Constellation Energy (CEG) Q1 FY2026 earnings: revenue $11.1 billion, up 63.8% on the year

Constellation Energy Corp. (CEG) reported revenue of $11.1 billion for Q1 FY2026, the quarter ended 31 March 2026, up 63.8% on the same quarter a year earlier. Net income was $1.6 billion, up 1247.5% on the year, and diluted earnings per share $4.49. The figures are the company's own, from the 10-Q it filed with the SEC on 11 May 2026.

Revenue

$11.1 billion

+63.8% on the year · +83.1% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

21.0%

6.6% a year earlier

Q2 FY2024Q1 FY2026

Net income

$1.6 billion

+1,247.5% on the year · +268.1% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$4.49

+1,081.6% on the year · +225.4% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 kept.

Adjusted earnings rose to $2.74: Adjusted (non-GAAP) Operating Earnings were $2.74 per share, up from $2.14 a year earlier, the company reported.
Calpine and nuclear PTC lifted results: Named drivers were the Calpine addition, favorable stock-based compensation, nuclear PTC portfolio and market conditions. Unfavorable nuclear outages partially offset them.
Nuclear output slightly lower: Nuclear output including Salem and STP was 44,666 GWh, against 45,582 GWh a year earlier.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	11,122	6,074	6,788	+83.1%	+63.8%
Operating income	2,332	598	451	+290.0%	+417.1%
Operating margin	21.0%	9.8%	6.6%
Interest expense	253	113	146	+123.9%	+73.3%
Pre-tax income	2,125	692	151	+207.1%	+1,307.3%
Income tax	530	259	22.0	+104.6%	+2,309.1%
Effective tax rate	24.9%	37.4%	14.6%
Net income	1,590	432	118	+268.1%	+1,247.5%
Net margin	14.3%	7.1%	1.7%
Diluted EPS	$4.49	$1.38	$0.38	+225.4%	+1,081.6%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	425	805	107	-47.2%	+297.2%
Capital expenditure	1,275	986	806	+29.3%	+58.2%
Free cash flow	-850	-181	-699
Free cash flow margin	-7.6%	-3.0%	-10.3%
Cash from investing	-3,732	-977	-886
Cash from financing	730	-171	-408
Depreciation and amortisation	1,202	656	640	+83.2%	+87.8%
Buybacks	n/a	0.0	0.0
Dividends paid	155	121	122	+28.1%	+27.0%
Dividend per share	$0.43	n/a	$0.39		+10.0%
Diluted shares, weighted	354m	313m	314m	+13.1%	+12.7%
Shares outstanding at period end	362m	312m	313m	+16.0%	+15.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	33,483	14,517	12,956	+130.6%	+158.4%
Non-controlling interest	337	336	378	+0.3%	-10.8%
Debt	22,466	8,992	8,358	+149.8%	+168.8%
Operating lease liabilities	n/a	433	n/a
Other liabilities	40,625	32,971	30,560	+23.2%	+32.9%
Total liabilities and equity	96,911	57,249	52,252	+69.3%	+85.5%
Fixed assets	40,769	22,474	21,566	+81.4%	+89.0%
Goodwill	11,527	420	420	+2,644.5%	+2,644.5%
Intangible assets	n/a	201	n/a
Investments	n/a	307	386
Cash and equivalents	800	3,641	1,846	-78.0%	-56.7%
Receivables	4,414	4,266	3,193	+3.5%	+38.2%
Inventory	2,582	1,736	n/a	+48.7%
Other assets	36,819	24,204	24,841	+52.1%	+48.2%
Total assets	96,911	57,249	52,252	+69.3%	+85.5%

Questions

What was Constellation Energy's revenue in Q1 FY2026?

Constellation Energy (CEG) reported revenue of $11.1 billion for Q1 FY2026, the quarter ended 31 March 2026, up 63.8% on the same quarter a year earlier.

How much did Constellation Energy earn in Q1 FY2026?

Net income for Q1 FY2026 was $1.6 billion, up 1247.5% on the year, and diluted earnings per share $4.49.

When did Constellation Energy report Q1 FY2026 results?

Constellation Energy filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 11 May 2026.

Quarterly results, the last 20 quarters

	Q3 FY2021	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	4,406	5,531	5,591	5,465	6,051	7,333	7,565	5,446	6,111	5,796	6,161	5,475	6,550	5,382	6,788	6,101	6,570	6,074	11,122	7,504
Operating income	1,006	-2.0	435	272	-41.0	-171	31.0	669	977	-67.0	813	1,100	1,467	972	451	951	1,086	598	2,332	580
Operating margin	23%	-0%	8%	5%	-1%	-2%	0%	12%	16%	-1%	13%	20%	22%	18%	7%	16%	17%	10%	21%	8%
Interest expense	73.0	69.0	55.0	56.0	75.0	64.0	107	103	82.0	139	127	142	147	90.0	146	118	134	113	253	283
Pre-tax income	814	161	61.0	-438	-312	147	238	1,171	895	143	1,048	964	1,645	859	151	1,273	1,395	692	2,125	900
Tax rate	22%	73%	-87%	n/a	n/a	79%	55%	29%	23%	127%	16%	16%	27%	1%	15%	35%	33%	37%	25%	44%
Net income	607	42.0	106	-111	-188	33.0	96.0	833	731	-37.0	883	814	1,200	852	118	839	930	432	1,590	513
Net margin	14%	1%	2%	-2%	-3%	0%	1%	15%	12%	-1%	14%	15%	18%	16%	2%	14%	14%	7%	14%	7%
Diluted EPS	$0.00	$0.00	$0.32	-$0.34	-$0.57	$0.10	$0.29	$2.56	$2.26	-$0.11	$2.78	$2.58	$3.82	$2.71	$0.38	$2.67	$2.97	$1.38	$4.49	$1.42
Operating cash flow	1,331	-2,312	1,351	-88.0	-1,194	-2,422	-934	-192	-993	-3,182	-723	-613	-112	-1,016	107	1,477	1,848	805	425	1,128
Capital expenditure	367	243	410	390	290	599	660	676	399	687	738	546	552	729	806	767	390	986	1,275	1,246
Free cash flow	964	-2,555	941	-478	-1,484	-3,021	-1,594	-868	-1,392	-3,869	-1,461	-1,159	-664	-1,745	-699	710	1,458	-181	-850	-118
Buybacks	n/a	n/a	0.0	0.0	0.0	0.0	231	268	251	242	499	500	0.0	0.0	0.0	400	0.0	0.0	n/a	n/a
Dividends paid	0.0	0.0	46.0	47.0	46.0	46.0	93.0	92.0	92.0	89.0	112	110	111	111	122	122	121	121	155	154
Shares outstanding	327m	327m	327m	327m	327m	327m	324m	322m	319m	317m	315m	313m	313m	313m	313m	312m	312m	312m	362m	355m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 11 May 2026: the filing.