Latest revenue
$11.12B
as of 2026-03-31
Latest net income
$1.59B
as of 2026-03-31
Net margin
14.3%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $91.75B
- Enterprise value
- $96.83B
- P/E (trailing)
- 39.6×
- Forward P/E
- —
- P/B
- 6.39×
- Dividend yield
- 0.6%
- 52-wk high
- $412.70
- 52-wk low
- $243.30
- Beta
- —
- Shares out
- 312.0M
5-year trend
What this company does
Constellation Energy operates the largest fleet of nuclear power plants in the US, alongside wind, solar, hydro, and natural gas generation, selling electricity to utilities, businesses, and homes. The company earns revenue primarily by generating power and selling it through wholesale markets and direct retail contracts with commercial and residential customers. Constellation just completed its February 2022 spin-off from Exelon, emerging as a standalone clean-energy generator with $1.75 billion in parent contributions and a fresh capital structure.
Generated from CEG's filing dated 2026-02-24
Key risks
- Nuclear decommissioning trust fund volatility: Q1 NDT realized/unrealized losses of $271M drove $318M 'Other, net' loss, swinging pretax results.
- Large collateral and derivative exposure: $1.17B collateral received in Q1 and $2.24B MtM derivative liabilities create margin-call risk amid power price volatility.
- Newly spun-off balance sheet carries $13.3B asset retirement obligations and $2.97B Regulatory Agreement Units payable against just $11.1B equity.
Generated from CEG's filing dated 2026-02-24
Profitability
Operating margin
12.1%
34.5%Net margin
9.1%
42.9%Return on equity
16.0%
43.9%Return on assets
4.1%
42.8%Leverage
Debt / equity
2.94×
2.5%Long-term debt / equity
0.50×
11.0%Debt / assets
74.6%
0.6%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $11.12B | +63.8% | $1.59B | +1247.5% | 14.3% |
Q4 2025 2025-12-31 | $6.07B | +12.9% | $432.0M | -49.3% | 7.1% |
Q3 2025 2025-09-30 | $6.57B | +0.3% | $930.0M | -22.5% | 14.2% |
Q2 2025 2025-06-30 | $6.10B | +11.4% | $839.0M | +3.1% | 13.8% |
Q1 2025 2025-03-31 | $6.79B | +10.2% | $118.0M | -86.6% | 1.7% |
Q4 2024 2024-12-31 | $5.38B | — | $852.0M | — | 15.8% |
Q3 2024 2024-09-30 | $6.55B | +7.2% | $1.20B | +64.2% | 18.3% |
Q2 2024 2024-06-30 | $5.47B | +0.5% | $814.0M | -2.3% | 14.9% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Electric Services · SIC 4911
Your notes
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Insider activity
Insider buying
$0
Insider selling
$0
Net activity
+$0
Distinct insiders
0
Open-market trades over the last 365 days.
Recent transactions
| Date | Insider | Type | Shares | Price | Value |
|---|
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns CEG
Institutional value
$23.74B
Total shares held
86.8M
Distinct holders
751
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | VANGUARD CAPITAL MANAGEMENT LLC | 20.1M | $5.62B | — | New |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC | 15.0M | $4.19B | — | New |
| 3 | JENNISON ASSOCIATES LLC | 6.6M | $1.84B | — | New |
| 4 | WELLS FARGO & COMPANY/MN | 4.3M | $1.21B | — | New |
| 5 | Bank of New York Mellon Corp | 3.6M | $1.01B | — | New |
| 6 | Invesco Ltd. | 3.6M | $1.01B | — | New |
| 7 | UBS Group AG | 2.1M | $573.4M | — | New |
| 8 | Legal & General Group Plc | 1.8M | $514.6M | — | New |
| 9 | VANGUARD FIDUCIARY TRUST CO | 1.8M | $489.0M | — | New |
| 10 | DEUTSCHE BANK AG\ | 1.2M | $343.1M | — | New |
| 11 | REAVES W H & CO INC | 1.2M | $336.1M | — | New |
| 12 | Nuveen, LLC | 993.6K | $277.4M | — | New |
| 13 | Swiss National Bank | 903.9K | $252.4M | — | New |
| 14 | DIMENSIONAL FUND ADVISORS LP | 839.3K | $234.5M | — | New |
| 15 | National Pension Service | 792.0K | $221.2M | — | New |
| 16 | Mitsubishi UFJ Asset Management Co., Ltd. | 770.1K | $215.0M | — | New |
| 17 | Sumitomo Mitsui Trust Group, Inc. | 725.3K | $202.5M | — | New |
| 18 | Vanguard Global Advisers, LLC | 680.2K | $189.9M | — | New |
| 19 | Railway Pension Investments Ltd | 632.8K | $176.7M | — | New |
| 20 | HSBC HOLDINGS PLC | 629.2K | $175.7M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
With $19.46B revenue but only 9.7% net margin, how do you defend Three Mile Island/Microsoft PPA economics if hyperscaler nuclear pricing compresses?
- 2
Mark-to-market derivative liabilities jumped to $1.47B versus $981M; quantify collateral posting risk and any covenant triggers if power prices spike further.
- 3
Asset retirement obligations stand at $13.3B against $15.3B NDT funds—what's the funded-status sensitivity to a 20% equity drawdown, and would shareholders backstop shortfalls?
Refreshed when CEG files a new report · last from 2026-02-24