Constellation Energy
Generates and sells nuclear, natural gas, geothermal and renewable power across competitive U.S. markets.
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Profile
Generates and sells electricity from nuclear, natural gas, geothermal, hydro, wind and solar assets, supported by storage and a nationwide retail platform. Revenue comes from wholesale power markets, retail energy supply and customer contracts; the fleet combines round-the-clock nuclear output with flexible gas generation.
Generates and markets electricity through a fleet spanning nuclear, natural gas, geothermal, hydro, wind, solar and battery storage. The nuclear fleet supplies round-the-clock emissions-free power, while the Calpine assets added flexible gas generation, geothermal facilities and a broader retail platform across major U.S. power markets.
Sells power, natural gas and related energy products to utilities, municipalities, businesses, public-sector organizations and households. Wholesale market sales, retail supply and longer-term customer contracts connect the generation portfolio to demand across the United States, with additional activity in Canada and the United Kingdom.
Pairs plant operations with a commercial platform that markets output, manages commodity exposure and structures customer contracts. Results depend on plant availability, nuclear and environmental regulation, fuel supply, wholesale and retail power prices, and the integration of Calpine's operations.
Company facts
Key statistics
Year to date −24.4% · Average volume (30d) 2.6M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 19, 2026 | BNP Paribas | Target | $374 | |||
| Aug 11, 2026 | Argus Research | Reiterate | Buy | $375 | $325 | |
| Aug 7, 2026 | BMO Capital | Target | $376 | $379 | ||
| Aug 4, 2026 | BMO Capital | Reiterate | Outperform | $375 | $376 | |
| Jul 28, 2026 | UBS | Reiterate | Buy | $420 | $380 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $2.29 | $2.55 | +11.4% | $7.73B | $7.50B | −2.9% | −1.52% |
| May 11, 2026Q1 FY26 | $2.54 | $2.74 | +7.9% | $8.46B | $11.12B | +31.5% | −2.03% |
| Feb 24, 2026Q4 FY25 | $2.28 | $2.30 | +0.9% | $5.60B | $6.07B | +8.4% | +4.22% |
| Nov 7, 2025Q3 FY25 | $3.11 | $3.04 | −2.3% | $6.20B | $6.57B | +5.9% | +0.71% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $6.79B | $6.10B | $7.18B | $5.46B | $11.12B | $7.51B | |
| Gross profit | $859.0M | $1.10B | $1.70B | $15.70B | $4.77B | $7.51B | |
| Operating income | $451.0M | $951.0M | $1.54B | $145.0M | $2.32B | $580.0M | |
| Net income | $118.0M | $839.0M | $930.0M | $432.0M | $1.60B | $513.0M | |
| Diluted EPS | $0.38 | $2.67 | $2.97 | $1.38 | $4.49 | $1.45 | |
| Gross margin | 12.7% | 18.0% | 23.7% | 287.5% | 42.9% | 100.0% | |
| Operating margin | 6.6% | 15.6% | 21.4% | 2.7% | 20.8% | 7.7% |
Fiscal years (4-quarter sums)FY21 $19.65B · FY22 $24.44B · FY23 $24.92B · FY24 $23.57B · FY25 $25.53B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $1.08B · Total debt $24.70B · Total assets $98.25B · Shareholders' equity $31.98B
Dividends
Raised for 3 straight years — most recently to $0.4265 from $0.3878 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 18, 2026 | Aug 18 | Sep 4 | $0.4265 | |
| May 15, 2026 | May 15 | Jun 5 | $0.4265 | |
| Mar 9, 2026 | Mar 9 | Mar 20 | $0.4265 | raised from $0.3878 |
| Nov 17, 2025 | Nov 17 | Dec 5 | $0.3878 | |
| Aug 18, 2025 | Aug 18 | Sep 5 | $0.3878 | |
| May 16, 2025 | May 16 | Jun 6 | $0.3878 | |
| Mar 7, 2025 | Mar 7 | Mar 18 | $0.3878 | raised from $0.3525 |
| Nov 15, 2024 | Nov 15 | Dec 6 | $0.3525 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 359.10M · Float 337.75M · 94.1% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 24.56M | 6.84% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 21.04M | 5.86% | 13F | Aug 13, 2026 |
| State Street Corp | 19.41M | 5.41% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 15.83M | 4.41% | 13F | Aug 13, 2026 |
| Ecp Controlco, LLC | 14.37M | 4.00% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 11, 2026 | Roger W. Crandall | director | +1,500 | $278.62 |
Peers
- Vistra
Closest rival pairing nuclear baseload, gas flex and competitive retail
- Talen Energy
Merchant nuclear-plus-gas IPP contesting hyperscaler PPAs via Susquehanna
- NRG Energy
Largest competitive-retail base plus gas-heavy ERCOT/PJM generation
- Public Service Enterprise Group
PJM nuclear-baseload owner courting behind-the-meter data-center load
- NextEra Energy
Largest U.S. clean-power developer contesting carbon-free supply to data centers
- Dominion Energy
Owns the nuclear fleet anchoring Virginia's vast data-center market
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Constellation Energy | $277.11 | +0.13% | $99.38B | 26.9 | 22.4 | 3.2 | +23.0% |
| Vistra | $138.00 | +0.67% | $46.22B | 23.1 | 14.6 | 2.9 | −5.5% |
| Talen Energy | $298.70 | +0.85% | $13.44B | — | 11.1 | 3.8 | +64.5% |
| NRG Energy | $111.50 | +0.38% | $23.44B | 29.2 | 10.7 | 0.6 | +11.0% |
| Public Service Enterprise Group | $73.19 | −0.01% | $36.47B | 18.2 | 16.3 | 2.9 | −9.0% |
| NextEra Energy | $81.84 | +0.02% | $170.72B | 18.3 | 19.9 | 5.9 | +12.5% |
| Dominion Energy | $65.52 | −0.02% | $57.63B | 22.8 | 17.1 | 3.1 | +17.6% |
| Median | 22.8 | 15.4 | 3.0 | +11.7% |