Filing Flows › Constellation Energy (CEG) › Q1 2026
Constellation Energy (CEG) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 11, 2026
Constellation Energy (CEG) reported revenue of $11.1B for the first quarter 2026 (Q1 2026), +64% from a year earlier and +83% from the quarter before. Operating margin was 21.0%, net earnings $1.6B (14.3% of revenue).
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 follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $11.1B | +83% | +64% |
| Operating profit | $2.3B | +290% | +417% |
| Net earnings | $1.6B | +268% | 13× |
| Operating cash flow | $425M | -47% | +297% |
What changed
Revenue was $11.1B in Q1 2026, up 64% year over year and up 83% from the previous quarter. Total Power revenues was the largest line at 58% of revenue. Total Power revenues added $1.2B year over year (up 23%), 28% of the total change.
Operating profit was $2.3B, a 21.0% margin (up 14.3 points year over year). Of the extra revenue versus Q1 2025, 43% reached operating profit, above the 7% margin then. Total costs grew 39% against revenue growth of 64%. Net earnings were $1.6B, up 1247% year over year. The effective tax rate was 24.8%.
Operating cash flow was $0.42B (up 297% year over year), 27% of net earnings. Non-cash charges added back $1.2B of depreciation and amortization. Working capital and other items used $2.4B. Capital expenditures of $1.3B exceeded it, leaving free cash flow of −$0.85B.
Questions
What was Constellation Energy's revenue in the first quarter 2026?
Constellation Energy (CEG) reported revenue of $11.1B for the first quarter 2026 (Q1 2026), +64% from a year earlier and +83% from the quarter before.
Was Constellation Energy profitable in the first quarter 2026?
Operating profit was $2.3B (21.0% of revenue) and net earnings $1.6B.