Revenue growth remains highly volatile, with a 63.8% surge in 2026Q1 contrasting with previous quarterly fluctuations, while operating margins reached 20.8% due to the low marginal cost of the nuclear fleet.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Revenue | 29.87B | 25.53B | 23.57B | 24.92B | 24.44B | 19.65B | 17.6B | 18.92B | 20.44B | 18.5B | 17.76B | 19.14B | 17.39B | 15.63B | 14.44B |
| Revenue Growth % | 23.44% | 8.34% | -5.42% | 1.96% | 24.38% | 11.62% | -6.98% | -7.4% | 10.47% | 4.18% | -7.2% | 10.02% | 11.28% | 8.26% | - |
| Cost of Revenue | 6.58B | 6.16B | 17.58B | 21.61B | 22.3B | 16.9B | 14.33B | 15.63B | 17.13B | 15.39B | 14.37B | 15.32B | 14.83B | 12.73B | 11.7B |
| Gross Profit | 23.27B | 19.36B | 5.99B | 3.3B | 2.14B | 2.75B | 3.27B | 3.3B | 3.31B | 3.1B | 3.38B | 3.82B | 2.56B | 2.9B | 2.73B |
| Gross Margin % | 77.92% | 75.83% | 25.42% | 13.26% | 8.74% | 13.97% | 18.6% | 17.42% | 16.21% | 16.78% | 19.06% | 19.95% | 14.75% | 18.55% | 18.94% |
| Gross Profit Growth % | - | 223.22% | 81.35% | 54.56% | -22.15% | -16.18% | -0.67% | -0.45% | 6.67% | -8.27% | -11.34% | 48.85% | -11.52% | 6.04% | - |
| Operating Expenses | 18.32B | 16.27B | 1.64B | 1.69B | 1.64B | 3.09B | 3.02B | 1.97B | 2.34B | 2.16B | 2.56B | 1.54B | 1.39B | 1.22B | 1.26B |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 5.96B | 4.07B | 7.05B | 4.12B | 2.92B | 2.24B | 2.94B | 4.16B | 3.79B | 3.74B | 3.57B | 4.86B | 3.69B | 4.24B | 4.56B |
| EBITDA Margin % | 19.95% | 15.94% | 29.92% | 16.55% | 11.96% | 11.41% | 16.68% | 21.98% | 18.56% | 20.22% | 20.09% | 25.42% | 21.24% | 27.1% | 31.61% |
| EBITDA Growth % | -10.22% | -42.27% | 71% | 41.14% | 30.39% | -23.7% | -29.4% | 9.65% | 1.42% | 4.88% | -26.67% | 31.64% | -12.77% | -7.17% | - |
| Depreciation & Amortization | 991M | 985M | 2.7B | 2.51B | 2.43B | 2.59B | 2.68B | 2.84B | 2.82B | 2.79B | 2.75B | 2.59B | 2.52B | 2.56B | 2.97B |
| D&A / Revenue % | 3.32% | 3.86% | 11.46% | 10.09% | 9.93% | 13.17% | 15.23% | 14.99% | 13.79% | 15.1% | 15.47% | 13.53% | 14.48% | 16.37% | 20.54% |
| Operating Income (EBIT) | 4.95B | 3.09B | 4.35B | 1.61B | 495M | -346M | 256M | 1.32B | 975M | 947M | 820M | 2.27B | 1.18B | 1.68B | 1.6B |
| Operating Margin % | 16.58% | 12.09% | 18.47% | 6.46% | 2.03% | -1.76% | 1.45% | 6.99% | 4.77% | 5.12% | 4.62% | 11.89% | 6.76% | 10.73% | 11.06% |
| Operating Income Growth % | - | -29.09% | 170.31% | 225.25% | 243.06% | -235.16% | -80.65% | 35.69% | 2.96% | 15.49% | -63.96% | 93.45% | -29.87% | 5.01% | - |
| Interest Expense | 4M | 511M | 506M | 431M | 251M | 297M | 357M | 429M | 432M | 440M | 364M | 364M | 302M | 353M | 0 |
| Interest Coverage | - | 7.87x | 8.44x | 3.96x | 1.97x | 4.11x | 4.55x | 3.43x | 3.60x | 3.08x | 4.87x | 6.25x | 3.75x | 4.69x | - |
| Interest / Revenue % | 0.01% | 2% | 2.15% | 1.73% | 1.03% | 1.51% | 2.03% | 2.27% | 2.11% | 2.38% | 2.05% | 1.9% | 1.74% | 2.26% | 0% |
| Non-Operating Income | 0 | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K |
| Pretax Income | 5.49B | 3.51B | 4.51B | 2.44B | -555M | 142M | 828M | 1.73B | 335M | 1.42B | 912M | 1.82B | 1.29B | 1.8B | 1.18B |
| Pretax Margin % | 18.36% | 13.75% | 19.14% | 9.78% | -2.27% | 0.72% | 4.7% | 9.16% | 1.64% | 7.69% | 5.14% | 9.51% | 7.43% | 11.5% | 8.14% |
| Income Tax | 1.7B | 1.19B | 774M | 859M | -388M | 225M | 249M | 516M | -108M | -1.38B | 362M | 480M | 274M | 737M | 617M |
| Effective Tax Rate % | 30.99% | 33.81% | 17.15% | 35.26% | 69.91% | 158.45% | 30.07% | 29.77% | -32.24% | -96.77% | 39.69% | 26.37% | 21.19% | 41.01% | 52.51% |
| Net Income | 3.8B | 2.32B | 3.75B | 1.62B | -160M | -205M | 589M | 1.13B | 370M | 2.71B | 483M | 1.37B | 835M | 1.07B | 562M |
| Net Margin % | 12.74% | 9.08% | 15.91% | 6.51% | -0.65% | -1.04% | 3.35% | 5.94% | 1.81% | 14.65% | 2.72% | 7.17% | 4.8% | 6.85% | 3.89% |
| Net Income Growth % | 27.48% | -38.14% | 130.99% | 1114.38% | 21.95% | -134.8% | -47.64% | 204.05% | -86.35% | 461.08% | -64.8% | 64.31% | -21.96% | 90.39% | - |
| EPS (Diluted) | 10.75 | 7.40 | 11.90 | 5.01 | -0.49 | -0.63 | 1.80 | 3.44 | 1.13 | 8.31 | 1.48 | 4.20 | 2.56 | 3.28 | 1.72 |
| EPS Growth % | 21.29% | -37.82% | 137.53% | 1127.06% | 22.28% | -134.81% | -47.64% | 204.77% | -86.4% | 461.49% | -64.76% | 64.06% | -21.95% | 90.7% | - |
| EPS (Basic) | - | 7.40 | 11.90 | 5.02 | -0.49 | -0.63 | 1.80 | 3.44 | 1.13 | 8.31 | 1.48 | 4.20 | 2.56 | 3.28 | 1.72 |
| Diluted Shares Outstanding | 354M | 314M | 315M | 324M | 328M | 326.66M | 326.66M | 326.66M | 326.3M | 326.3M | 326.3M | 326.3M | 326.3M | 326.3M | 326.3M |
Elevated due to regulatory and operational concentration
According to recent financial disclosures, CEG reported a 63.8% revenue surge in 2026Q1, yet this follows a period of significant quarterly fluctuations, suggesting that revenue trajectory remains highly sensitive to market-based pricing and hedging outcomes rather than predictable, rate-regulated utility growth patterns typical of the sector.
The sharp revenue spike in 2026Q1 appears to be an outlier compared to the more modest growth observed in previous quarters, indicating that the company's top line is heavily influenced by merchant power market dynamics. Investors should monitor whether these revenue gains are sustainable or merely a reflection of short-term volatility in PJM market clearing prices and retail contract renewals.
As reported in quarterly filings, the company maintains a high operating margin profile, peaking at 22.4% in 2024Q3, which underscores the low marginal cost advantage of its nuclear fleet despite the inherent volatility of maintenance-heavy operations and the timing of nuclear refueling outages across the portfolio.
The operating margin performance suggests that the company successfully leverages its baseload nuclear assets to capture value when market prices exceed the low variable cost of nuclear generation. However, the periodic compression of margins, such as the 2.7% reported in 2025Q4, warrants further investigation into whether these are driven by planned outages or unexpected operational inefficiencies.
Based on the provided income statement data, EPS volatility remains pronounced, with a 10.8% growth rate in 2026Q1 contrasting sharply with an 86.3% decline in 2025Q1, suggesting that reported net income is significantly impacted by non-operational mark-to-market adjustments and hedging activities rather than core regulated earnings.
The wide swings in quarterly EPS imply that investors should look past headline GAAP figures to assess the underlying earnings power of the nuclear fleet. The reliance on hedging strategies to manage merchant risk may obscure the true cash-generating capability of the assets, making it difficult to discern a consistent growth trend.
Financial statements indicate that the company is prioritizing significant capital reinvestment, as evidenced by the fluctuating depreciation and amortization charges, which appear to be tied to the ongoing life extension and maintenance of the aging nuclear fleet to meet rising demand for carbon-free baseload power.
The strategic decision to restart assets like the Three Mile Island Unit 1 suggests that management is effectively converting legacy infrastructure into high-value, long-term contracts. This capital-intensive approach may limit short-term financial flexibility but appears designed to secure a competitive advantage in the growing market for dedicated, 24/7 clean energy.
Analysis of the reported figures suggests that the company faces potential long-term liabilities, as the income statement does not fully capture the future decommissioning costs or the regulatory risks associated with the potential modification of federal nuclear support mechanisms like the Production Tax Credit.
While the current earnings profile appears robust, the reliance on behind-the-meter data center deals may face increasing scrutiny from grid operators, potentially threatening a key growth vector. Investors should monitor whether these regulatory challenges could compress future margins or force a shift in the company's current capital allocation strategy.
Quick answers to the most common questions about buying CEG stock.
For fiscal year 2025, Constellation Energy Corporation (CEG) reported total revenue of $25.53B. This represents a 76.9% increase compared to $14.44B in 2012.
Constellation Energy Corporation (CEG) is profitable, generating $2.32B in net income for the fiscal year ending 2025 with a net profit margin of 9.1%.
Constellation Energy Corporation (CEG) reported an operating income of $3.09B, resulting in an operating profit margin of 12.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Constellation Energy Corporation (CEG) generated $19.36B in gross profit for the year, representing a gross profit margin of 75.8%. This demonstrates the company's core pricing power and production efficiency.