OpenNashEarnings

Utilities · Nasdaq: CEG

Constellation Energy earnings: results, call transcripts & KPI history

2 quarters · fiscal year ends December · next results expected around 23 Feb 2027

Investor relations ↗SEC filings ↗KPIs as CSV

Latest: Q3 2026

Constellation reported GAAP Net Income of $5.19 per share and Adjusted (non-GAAP) Operating Earnings of $5.06 per share for the third quarter of 2026, and raised its full-year Adjusted Operating Earnings guidance range to $12.50 - $12.80 per share.

Constellation earned $5.19 per share under GAAP and $5.06 per share on an adjusted basis in the third quarter of 2026, compared with $2.97 and $3.04 a year earlier. Operating revenues were $9,550 million versus $6,570 million. The company credits the Calpine acquisition, strong commercial performance and higher capacity revenue, partly offset by lower nuclear production tax credit revenue. It also announced agreements with Amazon, Google and a first Peak+ customer, plus a conditional $5.0 billion DOE loan for nuclear uprates.

Read the Q3 2026 summary →

Quarters

KPI history

Revenue$7.5B+23.0% y/yQ2 2026
Q3 2024: $6.5BQ3 ’24$6.5BQ4 2024: $5.4B (worked out from the annual figure)Q4 ’24$5.4BQ1 2025: $6.8BQ1 ’25$6.8BQ2 2025: $6.1BQ2 ’25$6.1BQ3 2025: $6.6BQ3 ’25$6.6BQ4 2025: $6.1B (worked out from the annual figure)Q4 ’25$6.1BQ1 2026: $11.1BQ1 ’26$11.1BQ2 2026: $7.5BQ2 ’26$7.5B

Fourth quarter worked out from the annual figure.

Data
Q3 2024$6.5B
Q4 2024$5.4B *
Q1 2025$6.8B
Q2 2025$6.1B
Q3 2025$6.6B
Q4 2025$6.1B *
Q1 2026$11.1B
Q2 2026$7.5B
Diluted EPS (GAAP)$1.42−46.8% y/yQ2 2026
Q3 2024: $3.82Q3 ’24$3.82Q1 2025: $0.38Q1 ’25$0.38Q2 2025: $2.67Q2 ’25$2.67Q3 2025: $2.97Q3 ’25$2.97Q1 2026: $4.49Q1 ’26$4.49Q2 2026: $1.42Q2 ’26$1.42
Data
Q3 2024$3.82
Q1 2025$0.38
Q2 2025$2.67
Q3 2025$2.97
Q1 2026$4.49
Q2 2026$1.42

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin7.7%−7.9 pts y/yQ2 2026
Q3 2024: 22.4%Q3 ’2422.4%Q4 2024: 18.1%Q4 ’2418.1%Q1 2025: 6.6%Q1 ’256.6%Q2 2025: 15.6%Q2 ’2515.6%Q3 2025: 16.5%Q3 ’2516.5%Q4 2025: 9.8%Q4 ’259.8%Q1 2026: 21.0%Q1 ’2621.0%Q2 2026: 7.7%Q2 ’267.7%
Data
Q3 202422.4%
Q4 202418.1%
Q1 20256.6%
Q2 202515.6%
Q3 202516.5%
Q4 20259.8%
Q1 202621.0%
Q2 20267.7%
Free cash flow-$118.0MQ2 2026
Q3 2024: -$664.0MQ3 ’24-$664.0MQ4 2024: -$1.7BQ4 ’24-$1.7BQ1 2025: -$699.0MQ1 ’25-$699.0MQ2 2025: $710.0MQ2 ’25$710.0MQ3 2025: $1.5BQ3 ’25$1.5BQ4 2025: -$181.0MQ4 ’25-$181.0MQ1 2026: -$850.0MQ1 ’26-$850.0MQ2 2026: -$118.0MQ2 ’26-$118.0M
Data
Q3 2024-$664.0M
Q4 2024-$1.7B
Q1 2025-$699.0M
Q2 2025$710.0M
Q3 2025$1.5B
Q4 2025-$181.0M
Q1 2026-$850.0M
Q2 2026-$118.0M

Operating cash flow minus capital expenditure, from cash flow statements.

Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
Revenue$6.5B$5.4Bd$6.8B$6.1B$6.6B$6.1Bd$11.1B$7.5B
Operating income$1.5B$972.0Md$451.0M$951.0M$1.1B$598.0Md$2.3B$580.0M
Operating margin22.4%18.1%6.6%15.6%16.5%9.8%21.0%7.7%
Net income$1.2B$852.0Md$118.0M$839.0M$930.0M$432.0Md$1.6B$513.0M
Diluted EPS$3.82—$0.38$2.67$2.97—$4.49$1.42
Operating cash flow-$112.0Md-$1.0Bd$107.0M$1.5Bd$1.8Bd$805.0Md$425.0M$1.1Bd
Capital expenditure$552.0Md$729.0Md$806.0M$767.0Md$390.0Md$986.0Md$1.3B$1.2Bd
Free cash flow-$664.0M-$1.7B-$699.0M$710.0M$1.5B-$181.0M-$850.0M-$118.0M

From XBRL data in 10-Q and 10-K filings. d derived: a fourth quarter is the full year minus the first nine months, and cash flows are year-to-date figures differenced.

10-Q and 10-K filings