CEG · 10-Q · 2026Q2

Constellation Energy Corp

Filed 2026-08-06 · Utilities · View original filing on EDGAR

Ranked Events

• Calpine Acquisition Regulatory RemediesImportance 96 · Surprise 100
  Constellation completed its acquisition of Calpine on January 7, 2026 and acquired a diversified fleet of natural gas, oil, geothermal, battery storage, and solar assets. The acquisition added $17,247 million of…
• Acquisitions and DivestituresImportance 90 · Surprise 100
  In March 2026, Constellation agreed to sell five PJM natural-gas generating facilities totaling approximately 4.4 GW to LS Power for $5.0 billion before closing adjustments. In August 2026, it agreed to divest the 606…
• Interest Rate and Refinancing ExposureImportance 89 · Surprise 82
  Following the Calpine acquisition and related financing, long-term debt increased to $19.606 billion at June 30, 2026 from $7.403 billion at December 31, 2025, a change exceeding 10%. Debt carries fixed rates from…
• Liquidity and Cash PositionImportance 89 · Surprise 82
  Cash, restricted cash, and cash equivalents declined to $1,077 million at June 30, 2026 from $2,062 million at June 30, 2025, while total assets increased to $98,253 million from $57,249 million at December 31, 2025.…
• Property Plant ExpansionImportance 83 · Surprise 82
  Net property, plant and equipment increased to $41,228 million at June 30, 2026 from $22,474 million at December 31, 2025. The increase primarily reflected $17,247 million of electric assets and $1,234 million of…
• Revenue Performance and MixImportance 83 · Surprise 82
  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…
• Outstanding IndebtednessImportance 71 · Surprise 60
  Constellation assumed approximately $12.6 billion of Calpine debt upon closing the acquisition on January 7, 2026, including approximately $7.6 billion of corporate debt and $5.0 billion of project financing. The…
• Acquisition / Partnership / DivestitureImportance 71 · Surprise 60
  On January 7, 2026, Constellation acquired all outstanding equity interests of Calpine in a cash-and-stock transaction with total merger consideration of $21.835 billion, including $17.603 billion of common stock and…
• Operating Income and MarginsImportance 69 · Surprise 64
  Operating income increased 107.7% year over year to $2,912 million for the second quarter of 2026 from $1,402 million, and six-month operating income increased to $3,025 million from $1,424 million. Second-quarter…
• Operating Expense TrendsImportance 64 · Surprise 56
  Six-month purchased power and fuel expense increased $2.859 billion, or 38.0%, to $10.375 billion, including $2.388 billion from Calpine. Six-month operating and maintenance expense increased $871 million, primarily…
• Supply Chain ConstraintsImportance 57 · Surprise 64
  Constellation’s inventories increased to $3,368 million at June 30, 2026 from $1,736 million at December 31, 2025, a 94% increase. Materials and supplies rose to $2,223 million from $1,485 million, while natural gas,…
• Capital ExpendituresImportance 57 · Surprise 64
  Capital expenditures totaled $2,521 million in the six months ended June 30, 2026, up 60.3% from $1,573 million in the prior-year period. Six-month operating cash flow was $1,553 million, leaving capital expenditures…
• Remaining Performance ObligationsImportance 56 · Surprise 24
  Constellation reported $11,855 million of remaining performance obligations as of June 30, 2026, including $1,051 million expected in the remainder of 2026, $1,797 million in 2027, $1,541 million in 2028, and $1,420…
• PJM Market ReformImportance 53 · Surprise 60
  In February 2026, PJM filed tariff revisions to extend its RPM capacity-market price collar, with an approximately $325/MW-day cap and $175/MW-day floor, through the 2028/2029 and 2029/2030 auctions. FERC accepted the…
• Capital Return ProgramImportance 50 · Surprise 58
  Constellation repurchased $1,971 million of common stock during the second quarter of 2026, representing 7.138 million shares. The company paid common-stock dividends at $0.4265 per share in both 2026 quarters,…
• FERC Large Load RegulationImportance 47 · Surprise 60
  FERC’s December 2025 order found the existing PJM Tariff unjust and unreasonable and directed new interruptible and firm/non-firm transmission services for large and co-located loads. In June 2026, FERC directed PJM to…
• CAMT Tax Regulatory ChangeImportance 47 · Surprise 60
  The IRS issued Notice 2026-7 in February 2026 addressing implementation of the corporate alternative minimum tax (CAMT). The Notice permits deductions for repair and maintenance costs when calculating adjusted…
• Regional Electricity Price TrendsImportance 45 · Surprise 64
  Six-month average day-ahead electricity prices increased 54.6% at PJM West, 35.5% in NYISO Central, and 15.1% in Southeast Massachusetts. PJM ComEd prices rose 20.5% and ERCOT North prices increased 9.5%, while ERCOT…
• Capacity Market Price StrengthImportance 45 · Surprise 64
  PJM capacity prices increased sharply in the six months ended June 30, 2026, reaching $279.80 per MW-day in both the Eastern Mid-Atlantic Area Council and ComEd zones. These levels were up 212.1% and 305.0%,…
• Nuclear Decommissioning ObligationsImportance 45 · Surprise 50
  Nuclear decommissioning asset retirement obligations declined to $11,942 million at June 30, 2026 from $12,908 million at December 31, 2025. The $1,277 million decrease primarily reflected revised retirement dates for…

Revenue by Product (in millions)

Revenue by Geography (in millions)