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Constellation Energy (CEG) earnings and revenue breakdown

Latest: Q2 2026 · 10-Q filed Aug 6, 2026 · Constellation Energy (CEG) Q2 2026 earnings results →

Q2 2026 Revenue up 23% year over year to $7.5B · 7¢ of every $1 of revenue kept as net profit · operating margin 7.7%

Constellation Energy made $7.5B in Q2 2026 (+23% Y/Y): Total Power revenues $5.4B, Other revenues $1.7B, Gas revenues $327M. Operating margin 7.7%, net earnings $513M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 6, 2026.

Revenue$7.5B

Year over year+23%

Operating margin7.7%

Net earnings$513M

Operating cash flow$1.1B

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $7.5B in Q2 2026, up 23% year over year and down 33% from the previous quarter. Total Power revenues was the largest line at 71% of revenue. Total Power revenues added $0.60B year over year (up 13%), 43% of the total change.

Operating profit was $0.58B, a 7.7% margin (down 7.9 points year over year). Operating profit fell $0.37B even though revenue rose $1.4B versus Q2 2025, so costs grew faster than sales. Total costs grew 34% against revenue growth of 23%. Net earnings were $0.51B, down 39% year over year. The effective tax rate was 43.9%. Non-operating items added $0.33B, 36% of pre-tax earnings, so the bottom line overstates operating performance.

Operating cash flow was $1.1B (down 24% year over year), 222% of net earnings. Non-cash charges added back $1.2B of depreciation and amortization. Working capital and other items used $0.55B. Capital expenditures of $1.2B exceeded it, leaving free cash flow of −$0.12B.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q2 2026	10-Q	Aug 6, 2026	$7.5B	+23%	7.7%	$513M	$1.1B
Q1 2026	10-Q	May 11, 2026	$11.1B	+64%	21.0%	$1.6B	$425M
Q4 2025	10-K	Feb 24, 2026	$6.1B	+13%	9.8%	$432M	$805M
Q3 2025	10-Q	Nov 7, 2025	$6.6B	+0.3%	16.5%	$929M	$1.8B
Q2 2025	10-Q	Aug 7, 2025	$6.1B	+11%	15.6%	$839M	$1.5B
Q1 2025	10-Q	May 6, 2025	$6.8B	+10%	6.6%	$118M	$107M
Q4 2024	10-K	Feb 18, 2025	$5.4B	-7%	18.1%	$850M	−$1.0B

Charts

Latest (Q2 2026): Y/Y +23%, Q/Q -33%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q2 2026): Net income $508M, Operating cash flow $1.1B.

-4.6% since FY2022: buybacks shrank the count.

Cash $3.6B, short-term investments —, long-term debt $7.4B at 2025-12-31.

Electric Services; dot size is quarterly revenue; dashed lines are the industry's medians.

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