What it does
The company states that it generates and sells electricity, natural gas and energy-related products and sustainable solutions. Its operations combine owned and contracted generation with customer-facing retail and wholesale activities. The filing describes nuclear generation as a central part of its fleet, alongside natural gas and oil, hydroelectric, wind and solar assets. It also states that it acquired Calpine in January 2026; unless otherwise noted, the Form 10-K information excludes Calpine. The company operates in domestic wholesale power and gas markets and has retail activity across many states.
Source: Constellation Energy Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov
How it makes money
The company states that it earns revenue through sales of electricity and natural gas to retail and wholesale customers, as well as from energy-related products and sustainable solutions. It uses owned and contracted generation to support its supply position, while also obtaining power from markets to meet wholesale and retail obligations. The segment table below presents the company’s five reportable segments, which reflect the geographic regions of its generating resources and customer-facing activities. The filing also describes commodity transactions, bilateral contracts and wholesale sales as tools used in managing generation output and customer delivery obligations.
Source: Constellation Energy Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov
Customers and geography
The company states that it serves distribution utilities, municipalities, cooperatives, and commercial, industrial, public-sector and residential customers. Its retail activities span multiple U.S. geographic regions, while its wholesale and gas-market activity extends across the lower 48 states. The filing says its customer-facing business includes both retail customers and wholesale counterparties, with customer solutions that address energy supply, emissions-free attributes, energy efficiency, data and analytics, and sustainability-related needs. Its generation and customer-facing activities are organized among geographic reportable segments shown below.
Source: Constellation Energy Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov
Competition
The filing describes retail competition as varying by state, from full supplier competition for retail customers to more limited competition for certain commercial and industrial customers. It also identifies competition as a risk factor and says that emerging technologies, business models and demand trends can affect its market environment. The filing does not name a competitor in its discussion of competition. Although it names other companies in operational, customer and transaction contexts, it does not identify them as competitors in the provided excerpts.
Source: Constellation Energy Corporation Form 10-K for fiscal 2025, Item 1 and Item 1A — sec.gov
Key risks
The filing lists risks across market, regulatory, operational and Calpine-acquisition categories, including:
- Price volatility in wholesale and retail power markets and in nuclear fuel, natural gas and oil procurement.
- Legislative or regulatory actions affecting the scope and functioning of wholesale markets.
- Weather-related effects on electricity supply and demand, including climate-change-related extreme weather.
- Safe, secure and effective facility operations and nuclear decommissioning obligations.
- Physical, cybersecurity and third-party reliability risks.
- Calpine integration challenges, including unknown liabilities, potential loss of employees and customers, and systems-integration costs.
Source: Constellation Energy Corporation Form 10-K for fiscal 2025, Item 1A — sec.gov
People and operations
The company reported 15,339 employees for FY2025. It states that its owned generation resources, contracted generation and customer-facing activities operate across multiple geographic regions. Its operations are affected by weather, which can change electricity and natural-gas demand and contribute to seasonal fluctuations in operating results. The company says it conducts seasonal readiness reviews at its power plants before summer and winter. It is subject to oversight from the NRC for nuclear operations and to FERC jurisdiction for specified wholesale-electricity and interstate-transmission matters.
Source: Constellation Energy Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov