Large US power producer with large nuclear exposure and strategic leverage to datacenter electricity demand and grid tightness.
Profile & Fundamentals
Constellation Energy: Company identity, ownership, reported financial performance, balance sheets, and corporate actions.
Profile & Fundamentals
Constellation Energy Profile & Fundamentals
Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.
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Company and Market Context
Company Profile & Ownership
Constellation Energy Corporation produces and sells energy products and services in the United States. The company operates through five segments: Mid-Atlantic, Midwest, New York, ERCOT, and Other Power Regions. It offers electricity, natural gas, energy-related products, and sustainable solutions. The company has approximately 31,676 megawatts of generating capacity consisting of nuclear, wind, solar, natural gas, and hydroelectric assets. It serves distribution utilities, municipalities, cooperatives, and commercial, industrial, public sector, and residential customers. The company was incorporated in 2021 and is headquartered in Baltimore, Maryland.
Company profile record
Constellation Energy Corp
Common Stock · Utilities · Electric Utilities
Company
- Company / asset
- Constellation Energy Corp
- Security type
- Common Stock
- Sector
- Utilities
- Industry
- Electric Utilities
- HQ
- 🇺🇸 United States
- Head office
- 1310 Point Street, Baltimore, MD, United States, 21231-3380
Leadership & scale
- Chief executive
- Mr. Joseph Dominguez
- CEO year born
- 1964
- Full-time employees
- 15.3K
- Fiscal year end
- December
- IPO date
- 2022-02-02
Fundamentals snapshot
- Market Cap
- USD 106.3B
- P/E
- 30.6x
- Revenue (Q2 26)
- USD 7.5B
- Profit (Q2 26)
- USD 513.0M
- Dividend Yield
- 0.6%
- Revenue (FY 25)
- USD 25.5B
- Shares in public float
- 353.1M
- Insider ownership
- 0.34%
Reporting & identifiers
- Symbol
- CEG.NASDAQ
- Listing
- 🇺🇸 United States | Dividend Tax: 30%
- Ticker Currency
- USD
- Income Statement Currency
- USD
- Balance Sheet Currency
- USD
- Cash Flow Currency
- USD
- EPS Currency
- USD
- Contract Type
- SPOT
- ISIN
- US21037T1097
- Asset ID
- equity_9cd62830-89b7-54d4-9564-0db09c41382b
Ownership
Shares Outstanding
Latest: 354.0M | Max: 354.0M | Min: 314.0M
Latest reported ownership snapshot
As of Oct 1, 2026Float Shares
99.76%
353.1M latest reported shares
Insider Ownership
0.34%
Latest reported insider stake
Short Float
0.04%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 326,300,000 |
| 2018-01-01 | 326,300,000 |
| 2019-01-01 | 326,663,900 |
| 2020-01-01 | 326,664,000 |
| 2021-01-01 | 326,664,000 |
| 2022-01-01 | 329,000,000 |
| 2023-01-01 | 320,000,000 |
| 2024-01-01 | 314,000,000 |
| 2025-01-01 | 314,000,000 |
| 2026-01-01 | 354,000,000 |
Top Holders
Available reported ownership records.
Scroll the table to see every column.
| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| BlackRock Inc | 23,509,199 | 6.64% | 2026-03-31 |
| Vanguard Capital Management, LLC | 20,138,742 | 5.68% | 2026-03-31 |
| State Street Corp | 18,796,388 | 5.31% | 2026-03-31 |
| Vanguard Portfolio Management, LLC | 15,013,945 | 4.24% | 2026-03-31 |
| ECP ControlCo, LLC | 14,370,227 | 4.06% | 2026-06-30 |
| Capital Research & Mgmt Co - Division 3 | 12,657,149 | 3.57% | 2026-06-30 |
| Amvescap Plc. | 11,217,094 | 3.17% | 2026-03-31 |
| Vanguard MStar Total Stk Mkt Idx Invest | 10,306,144 | 2.91% | 2026-08-31 |
| FMR Inc | 10,181,644 | 2.87% | 2026-03-31 |
| Morgan Stanley - Brokerage Accounts | 8,903,186 | 2.51% | 2026-03-31 |
| Vanguard 500 Index Investor | 8,492,931 | 2.4% | 2026-08-31 |
| Invesco QQQ Trust | 7,769,689 | 2.19% | 2026-08-31 |
| American Funds Washington Mutual A | 7,382,413 | 2.08% | 2026-06-30 |
| Geode Capital Management, LLC | 7,292,001 | 2.06% | 2026-03-31 |
| Vanguard MStar Mid Cap Index Instl | 7,014,029 | 1.98% | 2026-08-31 |
Earnings, Profitability & Valuation
Earnings, Profitability & Valuation
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
Constellation's financial performance shows strong top-line momentum following the January 2026 consolidation of Calpine, which pushed trailing twelve-month revenue to $31.9 billion. In the first quarter of 2026, revenue surged 63.8% year-over-year to $11.12 billion, helping lift trailing net income to $3.48 billion. Management demonstrated confidence in core operations by raising full-year adjusted operating guidance to between $11.50 and $12.50 per share, supported by firm power prices and elevated regional capacity auctions. However, reported accounting earnings conceal a significant divergence in spendable cash. Trailing twelve-month free cash flow stood at just $309 million because heavy working capital demands and collateral postings absorbed available funds. While paper profits look robust, real cash recovery depends on transitioning major power contracts into sustained customer billing over the next several quarters.
Constellation's financial performance shows strong top-line momentum following the January 2026 consolidation of Calpine, which pushed trailing twelve-month revenue to $31.9 billion. In the first quarter of 2026, revenue surged 63.8% year-over-year to $11.12 billion, helping lift trailing net income to $3.48 billion. Management demonstrated confidence in core operations by raising full-year adjusted operating guidance to between $11.50 and $12.50 per share, supported by firm power prices and elevated regional capacity auctions. However, reported accounting earnings conceal a significant divergence in spendable cash. Trailing twelve-month free cash flow stood at just $309 million because heavy working capital demands and collateral postings absorbed available funds. While paper profits look robust, real cash recovery depends on transitioning major power contracts into sustained customer billing over the next several quarters.
Revenue, Net Income, and Free Cash Flow
Latest: USD 25.5B | Max: USD 25.5B | Min: USD -7.7B
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 48x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Constellation's profit margins demonstrate structural strength anchored by its low-marginal-cost nuclear fleet and favorable power marketing spreads. Fiscal 2025 gross margin reached 75.8% and trailing operating margins hovered near 14%, reflecting elevated PJM capacity payments and strong wholesale pricing. The federal Section 45U production tax credit provides a guaranteed revenue floor, shielding operating margins from cyclical energy market downturns. Consolidating Calpine's natural gas fleet slightly dilutes nuclear percentage margins due to fuel conversion expenses, but it generates valuable spark-spread profits during peak demand intervals. As multi-year datacenter contracts and higher capacity tariffs take full effect, operating margins are positioned to expand back toward 18%, driving durable long-term profitability.
Constellation's profit margins demonstrate structural strength anchored by its low-marginal-cost nuclear fleet and favorable power marketing spreads. Fiscal 2025 gross margin reached 75.8% and trailing operating margins hovered near 14%, reflecting elevated PJM capacity payments and strong wholesale pricing. The federal Section 45U production tax credit provides a guaranteed revenue floor, shielding operating margins from cyclical energy market downturns. Consolidating Calpine's natural gas fleet slightly dilutes nuclear percentage margins due to fuel conversion expenses, but it generates valuable spark-spread profits during peak demand intervals. As multi-year datacenter contracts and higher capacity tariffs take full effect, operating margins are positioned to expand back toward 18%, driving durable long-term profitability.
Profitability Margins
Latest: 75.8% | Max: 75.8% | Min: -1.8%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
75.8%
Gross profit / revenue
Operating Margin
12.1%
Operating income / revenue
Net Margin
9.1%
Net income / revenue
FCF Margin
5.0%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-12-31 | 17,757,000,000 | 483,000,000 | 1,364,000,000 |
| 2017-12-31 | 18,500,000,000 | 2,710,000,000 | 1,040,000,000 |
| 2018-12-31 | 20,437,000,000 | 370,000,000 | 1,619,000,000 |
| 2019-12-31 | 18,924,000,000 | 1,125,000,000 | 1,028,000,000 |
| 2020-12-31 | 17,603,000,000 | 589,000,000 | -1,163,000,000 |
| 2021-12-31 | 19,649,000,000 | -205,000,000 | -2,667,000,000 |
| 2022-12-31 | 24,440,000,000 | -160,000,000 | -4,042,000,000 |
| 2023-12-31 | 24,918,000,000 | 1,623,000,000 | -7,723,000,000 |
| 2024-12-31 | 23,568,000,000 | 3,749,000,000 | -5,029,000,000 |
| 2025-12-31 | 25,533,000,000 | 2,319,000,000 | 1,288,000,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
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| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 47.83 | Trailing four quarters |
| 2024-12-31 | 18.74 | Trailing four quarters |
| 2023-12-31 | 23.03 | Trailing four quarters |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-12-31 | 19.06 | 4.62 | 2.72 | 7.68 |
| 2017-12-31 | 16.78 | 5.12 | 14.65 | 5.62 |
| 2018-12-31 | 16.21 | 4.77 | 1.81 | 7.92 |
| 2019-12-31 | 17.42 | 6.99 | 5.94 | 5.43 |
| 2020-12-31 | 18.6 | 1.45 | 3.35 | -6.61 |
| 2021-12-31 | 13.97 | -1.76 | -1.04 | -13.57 |
| 2022-12-31 | 8.74 | 2.03 | -0.65 | -16.54 |
| 2023-12-31 | 13.26 | 6.46 | 6.51 | -30.99 |
| 2024-12-31 | 25.42 | 18.47 | 15.91 | -21.34 |
| 2025-12-31 | 75.83 | 12.09 | 9.08 | 5.04 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-09-29.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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