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Constellation Energy Corporation
(NASDAQ:CEG)
Constellation Energy Corporation (CEG) vs. SPDR S&P 500 ETF (SPY)
Constellation Energy Corporation Business Overview & Revenue Model
Constellation Energy Corporation Key Performance Indicators (KPIs)
Maps out nuclear energy production across various locations, reflecting the company's commitment to stable, low-carbon power generation and its strategic positioning in different regulatory environments.
The FlyConstellation Energy Corporation Earnings Call Summary
Constellation Energy Corporation Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 25.53B | 23.57B | 24.92B | 24.44B | 19.65B |
| Gross Profit | 19.36B | 5.99B | 3.30B | 2.14B | 2.75B |
| EBITDA | 5.01B | 6.97B | 4.22B | 2.92B | 3.81B |
| Net Income | 2.32B | 3.75B | 1.62B | -160.00M | -205.00M |
Balance Sheet | |||||
| Total Assets | 57.25B | 52.93B | 50.76B | 46.91B | 48.09B |
| Cash, Cash Equivalents and Short-Term Investments | 3.75B | 3.02B | 368.00M | 422.00M | 504.00M |
| Total Debt | 8.99B | 8.41B | 9.26B | 5.77B | 8.20B |
| Total Liabilities | 42.40B | 39.39B | 39.47B | 35.54B | 36.47B |
| Stockholders Equity | 14.52B | 13.17B | 10.93B | 11.02B | 11.22B |
Cash Flow | |||||
| Free Cash Flow | 1.29B | -5.03B | -7.72B | -4.04B | -2.67B |
| Operating Cash Flow | 4.24B | -2.46B | -5.30B | -2.35B | -1.34B |
| Investing Cash Flow | -3.20B | 7.43B | 3.03B | 3.10B | 3.28B |
| Financing Cash Flow | -420.00M | -2.29B | 2.20B | -799.00M | -1.70B |
Constellation Energy Corporation Technical Analysis
Constellation Energy Corporation Risk Analysis
Constellation Energy Corporation Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $199.35B | 28.99 | 13.05% | 2.84% | 26.96% | -6.80% | |
69 Neutral | $7.80B | 25.55 | 8.48% | 5.60% | 2.54% | 124.89% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
65 Neutral | $113.29B | 42.33 | 20.35% | 0.43% | 21.35% | -3.93% | |
65 Neutral | $11.59B | 9.91 | 23.02% | 5.06% | -1.55% | 12.83% | |
63 Neutral | $58.15B | 61.31 | 21.63% | 0.56% | 42.77% | -47.64% | |
55 Neutral | $7.81B | -6.55 | -38.17% | 3.84% | 5.93% | -39.88% |
Constellation Energy Corporation Corporate Events
Constellation Energy reported fourth-quarter 2025 GAAP net income of $1.38 per share and adjusted operating earnings of $2.30 per share, with full-year 2025 GAAP net income of $7.40 per share and adjusted operating earnings rising to $9.39 per share, despite lower GAAP results versus 2024. Management highlighted strong nuclear fleet performance and market conditions, while noting that unfavorable nuclear production tax credit portfolio results weighed on earnings.
On Jan. 7, 2026, Constellation completed its acquisition of Calpine Corporation, creating what it calls the nation’s largest producer of electricity by combining zero-emission nuclear with natural gas and geothermal assets. The company also advanced its data center strategy with new power and infrastructure agreements at Texas sites, secured 20-year NRC license extensions for its Clinton and Dresden nuclear plants, obtained a $1 billion DOE loan guarantee to restart the Crane Clean Energy Center underpinned by a 20-year PPA with Microsoft, and raised its dividend 10 percent while signaling continued shareholder returns.
The most recent analyst rating on (CEG) stock is a Buy with a $460.00 price target. To see the full list of analyst forecasts on Constellation Energy Corporation stock, see the CEG Stock Forecast page.
On January 7, 2026, Constellation Energy Corporation completed its previously announced merger under which Calpine Corporation became a wholly owned subsidiary, with Calpine remaining the issuer of nearly $2.4 billion of senior and senior secured notes. On January 15, 2026, Constellation completed private exchange offers for any and all outstanding Calpine notes, with approximately $2.29 billion in principal amount validly tendered, retired and canceled in exchange for new Constellation notes carrying the same interest rates, maturities and payment dates, and it secured consents to amend Calpine’s note indentures to remove most restrictive covenants and events of default, thereby simplifying its capital structure and increasing financial and operational flexibility for the combined company and its bondholders.
The most recent analyst rating on (CEG) stock is a Buy with a $376.00 price target. To see the full list of analyst forecasts on Constellation Energy Corporation stock, see the CEG Stock Forecast page.
On January 13, 2026, Constellation Energy Generation, LLC announced the expiration and final results of its private exchange offers and related consent solicitations for outstanding notes issued by Calpine Corporation, following the completion of Constellation’s acquisition of Calpine on January 7, 2026. The exchange offers, which expired on January 12, 2026, achieved very high participation, with approximately 99.51% of Calpine’s 4.625% senior unsecured notes due 2029, 99.73% of its 5.000% senior unsecured notes due 2031, and 88.36% of its 3.750% senior secured notes due 2031 validly tendered, enabling Constellation to issue new unsecured notes on substantially similar terms while securing consents to strip most restrictive covenants and events of default from the Calpine indentures and to release collateral on the secured 2031 notes. This restructuring of Calpine’s debt into Constellation-issued notes, with settlement expected around January 15, 2026, simplifies the combined company’s capital structure, reduces covenant constraints, and marks a significant step in integrating Calpine’s financing into Constellation’s balance sheet, affecting both noteholders’ rights and the company’s financial flexibility going forward.
The most recent analyst rating on (CEG) stock is a Buy with a $440.00 price target. To see the full list of analyst forecasts on Constellation Energy Corporation stock, see the CEG Stock Forecast page.
On January 7, 2026, Constellation completed its acquisition of Calpine Corporation from Energy Capital Partners in a cash-and-stock deal that included 50 million newly issued Constellation shares and $4.5 billion in cash (subject to expenses), making Calpine a wholly owned subsidiary and creating what the company describes as the nation’s largest producer of electricity. In connection with the closing, Constellation granted former Calpine shareholders registration rights over their stock consideration, subject to a staged lock-up ending in 2027, while Calpine and its subsidiaries retained their existing capital structure, including multiple series of unsecured and secured notes with defined coupon, maturity and redemption terms, as well as substantial term loan facilities at Calpine Construction Finance Company and Geysers Power Company that were recently refinanced, upsized or repriced; these debt covenants place limits on additional liens, indebtedness and certain corporate transactions. The merger and related internal reorganization, completed between January 2 and January 7, 2026, also triggered the cash-and-stock vesting and cancellation of Calpine equity awards and resulted in former Calpine shareholders owning about 13.8% of Constellation’s outstanding common stock, while the combined company now controls 55 gigawatts of largely clean and flexible generation capacity aimed at serving surging power demand from data centers, advanced manufacturing and critical infrastructure, particularly in high-growth markets such as Texas and California. Governance changes accompanied the deal’s close, with long-serving finance executive Shane Smith elevated to executive vice president and chief financial officer and designated principal financial officer, while former CFO Daniel Eggers assumed a newly created senior executive role overseeing finance and the data economy, as Constellation seeks to leverage the enlarged generation fleet and commercial platform to scale advanced nuclear, geothermal, carbon capture and long-duration storage technologies and deepen its community and workforce investments from headquarters in Baltimore and a major presence in Houston.
The most recent analyst rating on (CEG) stock is a Buy with a $520.00 price target. To see the full list of analyst forecasts on Constellation Energy Corporation stock, see the CEG Stock Forecast page.
On December 23, 2025, Constellation Energy Generation, LLC announced that it had extended the expiration of its private exchange offers for Calpine Corporation’s outstanding 2029 and 2031 notes and the related consent solicitations from January 8, 2026 to January 12, 2026, while keeping the withdrawal deadline, which passed on December 22, 2025, unchanged. The company reported very high early participation, with about 99.5% of unsecured 2029 notes, 99.6% of unsecured 2031 notes and 88.3% of secured 2031 notes tendered, enabling it to secure the necessary consents to strip most restrictive covenants and events of default from the Calpine indentures and to release collateral securing the 2031 secured notes, with these amendments to become operative only upon settlement of the exchange offers and completion of the pending merger between Constellation Energy Corporation and Calpine. The structure offers equal-principal Constellation notes plus modest cash to early tendering holders, and a slightly reduced principal amount with no cash for later tenders, underscoring an effort to streamline Calpine’s capital structure and shift obligations onto Constellation’s balance sheet as a condition to closing the merger transaction, with implications for both companies’ bondholders and post-merger financial flexibility.
The most recent analyst rating on (CEG) stock is a Hold with a $394.00 price target. To see the full list of analyst forecasts on Constellation Energy Corporation stock, see the CEG Stock Forecast page.
On December 17, 2025, Constellation Energy Corporation announced that all its power plants in the PJM market successfully cleared the capacity auction for the 2027-2028 planning year. The auction results, which include both nuclear and fossil-based capacities, take effect on June 1, 2027, reinforcing Constellation’s position in the market by ensuring continued monetization through capacity revenues and alignment with Production Tax Credit calculations, potentially benefiting stakeholders.
The most recent analyst rating on (CEG) stock is a Buy with a $420.00 price target. To see the full list of analyst forecasts on Constellation Energy Corporation stock, see the CEG Stock Forecast page.
On December 9, 2025, Constellation Energy Generation, LLC announced the commencement of private exchange offers and consent solicitations for Calpine Corporation’s outstanding notes, as part of its planned acquisition of Calpine. The exchange offers involve issuing new notes in exchange for Calpine’s existing notes, while the consent solicitations aim to amend the terms of the Calpine notes to remove restrictive covenants and provisions. This strategic move is expected to streamline Constellation’s operations and strengthen its position in the energy market.
The most recent analyst rating on (CEG) stock is a Buy with a $399.00 price target. To see the full list of analyst forecasts on Constellation Energy Corporation stock, see the CEG Stock Forecast page.
On January 10, 2025, Constellation Energy Corporation announced a merger agreement to acquire Calpine Corporation, making it an indirect, wholly owned subsidiary. This strategic move, outlined in the merger agreement, is expected to enhance Constellation’s market position and operational capabilities in the energy sector.
The most recent analyst rating on (CEG) stock is a Buy with a $399.00 price target. To see the full list of analyst forecasts on Constellation Energy Corporation stock, see the CEG Stock Forecast page.