Constellation Energy Corp

constellationenergy.com

What Do They Do?

Generates electricity and sells energy products to utilities, businesses, and residential customers.

How Do They Make Money?

Customers pay for electricity and natural gas after delivery, generally within the following month. For energy-related construction and installation projects, the company bills as work progresses and customers pay after invoices.

revenue

Segment	Share	Revenue
Mid-Atlantic	25% FY2022: 21%
Midwest	23% FY2022: 19%
New York	8.6% FY2022: 6.5%
ERCOT	7.5% FY2022: 6.3%
Other Power Regions	22% FY2022: 28%

Who Are Their Customers?

Sells electricity, natural gas, and related energy products to utilities and public bodies, businesses, and residential customers across multiple regions. Its customers include Fortune 100 companies.

Do Revenues Turn Into Profits?

Yes. It kept 9 cents of every revenue dollar as net income in FY2025 and turned 5 cents into free cash flow.

Operating income, FY2025

12% of revenue

▼ −29% vs FY2024 ($4.4B, 18%)

Net income, FY2025

9% of revenue

▼ −38% vs FY2024 ($3.7B, 16%)

Free cash flow, FY2025

5% of revenue

▲ Now profitable vs FY2024 (−$5B, −21%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +23%; vs $6.1B in Q2 FY2025
Net income: ▼ −39%; vs $839M in Q2 FY2025

Mid-Atlantic share of revenue vs 23.7% in Q2 FY2025

Aug 5, 2026 CEO takes board chair role as current chair retires The board elected Joseph Dominguez, its president and CEO, as chair after Robert Lawless retired.

Growing. Revenue grew 30% in 4 years, from $19.6B in FY2021 to $25.5B in FY2025, about 7% a year.

Generation mix Calpine added geothermal generation and battery storage to a fleet the earlier report described as nuclear, hydro, wind, natural gas, and solar.

Retail energy platform Calpine added a retail energy platform, expanding the customer-facing business and adding sales channels across the country.

Revenue over time

Mid-Atlantic Midwest New York ERCOT Other Power Regions Total Consolidated Operating Revenues Competitive Businesses Natural Gas Revenues Competitive Businesses Other Revenues Total Competitive Businesses Electric Revenues

$50B$25B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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