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Constellation Energy (CEG) stock

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NASDAQ: CEG Nasdaq Electric Utilities Next results ~November 9, 2026

C+ Fundamentals grade

Constellation Energy is a United States electricity generator and supplier. It produces power from nuclear, natural gas, oil-fuelled and hydroelectric facilities, with nuclear forming the core of its fleet, and it also runs power marketing, fuel procurement and commodity trading operations. Alongside generation, it provides competitive retail supply of electricity and natural gas.

Its retail customers include commercial and industrial companies, governmental bodies and residential households. The company earns money chiefly by selling output under power purchase agreements (PPAs) with load-serving entities and other buyers, by selling uncontracted generation on wholesale and spot markets as merchant energy, and through retail electricity and gas contracts. It hedges positions using financial contracts.

The business is organised by region, including West and Texas regions, and roughly 70% of its generating resources sit within the PJM market area. It carries former Exelon generating assets, having absorbed them from the Exelon utilities. In January 2026 it completed the acquisition of Calpine, adding geothermal steam fields (the Geysers) and carbon-capture projects.

Based on Constellation Energy's 10-K filed February 24, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$190

Valuation models combined (5)

Base case. Range ~$170–$210. Weighted average of 5 models (utility earnings model, forward price-to-earnings vs peers, justified price-to-book, residual income, dividend discount (two-stage)), the utility earnings model counting double.

Price vs value

Overvalued

The price is above our entire value range; our base value is 27% below it.

Price used: $257.25, November 2, 2026

Constellation Energy valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 0 selling1 purchase and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds984 adding, 784 cuttingOf 93 active managers that changed their stake, 56 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Constellation Energy files

Where Constellation Energy stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $31.3bn, up 26.0% on a year earlier, faster than 23.4% a quarter earlier. That growth ranks 1 of 12 among the electric utilities companies we cover. Free-cash-flow margin rose to 1.0% from -9.7% a year earlier. The diluted share count is up 7.0% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 3 of our 7 financial-health checks. Our valuation models combined value is $178 a share, against a share price of $261.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 9, 2026 (estimated)

Constellation Energy's trailing-twelve-month revenue grew 26.0% year on year, with a free-cash-flow margin of 1.0%. Where it stands out: revenue growth of 26.0% ranks 1 of 25 electric utilities companies we cover. Where it lags: change in share count of 7.0% ranks 21 of 23 electric utilities companies we cover.

Current signal Balance sheet growing far ahead of sales: Total assets grew 85% year over year while revenue grew 26% — the balance sheet is expanding 59 points faster than the business it supports.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 26.0% over the last 12 months, against a median of 6.4% for electric utilities companies we cover.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Priced above our value. The share price of $257.25 is 27% above our value per share of $190.
  • Share dilution. Diluted shares rose 7.0% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 48% and a beta of 1.4 against the S&P 500.
  • Weak cash conversion. Free cash flow was 9% of net income over the last 12 months.
  • Below peers: days sales outstanding. Days sales outstanding of 54 days ranks 16 of 18 electric utilities companies we cover (median 45 days).

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$2.55 against an average estimate of $2.28: beat by 11.7%
Revenue
$7.50bn, up 23.0% on a year earlier
Share reaction
+1.8% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
adjusted (non-GAAP) Operating Earnings per share $11.5 to $12.5 (full-year)
Next report
November 9, 2026; average EPS estimate $3.84

Constellation Energy's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.0%
  • 1 week+1.9%
  • 1 month-0.1%
  • This year-26.9%
  • 1 year-31.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$31.3B
Operating margin
14.7%
Net margin
11.1%
EPS (TTM, diluted)
$10.33

Growth

Revenue growth
+26.0%
Change in growth rate
+2.5 pts
Share count change
+7.0%

Cash

Free cash flow (TTM)
$309M
FCF margin
1.0%

Earnings

Last results
August 6, 2026
Next results (est.)
November 5, 2026

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Our research
  3. Results
  4. Guidance
  5. Leadership
  6. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Constellation Energy valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$190
Price used
$262.70close November 3, 2026
Implied change
▼ 29%
Uncertainty
Low

How we got here: the combined value of 5 valuation models built for a business like Constellation Energy (see the models table below and how they are combined) , with a 9.21% cost of equity. The models span ~$170–~$210; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Valuation models

We value Constellation Energy as an utility or power producer, with every model that fits that kind of business. Cost of equity 9.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.95 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Utility earnings model Net income growing 3% a year, discounted at 8%: for regulated investment that makes free cash flow negative. ~$200 ~$170–$250 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$210 ~$200–$260 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$170 ~$150–$200 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$170 ~$120–$240 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$180 ~$150–$220 Included
Combined value Weighted average of the models that apply: the primary model (utility earnings model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$190 ~$170–$210 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Constellation Energy with utilities and power producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2022202320242025Now
Share price$83.74$114.93$221.48$351.71$257.25
Market value$27.6bn$37.2bn$69.8bn$110.4bn$86.3bn
+ Net debt (− = net cash)$5.4bn$9.0bn$5.5bn$5.4bn$24.0bn
Enterprise value$32.9bn$46.2bn$75.2bn$115.8bn$110.3bn
Multiples
Price / sales 1.1x1.5x3.0x4.3x2.8x
Price / earnings —22.9x18.6x47.6x24.9x
Price / free cash flow ———85.7xn/m
EV / EBITDA 11.3x11.2x10.7x20.4x13.3x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

17 /100

Weak moat

How hard Constellation Energy's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 3 / 20

    Net income has been a median 3.5% of total assets over 5 years.

  • Durability 5 / 20

    Operating margin has been a median 12.0%; its worst year was 1.8%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 1 of 5 years, at a median -9.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 9, 2026, before the open. Analysts expect revenue of $9.3bn and EPS of $3.84 (range $3.50 to $4.21) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $12.15 +29% $35.8bn +40%
Next $13.32 +10% $37.0bn +3%

Next year's EPS estimate has moved −0.5% in 90 days, across 21 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +3.5% on 90 days ago. In the last 30 days, 2 analysts raised Constellation Energy's forecast and 0 cut it.

Consensus EPS forecast Constellation Energy, last 90 days
$11.50 $12.00 $12.50 $13.00 $13.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $11.74 Current fiscal year, 60 days ago: $12.14 Current fiscal year, 30 days ago: $12.14 Current fiscal year, 7 days ago: $12.13 Current fiscal year, Now: $12.15 $12.15 Next fiscal year, 90 days ago: $13.38 Next fiscal year, 60 days ago: $13.34 Next fiscal year, 30 days ago: $13.32 Next fiscal year, 7 days ago: $13.29 Next fiscal year, Now: $13.32 $13.32

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $11.74$13.38
60 days ago $12.14$13.34
30 days ago $12.14$13.32
7 days ago $12.13$13.29
Now $12.15$13.32

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $2.28 $2.55 +11.7%
Mar 2026 $2.60 $2.74 +5.3%
Dec 2025 $2.25 $2.30 +2.4%
Sept 2025 $3.12 $3.04 −2.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • Adjusted (non-GAAP) Operating Earnings per share full-year $11.50 to $12.50 Non-GAAP Raised
    “Raising full-year Adjusted (non-GAAP) Operating Earnings guidance range to $11.50 - $12.50 per share” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

25 analysts, Oct 2026
Buy2184%
Hold416%
Sell00%

Monthly trend

  1. Oct 2026615425
  2. Sep 2026613322
  3. Aug 2026613322
  4. Jul 2026614323

Counts of recommendations published by analysts covering Constellation Energy, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.8%
of tradable shares
Days to cover
2.96
at average volume
Short interest, 1 month
+1%
to October 15, 2026
Held by institutions
83%
of shares
Held by insiders
0.3%
of shares
Employees
15,291
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −31.4%

$374.90 on October 31, 2025 to $257.25

ThenNowEffect
Revenue (last 12 months) $24.8bn $31.3bn +26.0%
Net margin 12.1% 11.1% −8.6%
P/E multiple 39.1x 24.9x −36.2%
Share count 314m 336m −6.6%

Biggest factor: p/e multiple.

Last 3 years +124.0%

$114.84 on November 3, 2023 to $257.25

ThenNowEffect
Revenue (last 12 months) $26.4bn $31.3bn +18.5%
Net margin 2.9% 11.1% +277.4%
P/E multiple 48.6x 24.9x −48.8%
Share count 328m 336m −2.2%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 2023202420252026 to date
Return
CEG+37%+93%+59%−27%
Industry peers (median)−4%+16%+16%+5%
S&P 500+26%+25%+18%+11%
Months that ended higher
CEG67%67%58%46%
S&P 50067%75%75%46%
Largest fall from a high during the year
CEG−15%−28%−51%−35%
S&P 500−10%−8%−19%−9%

Worst fall since January 19, 2022: 51% from January 24, 2025 to April 4, 2025. Getting back needed a 103% gain, reached on July 31, 2025, 118 days after the low.

Price behaviour

52-week range
$236.14 – $376.93
From 52-week high
−31.8%
vs 50-day average
−5.5%
vs 200-day average
−7.8%
Volatility (1 year)
48%
Beta vs S&P 500
1.37

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
9 up, 3 down
typical move ±6.5%
After a week
7 up, 5 down
typical move ±10.9%
After a month
7 up, 5 down
typical move ±12.5%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +1.8% +0.5% +5.1% +12.9%
May 11, 2026 −3.3% +0.1% −13.6% −20.1%
February 24, 2026 +10.9% +1.6% +10.6% +3.4%
November 7, 2025 +2.7% +1.7% −3.6% +2.4%
August 7, 2025 −0.8% +0.7% −3.6% −11.6%
May 6, 2025 +8.0% −0.4% +17.4% +16.9%
February 18, 2025 +1.4% +0.5% −16.7% −31.2%
November 4, 2024 −9.4% +1.0% −8.1% −1.4%
August 6, 2024 +5.7% +0.2% +11.6% +3.8%
May 9, 2024 +3.3% +0.7% +4.0% +3.3%
February 27, 2024 +28.2% +0.1% +32.7% +39.1%
November 6, 2023 +2.4% +0.5% +4.0% −3.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Constellation Energy’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.12× the last 60 days’ realised volatility .
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

CEG Constellation Energy Grade C+ $258.65

Own 100 shares, sell the $300 call expiring December 18, 2026 (46 days) for $4.70 a share — $470 per contract.

Previous session · Bid $4.70, ask $6.10, quoted Mon 2 Nov, 17:18 New York time with CEG at $258.65. Option prices move with the shares: check the live chain at your broker before trading.

  • If CEG ends below $300: you keep your shares and the $470 — 1.8% extra on the position, 14.4% a year at that pace.
  • If it ends above $300: your shares are sold at $300, a total return of 17.8% including the premium — at or above our value of ~$190.
$4.6k $0 −$5.1k Break-even $253.95 Price $258.65 ← Our value ~$190
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$470
Annualised
14.4%
Break-even
$253.95
Max gain
$4,605
Chance of selling
~25%

Results are expected around November 5, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $240 put and sell the $300 call, both expiring December 18, 2026 (46 days).

  • Net cost of $7.40 a share ($740 per contract of 100 shares).
  • Worst case at expiry: -10.1%, if the shares fall below $240 (-7.2% from today).
  • Best case at expiry: +13.1%, if the shares rise above $300 (+16.0%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $190: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Constellation Energy in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Constellation Energy
$22B $24B $26B $28B $30B $32B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $26.5B Revenue (TTM), FY23 Q4: $24.9B Revenue (TTM), FY24 Q1: $23.5B Revenue (TTM), FY24 Q2: $23.5B Revenue (TTM), FY24 Q3: $24B Revenue (TTM), FY24 Q4: $23.6B Revenue (TTM), FY25 Q1: $24.2B Revenue (TTM), FY25 Q2: $24.8B Revenue (TTM), FY25 Q3: $24.8B Revenue (TTM), FY25 Q4: $25.5B Revenue (TTM), FY26 Q1: $29.9B Revenue (TTM), FY26 Q2: $31.3B $31.3B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $26.5B
FY23 Q4 $24.9B
FY24 Q1 $23.5B
FY24 Q2 $23.5B
FY24 Q3 $24B
FY24 Q4 $23.6B
FY25 Q1 $24.2B
FY25 Q2 $24.8B
FY25 Q3 $24.8B
FY25 Q4 $25.5B
FY26 Q1 $29.9B
FY26 Q2 $31.3B
Revenue growth, TTM YoY Constellation Energy
-20% -10% 0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 16.9% Revenue growth, TTM YoY, FY23 Q4: 2.0% Revenue growth, TTM YoY, FY24 Q1: -11.0% Revenue growth, TTM YoY, FY24 Q2: -10.8% Revenue growth, TTM YoY, FY24 Q3: -9.3% Revenue growth, TTM YoY, FY24 Q4: -5.4% Revenue growth, TTM YoY, FY25 Q1: 2.9% Revenue growth, TTM YoY, FY25 Q2: 5.4% Revenue growth, TTM YoY, FY25 Q3: 3.6% Revenue growth, TTM YoY, FY25 Q4: 8.3% Revenue growth, TTM YoY, FY26 Q1: 23.4% Revenue growth, TTM YoY, FY26 Q2: 26.0% 26.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 16.9%
FY23 Q4 2.0%
FY24 Q1 -11.0%
FY24 Q2 -10.8%
FY24 Q3 -9.3%
FY24 Q4 -5.4%
FY25 Q1 2.9%
FY25 Q2 5.4%
FY25 Q3 3.6%
FY25 Q4 8.3%
FY26 Q1 23.4%
FY26 Q2 26.0%
Operating margin (TTM) Constellation Energy
0% 5% 10% 15% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 5.7% Operating margin (TTM), FY23 Q4: 6.5% Operating margin (TTM), FY24 Q1: 10.2% Operating margin (TTM), FY24 Q2: 12.0% Operating margin (TTM), FY24 Q3: 13.8% Operating margin (TTM), FY24 Q4: 18.5% Operating margin (TTM), FY25 Q1: 16.5% Operating margin (TTM), FY25 Q2: 15.5% Operating margin (TTM), FY25 Q3: 13.9% Operating margin (TTM), FY25 Q4: 12.1% Operating margin (TTM), FY26 Q1: 16.6% Operating margin (TTM), FY26 Q2: 14.7% 14.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 5.7%
FY23 Q4 6.5%
FY24 Q1 10.2%
FY24 Q2 12.0%
FY24 Q3 13.8%
FY24 Q4 18.5%
FY25 Q1 16.5%
FY25 Q2 15.5%
FY25 Q3 13.9%
FY25 Q4 12.1%
FY26 Q1 16.6%
FY26 Q2 14.7%
FCF margin (TTM) Constellation Energy
-40% -30% -20% -10% 0% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -26.0% FCF margin (TTM), FY23 Q4: -31.0% FCF margin (TTM), FY24 Q1: -32.3% FCF margin (TTM), FY24 Q2: -33.5% FCF margin (TTM), FY24 Q3: -29.8% FCF margin (TTM), FY24 Q4: -21.3% FCF margin (TTM), FY25 Q1: -17.6% FCF margin (TTM), FY25 Q2: -9.7% FCF margin (TTM), FY25 Q3: -1.1% FCF margin (TTM), FY25 Q4: 5.0% FCF margin (TTM), FY26 Q1: 3.8% FCF margin (TTM), FY26 Q2: 1.0% 1.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -26.0%
FY23 Q4 -31.0%
FY24 Q1 -32.3%
FY24 Q2 -33.5%
FY24 Q3 -29.8%
FY24 Q4 -21.3%
FY25 Q1 -17.6%
FY25 Q2 -9.7%
FY25 Q3 -1.1%
FY25 Q4 5.0%
FY26 Q1 3.8%
FY26 Q2 1.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Constellation Energy took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $25.5B
  2. Other income $420M · 1.6%
  3. Other operating costs $22.4B · 87.9%
  4. Operating income $3.1B · 12.1%
  5. Income tax $1.2B · 4.6%
  6. Net income $2.3B · 9.1%

Shares of revenue. Source: Constellation Energy's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 17.6 19.6 24.4 24.9 23.6 25.5 31.3
EBITDA 3.9 4.2 2.9 4.1 7.1 5.7 8.3
Operating income 0.3 −0.3 0.5 1.6 4.4 3.1 4.6
Net income 0.6 −0.2 −0.2 1.6 3.7 2.3 3.5
Diluted EPS $0.00 $0.00 −$0.49 $5.01 $11.89 $7.40 $10.33
Growth (year on year)
Revenue — +11.6% +24.4% +2.0% −5.4% +8.3% +26.0%
EBITDA — +7.8% −30.3% +41.1% +71.0% −19.4% +28.1%
Operating income — — — +225.3% +170.3% −29.1% +19.7%
Net income — −134.8% — — +131.0% −38.1% +15.2%
Diluted EPS — — — — +137.3% −37.8% +7.6%
Margins
EBITDA margin 22.1% 21.3% 12.0% 16.6% 29.9% 22.3% 26.4%
Operating margin 1.5% −1.8% 2.0% 6.5% 18.5% 12.1% 14.7%
Net margin 3.3% −1.0% −0.7% 6.5% 15.9% 9.1% 11.1%
Free-cash-flow margin −6.6% −13.6% −16.5% −31.0% −21.3% 5.0% 1.0%
Cash flow
Cash from operations 0.6 −1.3 −2.4 −5.3 −2.5 4.2 4.2
Capital spending 1.7 1.3 1.7 2.4 2.6 2.9 3.9
Free cash flow −1.2 −2.7 −4.0 −7.7 −5.0 1.3 0.3
Stock-based pay 0.0 0.0 0.1 0.2 0.3 0.4 —
Free cash flow after stock pay −1.2 −2.7 −4.2 −7.9 −5.4 0.9 —
Balance sheet
Cash 0.2 0.5 0.4 0.4 3.0 3.6 0.7
Total debt 0.0 7.9 5.8 9.3 8.5 9.1 24.7
Net debt (negative = net cash) −0.2 7.4 5.4 9.0 5.5 5.4 24.0
Diluted shares — — 329m 324m 315m 314m 336m
Returned to shareholders
Dividends 0.0 0.0 0.2 0.4 0.4 0.5 0.6
Buybacks — 0.0 0.0 1.0 1.0 0.4 —
Total returned 0.0 0.0 0.2 1.4 1.4 0.9 0.6

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 7 checks passed · June 30, 2026
What it owns · $98.3bn
Short-term assets $19.0bnLonger-term assets $79.3bn
What it owes, and who funded it · $97.9bn
Short-term liabilities $13.0bnLonger-term liabilities $52.9bnShareholders' equity $32.0bn
  • Short-term assets cover short-term liabilities $19.0bn of assets due within a year against $13.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $19.0bn short-term assets against $52.9bn of longer-dated liabilities.
  • More cash than debt $697m of cash against $19.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 61% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 41% to 61% over five years.
  • A year's operating cash flow covers at least 20% of debt $4.2bn of operating cash flow against $19.5bn of debt.
  • Operating profit covers interest at least five times over Operating income of $4.6bn against $783m of interest.

From Constellation Energy's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$400M
Dividends (TTM)
$551M
Returned to shareholders
69%
of free cash flow
Buybacks, last 3 fiscal years
$2.4B
Diluted share count
+7.0%
year over year
Total shareholder yield
1.0%
dividends 0.6% + buybacks 0.4% of market value
Dividend payout ratio
16%
of net income paid out
Days sales outstanding
54 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in electric utilities
Last 12 months unless stated CEG SO DUK EXC AEP VST Median
Revenue, last 12 months $31.3bn $30.2bn $33.3bn $25.9bn $22.8bn $19.2bn $9.4bn
Revenue growth, last 12 months 26.0% 6.4% 6.3% 6.7% 10.3% 3.8% 6.4%
Revenue growth, 3-year average 5.8% 3.0% 4.6% 7.3% 5.4% 4.9% 3.7%
Revenue growth, latest quarter 23.0% 0.1% 1.1% 9.2% 7.0% −5.5% 4.3%
Operating margin 14.7% 24.2% 27.8% 19.8% 23.0% 18.5% 22.3%
Operating margin, 3-year average 14.1% 25.4% 26.7% 19.8% 22.5% 17.0% 22.4%
Net margin 11.1% 15.4% 15.8% 10.2% 13.8% 11.6% 13.3%
Cash from operations / revenue 13.5% 35.3% 34.8% 25.6% 33.8% 26.7% 27.0%
Free-cash-flow margin 1.0% −10.8% −12.9% −10.0% 18.8% 11.7% −10.0%
Free-cash-flow margin, 3-year average −14.0% −5.7% −6.0% −7.7% 22.6% 12.2% −8.2%
Stock pay / revenue 0.5% 0.3% 0.3% 0.2% — 0.7% 0.4%
Change in share count 7.0% 1.7% 0.4% 1.6% 1.8% −1.0% 1.7%

Median of all 25 companies we cover in electric utilities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

25 electric utilities companies
Measure Company Peer median Rank
Revenue growth Growth 26.0% 6.4% 1 of 25
Change in growth rate Growth +2.5pp -0.1pp 7 of 25
Operating margin Profitability 14.7% 22.5% 21 of 24
Net margin Profitability 11.1% 13.3% 17 of 25
Free-cash-flow margin Cash generation 1.0% -10.0% 6 of 24
Long-term debt as % of assets Balance sheet 19.5% 40.9% 1 of 24
Change in share count Balance sheet 7.0% 1.7% 21 of 23
Days sales outstanding Balance sheet 54 days 45 days 16 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue YoY
Constellation Mid Atlantic $6.5B ▲ 19.0%
Constellation Midwest $5.3B ▲ 37.4%
Constellation Other Regions $4.9B ▲ 2.4%
Constellation New York $2.4B ▲ 23.3%
Constellation ERCOT $1.3B ▲ 23.1%

These categories overlap or exclude eliminations, so shares aren't shown.

From Constellation Energy's 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$71.5B
Institutions reporting
1,841
Shares held vs prior quarter
▲ 0.2%
Positions opened / closed
162 / 202

Top buyers and sellers, Q2 2026: 984 institutions bought and 784 sold ; the biggest buyer was Teacher Retirement System Of Texas (+1.4M shares) and the biggest seller Ecp Controlco, LLC (−7.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $6.1B 24.6M 8.5% ▲ 4.5%
Vanguard Capital Management LLC $5.2B 21.0M 7.3% ▲ 4.5%
State Street Corp $4.8B 19.4M 6.7% ▲ 3.3%
Vanguard Portfolio Management LLC $3.9B 15.8M 5.5% ▲ 5.4%
Ecp Controlco, LLC $3.6B 14.4M 5.0% ▼ 34.8%
Capital International Investors $3.1B 12.7M 4.4% ▲ 9.0%
Invesco Ltd. $2.8B 11.1M 3.9% ▼ 1.0%
Morgan Stanley $2.2B 9.1M 3.1% ▲ 1.7%
Geode Capital Management, LLC $1.9B 7.5M 2.6% ▲ 3.1%
FMR LLC $1.6B 6.5M 2.3% ▼ 35.8%
Capital Research Global Investors $1.4B 5.8M 2.0% ▲ 20.1%
Jennison Associates LLC $1.4B 5.5M 1.9% ▼ 16.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Constellation Energy's complete shareholder register. Values are as reported by the filers ; 5 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $417,931 1 trade by 1 insider, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $417,931 net buying
Insider Date Trade Shares Price Value
Crandall Roger W Director August 11, 2026 Buy 1,500 $278.62 $417,931

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 11 trades and filings

No trades in Constellation Energy disclosed in the last 12 months; 11 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 31, 2025, filed November 21, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded October 30, 2025, filed November 21, 2025
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 30, 2025, filed November 21, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 11, 2026
  • February 24, 2026
  • November 7, 2025
  • August 7, 2025
  • May 6, 2025

Recent SEC filings

Data status

When each part of this page on Constellation Energy was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Constellation Energy in brief

What does Constellation Energy do?
Constellation Energy is a US-listed company in the electric utilities industry. Its financial year ends in December.
What is Constellation Energy's stock ticker?
Constellation Energy trades under the ticker CEG on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Constellation Energy's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Constellation Energy reported revenue of $31.3B, 26.0% higher than a year earlier, according to its SEC filings.
What is Constellation Energy's free cash flow?
Constellation Energy's free-cash-flow margin is 1.0% of revenue over the trailing twelve months, ranking 6 of the 24 electric utilities companies we cover.
Who are Constellation Energy's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Constellation Energy buying back stock, and does it pay a dividend?
Constellation Energy spent $400M on share repurchases over the trailing twelve months, and its diluted share count still rose 7.0% over the year.
What is Constellation Energy's market cap?
On November 2, 2026, Constellation Energy's market capitalisation was about $86.3B, with a price-to-earnings ratio of 24.9 and net debt of $24B. Market figures come from third-party market data and may be delayed.
Does Constellation Energy pay a dividend?
Yes: Constellation Energy paid $551M in dividends over the trailing twelve months, a dividend yield of 0.60% and a payout ratio of 15.9%.
How much debt does Constellation Energy have?
Constellation Energy's debt-to-equity ratio is 60.9%, from its latest balance sheet (40.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are Constellation Energy's competitors?
In our Electric Utilities peer group, the companies closest to Constellation Energy are Southern Company, Duke Energy, Exelon, American Electric Power and Vistra Corp. The side-by-side comparison below sets their revenue, margins and growth against Constellation Energy's.
Are insiders buying or selling Constellation Energy stock?
Over the last 12 months, Constellation Energy's directors and officers reported 1 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Constellation Energy's next earnings date?
Around November 9, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Constellation Energy announces its own schedule.