Filing Flows › Constellation Energy (CEG) › Q2 2026 › vs Q1 2026
Constellation Energy (CEG) Q2 2026 vs Q1 2026 (quarter over quarter)
Constellation Energy's revenue fell $3.6B (-33%) from $11.1B in Q1 2026 to $7.5B in Q2 2026. The biggest changes: Other revenues −$1.9B (-54%); Total Power revenues −$1.1B (-17%); Gas revenues −$616M (-65%). Operating margin 7.7% against 21.0% (-13.2 pts).
Constellation Energy, Q2 2026: revenue $7.5B (+23% year over year), operating margin 7.7%, net earnings $513M, operating cash flow $1.1B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 7.7% | 21.0% | -13.2 pts |
| Net margin | 6.8% | 14.3% | -7.5 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Total Power revenues | $5.4B | $6.5B | −$1.1B | -17% |
| Gas revenues | $327M | $943M | −$616M | -65% |
| Other revenues | $161M | $145M | $16.0M | +11% |
| Other revenues | $1.7B | $3.6B | −$1.9B | -54% |
| Revenue | $7.5B | $11.1B | −$3.6B | -33% |
| Other income, net | $326M | −$199M | $525M | — |
| Operating profit | $580M | $2.3B | −$1.8B | -75% |
| Costs & expenses | $6.9B | $8.8B | −$1.9B | -21% |
| Pre-tax earnings | $906M | $2.1B | −$1.2B | -58% |
| Loss borne by minority interests | $5.0M | −$13.0M | $18.0M | — |
| Net earnings | $513M | $1.6B | −$1.1B | -68% |
| Income tax | $398M | $530M | −$132M | -25% |
| Operating cash sources | $1.7B | $2.8B | −$1.1B | -40% |
| Depreciation & amortization | $1.2B | $1.2B | −$36.0M | -3% |
| Working capital & other | $551M | $2.4B | −$1.8B | -77% |
| Operating cash flow | $1.1B | $425M | $703M | +165% |
| Capital expenditures | $1.2B | $1.3B | −$29.0M | -2% |
| Negative free cash flow (OCF − capex) | $118M | $850M | −$732M | -86% |
Questions
How much did Constellation Energy's revenue grow quarter over quarter in Q2 2026?
Constellation Energy's revenue fell $3.6B (-33%) from $11.1B in Q1 2026 to $7.5B in Q2 2026.
What drove Constellation Energy's revenue change in Q2 2026?
Other revenues −$1.9B (-54%); Total Power revenues −$1.1B (-17%); Gas revenues −$616M (-65%).