10x Insights
Loading account…
Companies / Utilities / Constellation Energy
CEG

Constellation Energy

UtilitiesElectric, Gas & WaterS&P 500
Ticker CEGBALTIMORE, MDFiscal year ends DecemberBook value per share $89.57Diluted shares 357.0M

Constellation Energy Corporation (Nasdaq: CEG) generates and sells electricity, natural gas and energy-related products and sustainability services to utilities, municipalities, cooperatives, commercial and industrial businesses, public-sector organizations and residential customers. Its generation portfolio includes… From the company’s description.

In fiscal 2025, Constellation Energy reported revenue of $25.53B, up 8.3% from fiscal 2024, and net income of $2.32B. Its operating margin was 12.1%, and operations generated $4.24B in cash. Over the twelve months to Jun 30, 2026, revenue was $31.27B.

Fiscal year 2025 · ends 12-31Changes are against fiscal 2024The amber dot is the latest twelve months, to 2026-06-30
Sales & profitability
$25.53BFY2025
+8.3% year over year
Last 12 mo $31.27B
12.09%FY2025
−6.4 percentage points
Last 12 mo 14.70%
$2.32BFY2025
−37.9% year over year
Last 12 mo $3.47B
15.97%FY2025
−12.5 percentage points
Last 12 mo 10.84%
Cash & financing
$4.24BFY2025
+272.0% year over year
Last 12 mo $4.21B
$1.29BFY2025
+125.6% year over year
Last 12 mo $309.00M
0.69FY2025
Was 0.72× a year earlier
Last 12 mo 0.80
314.0MFY2025
−0.3% year over year
Last 12 mo 357.0M

Margins and return on equity change in ; everything else in percent. Fewer shares and less debt are shown plainly, not as bad news — it depends what you make of buybacks. Dotted labels explain each measure. is shown separately from the annual figures.

What Constellation Energy does

In the company’s own words

Constellation Energy Corporation (Nasdaq: CEG) generates and sells electricity, natural gas and energy-related products and sustainability services to utilities, municipalities, cooperatives, commercial and industrial businesses, public-sector organizations and residential customers. Its generation portfolio includes nuclear, natural gas, geothermal, hydroelectric, wind and solar facilities, with about 55 GW of capacity following its January 2026 acquisition of Calpine. In 2025, before that acquisition, owned generating resources had 31,676 MW of capacity. The company also provides retail and wholesale power, natural gas supply, renewable energy products, energy efficiency services and sustainability advisory tools. Its customer-facing business serves approximately 2.5 million customer accounts following the Calpine acquisition, including three-fourths of Fortune 100 companies. Constellation reports five segments: Mid-Atlantic, Midwest, New York, ERCOT and Other Power Regions, organized around generation locations and customer-facing activities; the filing does not provide segment revenue shares. The company became independent of Exelon in 2022, and its brands include Constellation Navigator and CORe+. Its website is www.ConstellationEnergy.com.

Company details
Sector
Utilities
Industry (SIC)
Electric, Gas & Water
Headquarters
BALTIMORE, MD
Fiscal year end
December
CIK
1868275
SIC
4911

Financial performance, year by year

Fiscal 2021–2025 · USD
$-3.31B$6.12B$15.55B$24.98B$34.41B20212022202320242025Last 12 moLast 12 monthsLast 12 months

The full income statement, balance sheet and cash flow for each of these years — every figure traceable to its filing — is on the Financials tab with a free account.

Ownership

Who owns Constellation Energy — and what changed

Funds as of 2026Q2 · superinvestors as of 2026-06-30

922
funds hold it
0 of 35
superinvestors hold it
$34.57B
held by funds, at market
36.5%
of shares held by funds
24
bond issues held by funds

Largest fund holders · Constellation Energy’s weight in each

VANGUARD TOTAL STOCK MARKET INDEX FUND
VTI · VANGUARD INDEX FUNDS
0.11%of fund net assets
—of fund net assets
VANGUARD 500 INDEX FUND
VOO · VANGUARD INDEX FUNDS
0.12%of fund net assets
0.39%of fund net assets
VANGUARD MID-CAP INDEX FUND
VO · VANGUARD INDEX FUNDS
0.78%of fund net assets

Fund ownership is a floor, not a census — pensions, insurers and people holding shares directly are not visible here.

Constellation Energy’s bonds, as funds hold them

Funds report holding 24 issues of Constellation Energy’s debt, $3.06B at market value — what funds hold, not the company’s total debt. Weighted-average coupon 4.96%, maturing 2026 to 2066.

Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.

Every fund and institutional holder, quarter by quarter, is on the Ownership tab with a free account.

Connected research

Put this business in context.

Compare this company with peers, find it in your funds and follow its financial history with your connected AI:

  • “How do Constellation Energy and its peers compare on margins and cash generation over ten years?”
  • “Where did five years of Constellation Energy's earnings go — cash, debt, buybacks, reinvestment?”
  • “What changed in Constellation Energy's last four quarterly filings that the numbers alone won't show?”
See how it works →All research tools with a subscription. Use your own AI account.