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Constellation Energy vs Southern: CEG and SO compared
Constellation Energy is the larger company: $9.6B of revenue in its latest quarter (Q3 2026) against $8.8B for Southern (Q3 2026). Constellation Energy is growing faster (+45% against +13% a year earlier). Southern is more profitable, with an operating margin of 33.9% against 26.1%.
Where the money goes: CEG and SO
Constellation Energy (CEG) · Q3 2026
Constellation Energy, Q3 2026: revenue $9.6B (+45% year over year), operating margin 26.1%, net earnings $1.8B, operating cash flow $3.4B. The chart follows the revenue to costs, profit and cash.
Southern (SO) · Q3 2026
Southern, Q3 2026: revenue $8.8B (+13% year over year), operating margin 33.9%, net earnings $2.0B. The chart follows the revenue to costs, profit and cash.
| Constellation Energy (CEG) | Southern (SO) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $9.6B | $8.8B |
| Revenue growth, Y/Y | +45% | +13% |
| Operating margin | 26.1% | 33.9% |
| Net earnings | $1.8B | $2.0B |
| Net margin | 19.2% | 23.1% |
| Operating cash flow | $3.4B | — |
| Free cash flow | $2.5B | — |
| Market value | $86.3B | $105.3B |
| P/E | 24.9× | 24.8× |
| Analysts’ mean target | $337.77 | $96.10 |
Where the revenue comes from
Constellation Energy
- Total power revenues: $6.3B (66%)
- Other revenues: $2.9B (31%)
- Gas revenues: $322M (3%)
Southern
- Non-fuel: $5.1B (58%)
- Fuel: $1.5B (17%)
- Wholesale electric revenues: $873M (10%)
- Natural gas revenues: $773M (9%)
Questions
Which is bigger, Constellation Energy or Southern?
Constellation Energy is the larger company: $9.6B of revenue in its latest quarter (Q3 2026) against $8.8B for Southern (Q3 2026).
Is Constellation Energy or Southern growing faster?
Constellation Energy is growing faster (+45% against +13% a year earlier).
Which is more profitable, Constellation Energy or Southern?
Southern is more profitable, with an operating margin of 33.9% against 26.1%.
More: Constellation Energy earnings · how Constellation Energy makes money · Southern earnings · how Southern makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 9, 2026; 8-K filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.