
| Period end | 2026-06-30 |
| Period type | three months |
| GAAP net income attributable to common shareholders | 513,000,000 |
| GAAP diluted EPS | 1.42 |
| Adjusted operating earnings | 920,000,000 |
| Adjusted operating earnings per share | 2.55 |
| Diluted shares | 360,000,000 |
| 2. | |
| Label | Q2 2025 |
| Period start | 2025-04-01 |
| Period end | 2025-06-30 |
| Period type | three months |
| GAAP net income attributable to common shareholders | 839,000,000 |
| GAAP diluted EPS | 2.67 |
| Adjusted operating earnings | 599,000,000 |
| Adjusted operating earnings per share | 1.91 |
| Diluted shares | 314,000,000 |
| Full year 2026 guidance per share | |
| Low | 11.5 |
| High | 12.5 |
| Basis | expected average diluted shares of 357 million |
Source filings
| Role | Current | Form | Fiscal year | Fiscal period | Tag | Period end | Filed | Accession | Url | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| annual | no | 10-K | 2025 | FY | FY25 | 2025-12-31 | 2026-02-24 | 0001868275-26-000032 | https://www.sec.gov/Archives/edgar/data/1868275/000186827526000032/0001868275-26-000032-index.htm | reported |
| quarterly | yes | 10-Q | 2026 | Q2 | FY26Q2 | 2026-06-30 | 2026-08-06 | 0001868275-26-000104 | https://www.sec.gov/Archives/edgar/data/1868275/000186827526000104/0001868275-26-000104-index.htm | facts |
Company details
| Value | |
|---|---|
| Name | Constellation Energy Corp |
| Ticker | CEG |
| CIK | 0001868275 |
| Exchange | Nasdaq |
| State | Maryland |
| Incorporation | Pennsylvania |
| SIC | 4911 |
| Office | Energy & Transportation |
| Industry | Electric Services |
Fiscal period
| FY2026 | |
|---|---|
| Fiscal year | 2026 |
| Fiscal period | Q2 |
| Tag | FY26Q2 |
| Period end | 2026-06-30 |
| Form | 10-Q |
| Accession | 0001868275-26-000104 |
| Fiscal year end | 1231 |
| Source | facts |
FAQ · Constellation Energy financial statements
How much revenue did Constellation Energy report in Q2 FY2026?
Constellation Energy Corporation reported $7.50 billion in operating revenues for Q2 FY2026, the quarter ended June 30, 2026. That is up 23.0% from $6.10 billion in the same quarter a year earlier, with the newly acquired Calpine segment accounting for $2.15 billion of the total.
What was Constellation Energy's earnings per share in Q2 FY2026?
Constellation Energy Corporation earned $1.42 per diluted share in Q2 FY2026, the quarter ended June 30, 2026, down 46.8% from $2.67 a year earlier. Net income attributable to common shareholders was $513 million against $839 million, and per-share earnings fell further than net income because shares issued for the Calpine acquisition raised the average diluted share count.
Why did Constellation Energy's profit fall in Q2 FY2026?
Constellation Energy Corporation's net income attributable to common shareholders was $513 million in Q2 FY2026, down 38.9% from $839 million a year earlier, and operating income of $580 million was down 39.0%, even as operating revenues rose. Management attributes the decline to unrealized losses on economic hedges, merger and integration costs tied to Calpine, and more nuclear refueling outage days than a year earlier, partly offset by higher capacity revenues and the addition of Calpine's operations. The hedge losses and the merger and integration costs are both excluded from the company's adjusted (non-GAAP) operating earnings measure, on which per-share earnings rose from a year earlier, and Constellation Energy raised its full-year 2026 guidance range in the second-quarter earnings release furnished on Form 8-K.
How much did Calpine add to Constellation Energy's results in Q2 FY2026?
Calpine, which Constellation Energy Corporation acquired in January 2026 and now reports as a sixth segment, recorded $2.15 billion of operating revenues as a reportable segment in Q2 FY2026, the quarter ended June 30, 2026. There is no comparable figure a year earlier because Calpine was not part of Constellation Energy before the acquisition closed.
Where can I get Constellation Energy Corporation (CEG) financial data in machine-readable form?
Ticker Scout publishes Constellation Energy Corporation's financial statements as JSON at https://tickerscout.ai/ceg/financials.json, free, with no API key and no signup. The 10-K and 10-Q narrative and the 8-K events digest are published as Markdown at https://tickerscout.ai/ceg/narrative.md and https://tickerscout.ai/ceg/events.md. Constellation Energy Corporation's SEC CIK is 0001868275. Every figure cites the SEC accession number it came from, so it can be checked against sec.gov.
When does Constellation Energy Corporation (CEG) next file with the SEC?
Constellation Energy Corporation (CEG) is expected to file its next Form 10-Q with the SEC on or around November 6, 2026. That date is a projection rather than a company-announced date: it is derived from Constellation Energy Corporation's own filing history with the SEC, by taking the date the company filed the same fiscal period a year earlier and adding 52 weeks. The most recent periodic report on file is the 10-Q for Q2 FY2026, the period ended 2026-06-30, SEC accession 0001868275-26-000104.
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How this page was built
This page was built from three of Constellation Energy Corporation's own filings with the SEC, read one at a time. Nothing on it is taken from a pre-tagged dataset, a data vendor or another website. The figures are on the company's own fiscal calendar and in actual dollars, as the filings report them. Where the filings do not support a figure, the record says so instead of reporting a zero; this period names five such gaps.
A single company files thousands of pages with the SEC in a year, and no two companies file them the same way, so the reading and the assembly here are done by AI rather than by rules that break on the differences. Every pass is then audited back against the filings it came from before the page is published, and anything the filings do not support is left out and named rather than filled in. AI can still make mistakes. That is why the accession numbers are printed: the filing is the authority, and this page is a route to it.
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Built from Constellation Energy Corporation's SEC filings by Ticker Scout; accession numbers are cited throughout so every figure can be checked against sec.gov. Free to cite with attribution: Ticker Scout (tickerscout.ai). Not investment advice, see the Disclaimer.