Company file · CEG

Constellation Energy

Constellation Energy's revenue rose 8.3% in FY2025, to $25.5B, and net income fell 38.1% to $2.3B

Revenue rose 8.3% to $25.5B in FY2025, from $23.6B in FY2024. Net income fell 38.1% to $2.3B. Constellation Mid Atlantic was the largest segment, at 25% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 24, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Aug 6, 2026) · Data pulled Oct 28, 2026

Key facts

Constellation Energy (Nasdaq: CEG) reported revenue of $25.5B for fiscal 2025, the year ended Dec 31, 2025, up 8.3% from fiscal 2024. Net income was $2.3B, down 38.1%. In its latest 10-Q, for the quarter ended Jun 30, 2026, revenue was $7.5B, up 23.0% from the same quarter a year earlier, and net income was $513M. Sources: 10-K for fiscal 2025 (filed Feb 24, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 6, 2026).

Revenue$25.5BFY2025 · +8.3% vs FY2024

Net income$2.3BFY2025 · −38.1% vs FY2024

Operating cash flow$4.2BFY2025

Cash & equivalents$697Mat Jun 30, 2026 · −80.9% vs FY2025 end

Total debt$24.7Bat Jun 30, 2026 · +174.7% vs FY2025 end

Diluted shares314MFY2025 avg · −0.3% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 24, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 11, 2026 · 10-Q filed Aug 6, 2026

How it makes money

By segment in FY2025: Constellation Mid Atlantic (25%), Constellation Midwest (23%), Constellation Other Regions (22%) and Constellation New York (9%), as shares of total revenue; the rest of revenue isn't part of this breakdown. Total revenue was $25.5B.

By segment, FY2025

Constellation Mid Atlantic$6.5B25%+17.5%

Constellation Midwest$5.8B23%+20.8%

Constellation Other Regions$5.6B22%+1.4%

Constellation New York$2.2B9%+6.8%

Constellation ERCOT$1.9B7%+22.8%

Share is of FY2025 revenue; the items listed don't cover all of it. The last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Revenue

$7.5B Q2 2026

$6.1B Q2 2025

23.0% increase

Net income

$513M Q2 2026

$839M Q2 2025

38.9% decrease

Source: Constellation Energy 10-Q for the quarter ended Jun 30, 2026, filed Aug 6, 2026

Cash & equivalents $697M at Jun 30, 2026, vs $3.6B at FY2025 end.
Total debt $24.7B at Jun 30, 2026, vs $9.0B at FY2025 end.
Operating cash flow, first 6 months of fiscal 2026: $1.6B vs $1.6B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 8.3% in FY2025 to $25.5B, from $23.6B a year earlier. 10-K, FY2025
Operating cash flow rose 272.0% in FY2025 to $4.2B. 10-K, FY2025
Revenue in the quarter ended Jun 30, 2026 was $7.5B, up 23.0% on a year earlier. 10-Q, quarter ended Jun 30, 2026

The bear case

Net income fell 38.1% in FY2025 to $2.3B, from $3.7B. 10-K, FY2025
Total debt rose 6.9% in FY2025 to $9.0B. 10-K, FY2025
Net income in the quarter ended Jun 30, 2026 was $513M, down 38.9% on a year earlier. 10-Q, quarter ended Jun 30, 2026

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Constellation Energy is in the electric utilities industry, part of the utilities sector. The SEC files it under Electric Services.

Constellation Energy reports 5 segments: Constellation Mid Atlantic, Constellation Midwest, Constellation Other Regions, Constellation New York and Constellation ERCOT.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the electric utilities industry. They are not a summary of Constellation Energy’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Rates and regulatorsRegulators set much of what it can charge, so decisions can limit earnings.
Capital spendingBuilding and upgrading networks needs large investment financed with debt.
Weather and operationsStorms, wildfires and outages can cause costs and liability.
Fuel and power costsFuel and purchased-power costs can change faster than rates.
Interest ratesHigher borrowing costs raise the cost of funding projects.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$24.9B	$23.6B	$25.5B
Net income	$1.6B	$3.7B	$2.3B
Operating cash flow	−$5.3B	−$2.5B	$4.2B
Cash & equivalents (year end)	$368M	$3.0B	$3.6B
Total debt (year end)	$9.3B	$8.4B	$9.0B
Diluted shares	324M	315M	314M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Short-term borrowings and the current part of long-term debt plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

The segment chart covers only part of revenue: the company reports other lines that aren't part of this breakdown.

Recent filings

Form	Filed	Period
10-Q	Aug 6, 2026	Jun 30, 2026
10-Q	May 11, 2026	Mar 31, 2026
DEF 14A	Mar 19, 2026	Apr 2, 2026
10-K	Feb 24, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Constellation Energy

How does Constellation Energy make money?

Constellation Energy's revenue was $25.5B in fiscal 2025. By segment in FY2025: Constellation Mid Atlantic (25%), Constellation Midwest (23%), Constellation Other Regions (22%) and Constellation New York (9%), as shares of total revenue; the rest of revenue isn't part of this breakdown. Total revenue was $25.5B. Source: 10-K for fiscal 2025, filed Feb 24, 2026.

What was Constellation Energy's revenue in fiscal 2025?

$25.5B of revenue for the fiscal year ended Dec 31, 2025, up 8.3% from $23.6B in fiscal 2024. Fiscal 2023 was $24.9B. Source: 10-K for fiscal 2025, filed Feb 24, 2026.

Is Constellation Energy profitable?

Constellation Energy reported net income of $2.3B for fiscal 2025, down 38.1% from $3.7B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Jun 30, 2026, net income was $513M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 24, 2026.

What did Constellation Energy report in its latest quarterly filing?

Revenue was $7.5B in the quarter ended Jun 30, 2026, up 23.0% from $6.1B a year earlier. Net income was $513M, down 38.9% from $839M. Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 6, 2026.

How much cash and debt does Constellation Energy have?

Constellation Energy had $697M in cash and cash equivalents and $24.7B of total debt on Jun 30, 2026. Total debt here is short-term borrowings and the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Aug 6, 2026.

What are the main risks Constellation Energy faces?

Constellation Energy's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 24, 2026. Risks that are common among companies in the electric utilities industry include Rates and regulators; capital spending; weather and operations; fuel and power costs; interest rates. The first: Regulators set much of what it can charge, so decisions can limit earnings. Source: 10-K, Item 1A Risk Factors.

Where do these Constellation Energy numbers come from?

From Constellation Energy's own SEC filings: the 10-K for fiscal 2025 (filed Feb 24, 2026) and the 10-Q for the quarter ended Jun 30, 2026 (filed Aug 6, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in CEG: The editor holds no position in Constellation Energy (CEG). As of Oct 25, 2026.
Trading rule: The editor does not buy or sell CEG from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Oct 28, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold CEG, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Constellation EnergyCEG	FY2025	$25.5B	+8.3%	$2.3B
Southern CompanySO	FY2025	$29.6B	+10.6%	$4.3B
Duke EnergyDUK	FY2025	$31.7B	+5.6%	$5.0B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.