At a glance
Constellation Energy Corp is worth $91.15B, about 35 times its fiscal 2025 earnings. Revenue grew 8.3% to $25.53B in fiscal 2025, with 9.1% kept as profit; over 5 years it has grown 7.7% a year. It pays a 0.65% dividend yield, raised every year for at least 3 years, and returned $3.87B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −31.4% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Constellation Energy owns power plants and sells the electricity they produce. Exelon, a utility, spun it off as an independent company on February 1, 2022. It is a competitive generator, not a regulated utility. It sells power into wholesale markets run by regional grid operators, where prices rise and fall with supply and demand, and through retail and long-term contracts. It is the largest US nuclear energy company: nuclear plants produced 68% of the electricity it supplied in 2025.
Customers range from households to big companies. It serves about 2.5 million retail accounts, including three-fourths of the Fortune 100. Under a 20-year power purchase agreement (PPA, a contract to buy a plant's output) with Microsoft, it plans to restart the retired Three Mile Island Unit 1, renamed the Crane Clean Energy Center, to help power Microsoft's data centers. The timing depends on regulatory approvals and a renewed license.
On January 7, 2026, Constellation bought Calpine, the largest US generator of power from natural gas and geothermal heat, strong in Texas, California and the Northeast. That lifted its fleet to 55 gigawatts. Its five reporting segments are regions. In fiscal 2025, before Calpine, Mid-Atlantic brought in 25.4% of its $25.5 billion revenue, the Midwest 22.7%, Other Power Regions 21.9%, New York 8.6% and ERCOT (the Texas grid) 7.5%.
Price history
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CEG -31.4% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Mid-Atlantic | $6.49B | 25.4% |
| Midwest | $5.80B | 22.7% |
| Other Power Regions | $5.58B | 21.9% |
| New York | $2.19B | 8.6% |
| ERCOT | $1.90B | 7.5% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $7.50B, up 23% from a year earlier, and net income was $513.0M (-38.9%).
- For fiscal 2025, revenue was $25.53B (+8.3% year over year; +7.7% a year from FY2020 to FY2025) with a 9.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +7.7% good |
|---|---|
| Operating margin | 12.1% watch |
| Free cash flow margin | 5% watch |
| Return on equity (FY2025) | 16% good |
| Return on assets (FY2025) | 4.1% watch |
| Net cash (cash minus debt) | $-24.00B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $17.60B | $589.0M | $-1.16B |
| FY2021 | $19.65B | $-205.0M | $-2.67B |
| FY2022 | $24.44B | $-160.0M | $-4.04B |
| FY2023 | $24.92B | $1.62B | $-7.72B |
| FY2024 | $23.57B | $3.75B | $-5.03B |
| FY2025 | $25.53B | $2.32B | $1.29B |
Valuation snapshot
| Market value | $91.15B |
|---|---|
| P/E ratio | 34.8 |
| Dividend yield | 0.65% |
Rank among 1514 US companies
Market value at each year end
Constellation Energy’s market value went from $28.19B at the end of 2022 to $91.15B on Nov 2, 2026, about 3.2 times as much; since the end of 2025 it is down 17%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $91.15B | -17.4% |
| 2025 | $110.32B | +57.7% |
| 2024 | $69.97B | +87.4% |
| 2023 | $37.33B | +32.4% |
| 2022 | $28.19B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CEG price data to Nov 2, 2026 | -26.8% | -31.4% | +30.8% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -26.9% |
| 2025 | +58.8% |
| 2024 | +92.7% |
| 2023 | +37.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 1 open-market purchases ($418K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 11, 2026 | Roger W Crandall Director | buy | $418K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 6.39% | Mar 31, 2026 |
| FMR LLC | 4.6% | Dec 31, 2024 |
| ECP ControlCo, LLC | 4% | Jun 30, 2026 |
| Capital International Investors | 3.3% | Mar 31, 2026 |
ETFs with the most weight in CEG
| FTWO Strive Natural Resources and Security ETF | 9.75% |
| URAN Themes Uranium & Nuclear ETF | 8.54% |
| UTES Virtus Reaves Utilities ETF | 8.33% |
| NUKZ Range Nuclear Renaissance Index ETF | 8.09% |
| NLR VanEck Uranium and Nuclear ETF | 7.79% |
| CSD Invesco S&P Spin-Off ETF | 7.53% |
| VPU Vanguard Utilities ETF | 5.9% |
| XLU Utilities Select Sector SPDR Fund | 5.77% |
What could go wrong
- Nuclear safety, licensing and cleanup costs. Nuclear made 68% of its 2025 power. NRC (the federal nuclear regulator) actions, a major incident, or spent-fuel storage problems could hurt operations. Weak markets could shrink its plant-cleanup (decommissioning) funds, requiring more cash.
- Calpine deal may not pay off. The January 2026 Calpine purchase brings integration costs, management distraction and possible loss of key staff. The company warns it may not add to earnings and could reduce earnings per share.
- Data center demand and contracts may disappoint. Demand tied to data centers may shift with industry trends. Contracts that expire or end early cut revenue, and the Crane restart for Microsoft depends on approvals, construction and a renewed license.
- Power and fuel prices can swing sharply. Power prices often follow natural gas. Mild weather, weak demand or excess supply can push prices down, sometimes below zero, hurting nuclear plants. Bans on Russian uranium complicate fuel buying.
- Heavy debt and credit rating risk. As of June 30, 2026, debt was $24.7 billion against $697 million of cash. A credit-rating cut below investment grade (the safer tiers) would trigger large collateral deposits and higher borrowing costs.
- Rule changes could reshape power markets. Federal or state action could change how wholesale markets work, and states can scale back or repeal retail competition. Changes to market rules can directly affect what its plants earn.
Recent events
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Other company announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Investor presentation or announcement
- Executive or board change
- Other company announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Constellation pays a small dividend: the yield was 0.65% as of October 28, 2026, so most returns would have to come from the share price. The per-share dividend rose each year from fiscal 2022 to 2025, by about 40% a year. In fiscal 2025, dividends took 21% of earnings and 38% of free cash flow (cash left after running the business and investing in plants), which had been negative in 2020–2024. It spent $2.4 billion buying back shares in fiscal 2021–2025, yet the share count rose 8.5% from February 2022 to July 2026 after it issued stock for Calpine. It warns the dividend may not continue at the same rate.
The stock began trading in February 2022, so it has no record through the 2008 crisis or the 2020 COVID crash. Through October 28, 2026, its worst drop from a peak was 50.7%, and it lost 32.6% over the prior 12 months. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Constellation Energy make money?
Constellation makes money by generating electricity and selling it. It sells power into wholesale markets, where prices change with supply and demand, and directly to about 2.5 million retail customer accounts, from homes to large companies. It also signs long-term contracts, such as a 20-year deal with Microsoft tied to restarting the Crane Clean Energy Center (formerly Three Mile Island Unit 1). In fiscal 2025, revenue rose 8.3% to $25.5 billion, while net income fell 38.1% to $2.3 billion.
Does Constellation Energy pay a dividend?
Yes, but it is small. The dividend yield was 0.65% as of October 28, 2026. The per-share dividend rose each year from fiscal 2022 through 2025, growing about 40% a year. In fiscal 2025, dividends used 21% of earnings and 38% of free cash flow. Total dividends paid reached $486 million that year, up from $185 million in fiscal 2022. The company warns it cannot guarantee the dividend will continue at the same rate after the Calpine deal.
What did Constellation Energy get from buying Calpine?
It gained a large natural gas and geothermal fleet. Constellation completed the cash-and-stock purchase on January 7, 2026. After required sales of some plants, Calpine added about 23 gigawatts across 72 power plants and battery storage sites, with a strong presence in Texas, California and the Northeast, plus a retail business and about 2,500 employees. The combined fleet has 55 gigawatts, enough to power the equivalent of 27 million homes. The company says the deal may not add to earnings per share, and integration could prove costly.
How much of Constellation Energy's power comes from nuclear?
More than two-thirds, before Calpine. Nuclear plants produced 68% of the electricity Constellation supplied in 2025; the Calpine deal then added natural gas and geothermal plants. Its roughly 22 gigawatts of nuclear capacity, the largest US fleet, generated 183 terawatt-hours in 2025, enough to power 16 million homes. The plants ran at a 94.7% capacity factor, meaning they produced 94.7% of their maximum possible output. Operating licenses for its units run out between 2029 and 2054, and renewals depend on the Nuclear Regulatory Commission.
Is Constellation Energy stock volatile?
Yes. Over the year to October 28, 2026, its price volatility, a measure of how widely it swings, was 48.9%, and its beta was 1.46, meaning it tended to move about one and a half times as much as the market. Its share price rose 37.2% in 2023, 92.7% in 2024 and 58.8% in 2025, but was down 26.6% year to date as of October 28, 2026. Its deepest drop from a peak has been 50.7%.