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CEG logoConstellation Energy Corporation(CEG)Earnings, Financials & Key Ratios

CEG•NASDAQ•Utilities
$322.78
$100.82B mkt cap·43.6× P/E·Price updated May 6, 2026
SectorUtilitiesIndustryRenewable EnergySub-IndustryMerchant Power Generators and Retailers
AboutConstellation 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 other energy-related products and services. The company has 32,400 megawatts of generating capacity consisting of nuclear, wind, solar, natural gas, and hydroelectric assets. It serves distribution utilities; municipalities; cooperatives; and commercial, industrial, governmental, and residential customers. The company was incorporated in 2021 and is headquartered in Baltimore, Maryland. Constellation Energy Corporation was formerly a subsidiary of Exelon Corporation.Show more
  • Revenue$25.53B+8.3%
  • EBITDA$4.07B-42.3%
  • Net Income$2.32B-38.1%
  • Free Cash Flow$1.29B-74.1%
  • EBITDA Margin15.94%-46.7%
  • Net Margin9.08%-42.9%
  • ROE16.34%-45.9%
  • Interest Coverage6.04-29.8%
  • Debt/Equity0.61-2.6%
  • Net Debt/EBITDA1.29+68.5%
  • CapEx / Revenue11.55%-63.4%
  • CapEx Coverage1.44+533.1%
Analysis→Technical→

CEG Key Insights

Constellation Energy Corporation (CEG) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Excellent 3Y average ROE of 20.3%
  • ✓Strong 5Y profit CAGR of 31.5%
  • ✓Strong Piotroski F-Score: 7/9
  • ✓Strong interest coverage of 6.0x

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

CEG Price & Volume

Constellation Energy Corporation (CEG) stock price & volume — 10-year historical chart

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CEG Growth Metrics

Constellation Energy Corporation (CEG) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years2.93%
5 Years7.72%
3 Years1.47%
TTM8.34%

Profit CAGR

10 Years5.39%
5 Years31.53%
3 Years-
TTM-38.14%

EPS CAGR

10 Years5.83%
5 Years32.63%
3 Years-
TTM-37.76%

Return on Capital

10 Years3.06%
5 Years4.07%
3 Years6.65%
Last Year6.47%

CEG Recent Earnings

Constellation Energy Corporation (CEG) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 7/12 qtrs (58%)●Beat Revenue 6/12 qtrs (50%)
Q1 2026Latest
Feb 24, 2026
EPS
$2.30
Est $2.28
+0.9%
Revenue
$6.1B
Est $5.6B
+8.4%
Q4 2025
Nov 7, 2025
EPS
$3.04
Est $3.11
-2.3%
Revenue
$6.6B
Est $6.2B
+5.9%
Q3 2025
Aug 7, 2025
EPS
$1.91
Est $1.84
+3.8%
Revenue
$6.1B
Est $4.9B
+24.4%
Q2 2025
May 6, 2025
EPS
$2.14
Est $2.18
-1.8%
Revenue
$6.8B
Est $5.6B
+22.1%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q1 2026LatestFeb 24, 2026
$2.30vs $2.28+0.9%
$6.1Bvs $5.6B+8.4%
Q4 2025Nov 7, 2025
$3.04vs $3.11-2.3%
$6.6Bvs $6.2B+5.9%
Q3 2025Aug 7, 2025
$1.91vs $1.84+3.8%
$6.1Bvs $4.9B+24.4%
Q2 2025May 6, 2025
$2.14vs $2.18-1.8%
$6.8Bvs $5.6B+22.1%
Based on last 12 quarters of dataView full earnings history →

CEG Peer Comparison

Constellation Energy Corporation (CEG) competitors in Merchant Power Generators and Retailers — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
VST logoVSTVistra Corp.Direct Competitor53.59B158.2971.62-12.41%5.64%18.87%3.99
NRG logoNRGNRG Energy, Inc.Direct Competitor32.32B150.6437.579.17%0.74%8.84%9.97
TLN logoTLNTalen Energy CorporationDirect Competitor18.73B409.99-85.5921.8%-0.69%-1.72%6.23
CWEN logoCWENClearway Energy, Inc.Direct Competitor7.91B38.4927.114.23%11.83%2.98%1.72
AES logoAESThe AES CorporationDirect Competitor10.23B14.3411.38-0.37%8.42%10.65%2.54
EXC logoEXCExelon CorporationProduct Competitor46.05B45.0216.435.34%11.21%9.76%1.76
ETR logoETREntergy CorporationProduct Competitor51.71B112.9628.898.98%13.56%10.57%1.80
PPL logoPPLPPL CorporationProduct Competitor27.48B36.8823.056.85%13.06%5.46%0.85

Compare CEG vs Peers

Constellation Energy Corporation (CEG) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs VST

Most directly comparable listed peer for CEG.

Scale Benchmark

vs MSFT

Larger-name benchmark to compare CEG against a more recognizable public peer.

Peer Set

Compare Top 5

vs VST, NRG, TLN, CWEN

CEG Income Statement

Constellation Energy Corporation (CEG) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Revenue18.5B20.44B18.92B17.6B19.65B24.44B24.92B23.57B25.53B
Revenue Growth %4.18%10.47%-7.4%-6.98%11.62%24.38%1.96%-5.42%8.34%
Cost of Revenue15.39B17.13B15.63B14.33B16.9B22.3B21.61B17.58B6.16B
Gross Profit
3.1B▲ 0%
3.31B▲ 6.7%
3.3B▼ 0.5%
3.27B▼ 0.7%
2.75B▼ 16.2%
2.14B▼ 22.1%
3.3B▲ 54.6%
5.99B▲ 81.4%
19.36B▲ 223.2%
Gross Margin %16.78%16.21%17.42%18.6%13.97%8.74%13.26%25.42%75.83%
Gross Profit Growth %-8.27%6.67%-0.45%-0.67%-16.18%-22.15%54.56%81.35%223.22%
Operating Expenses2.16B2.34B1.97B3.02B3.09B1.64B1.69B1.64B16.27B
Other Operating Expenses---------
EBITDA3.74B3.79B4.16B2.94B2.24B2.92B4.12B7.05B4.07B
EBITDA Margin %20.22%18.56%21.98%16.68%11.41%11.96%16.55%29.92%15.94%
EBITDA Growth %4.88%1.42%9.65%-29.4%-23.7%30.39%41.14%71%-42.27%
Depreciation & Amortization2.79B2.82B2.84B2.68B2.59B2.43B2.51B2.7B985M
D&A / Revenue %15.1%13.79%14.99%15.23%13.17%9.93%10.09%11.46%3.86%
Operating Income (EBIT)
947M▲ 0%
975M▲ 3.0%
1.32B▲ 35.7%
256M▼ 80.7%
-346M▼ 235.2%
495M▲ 243.1%
1.61B▲ 225.3%
4.35B▲ 170.3%
3.09B▼ 29.1%
Operating Margin %5.12%4.77%6.99%1.45%-1.76%2.03%6.46%18.47%12.09%
Operating Income Growth %15.49%2.96%35.69%-80.65%-235.16%243.06%225.25%170.31%-29.09%
Interest Expense440M432M429M357M297M251M431M506M511M
Interest Coverage2.15x2.26x3.08x0.72x-1.16x1.97x3.74x8.60x6.04x
Interest / Revenue %2.38%2.11%2.27%2.03%1.51%1.03%1.73%2.15%2%
Non-Operating Income1000K-1000K1000K1000K1000K-1000K1000K1000K1000K
Pretax Income
1.42B▲ 0%
335M▼ 76.4%
1.73B▲ 417.3%
828M▼ 52.2%
142M▼ 82.9%
-555M▼ 490.8%
2.44B▲ 538.9%
4.51B▲ 85.2%
3.51B▼ 22.2%
Pretax Margin %7.69%1.64%9.16%4.7%0.72%-2.27%9.78%19.14%13.75%
Income Tax-1.38B-108M516M249M225M-388M859M774M1.19B
Effective Tax Rate %-96.77%-32.24%29.77%30.07%158.45%69.91%35.26%17.15%33.81%
Net Income
2.71B▲ 0%
370M▼ 86.3%
1.13B▲ 204.1%
589M▼ 47.6%
-205M▼ 134.8%
-160M▲ 22.0%
1.62B▲ 1114.4%
3.75B▲ 131.0%
2.32B▼ 38.1%
Net Margin %14.65%1.81%5.94%3.35%-1.04%-0.65%6.51%15.91%9.08%
Net Income Growth %461.08%-86.35%204.05%-47.64%-134.8%21.95%1114.38%130.99%-38.14%
EPS (Diluted)
8.31▲ 0%
1.13▼ 86.4%
3.44▲ 204.8%
1.80▼ 47.6%
-0.63▼ 134.8%
-0.49▲ 22.3%
5.01▲ 1127.1%
11.90▲ 137.5%
7.40▼ 37.8%
EPS Growth %461.49%-86.4%204.77%-47.64%-134.81%22.28%1127.06%137.53%-37.82%
EPS (Basic)8.311.133.441.80-0.63-0.495.0211.907.40
Diluted Shares Outstanding326.3M326.3M326.66M326.66M326.66M328M324M315M314M

CEG Balance Sheet

Constellation Energy Corporation (CEG) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Assets48.46B47.56B48.99B48.09B48.09B46.91B50.76B52.93B57.25B
Asset Growth %3.16%-1.86%3.03%-1.84%-0.02%-2.45%8.21%4.27%8.17%
PP&E (Net)21.64B20.99B24.19B22.21B19.61B19.82B22.12B21.23B22.47B
PP&E / Total Assets %44.67%44.14%49.38%46.19%40.79%42.26%43.57%40.12%39.26%
Total Current Assets6.88B8.43B7.08B6.95B7.98B9.36B8.3B10.78B12.12B
Cash & Equivalents416M750M303M226M504M422M368M3.02B3.75B
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K
Inventory1.2B1.21B1.26B1.21B1.29B1.5B1.5B1.6B1.74B
Other Current Assets2.43B3.35B1.76B3.67B3.77B4.12B3.58B2.44B2.37B
Long-Term Investments433M414M235M184M174M202M563M640M0
Goodwill47M47M47M47M047M425M420M420M
Intangible Assets395M371M0000000
Other Assets19.05B17.3B17.43B18.7B20.29B17.43B19.3B19.86B22.24B
Total Liabilities32.5B32.05B33.16B33.42B36.47B35.54B39.47B39.39B42.4B
Total Debt9.05B8.89B8.29B7.21B8.2B5.77B9.26B8.41B8.99B
Net Debt8.63B8.14B7.99B6.99B7.69B5.35B8.89B5.39B5.24B
Long-Term Debt8.64B7.89B4.79B5.89B4.89B4.47B7.5B7.38B7.25B
Short-Term Borrowings402M1.01B3.5B1.32B3.3B1.3B1.76B1.03B1.74B
Capital Lease Obligations000000000
Total Current Liabilities4.19B5.77B7.29B5.22B8B7.84B6.32B6.85B7.94B
Accounts Payable1.8B1.85B1.69B1.25B1.76B2.83B000
Accrued Expenses603M672M786M788M737M906M000
Deferred Revenue0017M7M00000
Other Current Liabilities1.39B2.24B1.18B1.74B2.07B2.8B4.55B5.82B6.2B
Deferred Taxes001000K1000K1000K1000K1000K1000K1000K
Other Liabilities19.66B18.39B17.32B18.65B19.88B20.2B22.45B21.83B23.66B
Total Equity
15.96B▲ 0%
15.51B▼ 2.8%
15.83B▲ 2.1%
14.68B▼ 7.3%
11.61B▼ 20.9%
11.37B▼ 2.1%
11.29B▼ 0.8%
13.54B▲ 20.0%
14.85B▲ 9.7%
Equity Growth %20.39%-2.83%2.08%-7.29%-20.86%-2.08%-0.76%19.96%9.71%
Shareholders Equity13.67B13.2B13.48B12.4B11.22B11.02B10.93B13.17B14.52B
Minority Interest2.29B2.3B2.35B2.28B395M354M361M373M336M
Common Stock9.36B9.52B9.57B9.62B10.48B13.27B12.36B11.4B11.04B
Additional Paid-in Capital000000000
Retained Earnings4.35B3.72B3.95B2.81B768M-496M761M4.07B5.9B
Accumulated OCI-37M-38M-32M-30M-31M-1.76B-2.19B-2.3B-2.42B
Return on Assets (ROA)5.68%0.77%2.33%1.21%-0.43%-0.34%3.32%7.23%4.21%
Return on Equity (ROE)18.55%2.35%7.18%3.86%-1.56%-1.39%14.33%30.2%16.34%
Debt / Equity0.57x0.57x0.52x0.49x0.71x0.51x0.82x0.62x0.61x
Debt / Assets18.67%18.7%16.93%15%17.04%12.3%18.25%15.89%15.71%
Net Debt / EBITDA2.31x2.15x1.92x2.38x3.43x1.83x2.16x0.76x1.29x
Book Value per Share48.9147.5348.4644.9335.5534.6734.8342.9847.3

CEG Cash Flow Statement

Constellation Energy Corporation (CEG) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations3.3B3.86B2.87B584M-1.34B-2.35B-5.3B-2.46B4.24B
Operating CF Growth %-25.73%17.04%-25.59%-79.67%-329.11%-75.86%-125.29%53.52%271.96%
Operating CF / Revenue %17.83%18.89%15.18%3.32%-6.81%-9.63%-21.27%-10.45%16.59%
Net Income2.22B370M1.13B589M-205M-167M1.62B3.74B2.32B
Depreciation & Amortization2.79B3.42B3.06B3.64B4B2.43B2.51B2.7B2.6B
Deferred Taxes261M-451M361M78M-205M-643M251M222M0
Other Non-Cash Items-1.31B788M-1.01B-299M-33M1.16B185M-1.79B-687M
Working Capital Changes-757M-338M-698M-3.45B-4.94B-5.25B-9.87B-7.33B0
Capital Expenditures-2.26B-2.24B-1.84B-1.75B3.28B3.1B-2.42B7.43B-2.95B
CapEx / Revenue %12.21%10.97%9.75%9.92%16.7%12.7%9.72%31.52%11.55%
CapEx / D&A0.81x0.66x0.60x0.48x0.82x1.28x0.96x2.75x1.13x
CapEx Coverage (OCF/CapEx)1.46x1.72x1.56x0.33x-0.41x-0.76x-2.19x-0.33x1.44x
Cash from Investing-2.66B-2.53B-1.87B1.96B3.28B3.1B3.03B7.43B-3.2B
Acquisitions-208M-154M-41M1.75B1.33B52M000
Purchase of Investments0-9B-10.09B-3.46B-6.67B-4.27B-6.05B-6.28B0
Sale of Investments01000K1000K1000K1000K1000K1000K1000K0
Other Investing-195M100M55M2.08B3.42B4.96B5.68B10.27B-249M
Cash from Financing-531M-981M-1.46B-2.66B-1.7B-799M2.2B-2.29B-420M
Dividends Paid-659M-1B-899M-1.73B-1.83B-185M-366M-444M-486M
Dividend Payout Ratio %24.32%270.54%79.91%294.4%--22.55%11.84%-
Debt Issuance (Net)1000K-1000K-1000K-1000K1000K-1000K1000K-1000K0
Stock Issued0155M41M64M64M1.75B000
Share Repurchases000-64M-64M-1.75B-992M-999M-400M
Other Financing-256M-9M-151M279M-1.15B1.72B42M-1M66M
Net Change in Cash
106M▲ 0%
349M▲ 229.2%
-454M▼ 230.1%
-122M▲ 73.1%
249M▲ 304.1%
-48M▼ 119.3%
-74M▼ 54.2%
2.67B▲ 3714.9%
619M▼ 76.9%
Exchange Rate Effect000000000
Cash at Beginning448M554M903M449M327M576M528M454M3.13B
Cash at End554M903M449M327M576M528M454M3.13B3.75B
Free Cash Flow
1.04B▲ 0%
1.62B▲ 55.7%
1.03B▼ 36.5%
-1.16B▼ 213.1%
1.94B▲ 267.2%
751M▼ 61.4%
-7.72B▼ 1128.4%
4.96B▲ 164.3%
1.29B▼ 74.1%
FCF Growth %-23.75%55.67%-36.5%-213.13%267.15%-61.37%-1128.36%164.28%-74.05%
FCF Margin %5.62%7.92%5.43%-6.61%9.89%3.07%-30.99%21.06%5.04%
FCF / Net Income %38.38%437.57%91.38%-197.45%-948.29%-469.37%-475.85%132.41%55.54%

CEG Key Ratios

Constellation Energy Corporation (CEG) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)3.68%18.55%2.35%7.18%3.86%-1.56%-1.39%14.33%30.2%16.34%
EBITDA Margin20.09%20.22%18.56%21.98%16.68%11.41%11.96%16.55%29.92%15.94%
Net Debt / EBITDA2.72x2.31x2.15x1.92x2.38x3.43x1.83x2.16x0.76x1.29x
Interest Coverage2.25x2.15x2.26x3.08x0.72x-1.16x1.97x3.74x8.60x6.04x
CapEx / Revenue17.33%12.21%10.97%9.75%9.92%16.7%12.7%9.72%31.52%11.55%
Dividend Payout Ratio190.89%24.32%270.54%79.91%294.4%--22.55%11.84%-
Debt / Equity0.75x0.57x0.57x0.52x0.49x0.71x0.51x0.82x0.62x0.61x
EPS Growth-64.76%461.49%-86.4%204.77%-47.64%-134.81%22.28%1127.06%137.53%-37.82%

CEG SEC Filings & Documents

Constellation Energy Corporation (CEG) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Mar 31, 2026·SEC

Material company update

Mar 26, 2026·SEC

Material company update

Mar 20, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 24, 2026·SEC

FY 2025

Feb 18, 2025·SEC

FY 2024

Feb 27, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Nov 7, 2025·SEC

FY 2025

Aug 7, 2025·SEC

FY 2025

May 6, 2025·SEC

CEG Frequently Asked Questions

Constellation Energy Corporation (CEG) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Constellation Energy Corporation (CEG) reported $25.53B in revenue for fiscal year 2025. This represents a 77% increase from $14.44B in 2012.

Constellation Energy Corporation (CEG) grew revenue by 8.3% over the past year. This is steady growth.

Yes, Constellation Energy Corporation (CEG) is profitable, generating $2.32B in net income for fiscal year 2025 (9.1% net margin).

Dividend & Returns

Yes, Constellation Energy Corporation (CEG) pays a dividend with a yield of 0.48%. This makes it attractive for income-focused investors.

Constellation Energy Corporation (CEG) has a return on equity (ROE) of 16.3%. This is reasonable for most industries.

Constellation Energy Corporation (CEG) generated $1.29B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Industry Metrics

Constellation Energy Corporation (CEG) has a dividend payout ratio of 0%. This suggests the dividend is well-covered and sustainable.

Explore More CEG

Constellation Energy Corporation (CEG) financial analysis — history, returns, DCA and operating performance tools

Full CEG Stock Analysis

Analyst verdict, bull/bear case, risk factors and peer comparison

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Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

→

Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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