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CEG · Constellation Energy Corp

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$280.20 -2.20 (-0.78%) At close · Nov 13
S&P 500 member Nasdaq-100 member Russell 1000 member Rebalance outlook locked
Market Cap
$99.28B
Shares
354.31M
Volume · Nov 13 2.31M Avg daily vol (3M) 3.48M

Price & Indicators

Drag to pan · scroll to zoom
Indicators
Price
Panels
Event markers
20d MA 50d MA 200d MA Earnings Filing Insider Congress Investor day
Close$280.20 Open$284.76 Day$275.49–284.97 52W close$236.50–378.60 Avg vol 30d4.3M Short int10.5M · 3.0% of shares · 3.3d Short vol44% Last earningsNov 9, 2026 DataJan 2022–Nov 2026 Filing10-Q · Nov 9

Up next

Next earnings call
Feb 8, 2027 Est · unconfirmed · in 12 wks
Q3 2026 earnings call transcript
call held Nov 9, 2026
Play latest call

Latest documents

2026
Nov 9
Quarterly report 10-Q FY2026 Q3, ended Sep 30
Nine-month net income reaches $3,938 million

Constellation Energy Corporation reported nine-month GAAP net income attributable to common shareholders of $3,938 million, up $2,051 million from 2025, driven primarily by Calpine operations acquired in January 2026.

Revenue $9.55B ▲ 45.4% Net income $1.84B ▲ 97.3% Diluted EPS $5.19 ▲ 74.7%
Read from the MD&A section
6 source passages
Constellation Energy Corporation, a Fortune 200 company headquartered in Baltimore, is the largest private-sector power producer in the world and the nation’s largest producer of clean and reliable energy. (Dollars in millions except per share data, unless otherwise noted) GAAP Net Income (Loss) Attributable to Common Shareholders | 1,835 | 930 | 905 | 3,938 | 1,887 | 2,051 Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025. The variance in Net income (loss) attributable to common shareholders was favorable by $2,051 million primarily due to: Addition of Calpine operations acquired in January 2026, inclusive of the impacts of purchase accounting. Open the document at this passage
Nov 9
Earnings call
Raises adjusted EPS guidance to $12.50 to $12.80 per share

Constellation Energy Corporation reported $5.19 in GAAP earnings and $5.06 in adjusted operating earnings per share for the third quarter, raised full-year guidance to $12.50 to $12.80 per share, and contracted more than 8,500 megawatts into the 2040s.

4 source passages
Thank you. And thank you for joining Constellation Energy Corporation's third quarter earnings conference call. in the third quarter, we earned $5.19 in GAAP earnings per share and $5.06 in adjusted operating earnings per share, which is $2.02 higher than the third quarter of last year. We are raising and narrowing full year adjusted operating earnings guidance to $12.50 to $12.80 per share. Year-to-date, we have contracted more than 8,500 megawatts well into the 2040s at Compelling Economics. Open the document at this passage
Nov 9
Current report 8-K
Earnings rise as 2026 guidance range narrows

Constellation Energy Corporation reported third-quarter GAAP net income of $5.19 per share and adjusted operating earnings of $5.06 per share. It raised and narrowed full-year adjusted operating earnings guidance to $12.50 - $12.80 per share.

Financial results, Regulation FD disclosure Read from the first part of this long document
4 source passages
CONSTELLATION REPORTS THIRD QUARTER 2026 RESULTS GAAP Net Income of $5.19 per share and Adjusted (non-GAAP) Operating Earnings of $5.06 per share for the third quarter of 2026 Raising midpoint and narrowing full-year Adjusted (non-GAAP) Operating Earnings guidance range to $12.50 - $12.80 per share Our GAAP Net Income for the third quarter of 2026 increased to $5.19 per share from $2.97 per share in the third quarter of 2025. Adjusted (non-GAAP) Operating Earnings for the third quarter of 2026 increased to $5.06 per share from $3.04 per share in the third quarter of 2025. Open the document at this passage
Aug 6
Quarterly report 10-Q FY2026 Q2, ended Jun 30
Quarterly report for FY2026 Q2 AI summary on its way
Revenue $7.5B ▲ 23.0% Net income $513M ▼ 38.9% Diluted EPS $1.42 ▼ 46.8%
All documents

Metrics snapshot

Useful current figures from the complete screener profile.

Revenue (TTM)
$34.25B
Trailing 12 months
Net income (TTM)
$4.37B
Trailing 12 months
Revenue growth YoY
+45.4%
Year over year
Operating margin
17.5%
Trailing 12 months
P / E (TTM)
22.5
Trailing earnings · reciprocal yield 4.5%
FCF yield
1.3%
TTM · current market cap
Return on invested capital
8.6%
Trailing 12 months
Net cash
−$18.44B
Latest balance sheet
Dividend yield
0.6%
Trailing 12 months
Shares change YoY
+13.1%
Year over year · more shares
Price change (1Y)
-16.5%
Trailing year
Short interest
3.0%
Latest settlement · 3.3 days to cover
View all 125 metrics

Quarterly results

Revenue Net income Net loss
▼7.1% $5.38B $852.00M '24 Q4* ▲10.2% $6.79B $118.00M '25 Q1 ▲11.4% $6.10B $839.00M '25 Q2 ▲0.3% $6.57B $930.00M '25 Q3 ▲12.9% $6.07B $432.00M '25 Q4* ▲63.8% $11.12B $1.59B '26 Q1 ▲23% $7.50B $513.00M '26 Q2 LATEST ▲45.4% $9.55B $1.83B '26 Q3

* Q4 derived as the full year minus Q1 to Q3.

AI Brief

Q3 FY26 earnings call · Nov 9, 2026
Q3 FY26

TL;DR. Constellation delivered strong year-over-year EPS growth, raised and narrowed guidance, expanded long-term contracting, secured DOE financing for nuclear uprates, advanced the Crane restart, repurchased shares and agreed to acquire RISEC, while projecting 20%+ base EPS growth through 2029. Stated offsets included lower PTC revenue, higher O&M, Calpine integration costs, unresolved PJM rules and weaker renewable energy capture.

Bullish
  • + Third-quarter GAAP EPS increased to $5.19 from $2.97, while adjusted operating EPS rose to $5.06 from $3.04. new
  • + Constellation raised and narrowed full-year adjusted operating earnings guidance to $12.50-$12.80 per share. new
  • + The Crane restart remains on track for the second half of 2027, a full year ahead of schedule and under budget. new
Bearish
  • − Lower nuclear PTC revenue partially offset Q3 earnings benefits. new
  • − Commercial outperformance created a modest O&M headwind through additional compensation-related expense. new
  • − PJM regulatory rules remain unsettled, leaving regulatory uncertainty as an overhang. new
  • − Calpine merger and integration costs increased to $73 million after tax, or $0.20 per share, from $28 million, or $0.09 per share. new
  • − Renewable energy capture declined to 96.4% from 96.8% year over year. new

AI-generated from the earnings call and 8-K · may contain errors · not investment advice

Equibles Rating

blended score · not investment advice
Overall
Neutral
SellHoldBuy
Technical Buy Momentum Weak Sentiment Bullish Fundamentals Strong Quant / Vol Very High
Market backdrop VIX 19.3 · elevated Equity put/call 0.63
Technical
price trend
Buy
50 / 200-day cross No cross
Price vs 200-day avg +1%
above
Price vs 50-day avg +4%
above
RSI (14) 56
neutral
MACD trend Positive
52-week position 31%
mid-range
Volume (OBV) Bearish div.
distributing
Momentum
relative strength
Weak
1-month return +3%
trailing
6-month return −7%
trailing
YTD return −21%
this year
Relative strength −8%
vs S&P · 6-mo
Sentiment
smart money
Bullish
Trend (MA cross) No cross
50d $270 › 200d $278 — 200d above 50d
Institutional flow Accumulating
1,736 of 1,887 funds reported for Sep 30 · net +8.9M sh shares · +152 new
Insider flow Flat
No net insider activity over 90 days
Short interest Falling
2.96% of shares out · ▼ -11.8% MoM · 3.3 days cover
Volume signal Normal
Volume near normal
Institution breadth Steady
1,887 holders — mid 3-yr range
Squeeze score 50
elevated · 0–100
Fundamentals
Strong
Revenue growth +8%
Y/Y
EPS growth −38%
Y/Y
Free cash flow $1.3B
Buyback $2.0B
remaining
Balance sheet $3.6B
net debt
Quant / Vol
risk profile
Very High
Volatility 49%
annualized · 1-yr
Max drawdown −38%
past year
ATR 4.8%
of price · 14-day

Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.

Guidance & track record

Latest guidance · from the Earnings Call filed Aug 6, 2026
Adjusted operating earnings · full year Non-GAAP Raised $11.50 – $12.50
May 11, 2026 $11.00 – $12.00 changed to Aug 6, 2026 $11.50 – $12.50
Previous outlook earlier release · from the Earnings Call filed May 11, 2026

Still-open targets the latest release did not restate under the same label.

Free cash flow before growth · 2028 and 2029 $11.5B – $13B

Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.

Technicals

trend & momentum for long-term holders Buy
1 · 3 · 3
50 / 200-day cross
No cross Neutral
Price vs 200-day avg
+1% Bullish
Price vs 50-day avg
+4% Bullish
RSI (14)
56 Neutral
MACD trend
Positive Bullish
52-week position
31% Neutral
Volume (OBV)
Bearish div. Bearish
Market signals — smart money & positioning
Bullish · 2 of 6
Trend (MA cross) No cross
50d $270 › 200d $278 — 200d above 50d
Institutional flow Accumulating
1,736 of 1,887 funds reported for Sep 30 · net +8.9M sh shares · +152 new
Insider flow Flat
No net insider activity over 90 days
Short interest Falling
2.96% of shares out · ▼ -11.8% MoM · 3.3 days cover
Volume signal Normal
Volume near normal
Institution breadth Steady
1,887 holders — mid 3-yr range
Price context
position in its 52-week range
Range low $237 Now $280 · 31% Range high $379
vs 200-day avg +1% vs 50-day avg +4%

Illustrative technical + ownership context — a signal mix, not investment advice.

Key metrics

the company's own KPIs, from written earnings releases and filings
Metric Latest Period YoY
Adjusted (non-GAAP) Operating Earnings non-GAAP $920M Three Months Ended June 30, 2026 —
GAAP → non-GAAP reconciliation
GAAP GAAP Net Income (Loss) Attributable to Common Shareholders $513M
+$340M Unrealized (Gain) Loss on Fair Value Adjustments (net of taxes of $116 and $37, respectively)
-$221M Decommissioning-Related Activities (net of taxes of $298 and $208, respectively)
+$149M Amortization of Acquired Commodity Contracts (net of taxes of $51 and $—, respectively)
+$84M Calpine Merger and Integration Costs (net of taxes of $17 and $3, respectively)
+$0M Plant Retirements and Divestitures (net of taxes of $— and $2, respectively)
+$20M Pension & OPEB Non-Service (Credits) Costs (net of taxes of $7 and $3, respectively)
+$35M Change in Legal and Environmental Liabilities (net of taxes of $12 and $—, respectively)
= Adjusted (non-GAAP) Operating Earnings $920M
Adjusted (non-GAAP) Operating Earnings per share non-GAAP $2.55 Three Months Ended June 30, 2026 —
Average capacity prices ($/MW Day) - ISO-NE - Rest of Pool $84.99 Three Months Ended June 30 filing —
Average capacity prices ($/MW Day) - NYISO - Rest of State $195.67 Three Months Ended June 30 filing —
Average capacity prices ($/MW Day) - PJM - ComEd $289.67 Three Months Ended June 30 filing —
Average capacity prices ($/MW Day) - PJM - Eastern Mid-Atlantic Area Council $289.67 Three Months Ended June 30 filing —
Average CMC prices per MWh -$5.91 Three Months Ended June 30 filing —
Average contract duration 18.5 Q2 2026 —
Average daily reference price ($/MMBtu) - Algonquin Citygate $2.37 Three Months Ended June 30 filing —
Average daily reference price ($/MMBtu) - Henry Hub $2.93 Three Months Ended June 30 filing —
Average daily reference price ($/MMBtu) - Houston Ship Channel $2.45 Three Months Ended June 30 filing —
Average daily reference price ($/MMBtu) - PG&E Citygate $1.55 Three Months Ended June 30 filing —
Average daily reference price ($/MMBtu) - Transco Zone 6 $2.13 Three Months Ended June 30 filing —
Average diluted common shares outstanding 360M Q2 2026 —
Average ZEC reference prices ($/MWh) - Illinois (Midwest) $1.12 Three Months Ended June 30 filing —
Average ZEC reference prices ($/MWh) - New York (New York) $14.76 Three Months Ended June 30 filing —
Brazos Valley Energy Center sale price $860M Q2 2026 —
Cumulative share repurchases since separation $4.6B since separation —
Cumulative shares repurchased since separation 25.5M since separation —
Equivalent Forced Outage Factor (EFOF) 6.2% second quarter of 2026 —
Equivalent Forced Outage Factor (EFOF) - natural gas, oil, and pumped-storage hydro fleet 6.2% second quarter of 2026 —
Long-term nuclear PPAs signed 920 Q2 2026 —
Non-refueling outage days 20 second quarter of 2026 —
Nuclear fleet generation 44,160 second quarter of 2026 —
Nuclear plants capacity factor (excluding Salem and STP) 93% second quarter of 2026 —
Planned refueling outage days 86 second quarter of 2026 —
Q2 average nuclear refueling outage duration 23 Q2 2026 —
Refueling outage days 86 Three Months Ended June 30, 2026 filing —
Renewable energy capture (wind, solar and run-of-river hydro) 96% second quarter of 2026 —
Share repurchases deployed YTD $2.2B YTD 2026 —

Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period

Versus peers

Utilities - Independent Power Producers — same industry group
Open screener →
Company Mkt cap YTD Rev growth Y/Y P/E Short % shares
CEG
Constellation Energy Corp
this stock
$99.28B -20.7% +8.3% 22.5 3.0%
VST
Vistra Corp.
 $45.14B -17.6% +3.0% 18.0 3.0%
NRG
Nrg Energy, Inc.
 $20.39B -39.0% +9.2% 17.1 2.8%
TLN
Talen Energy Corp
 $16.36B +0.3% +22.0% — 10.5%
OKLO
Oklo Inc.
 $4.67B -66.7% — — 19.4%

Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding

At a glance

key data from every section
Ownership
Institutional Holders Accumulating
Holders
1,969
% held
88.6%
Reported
1,736 of 1,887
Top holder
BlackRock, Inc.
Held Float
View
Held by Funds
Fund positions
970
View
Short & Settlement
Short Interest Falling
Shares short
10.5M
Days to cover
3.3d
Change
-1.4M sh
View
Short Volume
Short vol %
44%
As of
Nov 13, 2026
Short Total
View
Fails to Deliver
FTD shares
17.3K
Value
$5.1M
As of
Oct 13, 2026
View
Off-Exchange
Off-exchange %
52.0%
Week of
Oct 5, 2026
Off-exch Lit
View
Smart Money
Congressional Trades Sell
Member
John Boozman
Amount
$1.0K–$15.0K
Traded
Aug 13, 2026
View
Financials
Financials
Revenue (FY)
$25.5B
Net income (FY)
$2.3B
EPS diluted
$7.40
View
Buybacks
Authorized
$3.0B
Remaining
$2.0B
Spent Remaining
View
Filings
SEC Filings
Latest
10-Q
Filed
Nov 9, 2026
This year
27

Constellation Energy Corporation reported nine-month GAAP net income attributable to common shareholders of $3,938 million, up $2,051 million from 2025, driven primarily by Calpine operations acquired in January 2026.

View
Proposed Sales
Value
$1.2M
Shares
4.0K
Filed
Feb 20, 2025
View
Earnings & Events
Webcasts
Last webcast
Nov 9, 2026
View
Investor Relations
Latest news
Constellation Energy Corporation…
Published
Oct 30, 2026
View

Performance

5D 20D 120D MTD YTD
CEG +12.1% +3.3% -7.1% +6.8% -20.7%
SPY +2.6% -1.2% +0.5% -0.2% +10.6%
vs SPY +9.5% +4.4% -7.6% +7.0% -31.3%

Capital returns

Latest dividend
$0.427 / share · ex Aug 18, 2026
Declared · upcoming
$0.4265 / share · ex Nov 16, 2026
Raised 10.1%
Paid (TTM)
$1.669 / share · 4 payouts
Dividend yield (TTM, derived)
0.60%
Full dividend history
Buyback program · as of Nov 9, 2026
Authorized
$3.00B
Spent (derived)
$1.00B
Remaining
$2.00B
Spent Remaining

Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.

Key facts CIK 1868275 CUSIP 21037T109 13F (30d) 1518 filings 1437 filers Visit website Investor relations