Filing Flows › Constellation Energy (CEG) › Q1 2026 › vs Q1 2025
Constellation Energy (CEG) Q1 2026 vs Q1 2025 (year over year)
Constellation Energy's revenue rose $4.3B (+64%) from $6.8B in Q1 2025 to $11.1B in Q1 2026. The biggest changes: Other revenues +$2.9B (+425%); Total Power revenues +$1.2B (+23%); Gas revenues +$161M (+21%). Operating margin 21.0% against 6.6% (+14.3 pts).
Constellation Energy, Q1 2026: revenue $11.1B (+64% year over year), operating margin 21.0%, net earnings $1.6B, operating cash flow $425M. The chart draws each line against Q1 2025, the increases inside each band.
Margins
| Q1 2026 | Q1 2025 | Change | |
|---|---|---|---|
| Operating margin | 21.0% | 6.6% | +14.3 pts |
| Net margin | 14.3% | 1.7% | +12.6 pts |
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| Total Power revenues | $6.5B | $5.2B | $1.2B | +23% |
| Gas revenues | $943M | $782M | $161M | +21% |
| Other revenues | $145M | $86.0M | $59.0M | +69% |
| Other revenues | $3.6B | $682M | $2.9B | +425% |
| Revenue | $11.1B | $6.8B | $4.3B | +64% |
| Operating profit | $2.3B | $451M | $1.9B | +417% |
| Costs & expenses | $8.8B | $6.3B | $2.5B | +39% |
| Pre-tax earnings | $2.1B | $151M | $2.0B | 14× |
| Other expense, net | $199M | $300M | −$101M | -34% |
| Net earnings | $1.6B | $118M | $1.5B | 13× |
| Minority interests | $13.0M | $11.0M | $2.0M | +18% |
| Income tax | $530M | $22.0M | $508M | 24× |
| Operating cash sources | $2.8B | $758M | $2.0B | +268% |
| Depreciation & amortization | $1.2B | $640M | $562M | +88% |
| Working capital & other | $2.4B | $651M | $1.7B | +264% |
| Operating cash flow | $425M | $107M | $318M | +297% |
| Capital expenditures | $1.3B | $806M | $469M | +58% |
| Negative free cash flow (OCF − capex) | $850M | $699M | $151M | +22% |
Questions
How much did Constellation Energy's revenue grow year over year in Q1 2026?
Constellation Energy's revenue rose $4.3B (+64%) from $6.8B in Q1 2025 to $11.1B in Q1 2026.
What drove Constellation Energy's revenue change in Q1 2026?
Other revenues +$2.9B (+425%); Total Power revenues +$1.2B (+23%); Gas revenues +$161M (+21%).