Constellation Energy Corporation
CEG Utilities Utilities Independent Power Producers
Constellation Energy Corporation’s revenue for fiscal 2025 (year ended December 2025) was $25.5 billion, up 8.34% from fiscal 2024. In the quarter to June 2026, revenue grew 23.0%, EPS fell 46.8%, free cash flow fell 116.6% and total debt rose 81.0%, each against the same quarter a year earlier. Member of the S&P 500 and Nasdaq 100; dividend growth for five consecutive years; insiders bought in the last twelve months.
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Constellation Energy Corporation 10-Q filed Aug 6, 2026
Red flags
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Share dilution
Shares outstanding rose 13.4% in a year, to 354.3 million
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Receivables outpacing revenue
Receivables grew 58.2% while revenue grew 23.0% year over year
What changed
Part I, Item 2, Management’s Discussion and Analysis, against the 10-Q filed May 11, 2026: 14 added · 17 removed · 33 modified; 8 with only figures updated; 1 moved without change
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Modified · Acquisition of Calpine Corporation
In March 2026, we entered into an agreement with LS Power Equity Advisors, LLC to sell five natural gas-fired generating facilities with approximately 4.4 GWs of capacity from Calpine's portfolio of generation assets located in PJM to satisfy regulatory commitments related to our acquisition of Calpine. The transaction is valued at $5.0 billion before closing adjustments
and remains subject. In August 2026, we entered into an agreement with LS Power tocustomary closing conditionsdivest the Brazos Valley Energy Center (f/k/a Jack A. Fusco Energy Center),including receipt of applicable regulatory approvalsa 606 MW natural gas-fired plant in ERCOT for $860 million before closing adjustments. Completion ofthis transaction, together with the planned divestiture of an additional ERCOT facilitythese transactions is subject to customary closing conditions and receipt of applicable regulatory approvals, and is expected to satisfy the remaining regulatory commitments related to the merger. We expect the transactions to close by the end of this year.
63 more changes in this Item, word by word, in Powerpack.
Powerpack