NASDAQ: CEG · Electric Utilities
Constellation Energy
Constellation Energy generates and sells electricity and natural gas in competitive U.S. markets. Its 10-K calls it the largest nuclear energy company in the U.S.; at year-end 2025 it had 31,676 MW of net generation capacity, and nuclear produced 182,690 GWh of its 204,944 GWh owned supply in 2025. It also serves about 2.5 million retail customer accounts. Spun off from Exelon in February 2022, it acquired Calpine on January 7, 2026 for about $22 billion, adding about 23 GW of gas, geothermal, battery, and solar capacity and bringing the fleet to 55 GW. FY2025 revenue was $25.5 billion and net income $2.32 billion.
Last updated
Analysis last edited: October 12, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: February 24, 2026
Built on10-K FY2025 · filed 2026-02-2410-Q (quarter ended 2026-06-30) · filed 2026-08-06
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 7.7%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 12.1%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- -2.0 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 1.0x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.83x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 3 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 22.2x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.36
Higher than 45% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 30% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 19% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 36% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 64% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-06-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$246.75close on 2026-11-04
Market cap$76.99B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 22.2x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 5.3x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 14.5x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 1.7%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 0.6%
At FY2025 year-end: 47.7x
Earnings: trailing 12 months to 2026-06-30
At FY2025 year-end: 7.6x
Book value at FY2025 year-end
At FY2025 year-end: 20.3x
EBITDA for FY2025
At FY2025 year-end: 1.2%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Jun 30, 2026.
- Revenue$6.1B → $7.5B (vs. a year earlier)↑ +23.0%$6.1B → $7.5B (vs. a year earlier)
- Operating margin15.6% → 7.7% (vs. a year earlier)↓ −7.9 pts15.6% → 7.7% (vs. a year earlier)
- Net income$839M → $513M (vs. a year earlier)↓ −38.9%$839M → $513M (vs. a year earlier)
- Diluted EPS$2.67 → $1.42 (vs. a year earlier)↓ −46.8%$2.67 → $1.42 (vs. a year earlier)
- Cash$800M → $697M (vs. previous quarter-end)↓ −12.9%$800M → $697M (vs. previous quarter-end)
- Long-term debt$17.36B → $19.47B (vs. previous quarter-end)↑ +12.2%$17.36B → $19.47B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Aug 6, 2026.
Management outlook ↑ Raised
Raised full-year adjusted EPS guidance to $11.50–$12.50. Source sentence
Raising full-year Adjusted (non-GAAP) Operating Earnings guidance range to $11.50 – $12.50 per share
Key changes
Q2 GAAP net income $1.42 per share versus $2.67. Source sentence
Our GAAP Net Income for the second quarter of 2026 decreased to $1.42 per share from $2.67 per share in the second quarter of 2025.
Adjusted EPS $2.55 versus $1.91. Source sentence
Adjusted (non-GAAP) Operating Earnings for the second quarter of 2026 increased to $2.55 per share from $1.91 per share in the second quarter of 2025.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- Constellation Energy Corp
- Headquarters
- BALTIMORE, MD
- Incorporated in
- Pennsylvania
- Fiscal year end
- 12/31
- Exchange & ticker
- NASDAQ: CEG
- Industry
- Electric Utilities
- CIK
- 1868275
Workforce (as of FY2025 year-end)
Employees
15,339
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q3 FY2026
Quarter end: September 2026. In past years, Q3 results were released 35–38 days after quarter end (Nov 7, 2025; Nov 4, 2024; Nov 6, 2023). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 35–58 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q2 FY2026 | Jun 30, 2026 | Aug 6, 2026 (+37 days) | Aug 6, 2026 10-Q (+37 days) |
| Q1 FY2026 | Mar 31, 2026 | May 11, 2026 (+41 days) | May 11, 2026 10-Q (+41 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 24, 2026 (+55 days) | Feb 24, 2026 10-K (+55 days) |
| Q3 FY2025 | Sep 30, 2025 | Nov 7, 2025 (+38 days) | Nov 7, 2025 10-Q (+38 days) |
| Q2 FY2025 | Jun 30, 2025 | Aug 7, 2025 (+38 days) | Aug 7, 2025 10-Q (+38 days) |
| Q1 FY2025 | Mar 31, 2025 | May 6, 2025 (+36 days) | May 6, 2025 10-Q (+36 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 18, 2025 (+49 days) | Feb 18, 2025 10-K (+49 days) |
| Q3 FY2024 | Sep 30, 2024 | Nov 4, 2024 (+35 days) | Nov 4, 2024 10-Q (+35 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 6, 2024 (+37 days) | Aug 6, 2024 10-Q (+37 days) |
| Q1 FY2024 | Mar 31, 2024 | May 9, 2024 (+39 days) | May 9, 2024 10-Q (+39 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 27, 2024 (+58 days) | Feb 27, 2024 10-K (+58 days) |
| Q3 FY2023 | Sep 30, 2023 | Nov 6, 2023 (+37 days) | Nov 6, 2023 10-Q (+37 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Generation
Nuclear
Examples: LaSalle, Calvert Cliffs, Nine Mile Point, Ginna, FitzPatrick, Clinton, South Texas Project (share)
Around-the-clock, emissions-free generation.
Generation
Gas, geothermal, and storage (incl. Calpine)
Examples: Calpine's gas fleet and The Geysers geothermal assets
About 23 GW added with Calpine in January 2026.
Retail
Energy supply and solutions
Examples: C&I power and gas, CORe+ clean energy matching
Retail supply to businesses, public sector, and homes.
Descriptions are from the FY2025 Form 10-K's Item 1 and 2.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Power generation
U.S. and world, after the January 2026 Calpine merger
U.S. share
Largest clean energy producer
Company-disclosedAbout 10% of the nation's clean energy from 55 GW of capacity; also the largest U.S. nuclear operator.
Worldwide share
Largest private-sector producer
Company-disclosedThe 10-K says the merger made Constellation the largest private-sector power producer in the world.
Retail power to commercial and industrial customers
U.S. direct C&I customer business
U.S. share
Over 32%
Company-disclosedThe 10-K says Constellation remains the market leader in direct C&I sales.
Worldwide share
—
Not disclosedGas and geothermal generation (Calpine)
U.S. generators, per S&P Global Market Intelligence
U.S. share
Largest
Company-disclosedCalpine is the nation's largest generator from natural gas and geothermal resources, per the 10-K.
Worldwide share
—
Not disclosed
Sources:
07
Recent strategic focusSite analysis
Calpine acquisition and 2026 developments, from the 10-K and 8-Ks.
Calpine closed
On January 7, 2026, Constellation acquired 100% of Calpine for about $22B — 50 million new shares plus about $4.5B in cash — adding about 23 GW of capacity and a retail platform serving about 62 TWh a year.
Source: Form 10-K (FY2025) MD&A; 8-K filed 2026-01-07
Raised 2026 guidance
Q2 2026 adjusted (non-GAAP) operating earnings were $2.55 per share (vs. $1.91), and full-year guidance was raised to $11.50–$12.50; GAAP net income was $1.42 per share (vs. $2.67).
Source: 8-K filed 2026-08-06 (Exhibit 99.1)
Calpine sellers exit shares
Selling shareholders sold 11 million Constellation shares in a June 2026 underwritten offering; Constellation received no proceeds.
Source: 8-K filed 2026-06-02
PJM capacity auction
All of Constellation's PJM plants cleared the 2028–2029 auction at $325/MW-day, including 9,800 MW of nuclear in ComEd.
Source: 8-K filed 2026-07-14
Capex ÷ D&A (FY2025)
1.13x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$2,949M ÷ $2,601M = 1.13x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$1.8B
Latest year: $14M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $1.75B in FY2020 to $2.95B in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$25.53B
As reported in the 10-K
Revenue CAGR (5 years)
+7.7%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($25,533M ÷ $17,603M) ^ (1÷5) − 1 = 7.7%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
12.1%▲favorable
+10.6pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$3,086M ÷ $25,533M × 100 = 12.1%
ROE (FY2025)
16.8%▲favorable
6-year average: 10.6%
As reported in the 10-K
P/B (FY2025 end)
7.59x
formulafiscal year-end closing price ÷ book value per share
e.g.$353.27 ÷ $46.53 = 7.59x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
20.3x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($110,220M + $9,053M − $3,641M) ÷ ($3,086M + $2,601M) = 20.3x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +7.7% a year over 5 years (strong growth)
From $17.6B in FY2020 to $25.53B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 1.5% → 12.1%
How much operating profit is left per $100 of revenue. It moved +10.6 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 25.4% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▼
Free cash flow was positive in 1 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 10.6% over 6 years (latest: 16.8%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
Generation
Operating power plants- Selling capacity in markets such as PJM
Customer-facing
Retail energy supply and tailored clean-energy products such as CORe+
06 · what it draws on
Key resources
Generation
Nuclear fuel and natural gas- Plant operators (about 23% of employees in collective bargaining agreements)
Customer-facing
Own generation and purchased power- Natural gas supply
02 · why customers buy
Value propositions
- Carbon-free nuclear and other generation, plus power and gas supply to commercial, industrial and residential customers.
04 · how it keeps them
Customer relationships
- Long-term power agreements with large buyers; retail supply contracts.
03 · how it reaches them
Channels
- Wholesale power markets (PJM, MISO, NYISO, ERCOT and others); retail sales to about 2.5 million customer accounts.
01 · who it serves
Customer segments
Generation
Wholesale power markets- Utilities
Customer-facing
About 2.5 million customer accounts, including three-fourths of the Fortune 100
09 · where money goes
Cost structure
FY2025, share of revenue ($25.53B)
- Other operating costs (incl. cost of goods sold)87.9%
Operating profit left: 12.1% of revenue. Depreciation & amortization (inside the costs above): $2.6B. Capital spending: $2.95B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
Generation
Energy and capacity sales- Nuclear production tax credits and state support
Customer-facing
Retail power and gas sales
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Generation
Owned nuclear, natural gas, hydro, wind, and solar plants across PJM, MISO, NYISO, ERCOT, and other regions, with output sold into wholesale markets or to its own retail customers, plus long-term contracts with large buyers.
01 what it draws on
Inputs & resources
- Nuclear fuel and natural gas
- Plant operators (about 23% of employees in collective bargaining agreements)
02 what it does
Activities
- Operating power plants
- Selling capacity in markets such as PJM
- Hedging generation output
03 who it serves
Customers
- Wholesale power markets
- Utilities
- Large companies under long-term PPAs (e.g., Microsoft, Meta)
04 how money comes in
How it earns
- Energy and capacity sales
- Nuclear production tax credits and state support
- Long-term PPAs
Generation: how it makes money
- Nuclear generation was 182,690 GWh in 2025, 89% of the 204,944 GWh owned supply.
- All of its PJM plants cleared the 2028–2029 capacity auction at $325/MW-day.
Customer-facing (retail and wholesale gas)
Electricity and gas supply to commercial, industrial, public-sector, and residential customers, plus trading, transport, storage, and supply of natural gas.
01 what it draws on
Inputs & resources
- Own generation and purchased power
- Natural gas supply
02 what it does
Activities
- Retail energy supply and tailored clean-energy products such as CORe+
03 who it serves
Customers
- About 2.5 million customer accounts, including three-fourths of the Fortune 100
04 how money comes in
How it earns
- Retail power and gas sales
Customer-facing (retail and wholesale gas): how it makes money
- Served about 147 TWh of retail power load and about 800 Bcf of gas in 2025.
- C&I power contracts average about two years, with customer duration of about six years.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Constellation’s nuclear fleet is supported by the federal nuclear production tax credit; its utility-like subsidiaries are under FERC jurisdiction.
Government funding & tax credits
Nuclear production tax credit
The IRA nuclear PTC provides more support as unit revenues fall below set levels, adjusted for inflation.
Supports the businessTouches: How it earnsSource: Form 10-K (FY2025)
Regulated prices & reimbursement
FERC wholesale regulation
Subsidiaries are public utilities under FERC’s ratemaking jurisdiction for wholesale power and transmission.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Political engagement
Policy advocacy
Says its advocacy is sought by decision makers in legislative and policy arenas.
Supports the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Mid-Atlantic
6,487 (30%)Midwest
5,804 (26%)New York
2,190 (10%)ERCOT
1,904 (9%)Other Power Regions
5,583 (25%)
Source: Form 10-K (FY2025) — MD&A, Operating revenues by segment Segment electric revenues ($21.97B in total); Other businesses added $4.37B and unrealized hedge losses −$805M, for total revenue of $25.53B. Segments are geographic regions where generation and customer activity sit; segment profit isn't shown.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
Constellation hedges its generation with forward sales and retail contracts, and since 2024 its nuclear fleet has been eligible for the federal nuclear production tax credit, which rises when unit revenues fall below IRA thresholds.
Microsoft PPA (Crane Clean Energy Center)
About 835 MW once restarted
Typical term: 20 years (signed September 2024)
Restart of the former Three Mile Island Unit 1; in 2026 the NRC approved the fuel license and FERC approved the capacity interconnection rights transfer.
Meta PPA (Clinton)
Output of the Clinton nuclear plant
Supports Meta's clean energy goals and Clinton's continued operation.
New PPAs in Q2 2026
An additional 920 MW
Typical term: Long-term
With corporate customers.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Wholesale power markets, utilities, and about 2.5 million retail customer accounts.
Named by the company
- Microsoft — 20-year PPA for the output of the restarted Crane Clean Energy Center (about 835 MW).Form 10-K (FY2025) — Item 1
- Meta — PPA for the output of the Clinton nuclear plant.Form 10-K (FY2025) — Item 1
What the filings disclose
- Retail customers include three-fourths of the Fortune 100. (Form 10-K (FY2025), Item 1)
Suppliers
Nuclear fuel and natural gas suppliers, and grid operators such as PJM, MISO, NYISO, and ERCOT.
Named by the company
None named in the 10-K or the company’s press releases.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Constellation's 10-K describes competition in wholesale and retail energy markets — retail competitors can pursue share aggressively when prices and volatility are low — but names no competitors.
Competitors named in the 10-K
Constellation's 10-K doesn't name competitors.
Peer group the company chose
2025 blended compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Eight energy services and independent power producers plus ten capital-intensive general industry companies. WestRock is listed in the proxy as WestRock Company (now part of Smurfit Westrock).
- American Electric Powersite ↗
- Dominion Energysite ↗
- Duke Energysite ↗
- NextEra Energysite ↗
- NRG Energysite ↗
- AES Corporationsite ↗
- Vistrasite ↗
- Southern Companysite ↗
- Cheniere Energysite ↗
- CSXsite ↗
- International Papersite ↗
- HF Sinclairsite ↗
- LyondellBasellsite ↗
- Nucorsite ↗
- Occidental Petroleumsite ↗
- PPGsite ↗
- Sherwin-Williamssite ↗
- Smurfit Westrocksite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
M&A historySite analysisShow
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
Constellation's major deal since its spin-off is Calpine.
Cash spent on acquisitions, FY2021–FY2025: $1.8B (years not reported separately are excluded)
Jan 2026
Calpine Corporation
About $22B (50 million CEG shares plus about $4.5B cash)
Natural gas, geothermal, battery storage, and solar fleet of about 23 GW plus a retail supplier serving about 62 TWh a year.
- Stated purpose (company)
- Expands the generation fleet and C&I and residential customer base.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
| Line item | FY2020In next year’s 10-K | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 17,603 | 19,649 | 24,440 | 24,918 | 23,568 | 25,533 |
| Operating income | 256 | -346 | 495 | 1,610 | 4,352 | 3,086 |
| Pretax income | 836 | 152 | -542 | 2,447 | 4,516 | 3,511 |
| Net income (attributable) | 589 | -205 | -160 | 1,623 | 3,749 | 2,319 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 11.6% | 24.4% | 2.0% | -5.4% | 8.3% |
| Operating margincalcoperating income ÷ revenue × 100 | 1.5% | -1.8% | 2.0% | 6.5% | 18.5% | 12.1% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 3.3% | -1.0% | -0.7% | 6.5% | 15.9% | 9.1% |
| Balance sheet ($M) | ||||||
| Total assets | — | 48,086 | 46,909 | 50,758 | 52,926 | 57,249 |
| Total equity | 14,676 | 11,614 | 11,372 | 11,286 | 13,539 | 14,853 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | — | 7,877 | 5,809 | 9,321 | 8,474 | 9,053 |
| Equity ratio | — | 23.3% | 23.5% | 21.5% | 24.9% | 25.4% |
| ROE | 4.0% | -1.6% | -1.4% | 14.8% | 31.1% | 16.8% |
| Cash flow ($M) | ||||||
| Operating CF | 584 | -1,338 | -2,353 | -5,301 | -2,464 | 4,237 |
| Investing CF | 1,958 | 3,282 | 3,104 | 3,031 | 7,428 | -3,198 |
| Financing CF | -2,664 | -1,695 | -799 | 2,196 | -2,289 | -420 |
| Free cash flowcalccash flow from operations − capital expenditures | -1,163 | -2,667 | -4,042 | -7,723 | -5,029 | 1,288 |
| Cash and equivalents | 226 | 504 | 422 | 368 | 3,022 | 3,641 |
| Per share & other | ||||||
| EPS ($) | — | — | -0.49 | 5.01 | 11.89 | 7.40 |
| BVPS ($) | — | — | 33.69 | 34.46 | 42.06 | 46.53 |
| Dividend per share ($) | — | — | 0.56 | 1.13 | 1.41 | 1.55 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | — | — | — | 22.5% | 11.9% | 21.0% |
| P/E (x) | — | — | — | 23.3 | 18.8 | 47.7 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | — | — | 11.5 | 11.2 | 10.7 | 20.3 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | — | — | 2.56 | 3.39 | 5.32 | 7.59 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-06-30 | $7.5B+23.0% | $580M-39.0% | $513M-38.9% | $1.42 |
| 2026-03-31 | $11.12B+63.8% | $2.33B+417.1% | $1.59B+1247.5% | $4.49 |
| 2025-12-31 † | $6.07B+12.9% | $598M-38.5% | $432M-49.3% | — |
| 2025-09-30 | $6.57B+0.3% | $1.09B-26.0% | $930M-22.5% | $2.97 |
| 2025-06-30 | $6.1B | $951M | $839M | $2.67 |
| 2025-03-31 | $6.79B | $451M | $118M | $0.38 |
| 2024-12-31 † | $5.38B | $972M | $852M | — |
| 2024-09-30 | $6.55B | $1.47B | $1.2B | $3.82 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
Data left out of this analysis
- FY2021 EPS: CEG shares did not exist before the February 1, 2022 spin-off from Exelon; FY2021 results are for Constellation Energy Generation, LLC, so the XBRL EPS of 0 is not meaningful.
- FY2020 EPS: CEG shares did not exist before the February 2022 spin-off from Exelon.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
9.8%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$3,086M × (1 − 27%) ÷ $22,960M × 100 = 9.8%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
11.80%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $110.22B ÷ ($110.22B + $9.05B) = 92.4%
e.g.Debt weight: $9.05B ÷ ($110.22B + $9.05B) = 7.6%
e.g.WACC: 12.4% × 92.4% + 5.6% × (1 − 27%) × 7.6% = 11.80%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 9.7%–14.3% and ROIC − WACC runs −4.4 to +0.1 points. The sign flips inside this range, so the result depends on the assumptions. This describes the latest year and does not predict future value creation.
WACC 11.80% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 1.36 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 12.43%
- Cost of debt
- 5.64%
- Tax rate
- 27% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 92% : 8%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 11.80%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 1.35 (price-derived adjusted beta. Raw β 1.53, R² 0.16, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 1.530 + 0.33 = 1.355
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 1.36 × 5.5% = 12.4%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
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What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
10.2%
Perpetual FCF growth: g = r − FCF ÷ EV = 11.8% − 1.6%
Past FCF growth (FY2020–FY2025)
—
Not computable (FCF not positive in both years)
Past revenue growth (FY2020–FY2025)
+7.7%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $1.29B (operating CF − capex); enterprise value $82.4B = market cap $76.99B (latest close, 2026-11-04) + debt $9.05B − cash and short-term investments $3.64B; r = WACC of 11.8% using this page’s default assumptions (β 1.36, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$80.5B
FCF $1.29B ÷ (11.8% − 10.2%)
Theoretical ÷ actual enterprise value
0.98x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 9.8% | 10.8% | 11.8% | 12.8% | 13.8% |
|---|---|---|---|---|---|
| 0% | 0.16x | 0.14x | 0.13x | 0.12x | 0.11x |
| 2% | 0.20x | 0.18x | 0.16x | 0.14x | 0.13x |
| 4% | 0.27x | 0.23x | 0.20x | 0.18x | 0.16x |
| 6% | 0.41x | 0.33x | 0.27x | 0.23x | 0.20x |
| 8% | 0.87x | 0.56x | 0.41x | 0.33x | 0.27x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
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Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- !
Operating CF ÷ net income: averages -0.28x
Cash coming in trails reported profit. Worth checking for rising receivables/inventory or one-off gains.
- ✓
Accrual ratio (latest): -3.5%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 88%
Most profit comes from core operations.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$4,237M ÷ $2,319M = 1.83x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$3,086M ÷ $3,511M × 100 = 88%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($3,718M + $4,266M) ÷ 2 ÷ $25,533M × 365 = 57 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
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Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 81.3%
- Directors & officers (shares)
- 0.0%
- Everyone else (est.)
- 18.7%
- Directors & officers (voting power)
- 0.0%
- Institutional-ownership rank
- 293 of 416
- Beta (adjusted)
- 1.36
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 70% of covered companies have more
above 1 = swings more than the market
- 288.1M shares reported by 1,860 13F filers ÷ 354.3M shares outstanding on 2026-07-31. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-19 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-31)
19
Strengths & weaknessesSite analysis
Strengths
1. Large nuclear fleet
Nuclear generated 182,690 GWh in 2025, and the 10-K describes Constellation as the largest nuclear energy company in the U.S. and the nation's largest producer of clean energy.
Evidence: Form 10-K (FY2025) Item 1 and MD&A
2. Data center demand
Long-term PPAs with Microsoft (Crane restart, about 835 MW) and Meta (Clinton), plus 920 MW of additional long-term PPAs signed in Q2 2026.
Evidence: Form 10-K (FY2025) Item 1; 8-K filed 2026-08-06
3. Federal price support
The nuclear production tax credit provides increasing support when unit revenues fall below IRA levels, which the 10-K calls an important tool for managing commodity price risk.
Evidence: Form 10-K (FY2025) Item 7A
4. Large retail platform
About 2.5 million customer accounts, including three-fourths of the Fortune 100, and about 147 TWh of retail power load.
Evidence: Form 10-K (FY2025) Item 1
Weaknesses
1. Volatile reported earnings
Net income swung from −$160M (2022) to $3.75B (2024) and $2.32B (2025); 2025 revenue included −$805M of unrealized hedge losses.
Evidence: SEC EDGAR XBRL; Form 10-K (FY2025) MD&A
2. Large acquisition outlay
Calpine (about 23 GW of natural gas, geothermal, battery storage, and solar capacity) cost about $22B, paid with 50 million new shares and about $4.5B of cash.
Evidence: Form 10-K (FY2025) MD&A
3. Modest payout
Dividends per share were about $1.55 in 2025 against EPS of $7.40; the 2026 quarterly dividend is $0.4265 (up 10%).
Evidence: Form 10-K (FY2025) Item 5
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
47.7x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
0.44%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
21%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
1.2%
(Operating CF − capex) ÷ market cap
1. Growing earnings power
EPS was $5.01 (2023), $11.89 (2024), and $7.40 (2025); 2026 adjusted operating EPS guidance is $11.50–$12.50 after Calpine.
- What has to hold
- Power prices and data center contracts stay strong.
- The other side
- GAAP results swing with hedge marks; 2025 EPS fell from 2024.
Evidence: SEC EDGAR XBRL; 8-K filed 2026-08-06
2. Rising dividend
Quarterly dividend rose from $0.141 (2022) to $0.4265 (2026).
- What has to hold
- Cash flow grows.
- The other side
- The yield remains low.
Evidence: Form 10-K (FY2023, FY2025) Item 5
P/E and dividend yield use the FY2025 year-end share price. FY2021 figures are for Constellation Energy Generation before the February 2022 spin-off from Exelon, so per-share data isn't shown.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
2.1x
$3.64B vs. $1.74B
Interest coverage (operating income ÷ interest expense)
6.0x
$3.09B vs. $511M
Free cash flow ÷ dividends paid
2.7x
$1.29B vs. $486M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -5.4% in FY2024 ($24.92B → $23.57B) | Yes, by FY2025 |
| Operating income | -235.2% in FY2021 ($256M → −$346M) | Yes, by FY2022 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Nuclear PTC
Federal credit that supports nuclear unit revenues when prices fall.
Source: Form 10-K (FY2025), Item 7A
Geographic spread
Five regional segments across PJM, MISO, NYISO, ERCOT, and other regions.
Source: Form 10-K (FY2025), Item 1
Contracted capacity
PJM capacity cleared through the 2028–2029 planning year.
Source: 8-K filed 2026-07-14
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Constellation reports ordinary-course litigation, including asbestos claims, with about $150 million accrued at June 30, 2026. The Winter Storm Uri tort claims against power generators, including newly acquired Calpine, are being dismissed after Texas Supreme Court rulings in 2026.
0 open matters · 1 settled or closed
Winter Storm Uri tort claims
ResolvedLawsuitPlaintiffs in Texas Uri multidistrict litigation; Constellation and Calpine among the power generator defendants
The suits arise from the February 2021 extreme cold and outages at Texas generating assets. In March 2026 the Texas Supreme Court denied plaintiffs' mandamus petitions in all five bellwether appeals, and it denied rehearing in July 2026.
- Next step
- The parties return to the MDL court to dismiss all remaining Uri tort claims against power generators.
Source: Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings
Company statement: Constellation had no material changes in amounts recognized for its other matters.
Based on Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
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Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Raw materials & energy
Power and gas prices
- Company disclosure (summarized from the 10-K)
- Results depend on wholesale power and natural gas prices; low prices and low volatility also intensify retail competition.
- Company’s stated mitigation
- Hedging with forward sales and derivatives, the nuclear PTC, and retail load that absorbs generation output.
- This site’s assessment
- Impact High / Likelihood Med
- 2Law & regulation
Market rules and policy
- Company disclosure (summarized from the 10-K)
- Changes in wholesale market design, capacity auctions, state support for retail competition, and federal tax credits could affect revenue.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 3Disaster
Nuclear operations
- Company disclosure (summarized from the 10-K)
- Nuclear plants face operational, safety, and regulatory risks; Q2 2026 results were partly offset by unfavorable nuclear outages.
- Company’s stated mitigation
- To recover our systems and information, we utilize established system recovery plans, data and configuration backup strategies, and business continuity plans.
- This site’s assessment
- Impact High / Likelihood Low
- 4M&A & integration
Calpine integration
- Company disclosure (summarized from the 10-K)
- Integrating the roughly $22B Calpine acquisition, including divestitures required for regulatory approvals.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Information security
Cyber and physical attacks
- Company disclosure (summarized from the 10-K)
- Nation-state actors, ransomware, and attacks on interconnected grid entities could disrupt generation and customer operations.
- Company’s stated mitigation
- Security monitoring, incident response, recovery plans, and third-party assessments.
- This site’s assessment
- Impact High / Likelihood Low
- 6Labor & workforce
Labor relations
- Company disclosure (summarized from the 10-K)
- About 23% of employees participate in collective bargaining agreements.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Low / Likelihood Low
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
Market Design. The wholesale markets vary from region to region with distinct rules, practices, and procedures. Read more
Changes in these market rules, problems with rule implementation, or failure of any of these markets could adversely affect our business with little notice. The imposition of price caps, the issuance of orders extending the operation of generation resources slated for retirement, the imposition of requirements that new large load secure supply from new generation resources or agree to be interrupted, policies allowing utility-owned generation in restructured states, and policies favoring new resources at the expense of existing resources may lead to a market design that results in the premature retirement of existing resources, which would negatively affect our portfolio of assets as well as the market as a whole. For example, PJM is considering market rule changes as part of…
Condition and Results of Operations - Other Key Business Drivers for additional information on proposed PJM market reforms.
Expiration or termination of our PPAs and other contractual agreements may significantly reduce our revenue and allow the counterparty or customer to seek liquidated damages.
A material portion of our portfolio is sold under PPAs that expire at various times. Read more
We seek to extend contracts or sell any generation not sold under PPAs on a short-term basis as market opportunities arise. Our non-contracted generation is generally sold on the spot market at current market prices as merchant energy. When the terms of each of our various PPAs expire, it is possible that the price paid to us for generation under subsequent arrangements or in short-term markets may be significantly less than the price paid to us under the PPA. Without the benefit of PPAs, we may not be able to sell any or all of the capacity from these generation facilities at commercially attractive rates, and these generation facilities may not be able to operate profitably.
The counterparty or customer may terminate or fail to comply with the terms of our PPAs, construction agreements, commodity contracts, maintenance agreements and other contractual arrangements. Read more
Additionally, if we fail to meet our contractual obligations they may seek to enforce the liquidated damages provisions contained in such agreements.
Following the Calpine acquisition in January 2026, we have several government awards for projects involving cost-share agreements with the DOE, which could be affected by our inadvertent failure to comply with certain laws, rules, and regulations.
At five facilities, Calpine has completed or commenced front-end engineering design studies for post-combustion CCUS technology and has also received funding from the DOE for certain geothermal drilling technologies for the Geysers Assets.
As a recipient of federal funds under grants and cooperative agreements, in addition to our ordinary contractual obligations, we must comply with various rules and regulations applicable to entities that perform awards in support of government entities. Many of these additional obligations are contained in the terms of the awards themselves and in federal regulations, which regulate the formation, administration and performance of non-procurement federal financial assistance awards, which are subject to change. We must also comply with various national policy requirements prescribed by statute, executive order, policy guidance issued by the Executive Office of the President or other regulations subject to change.
No longer in the text (4)
Climate adaptation risk refers to risks to our facilities or operations that may result from changes in the physical climate, such as changes to temperatures, weather patterns and sea level rise.
For plants operated but not wholly owned by us, we could also incur liability to our co-owners. Read more
For nuclear plants not operated and not wholly owned by us, from which we receive a portion of the plants’ output, our results of operations are dependent on the operational performance of the operators and could be adversely affected by a significant event at those plants. We do not procure the fuel for the sites we do not operate. The operator's nuclear fuel procurement plan could impact our results of operations. Additionally, poor operating performance at nuclear plants not owned by us could result in increased regulation and reduced public support for nuclear-fueled energy. Closure of generating plants owned by others, or extended interruptions of generating plants or failure of transmission lines, could adversely affect transmission systems and the sale and delivery of electricity in…
generating units. Also, the ability of energy transmission and distribution companies to maintain the reliability, resiliency and safety of their energy delivery systems could affect our ability to deliver energy to our customers and affect our operating costs.
We may encounter difficulties in satisfying the conditions for the completion of the Merger Agreement, including obtaining the necessary regulatory approvals, within the expected time frame or at all. Read more
Such challenges could delay the completion of the merger or impose conditions that could cause abandonment of the Merger Agreement.
38 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 24, 2026 ↗ with the 10-K filed Feb 18, 2025 ↗.
25
What to watch going forwardSite analysis
- Crane Clean Energy Center restart timing.
- Integration of Calpine and required divestitures (e.g., Brazos Valley).
- New long-term PPAs with data center customers.
- PJM capacity prices and market rule changes.
- Nuclear license renewals, including two New York units.
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Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 12, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: February 24, 2026
Built on10-K FY2025 · filed 2026-02-24
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Constellation Energy’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.