CEG

MKT CAP:$98B

Constellation Energy Corporation

Market Cap

$98B

Utilities·Renewable Utilities·🇺🇸 United States·NASDAQ

Utilities·Renewable·🇺🇸·NASDAQ

Stock Price

$312.97-$53.28 (-14.55%)

Apr 24, 2026

Company Details

Constellation Energy Corporation generates and sells electricity in the United States. The company operates through five segments: Mid-Atlantic, Midwest, New York, ERCOT, and Other Power Regions. It sells natural gas, renewable energy, and ...

CEO

Joseph Dominguez

IPO Date

Jan 19, 2022

Website

constellationenergy.com

Key Metrics TTM

Revenue

$24.8B

+1.6% YoY

Net Income

$2.3B

EPS (Diluted)

$7.44

Free Cash Flow

-$1.2B

Revenue / Share

$79.03

Gross Margin

78.8%

Operating Margin

12.5%

Net Margin

9.4%

FCF Margin

-4.7%

P/S

3.9x

P/E

42.0x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 24, 2026

$25.5B+8.3%EPS $7.40

Q4 2025

Feb 24, 2026

$5.5B+1.4%EPS $1.38

Q3 2025

Nov 7, 2025

$7.2BEPS $2.97

Q1 2025

May 6, 2025

$6.8B+10.2%EPS $0.38

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 18	$5.1B	$541M	$34M
Q1 19	$5.3B	$797M	$333M
Q2 19	$4.2B	$652M	$147M
Q3 19	$4.8B	$1.1B	$482M
Q4 19	$4.6B	$605M	$361M
Q1 20	$4.7B	$774M	$333M
Q2 20	$3.9B	$749M	$345M
Q3 20	$4.7B	$1.4B	-$68M
Q4 22	$7.3B	$291M	-$172M
Q2 23	$5.4B	$1.1B	$669M
Q1 24	$6.2B	$1.3B	$813M
Q2 24	$5.5B	$1.5B	$1.1B
Q4 24	$5.4B	$1.3B	$972M
Q1 25	$6.8B	$859M	$451M
Q3 25	$7.2B	$1.7B	$1.5B
Q4 25	$5.5B	$15.7B	$145M

Valuation

Quarter	P/S	P/E
Q4 18	0.7x	37.7x
Q1 19	0.7x	23.4x
Q2 19	0.7x	26.5x
Q3 19	0.7x	25.4x
Q4 19	0.7x	12.4x
Q1 20	0.8x	17.3x
Q2 20	0.8x	11.9x
Q3 20	0.8x	14.5x
Q4 22	1.3x	45.6x
Q2 23	1.4x	21.2x
Q1 24	2.5x	32.6x
Q2 24	2.6x	25.0x
Q4 24	3.2x	21.0x
Q1 25	2.7x	23.7x
Q3 25	4.2x	38.7x
Q4 25	4.5x	48.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 18	$450M	-$132M
Q1 19	$582M	$71M
Q2 19	$846M	$467M
Q3 19	$1.0B	$653M
Q4 19	$400M	-$163M
Q1 20	$620M	$62M
Q2 20	$661M	$289M
Q3 20	$82M	-$200M
Q4 22	-$2.4B	-$3.0B
Q2 23	-$192M	-$868M
Q1 24	-$723M	-$1.5B
Q2 24	-$613M	-$1.2B
Q4 24	-$1.0B	-$1.7B
Q1 25	$107M	-$699M
Q3 25	$1.8B	$1.5B
Q4 25	$805M	-$181M

Capital Expenditures

Quarter	CapEx
Q4 18	$582M
Q1 19	$511M
Q2 19	$379M
Q3 19	$392M
Q4 19	$563M
Q1 20	$558M
Q2 20	$372M
Q3 20	$282M
Q4 22	$599M
Q2 23	$676M
Q1 24	$738M
Q2 24	$546M
Q4 24	$729M
Q1 25	$806M
Q3 25	$390M
Q4 25	$986M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 18	+8.8%	+21.2%
Q1 19	-3.9%	-3.9%
Q2 19	-8.1%	-5.4%
Q3 19	-9.5%	-13.6%
Q4 19	-8.4%	-14.9%
Q1 20	-10.6%	-11.3%
Q2 20	-7.8%	-13.0%
Q3 20	-2.4%	+10.1%
Q4 22	+57.9%	+75.2%
Q2 23	+15.1%	+8.6%
Q1 24	+58.8%	+51.3%
Q2 24	+17.5%	-7.4%
Q4 24	-26.6%	-41.2%
Q1 25	+24.6%	+32.7%
Q3 25	+16.6%	+5.6%
Q4 25	-0.3%	+21.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 18	$77M	1.5%
Q1 19	$0	0.0%
Q2 19	$0	0.0%
Q3 19	$0	0.0%
Q4 19	$37M	0.8%
Q1 20	$0	0.0%
Q2 20	$0	0.0%
Q3 20	$0	0.0%
Q4 22	$116M	1.6%
Q2 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q4 22	$31M
Q2 23	$14M
Q1 24	$2M
Q2 24	$4M
Q4 24	$4M
Q1 25	$13M

Revenue Segments

Quarter	Constellation All Other Segments	Constellation ERCOT	Constellation Mid Atlantic	Constellation Midwest	Constellation Natural Gas	Constellation New York	Constellation Other Regions
Q2 23	$352M	$328M	$1.2B	$1.4B	$656M	$471M	$1.1B
Q4 25	—	$414M	$1.6B	$1.5B	—	$597M	$1.3B

Revenue by Geography

Quarter	Constellation ERCOT	Constellation Mid Atlantic	Constellation Midwest	Constellation New York	Constellation Other Regions
Q4 25	$414M	$1.6B	$1.5B	$597M	$1.3B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$1.6B	$0	$1.6B
Q2 22	$806M	$0	$806M
Q3 22	$1.2B	$0	$1.2B
Q4 22	$422M	$0	$422M
Q1 23	$237M	$0	$237M
Q2 23	$269M	$0	$269M
Q3 23	$1.9B	$0	$1.9B
Q4 23	$368M	$0	$368M
Q1 24	$562M	$0	$562M
Q2 24	$311M	$0	$311M
Q3 24	$1.8B	$0	$1.8B
Q4 24	$3.0B	$0	$3.0B
Q1 25	$1.8B	$0	$1.8B
Q2 25	$2.1B	$0	$2.1B
Q3 25	$4.1B	$0	$4.1B
Q4 25	$3.7B	$0	$3.7B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 18	326M	0.0%	0.0%
Q1 19	327M	+0.1%	+0.1%
Q2 19	327M	0.0%	+0.1%
Q3 19	327M	0.0%	+0.1%
Q4 19	327M	0.0%	+0.1%
Q1 20	326M	-0.1%	-0.1%
Q2 20	326M	0.0%	-0.1%
Q3 20	326M	0.0%	-0.1%
Q4 22	329M	+0.8%	+0.7%
Q2 23	325M	-1.2%	-0.4%
Q1 24	318M	-2.2%	-2.5%
Q2 24	316M	-0.6%	-3.2%
Q4 24	314M	-0.6%	-4.6%
Q1 25	314M	0.0%	-3.4%
Q3 25	314M	0.0%	-1.3%
Q4 25	314M	0.0%	-0.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 18	—	—
Q1 19	—	—
Q2 19	—	—
Q3 19	—	—
Q4 19	—	—
Q1 20	—	—
Q2 20	—	—
Q3 20	—	—
Q4 22	$548.5K	13K
Q2 23	$407.3K	13K
Q1 24	$444.2K	14K
Q2 24	$394.7K	14K
Q4 24	$377.3K	14K
Q1 25	$475.9K	14K
Q3 25	$503.6K	14K
Q4 25	$2M	3K

Revenue / Employee