Constellation Energy (CEG): financials, SEC filings and peers

Constellation Energy (CEG) is an electric utilities company in the Utilities sector of the S&P 500, headquartered in Baltimore, Maryland.

It was founded in 1999 and joined the S&P 500 on February 2, 2022.

Its fiscal year ends in December, and its shares trade on the Nasdaq.

In its SEC filings it is classified as “Electric Services”.

Constellation Energy at a glance

Revenue (12 months): $31.3B
Revenue growth: +26.0%
Operating margin: 14.7%
Net income (12 months): $3.5B
Free cash flow (12 months): $309M
Cash: $697M
Debt: $24.7B
Diluted EPS (12 months): $10.26

Twelve months to June 30, 2026, from the 10-Q filed August 6, 2026.

Latest twelve months

Over the twelve months to June 30, 2026, Constellation Energy reported revenue of $31.3 billion, up a strong 26.0% from $24.8 billion a year earlier.

Its operating margin was 14.7%: for every $100 of sales, about $15 was left as operating profit.

Net income was $3.5 billion (11.1% of revenue), 15.2% higher than a year earlier.

Operating cash flow was $4.2 billion and capital spending $3.9 billion, leaving free cash flow of $309 million (1.0% of revenue).

At the end of the period it held $697 million in cash and $24.7 billion in debt, a net debt position of $24.0 billion.

The diluted share count rose 14.6% in a year, which dilutes existing shareholders.

Five-year trend

Revenue went from $17.6 billion in fiscal 2020 to $25.5 billion in fiscal 2025, about 7.7% a year.
Operating margin widened from 1.5% to 12.1% over the same years.
Free cash flow was negative in 5 of the last 6 fiscal years.
Constellation Energy reported a net loss in 2 of the last 6 fiscal years.

Fiscal year	2021	2022	2023	2024	2025
Revenue	$19.6B	$24.4B	$24.9B	$23.6B	$25.5B
Revenue growth	11.6%	24.4%	2.0%	-5.4%	8.3%
Operating margin	-1.8%	2.0%	6.5%	18.5%	12.1%
Net income	−$205M	−$160M	$1.6B	$3.7B	$2.3B
Free cash flow	−$2.7B	−$4.0B	−$7.7B	−$5.0B	$1.3B
Diluted EPS	$0.00	$-0.49	$5.01	$11.89	$7.40

Fiscal years as reported in Constellation Energy’s 10-K filings. Free cash flow is operating cash flow minus capital spending.

Recent SEC filings

10-Q filed August 6, 2026 — quarterly report
8-K filed August 6, 2026 — Earnings results; Regulation FD disclosure
8-K filed August 5, 2026 — Executive or director change
8-K filed July 14, 2026 — Other event
8-K filed June 2, 2026 — Other event
10-Q filed May 11, 2026 — quarterly report
8-K filed May 11, 2026 — Earnings results; Regulation FD disclosure
8-K filed May 1, 2026 — Shareholder vote results

All Constellation Energy filings on SEC EDGAR

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Questions about Constellation Energy

Is Constellation Energy's revenue growing?

Yes. Revenue for the twelve months to June 30, 2026 was $31.3 billion, up 26.0% from a year earlier, according to its SEC filings.

Is Constellation Energy profitable?

Yes. It earned $3.5 billion in net income over the twelve months to June 30, 2026, a net margin of 11.1%.

Does Constellation Energy have more cash or more debt?

At June 30, 2026 it had $697 million in cash and $24.7 billion in debt, so more debt than cash.

When did Constellation Energy last file financial results?

Its latest quarterly report (10-Q) was filed with the SEC on August 6, 2026.

Which companies are similar to Constellation Energy?

In the S&P 500, Constellation Energy is grouped in Electric Utilities within the Utilities sector. American Electric Power (AEP), Duke Energy (DUK), Edison International (EIX), Eversource Energy (ES), Entergy (ETR) are in the same group.

Understand the numbers

Source: Constellation Energy’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved September 27, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.