Constellation Energy Corporation (CEG) Q1 2026 Financial Results Summary

On May 11, 2026, Constellation Energy Corporation (Nasdaq: CEG) reported its financial results for the first quarter of 2026. Below is a summary of the key points from the earnings release.

Financial Highlights

• Earnings Per Share (EPS):
  • GAAP Net Income: Increased to $4.49 per share from $0.38 per share in Q1 2025, representing a 1,080% increase.
  • Adjusted (non-GAAP) Operating Earnings: Rose to $2.74 per share from $2.14, a 28% increase year-over-year.
• Guidance: The company affirmed its full-year 2026 Adjusted Operating Earnings guidance of $11.00 - $12.00 per share.

Operational Highlights

• Commissioning of New Projects:
  • Pastoria Solar Project: Commissioned on April 16, 2026, a 105 MW project, contracted by the California DWR.
  • Pin Oak Creek Energy Center: Achieved commercial operation on April 30, 2026, with a capacity of 460 MW.
• Net Metering Approval: The Public Utility Commission of Texas approved a net metering application for co-locating a data center at the Freestone site.
• Sustainability Ranking: Constellation was ranked #1 on Barron’s Most Sustainable U.S. Companies for 2026.
• Employee Engagement: Employees volunteered in over 150 events across 15 states and Washington, D.C. in April 2026 for National Volunteer Month.

Nuclear and Operational Metrics

• Nuclear Generation: Total production was 44,666 GWh for Q1 2026, down from 45,582 GWh in Q1 2025, marking a 2% decrease.
• Nuclear Plant Capacity Factor: Achieved 92.3%, compared to 94.1% in Q1 2025.
• Natural Gas, Oil, and Renewables Fleet:
  • EFOF (Equivalent Forced Outage Factor): Recorded at 4.5% for Q1 2026.
  • Renewable energy capture increased to 96.7% from 96.2% year-over-year.

Revenue and Expenses

• Operating Revenues: Increased significantly to $11.12 billion, almost double the $6.79 billion reported for Q1 2025.
• Total Operating Expenses: Rose to $8.8 billion from $6.34 billion, a 39% increase year-over-year.
• Operating Income: Improved to $2.33 billion, compared to $451 million in Q1 2025.

Dividends and Share Repurchase

• Dividends Paid: The company paid $155 million in dividends, compared to $122 million in the same quarter last year, reflecting a 27% increase.

Cash Flow

• Net Cash Provided by Operating Activities: Totaled $425 million for Q1 2026 compared to $107 million in Q1 2025.
• Investing Activities: Negative cash flow of ($3.73 billion) due to capital expenditures and acquisition of Calpine Corporation.
• Financing Activities: Net cash flow of $730 million, up from a negative cash flow of ($408 million) year-over-year.

Summary

Constellation Energy Corporation reported solid growth in its first quarter of 2026, driven by strong operational performance and strategic investment in new energy projects. The company’s recognition for sustainability and employee engagement further underscores its commitment to responsible growth. The significant year-over-year increase in both net income and operating earnings reflects effective management and a robust response to the evolving energy market.

Overall, the firm appears well-positioned to maintain its trajectory of growth and capitalize on future opportunities in the renewable energy space.

Note: The following tables represent amounts in millions.

Consolidated Statements of Operations	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025
Operating revenues	$11,122	$6,788
Operating expenses
Purchased power and fuel	6,352	4,384
Operating and maintenance	1,780	1,545
Depreciation and amortization	443	248
Taxes other than income taxes	229	160
Total operating expenses	8,804	6,337
Gain (loss) on sales of assets	14	—
Operating income (loss)	2,332	451
Other income and (deductions)
Interest expense, net	-253	-146
Other, net	46	-154
Total other income and (deductions)	-207	-300
Income (loss) before income taxes	2,125	151
Income tax (benefit) expense	530	22
Equity in income (losses) of unconsolidated affiliates	8	—
Net income (loss)	1,603	129
Net income (loss) attributable to noncontrolling interests	13	11
Net income (loss) attributable to common shareholders	$1,590	$118
Change in Net income (loss) attributable to common shareholders from 2025 to 2026	$1,472	-

Consolidated Balance Sheets	March 31, 2026	December 31, 2025
Assets
Current assets
Cash and cash equivalents	$800	$3,641
Restricted cash and cash equivalents	371	107
Accounts receivable	4,414	4,266
Derivative assets	1,795	945
Inventories, net	2,582	1,736
Renewable energy credits	1,038	789
Assets held for sale	5,735	126
Other	1,274	509
Total current assets	18,009	12,119
Property, plant, and equipment, net	40,769	22,474
Deferred debits and other assets
Nuclear decommissioning trust funds	19,366	19,336
Goodwill	11,527	420
Derivative assets	2,113	450
Other	5,127	2,450
Total deferred debits and other assets	38,133	22,656
Total assets	$96,911	$57,249
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings	$5,102	$1,650
Long-term debt due within one year	370	92
Accounts payable and accrued expenses	4,449	4,294
Derivative liabilities	810	467
Renewable energy credit obligation	1,193	1,075
Other	1,291	366
Total current liabilities	13,215	7,944
Long-term debt	16,994	7,250
Deferred credits and other liabilities
Deferred income taxes and unamortized ITCs	8,199	3,544
Asset retirement obligations	12,433	13,193
Pension and non-pension postretirement benefit obligations	1,835	1,977
Payable related to Regulatory Agreement Units	5,389	5,334
Derivative liabilities	518	414
Other	4,508	2,740
Total deferred credits and other liabilities	32,882	27,202
Total liabilities	63,091	42,396
Commitments and contingencies
Shareholders’ equity
Common stock	28,574	11,043
Retained earnings (deficit)	7,334	5,899
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