CEG · 10-Q · 2026Q3

Constellation Energy Corp

Filed 2026-11-09 · Utilities

Everything CEG's SEC filings said, ranked

Ranked Events

• Revenue Performance and MixImportance 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…
• Liquidity and Debt PositionImportance 83 · Surprise 82
  The revolving credit facility commitment increased from $4.5 billion to $7.0 billion after the Calpine acquisition closed in January 2026, with maturity extended to September 2030. At September 30, 2026, the company…
• Conditional DOE Loan CommitmentImportance 71 · Surprise 60
  In October 2026, Constellation signed a conditional loan commitment with the DOE Office of Energy Dominance Financing. Subject to execution of a loan agreement, the DOE would guarantee up to $5.0 billion for an…
• Outstanding IndebtednessImportance 71 · Surprise 42
  At the January 2026 Calpine acquisition, Constellation assumed approximately $12.6 billion of debt, including $7.6 billion of corporate long-term debt and approximately $5.0 billion of project financing. In January,…
• Calpine Acquisition and DivestituresImportance 71 · Surprise 60
  Constellation acquired all outstanding equity interests in Calpine on January 7, 2026, for total consideration of $21.837 billion, including $17.603 billion of stock and $4.342 billion in cash. The deal added a…
• Nuclear Decommissioning ObligationsImportance 69 · Surprise 50
  The nuclear decommissioning asset retirement obligation decreased from $12,908 million at December 31, 2025 to $12,223 million at September 30, 2026. A $1,150 million net decrease from changes in estimated future cash…
• Operating Cash Flow TrendsImportance 69 · Surprise 64
  Net cash provided by operating activities was $4.979 billion for the nine months ended September 30, 2026, compared with $3.432 billion in 2025. Capital expenditures increased 76.3% to $3.461 billion from $1.963…
• Operating Income and MarginsImportance 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…
• Operating Expense TrendsImportance 64 · Surprise 56
  For the first nine months of 2026, purchased power and fuel expense increased $3.692 billion, or 33.3%, to $14.775 billion; segment expense increased $3.701 billion, or 43.6%, to $12.190 billion. Calpine contributed…
• Quarterly Earnings PerformanceImportance 63 · Surprise 64
  GAAP net income attributable to common shareholders was $1.835 billion for the third quarter of 2026 and $3.938 billion for the first nine months. Nine-month net income increased $2.051 billion year over year,…
• Derivative Credit ExposureImportance 63 · Surprise 64
  At September 30, 2026, commodity derivative assets totaled $4,119 million after collateral and netting, compared with $1,382 million at December 31, 2025; derivative net assets were $2,429 million at September 30,…
• DOE Nuclear Loan GuaranteesImportance 62 · Surprise 48
  In November 2025, the DOE Office of Energy Dominance Financing guaranteed up to $1.0 billion for an unsecured Federal Financing Bank loan supporting the restart of the Crane Clean Energy Center; the loan matures in…
• Regional Electricity Price TrendsImportance 59 · Surprise 64
  Average day-ahead electricity reference prices rose year over year in several markets in the nine months ended September 30, 2026: PJM West increased 52.9%, PJM ComEd 20.5%, New York Central 25.7%, and ISO-NE Southeast…
• Supply Chain and InventoryImportance 57 · Surprise 64
  Inventory, net increased to $3,386 million at September 30, 2026 from $1,736 million at December 31, 2025, a rise of approximately 95%. Materials and supplies increased to $2,280 million from $1,485 million. Natural…
• Natural Gas Price TrendsImportance 54 · Surprise 56
  Regional natural gas reference prices showed material year-over-year changes in the nine months ended September 30, 2026. Transco Zone 6 in the Mid-Atlantic increased 25.6%, while PG&E Citygate in the West fell 32.7%;…
• Long-Term Nuclear PPAsImportance 52 · Surprise 42
  In the second quarter of 2026, Constellation signed 15-to-20-year PPAs covering 920 MW of nuclear generation, with expected commencement dates from 2029 to 2032; the total includes a 176 MW Walmart PPA supporting a 30…
• Share RepurchasesImportance 52 · Surprise 42
  During 2026, the Board approved a $4.4 billion increase to the share-repurchase authorization, supplementing the remaining $0.6 billion authorization. As of the filing date, approximately $2.0 billion of repurchase…
• Income Tax Rate ChangesImportance 47 · Surprise 48
  The effective income tax rate for the nine months ended September 30, 2026 was 25.4%, down from 32.9% for the comparable 2025 period. Income tax expense was $1,333 million in 2026, compared with the displayed 2025…
• Commercial CommitmentsImportance 43 · Surprise 6
  Commercial commitments potentially triggered by future events totaled $6,631 million as of September 30, 2026. The total included $4,494 million of letters of credit and $1,607 million of surety bonds. The company also…
• Remaining Performance ObligationsImportance 41 · Surprise 24
  Remaining performance obligations totaled $12.120 billion as of September 30, 2026, representing future revenue under unsatisfied or partially unsatisfied contracts with fixed and determinable consideration. The…

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