Constellation Energy Corporation
Revenue
$8B
Net Income
$2B
Constellation Energy Corporation
Revenue
$8B
Net Income
$2B
Constellation Energy Corporation
CIK: 0001868275
Earnings Analysis
Analyzed 11 of 12 reports
Performance Summary - Q1 2026bullish (89)not_provided
Reality-Based Sentiment Analysisbullish89/100
Based on actual market data, not just management spin. Weighted score: 10% management tone + 40% earnings beat/miss + 30% price action + 20% guidance accuracy.
Financial Performance Trend
Overall Analysis & Outlook
Over the past 5 quarters, Constellation Energy Corporation has been consistently bullish with stable guidance. Revenue has grown 60.4% during this period. The latest quarter shows bullish sentiment with neutral tone from management.
Latest Quarter Highlights:
Constellation Energy delivered strong Q1 2026 results with revenue of $11.1 billion and net income of $1.6 billion, driven by the January 2026 acquisition of Calpine Corporation which adds 23 GW of generation capacity and transforms the company into the nation's largest combined clean energy producer and competitive retail supplier. The Calpine acquisition nearly doubled revenue and strengthened market positioning, though integration activities and required asset divestitures create near-term execution risks; management demonstrates confidence with significant capex investments ($1.3 billion in Q1) and strategic partnerships including a 20-year Microsoft PPA for the restarted Crane Clean Energy Center.
Detailed Quarterly Reports
In-depth analysis of each quarter's earnings filing
Q1 2026
10-Q • Filed 5/11/2026
Summary
Constellation Energy delivered strong Q1 2026 results with revenue of $11.1 billion and net income of $1.6 billion, driven by the January 2026 acquisition of Calpine Corporation which adds 23 GW of generation capacity and transforms the company into the nation's largest combined clean energy producer and competitive retail supplier. The Calpine acquisition nearly doubled revenue and strengthened market positioning, though integration activities and required asset divestitures create near-term execution risks; management demonstrates confidence with significant capex investments ($1.3 billion in Q1) and strategic partnerships including a 20-year Microsoft PPA for the restarted Crane Clean Energy Center.
Revenue
$7.54B
Net Income
$1.59B
Guidance
Tone
Capex
$1.27B(+58.2% YoY)
Partnerships
Key Quotes
"We are the nation's largest producer of clean and reliable energy and a leading supplier of energy products and services"
"The merger couples the largest producer of clean, emissions-free energy with the reliable, dispatchable natural gas assets of Calpine, and also creates the nation's leading competitive retail electric supplier"
"The addition of Calpine strengthens our essential role in providing clean, reliable energy as the nation seeks to transition to a more sustainable future"
Q4 2025
10-K • Filed 2/24/2026
Summary
Constellation Energy achieved $25.5 billion in revenue and $2.3 billion in net income for 2025, demonstrating strong operational performance as the nation's largest clean energy producer. The company completed the $22 billion acquisition of Calpine in January 2026, creating a diversified generation portfolio with 23 GW of additional capacity, and secured major long-term PPAs with Microsoft and Meta to support nuclear restart and expansion projects. Strong tailwinds from data center demand, AI growth, manufacturing onshoring, and supportive federal energy policies position the company for sustained growth, though nuclear PTC volatility and market reform uncertainties present near-term headwinds.
Revenue
$5.69B
Net Income
$432M
Guidance
Tone
Partnerships
Key Quotes
"We are the nation's largest producer of clean energy and a leading supplier of energy products and services with generation capacity including primarily nuclear, wind, solar, natural gas, and hydroelectric assets."
"The acquisition of Calpine strengthens our essential role in providing clean, reliable energy as the nation seeks to transition to a more sustainable future, and will better position us to pursue investments in new and existing technologies to meet growing demand."
"This growth is creating unprecedented demand for reliable, around-the-clock electricity in the U.S. and globally, driven by widespread adoption of AI technologies and large-scale infrastructure investments by major hyperscalers such as Microsoft, Google, Meta, and Amazon."
Q3 2025
10-Q • Filed 11/7/2025
Summary
Constellation delivered Q3 2025 revenue of $6.57B with net income of $929M, demonstrating stable operational performance. The company benefits from strong pricing power in competitive electricity markets, bolstered by nuclear production tax credits ($175M in Q3) and announced $4.5B Calpine acquisition that significantly expands natural gas and renewable generation capacity. Robust operating cash flow of $3.43B and free cash flow of $1.47B support strategic capital deployment and the pending transformative merger.
Revenue
$5.70B
Net Income
$930M
Guidance
Tone
Capex
$1.96B(+6.9% YoY)
Partnerships
Key Quotes
"The nation's largest producer of carbon-free energy and a supplier of energy products and services with generating capacity including primarily nuclear, wind, solar, natural gas, and hydroelectric assets."
"In July 2025, Congress passed the OBBBA which affirmed the provisions of the nuclear PTC with no material changes, reinforcing the long-term economic viability of our nuclear generation assets."
"We expect to fund the cash portion of the transaction through a combination of cash on hand and cash flow generated by Calpine in the period between signing and closing of the transaction."
Q2 2025
10-Q • Filed 8/7/2025
Summary
Constellation Energy delivered Q2 2025 revenue of $6.1B, up 11% YoY, with net income of $833M. Operating cash flow was strong at $1.6B for the six-month period, though capital expenditures increased 22.5% YoY to $1.6B. The company is pursuing the transformative $4.5B Calpine acquisition (plus ~$12.7B debt assumption) to add 27 GW of generation capacity, with regulatory approvals obtained from PUCT, NYPSC, and FERC; DOJ review remains pending. Management maintains a neutral tone with no explicit forward guidance provided in this 10-Q filing.
Revenue
$5.16B
Net Income
$839M
Guidance
Tone
Capex
$1.57B(+22.5% YoY)
Partnerships
Key Quotes
"We are the nation's largest producer of carbon-free energy and a supplier of energy products and services."
"The merger consideration at closing will consist of an aggregate of 50 million newly issued shares of our common stock, no par value, and $4.5 billion in cash. We will also assume approximately $12.7 billion of Calpine's outstanding debt."
"Regulatory approvals for the merger were received by the PUCT and NYPSC in June 2025 and by the FERC in July 2025. Completion of the transaction is conditioned upon review by the DOJ and other customary closing conditions."
Q1 2025
10-Q • Filed 5/6/2025
Summary
Constellation Energy reported Q1 2025 revenue of $6,788 million with net income attributable to common shareholders of $118 million, down 87% year-over-year due to significantly lower commodity mark-to-market gains and absence of nuclear PTC revenue (estimated to exceed phase-out thresholds). Operating cash flow was positive at $107 million despite elevated collateral postings, while capex increased 9.2% to $806 million. The company is pursuing a transformational $4.5 billion acquisition of Calpine Corporation (27 GW capacity) expected to close by December 31, 2025.
Revenue
$6.11B
Net Income
$118M
Guidance
Tone
Capex
$806M(+9.2% YoY)
Partnerships
Key Quotes
"For the three months ended March 31, 2025, we did not record a nuclear PTC benefit as the estimate of full year gross receipts exceeds the phase-out amount for annual gross receipts per MWh for all units."
"On January 10, 2025, we entered an agreement and plan of merger with Calpine Corporation under which we will acquire all the outstanding equity interests of Calpine in a cash and stock transaction."
"We are the nation's largest producer of carbon-free energy and a supplier of energy products and services."
Q4 2024
10-K • Filed 2/18/2025
Summary
Constellation Energy delivered strong 2024 results with $24.2B revenue and $3.7B net income, significantly exceeding prior year driven by nuclear PTC benefits ($2.08B) and operational excellence. The announced $27B+ Calpine acquisition positions the company as America's largest clean energy producer coupled with dispatchable natural gas and leading retail platform, with significant growth catalysts from AI-driven data center demand, nuclear license extensions, and emerging clean energy technologies. Management demonstrates confidence in long-term value creation through disciplined capital allocation, maintained investment-grade ratings, and strategic positioning in the accelerating energy transition.
Revenue
$4.53B
Net Income
$852M
Guidance
Tone
Capex
$1.60B
Partnerships
Key Quotes
"The demand for reliable, carbon-free energy and sustainability solutions continues to grow across the country...we are committed to a clean energy future and aim to meet the growing energy needs of all our customers."
"The addition of Calpine will strengthen our essential role in providing clean, reliable, and affordable energy as the nation seeks to transition to a more sustainable future, and will better position us to pursue investments in new and existing technologies to meet growing demand."
"In 2024, we achieved a 94.6% percent capacity factor across our nuclear fleet and our ownership of 22 GWs of carbon-free generation capacity at 25 nuclear units produced 182 TWhs of electricity in 2024."
Q3 2024
10-Q • Filed 11/4/2024
Summary
Constellation Energy reported Q3 2024 revenue of $6.55 billion and net income of $1.196 billion, with strong earnings growth driven by nuclear production tax credits (estimated $670M for the quarter). The company achieved RNF of $3.43 billion (up 25% YoY) and successfully monetized $1 billion of nuclear PTCs during Q3 2024. Operating cash flow was negative $1.448 billion for the nine months due to working capital timing and derivative fair value changes, but free cash flow remained strong at $3.22 billion after capital expenditures and NDT fund activities.
Revenue
$4.77B
Net Income
$1.20B
Guidance
Tone
Capex
$1.84B(+5.8% YoY)
Partnerships
Key Quotes
"Beginning in 2024, our nuclear units are eligible for a PTC extending through 2032...we have determined that we will meet the annual prevailing wage requirements at all our nuclear units and are eligible for the five times multiplier."
"During the third quarter of 2024, we executed agreements for the sale of $1 billion of nuclear PTCs to unaffiliated third parties at a nominal discount, with approximately $670 million of cash proceeds received upon sale."
"In May 2024, we executed a settlement agreement with all parties (CPS/City of San Antonio, Austin, and NRG), resolving all litigation involving our purchase of the ownership interest in STP."
Q2 2024
10-Q • Filed 8/6/2024
Summary
Constellation Energy reported Q2 2024 revenue of $5.475 billion with net income of $809 million, relatively flat YoY despite a 5% increase in RNF driven by strong nuclear PTC benefits ($712M YTD). Operating cash flow was negative at -$1.336 billion due to working capital timing, though free cash flow remained positive at $1.366 billion. The company is benefiting significantly from IRA nuclear production tax credits, recognizing $712 million YTD, but faces ongoing regulatory complexities including nuclear decommissioning obligations and state compensation program passthrough requirements.
Revenue
$4.41B
Net Income
$814M
Guidance
Tone
Capex
$1.28B(-3.9% YoY)
Partnerships
Key Quotes
"Beginning in 2024, our nuclear fleet is eligible for a PTC extending through 2032...we have determined that we will meet the annual prevailing wage requirements at all our nuclear units and are eligible for the five times multiplier."
"In May 2024, we executed a settlement agreement with all parties (CPS/City of San Antonio, Austin, and NRG), resolving all litigation involving our purchase of the ownership interest in STP."
"Many of the state-sponsored programs providing compensation for the emissions-free attributes of generation from certain of our nuclear units include contractual or other provisions that require us to refund that compensation up to the amount of the nuclear PTC received."
Q1 2024
10-Q • Filed 5/9/2024
Summary
Constellation Energy reported Q1 2024 revenue of $6.16B (down 19% YoY) and net income of $883M (up 767% YoY), driven primarily by $304M in nuclear production tax credits from the IRA beginning in 2024, partially offset by lower commodity prices impacting purchased power costs. Operationally, the company generated negative free cash flow of -$92M (after capex) due to working capital timing, though the nuclear PTC provides strong structural support for future earnings. Management tone remains neutral with no explicit forward guidance provided, though the company continues capex investments and completed strategic acquisitions including the STP ownership stake.
Revenue
$5.26B
Net Income
$883M
Guidance
Tone
Capex
$738M(+11.8% YoY)
Partnerships
Key Quotes
"Beginning in 2024, our nuclear units are eligible for a PTC extending through 2032. The nuclear PTC provides a transferable credit up to $15 per MWh (a base credit of $3 per MWh with a five times multiplier provided certain prevailing wage requirements are met)"
"As a result of the enactment of the IRA, we qualify for certain federal government incentives through eligible activities. These incentives include both refundable and transferable tax credits."
"The nuclear PTC continues to be the subject of additional guidance expected to be issued from the U.S. Treasury and IRS that may materially impact the total amount of benefits we receive."
Q3 2023
10-Q • Filed 11/6/2023
Summary
Constellation Energy reported Q3 2023 revenue of $6,111 million (flat vs. prior year) and net income of $690 million versus a loss of $193 million in Q3 2022, driven by lower purchased power and fuel costs. The company completed a transformational $1.75 billion acquisition of a 44% stake in the South Texas Project nuclear facility in November 2023, significantly expanding its clean energy portfolio. Operating cash flow was negative at -$2,119 million for the nine-month period due to working capital changes, though this reflects the timing of deferred purchase price collections and capital investments.
Revenue
$5.31B
Net Income
$731M
Guidance
Tone
Capex
$1.74B(+59.2% YoY)
Partnerships
Key Quotes
"We acquired NRG South Texas LP, which owns a 44% undivided ownership interest in the jointly owned South Texas Project Nuclear Generating Station (STP), a 2,645-megawatt, dual-unit nuclear plant located in Bay City, Texas, for a cash purchase price of $1.75 billion."
"In the third quarter of 2023, we extended our retirement assumptions for Ginna and NMP Unit 1; while the current ZEC program in New York ends in 2029, the state has acknowledged our nuclear assets are vital to achieving its clean energy goals."
"The settlement reduces the recovery we receive for capital projects over the term of the Mystic COS. The settlement also eliminates the possibility that we would need to refund certain costs recovered under the COS Agreement for the EMT facility if the EMT facility continues operating post-Cost-of-Service."
Q2 2023
10-Q • Filed 8/3/2023
Summary
Constellation Energy reported Q2 2023 net income of $824M on revenues of $5.4B, with operating performance improving despite negative operating cash flow of $1.1B driven by working capital movements and collateral requirements. The company faces multiple regulatory uncertainties including PJM performance bonus disputes, Conowingo license challenges, and litigation on its $1.75B South Texas Project acquisition, while pursuing strategic growth in nuclear assets. Capital expenditures increased 67% YoY to $1.3B, reflecting investment in the generation portfolio.
Revenue
$4.70B
Net Income
$833M
Guidance
Tone
Capex
$1.34B(+67% YoY)
Partnerships
Key Quotes
"On May 31, 2023, we entered into an Equity Purchase Agreement with Texas Genco GP, LLC and Texas Genco LP, LLC, subsidiaries of NRG Energy, Inc. (NRG), for the acquisition of NRG's 44% undivided ownership interest in the jointly owned South Texas Project Nuclear Generating Station (STP), a 2,645-megawatt, dual-unit nuclear plant located in Bay City, Texas, for a cash purchase price of $1.75 billion."
"We cannot reasonably predict the outcome of the complaints or settlement discussions; however, it is reasonably possible that the ultimate impact to our consolidated financial statements could differ materially once these uncertainties are resolved."
"We are unable to further predict the outcome of these proceedings at this time [regarding Conowingo hydroelectric project license renewal]."
Sector Comparison
How CEG performs vs Energy sector and Utilities peers