Jun 2026 (Q2 FY26) — Aug 6, 2026
Constellation Energy Q2 FY26 — Guidance Raised on Strong Performance and Nuclear Deals
Read the full callConstellation Energy (CEG) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Constellation Energy earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 7,504 | +23.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 7.7 | −7.9 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 513 | −38.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
3 of 3 judged targets kept · 11 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Nuclear uprates installation (Byron and Braidwood) | Install the first of planned uprates | Sep 2024 | Our 23-day average refueling outage duration in the quarter included the successful implementation of our turbine upgrade at Byron Unit 1. | Achieved |
| Adjusted operating earnings per share | $11.50 to $12.50 | Jun 2026 | We are raising our full year adjusted operating earnings guidance range to $11.50 per share to $12.50 per share, up from our prior range of $11 to $12 per share. | New |
11 of Constellation Energy Corp's 14 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 12 more targets are in the full ledger.
Claimed
- Delivered Q2 adjusted operating earnings of $2.55 per share, up $0.64 year-over-year.
- Raised full-year adjusted operating earnings guidance range by $0.50 to $11.50-$12.50 per share.
- Signed approximately 920 megawatts of long-term nuclear deals with an average duration of 18.5 years.
- Deployed approximately $2.2 billion toward opportunistic share repurchases year-to-date.
- NRC approved Crane new fuel licensing amendment, clearing the path for its return to service in H2 2027.
Qualified
- Higher planned nuclear refueling outage days reduced the Q2 capacity factor by 1.8% compared to Q2 FY25.
- Timing of Illinois ZEC revenue recognition was $85 million this quarter compared to $200 million last year, though with no impact to full-year results.
- ERCOT market remains soft due to battery storage arriving on the grid earlier than new load, impacting power prices.
Price
$263.19 −3.01% · −$8.18
Performance −31.9% 1Y
1Y: $386.5 on 17 Oct 2025 → $263.19. High $401.43 (29 Oct 2025), low $236.5 (1 Jul 2026).
- Previous close
- $271.37
- 52-week range
- $236.5 – $401.43
- One year
- −28.87%
Overview
- Symbol
- CEG
- Sector
- Utilities
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
3 of 3 judged targets kept · 11 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Nuclear uprates installation (Byron and Braidwood) | Install the first of planned uprates | Sep 2024 | Our 23-day average refueling outage duration in the quarter included the successful implementation of our turbine upgrade at Byron Unit 1. | Achieved |
| Adjusted operating earnings per share | $11.50 to $12.50 | Jun 2026 | We are raising our full year adjusted operating earnings guidance range to $11.50 per share to $12.50 per share, up from our prior range of $11 to $12 per share. | New |
Claimed
- Delivered Q2 adjusted operating earnings of $2.55 per share, up $0.64 year-over-year.
- Raised full-year adjusted operating earnings guidance range by $0.50 to $11.50-$12.50 per share.
- Signed approximately 920 megawatts of long-term nuclear deals with an average duration of 18.5 years.
- Deployed approximately $2.2 billion toward opportunistic share repurchases year-to-date.
- NRC approved Crane new fuel licensing amendment, clearing the path for its return to service in H2 2027.
Qualified
- Higher planned nuclear refueling outage days reduced the Q2 capacity factor by 1.8% compared to Q2 FY25.
- Timing of Illinois ZEC revenue recognition was $85 million this quarter compared to $200 million last year, though with no impact to full-year results.
- ERCOT market remains soft due to battery storage arriving on the grid earlier than new load, impacting power prices.
The full ledger
Open Constellation Energy Corp’s full ledger
A free account opens 5 company ledgers a month. All 14 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 11, 2026
Constellation Energy Q1 FY26 — >20% base earnings growth through 2029, full-year guidance affirmed
Read the full callSep 2025 (Q3 FY25) — Nov 7, 2025
Constellation Energy Corporation Q3 FY25 — Strong Operational Performance and Data Economy Momentum
Read the full callEvery analysed call
Constellation Energy earnings calls (CEG)
Financials
What the filings say
Net profit, year on year: −39% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 6,550 | 5,382 | 6,788 | 6,101 | 6,570 | 6,074 | 11,122 | 7,504 |
| Expenses | 5,085 | 4,479 | 6,337 | 5,150 | 5,484 | 5,476 | 8,804 | 6,926 |
| Operating profit | 1,467 | 972 | 451 | 951 | 1,086 | 598 | 2,332 | 580 |
| Operating margin | 22.4% | 18.1% | 6.6% | 15.6% | 16.5% | 9.8% | 21.0% | 7.7% |
| Other income | 178 | -113 | -300 | 322 | 309 | 94 | -207 | 320 |
| Interest | 147 | 90 | 146 | 118 | 134 | 113 | 253 | 283 |
| Profit before tax | 1,645 | 859 | 151 | 1,273 | 1,395 | 692 | 2,125 | 900 |
| Tax rate | 27.3% | 0.7% | 14.6% | 34.6% | 33.4% | 37.4% | 24.9% | 44.2% |
| Net profit | 1,200 | 852 | 118 | 839 | 930 | 432 | 1,590 | 513 |
| EPS ($ per share) | 3.83 | — | 0.38 | 2.67 | 2.98 | — | 4.49 | 1.42 |
| Line item | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|
| Equity capital | — | 0 | 13,274 | 12,355 | 11,402 | 11,043 |
| Reserves | — | 0 | -496 | 761 | 4,066 | 5,899 |
| Total liabilities | — | 36,472 | 35,537 | 39,472 | 39,387 | 42,396 |
| Fixed assets | — | 19,612 | 19,822 | 22,116 | 21,235 | 22,474 |
| Total assets | — | 48,086 | 46,909 | 50,758 | 52,926 | 57,249 |
| Line item | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|
| Cash from operations | 584 | -1,338 | -2,353 | -5,301 | -2,464 | 4,237 |
| Cash from investing | 1,958 | 3,282 | 3,104 | 3,031 | 7,428 | -3,198 |
| Cash from financing | -2,664 | -1,695 | -799 | 2,196 | -2,289 | -420 |
| Capital expenditure | -1,747 | -1,329 | -1,689 | -2,422 | -2,565 | -2,949 |
| Free cash flow | -1,163 | -2,667 | -4,042 | -7,723 | -5,029 | 1,288 |
CEG revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Constellation Calpine | — | — | — | — | — | — | — | 29% | — |
| Constellation Midwest | 20% | 35% | 23% | 30% | 24% | 26% | 23% | 21% | +2.9% |
| Constellation Mid Atlantic | 32% | 33% | 27% | 28% | 31% | 28% | 24% | 21% | +7.4% |
| Constellation Other Regions | 25% | 33% | 25% | 23% | 27% | 23% | 20% | 13% | -18.2% |
| Constellation New York | 10% | 12% | 9% | 10% | 10% | 9% | 8% | 8% | +5.4% |
| Constellation ERCOT | 6% | 13% | 7% | 9% | 11% | 7% | 5% | 6% | -3.9% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
CEG operating KPIs by quarter
| KPI | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Nuclear fleet capacity factor | — | 96.8%During the third quarter, they once again hit that mark with a fleet-wide capacity factor of 96.8%.Source: earnings call transcript | 93%Our nuclear fleet delivered a 93% capacity factor and generated 40 terawatt hours of reliable, low-carbon electricity while completing 6 planned refueling outages.Source: earnings call transcript | -3.8 pt |
| Power dispatch match Natural Gas | 98.3%Our renewables and natural gas fleets were also ahead of plan for the quarter with renewable energy capture at 96.1% and power dispatch match 98.3%.Source: earnings call transcript | 95.5%Our renewable and natural gas fleets performed near plan during the quarter, with renewable energy capture at 96.8% and power dispatch match at 95.5%.Source: earnings call transcript | — | -2.8 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- PJM 76% ↑ 14 pt
- ISONE 18% ↓ 1 pt
- NYISO 14%
- ERCOT 14% ↑ 6 pt
- West 11% ↑ 5 pt
- MISO 7% ↑ 3 pt
- International 2%
- SERCSPP 1%
As CEG cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
41 filings between Oct 29, 2025 and Aug 11, 2026.
Open market
decisions to buy or sellPurchases
$417.9K
1 purchase by 1 insider
Sales
None
No insider sold shares.
Compensation
not trading decisions- 12
- Award — granted as compensation
- 10
- Option exercise — converted options into shares
- 10
- Tax withheld — shares kept back by the company to cover tax
Also filed: 8 dispositions to the issuer.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| CRANDALL ROGER W | $417.9K | — | Aug 11, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 11, 2026 | CRANDALL ROGER W Director | Purchase | 1,500 | $417.9K |
| Aug 4, 2026 | CRANDALL ROGER W Director | Award | 462 | $123.5K |
| Apr 28, 2026 | Paterson Eileen P. Director | Award | 556 | $170.0K |
| Apr 28, 2026 | Richardson John M Director | Award | 556 | $170.0K |
| Apr 28, 2026 | Rimmer Nneka Louise Director | Award | 556 | $170.0K |
| Apr 28, 2026 | Harrington Charles L. Director | Award | 556 | $170.0K |
| Apr 28, 2026 | Ashish Khandpur K Director | Award | 556 | $170.0K |
| Apr 28, 2026 | Halverson Bradley M Director | Award | 556 | $170.0K |
| Apr 28, 2026 | DE BALMANN YVES C Director | Award | 556 | $170.0K |
| Apr 28, 2026 | LAWLESS ROBERT J Director | Award | 556 | $170.0K |
| Apr 28, 2026 | Holzrichter Julie Director | Award | 556 | $170.0K |
| Apr 28, 2026 | Jamil Dhiaa M. Director | Award | 556 | $170.0K |
| Mar 1, 2026 | Koehler Michael EVP & Chief Admin Officer | Tax withheld | 7,660 | $2.53M |
| Mar 1, 2026 | Koehler Michael EVP & Chief Admin Officer | Option exercise | 19,405 | — |
| Feb 9, 2026 | Koehler Michael EVP & Chief Admin Officer | Disposition to issuer | 12,920 | $3.52M |
| Feb 9, 2026 | Koehler Michael EVP & Chief Admin Officer | Tax withheld | 9,202 | $2.50M |
| Feb 9, 2026 | Koehler Michael EVP & Chief Admin Officer | Option exercise | 24,650 | — |
| Feb 9, 2026 | Dardis David O. EVP & General Counsel | Tax withheld | 14,682 | $4.00M |
| Feb 9, 2026 | Dardis David O. EVP & General Counsel | Option exercise | 31,011 | — |
| Feb 9, 2026 | Eggers Daniel L. EVP & CFO | Disposition to issuer | 19,326 | $5.26M |
| Feb 9, 2026 | Eggers Daniel L. EVP & CFO | Option exercise | 44,601 | — |
| Feb 9, 2026 | Smith Shane Patrick EVP & Chief Financial Officer | Tax withheld | 2,048 | $557.4K |
| Feb 9, 2026 | Smith Shane Patrick EVP & Chief Financial Officer | Disposition to issuer | 1,377 | $374.8K |
| Feb 9, 2026 | Smith Shane Patrick EVP & Chief Financial Officer | Option exercise | 5,243 | — |
| Feb 9, 2026 | Hanson Bryan Craig EVP & Chief Generation Officer | Disposition to issuer | 26,587 | $7.24M |
| Feb 9, 2026 | Eggers Daniel L. EVP & CFO | Tax withheld | 21,348 | $5.81M |
| Feb 9, 2026 | Bauer Matthew N SVP & Controller | Tax withheld | 3,444 | $937.3K |
| Feb 9, 2026 | Hanson Bryan Craig EVP & Chief Generation Officer | Tax withheld | 22,166 | $6.03M |
| Feb 9, 2026 | Hanson Bryan Craig EVP & Chief Generation Officer | Option exercise | 53,507 | — |
| Feb 9, 2026 | Dardis David O. EVP & General Counsel | Disposition to issuer | 13,444 | $3.66M |
| Feb 9, 2026 | Dominguez Joseph President & CEO | Tax withheld | 83,104 | $22.62M |
| Feb 9, 2026 | Dominguez Joseph President & CEO | Disposition to issuer | 92,993 | $25.31M |
| Feb 9, 2026 | MCHUGH JAMES EVP & Chief Commercial Officer | Option exercise | 34,537 | — |
| Feb 9, 2026 | Dominguez Joseph President & CEO | Option exercise | 191,817 | — |
| Feb 9, 2026 | MCHUGH JAMES EVP & Chief Commercial Officer | Disposition to issuer | 16,940 | $4.61M |
| Feb 9, 2026 | MCHUGH JAMES EVP & Chief Commercial Officer | Tax withheld | 14,136 | $3.85M |
| Feb 9, 2026 | Bauer Matthew N SVP & Controller | Disposition to issuer | 3,906 | $1.06M |
| Feb 9, 2026 | Bauer Matthew N SVP & Controller | Option exercise | 8,088 | — |
| Jan 7, 2026 | Novotny Andrew R. See Remarks | Award | 298,853 | — |
| Oct 29, 2025 | Barron Kathleen EVP & Chief Strategy Officer | Option exercise | 23,084 | — |
| Oct 29, 2025 | Barron Kathleen EVP & Chief Strategy Officer | Tax withheld | 11,321 | $4.54M |
| Apr 29, 2025 | LAWLESS ROBERT J Director | Award | 993 | $224.9K |
| Apr 29, 2025 | Holzrichter Julie Director | Award | 993 | $224.9K |
| Apr 29, 2025 | Halverson Bradley M Director | Award | 993 | $224.9K |
| Apr 29, 2025 | Ashish Khandpur K Director | Award | 993 | $224.9K |
| Apr 29, 2025 | OPPENHEIMER PETER Director | Award | 993 | $224.9K |
| Apr 29, 2025 | Rimmer Nneka Louise Director | Award | 993 | $224.9K |
| Apr 29, 2025 | Richardson John M Director | Award | 993 | $224.9K |
| Apr 29, 2025 | DE BALMANN YVES C Director | Award | 993 | $224.9K |
| Apr 29, 2025 | Jamil Dhiaa M. Director | Award | 993 | $224.9K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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