CEG · 10-Q · 2026Q3 · Full report

Revenue Performance and Mix

Constellation Energy Corp · 2026-11-09 · Importance 85 · Surprise 92

For the nine months ended September 30, 2026, consolidated operating revenue was $28,176 million, up 44.8% from $19,459 million in 2025, while revenue net of purchased power and fuel (RNF) rose 60.0% to $13,401 million from $8,376 million. Calpine, acquired January 7, 2026, contributed $7,926 million of revenue and $4,081 million of RNF; it was not a reportable segment in 2025. Among the other reportable regions, Mid-Atlantic revenue increased to $5,279 million from $4,876 million, while Midwest revenue increased to $4,862 million from $4,317 million and RNF declined to $2,764 million from $2,828 million. Other Power Regions revenue declined to $3,551 million from $4,277 million, while ERCOT revenue was $1,408 million compared with $1,489 million in 2025.

Key facts

• Constellation recorded $1,694 million of unbilled customer revenues in accounts receivable as of September 30, 2026, compared with $1,305 million as of December 31, 2025.