CEG · 8-K · 20260806PR000097

Operating Income and Margins

Constellation Energy Corp · 2026-08-06 · Importance 58 · Surprise 56 · No source text

Second-quarter operating income decreased 39.0% to $580 million from $951 million, reducing operating margin to 7.7% from 15.6% despite higher revenue. Total operating expenses increased 34.5% to $6,926 million from $5,150 million, led by the Calpine fleet and higher operating costs. Adjusted operating earnings increased to $920 million, or $2.55 per diluted share, from $599 million, or $1.91 per share, primarily because of Calpine and favorable market and portfolio conditions, partly offset by unfavorable nuclear outages. Nuclear capacity factor excluding Salem and South Texas Project declined to 93.0% from 94.8%, while refueling outage days rose to 86 from 41.

Key facts

• Earnings per average common share diluted for six months ended June 30, 2026: $5.88; for six months ended June 30, 2025: $3.05. source
• Net income (loss) for the three months ended June 30, 2026: $508 million (compared with $833 million in Q2 2025). source
• Unrealized gain on fair value adjustments (net of taxes of $116) for three months ended June 30, 2026: $340 million (0.94 per share). source
• Operating income for the three months ended June 30, 2026: $580 million; for the six months ended June 30, 2026: $2,912 million. source
• Net income (loss) attributable to common shareholders for the six months ended June 30, 2026: $2,103 million. source
• GAAP Net Income (Loss) Attributable to Common Shareholders for the three months ended June 30, 2026: $513 million ($1.42 per share). source
• Adjusted (non-GAAP) Operating Earnings for the three months ended June 30, 2026: $920 million ($2.55 per share). source
• GAAP Net Income per share for Q2 2026: $1.42 per share. source

Impact estimates