Constellation Energy (CEG) Q2 FY2026 earnings: revenue $7.5 billion, up 23.0% on the year

Constellation Energy Corp. (CEG) reported revenue of $7.5 billion for Q2 FY2026, the quarter ended 30 June 2026, up 23.0% on the same quarter a year earlier. Net income was $513 million, down 38.9% on the year, and diluted earnings per share $1.42. The figures are the company's own, from the 10-Q it filed with the SEC on 6 August 2026.

Revenue

$7.5 billion

+23.0% on the year · -32.5% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

7.7%

15.6% a year earlier

Q3 FY2024Q2 FY2026

Net income

$513 million

-38.9% on the year · -67.7% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$1.42

-46.8% on the year · -68.4% on the quarter

Q3 FY2024Q2 FY2026

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

What management said

Guidance figures: 1 raised.

Adjusted EPS rose to $2.55: Adjusted operating earnings were $2.55 per share, up from $1.91 a year earlier. Average diluted shares were 360 million, against 314 million.
GAAP EPS fell to $1.42: GAAP net income attributable to common shareholders was $513 million, or $1.42 per share, against $839 million, or $2.67 per share, a year earlier.
Refueling outage days more than doubled: Planned refueling outage days were 86 against 41 a year earlier; non-refueling outage days were 20 against 22. Management cited nuclear outages as a drag on adjusted earnings.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	7,504	11,122	6,101	-32.5%	+23.0%
Operating income	580	2,332	951	-75.1%	-39.0%
Operating margin	7.7%	21.0%	15.6%
Interest expense	283	253	118	+11.9%	+139.8%
Pre-tax income	900	2,125	1,273	-57.6%	-29.3%
Income tax	398	530	440	-24.9%	-9.5%
Effective tax rate	44.2%	24.9%	34.6%
Net income	513	1,590	839	-67.7%	-38.9%
Net margin	6.8%	14.3%	13.8%
Diluted EPS	$1.42	$4.49	$2.67	-68.4%	-46.8%

$ million except per share.

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	1,128	425	1,477	+165.4%	-23.6%
Capital expenditure	1,246	1,275	767	-2.3%	+62.5%
Free cash flow	-118	-850	710
Free cash flow margin	-1.6%	-7.6%	11.6%
Cash from investing	-1,369	-3,732	-872
Cash from financing	147	730	-485	-79.9%
Depreciation and amortisation	1,166	1,202	660	-3.0%	+76.7%
Buybacks	n/a	n/a	400
Dividends paid	154	155	122	-0.6%	+26.2%
Dividend per share	$0.43	$0.43	$0.39	0.0%	+10.0%
Diluted shares, weighted	360m	354m	314m	+1.7%	+14.6%
Shares outstanding at period end	355m	362m	312m	-1.9%	+13.8%

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	31,977	33,483	13,446	-4.5%	+137.8%
Non-controlling interest	345	337	357	+2.4%	-3.4%
Debt	24,700	22,466	8,311	+9.9%	+197.2%
Other liabilities	41,231	40,625	30,924	+1.5%	+33.3%
Total liabilities and equity	98,253	96,911	53,038	+1.4%	+85.3%
Fixed assets	41,228	40,769	21,820	+1.1%	+88.9%
Goodwill	11,527	11,527	420	0.0%	+2,644.5%
Investments	n/a	n/a	398
Cash and equivalents	697	800	1,974	-12.9%	-64.7%
Receivables	4,661	4,414	2,947	+5.6%	+58.2%
Inventory	3,368	2,582	n/a	+30.4%
Other assets	36,772	36,819	25,479	-0.1%	+44.3%
Total assets	98,253	96,911	53,038	+1.4%	+85.3%

Questions

What was Constellation Energy's revenue in Q2 FY2026?

Constellation Energy (CEG) reported revenue of $7.5 billion for Q2 FY2026, the quarter ended 30 June 2026, up 23.0% on the same quarter a year earlier.

How much did Constellation Energy earn in Q2 FY2026?

Net income for Q2 FY2026 was $513 million, down 38.9% on the year, and diluted earnings per share $1.42.

When did Constellation Energy report Q2 FY2026 results?

Constellation Energy filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 6 August 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 30 June 2026, filed 6 August 2026: the filing.