Filing Flows › Constellation Energy (CEG) › Q2 2026
Constellation Energy (CEG) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 6, 2026
Constellation Energy (CEG) reported revenue of $7.5B for the second quarter 2026 (Q2 2026), +23% from a year earlier and -33% from the quarter before. Operating margin was 7.7%, net earnings $513M (6.8% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.5B | -33% | +23% |
| Operating profit | $580M | -75% | -39% |
| Net earnings | $513M | -68% | -39% |
| Operating cash flow | $1.1B | +165% | -24% |
What changed
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.
Questions
What was Constellation Energy's revenue in the second quarter 2026?
Constellation Energy (CEG) reported revenue of $7.5B for the second quarter 2026 (Q2 2026), +23% from a year earlier and -33% from the quarter before.
Was Constellation Energy profitable in the second quarter 2026?
Operating profit was $580M (7.7% of revenue) and net earnings $513M.