CEG · 10-Q · 2026Q3 · Full report

Operating Income and Margins

Constellation Energy Corp · 2026-11-09 · Importance 69 · Surprise 64

Operating income increased $1.406 billion to $2.492 billion in the third quarter of 2026 and increased $2.916 billion to $5.404 billion for the first nine months, year over year. Nine-month operating margin was approximately 19.2%, versus 12.8% in 2025, based on operating income and revenue reported in the filing. Purchased power and fuel expense increased 33.3% to $14.775 billion for the nine months, while operating and maintenance expense rose by $1.351 billion to $6.024 billion and depreciation and amortization increased with the expanded fleet. The filing attributes a material part of the year-over-year changes to the addition of Calpine operations acquired in January 2026.

Key facts

• Nuclear fleet capacity factor was 97.2% for the three months ended September 30, 2026 and 94.2% for the nine months ended September 30, 2026.
• Natural gas, oil, and pumped-storage hydro EFOF was 5.9% for both the three and nine months ended September 30, 2026.