CEG · 10-Q · 2026Q2 · Full report
Revenue Performance and Mix
Constellation Energy Corp · 2026-08-06 · Importance 83 · Surprise 82 · No source text
Six-month consolidated operating revenues increased to $18,626 million from $12,889 million, while RNF increased to $8,251 million from $5,373 million year over year. Reportable-segment revenue increased to $15,642 million from $10,734 million, with Calpine contributing $4,541 million of revenue and $2,153 million of RNF after its January 7, 2026 acquisition. Mid-Atlantic revenue increased to $3,402 million from $3,113 million, Midwest revenue increased to $3,300 million from $2,928 million, and Other Power Regions revenue declined to $2,450 million from $2,734 million. Six-month purchased power and fuel expenses increased to $10,375 million from $7,516 million, causing consolidated RNF margin to decline to approximately 44.3% from 41.7%?
Key facts
- The unaudited pro forma operating revenues for the three months ended June 30 (assuming acquisition on Jan 1, 2025) were $8,479 and for the six months ended June 30 were $17,800 (pro forma figures shown). source
- Operating revenues for the three months ended June 30, 2026 were $7,504 million (Consolidated). source
- Operating revenues for the six months ended June 30, 2026 were $18,626 million (Consolidated). source
- Following the acquisition, operating revenues attributable to Calpine were $1,907 million and $5,043 million for the three and six months ended June 30, 2026, respectively. source
- Power revenues for the three months ended June 30, 2026 included PJM power revenues of $2,744 million and total power revenues $4,959 million; total operating revenues from contracts with customers were $4,959 million with other operating revenues totaling $1,661 million resulting in total operating revenues $7,504 million for the three months ended June 30, 2026. source
- Power revenues for the six months ended June 30, 2026 included PJM power revenues of $6,074 million, NYISO $1,260 million and ISO-NE $1,669 million, total power revenues $10,996 million, and total operating revenues $18,626 million for the six months ended June 30, 2026. source
- Total Consolidated operating revenues for the three months ended June 30, 2026: $7,504 million; Purchased power and fuel expenses: $(4,023) million; Total RNF: $3,481 million. source
- Total Consolidated operating revenues for the three months ended June 30, 2025: $6,101 million; Purchased power and fuel expenses: $(3,132) million; Total RNF: $2,969 million. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +86.3% | Following the acquisition, operating revenues attributable to Calpine were $1,907 million and $5,043 million for the three and six months… |
| operating_income | positive | realized | +49.3% | Total Consolidated operating revenues for the six months ended June 30, 2026: $18,626 million; Purchased power and fuel expenses:… |
| revenue | positive | realized | +32.6% | Following the acquisition, operating revenues attributable to Calpine were $1,907 million and $5,043 million for the three and six months… |
| operating_income | positive | realized | +8.8% | Total Consolidated operating revenues for the three months ended June 30, 2026: $7,504 million; Purchased power and fuel expenses:… |
| revenue | positive | realized | — | Operating revenues for the three months ended June 30, 2026 were $7,504 million (Consolidated). |
| revenue | positive | realized | — | Operating revenues for the six months ended June 30, 2026 were $18,626 million (Consolidated). |
| revenue | positive | realized | — | Power revenues for the three months ended June 30, 2026 included PJM power revenues of $2,744 million and total power revenues $4,959… |
| revenue | positive | realized | — | Power revenues for the six months ended June 30, 2026 included PJM power revenues of $6,074 million, NYISO $1,260 million and ISO-NE… |
| revenue | positive | realized | — | Calpine segment operating revenues for the three months ended June 30, 2026: $2,147 million; Purchased power and fuel expenses: $(1,119)… |