Constellation Energy (CEG)
Constellation Energy (CEG) operates the largest fleet of nuclear plants in the United States and sells power to homes, businesses, and large industrial customers. In ETFpedia it represents the operating-nuclear layer of the AI-electricity theme, anchored by the Microsoft-backed restart of Three Mile Island Unit 1, and unlike the SMR developers it is solidly profitable.
| Ticker | CEG |
|---|---|
| Exchange | Nasdaq |
| Sector | Nuclear · Power Generation |
| Country | United States |
| Wikidata | Q259195 |
| Last updated | 2026-06-04 |
Next event:Next earnings · Q2 2026, estimated · Calendar-estimated from prior years; Constellation has not confirmed it. Last report: Q1 2026 on 2026-05-11. (source)
Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-05-11)
Constellation reported Q1 2026 operating revenues of $11.12 billion, GAAP net income of $1.59 billion ($4.49 per share), and adjusted operating earnings of $2.74 per share, up from $2.14 a year earlier. The January 2026 Calpine acquisition and nuclear production tax credits were the main drivers, and the company affirmed full-year guidance.
| Operating revenues | $11.12B+64%YoY · Boosted by the January 2026 Calpine acquisition |
|---|---|
| GAAP net income | $1.59B · $4.49 per share |
| GAAP EPS | $4.49 · vs $0.38 in Q1 2025 |
| Adjusted operating EPS | $2.74+28%YoY · vs $2.14 in Q1 2025 |
Guidance:Full-year 2026
| Adjusted operating EPS | $11.00 to $12.00 · Affirmed; based on about 361M average diluted shares |
|---|
Recent & upcoming events
- · Q1 2026 results.Operating revenues $11.12B; GAAP net income $1.59B ($4.49 per share); adjusted operating EPS $2.74; full-year guidance of $11.00 to $12.00 affirmed. (source)
- · Calpine acquisition closed.Constellation completed its acquisition of Calpine for about $2.5 billion net of cash, significantly expanding its generation footprint into gas and geothermal and adding scale in Texas. (source)
- · Crane Clean Energy Center restart financed.EDF closed about a $1 billion loan to help finance the restart of Three Mile Island Unit 1, renamed the Crane Clean Energy Center, an 835 MW reactor tied to a Microsoft power agreement, now targeted for 2027. (source)
Q1 2026 figures are from the May 11, 2026 earnings release (8-K, Exhibit 99.1). Adjusted operating earnings are a non-GAAP measure Constellation uses for guidance; the GAAP and non-GAAP EPS differ materially in the quarter.
Figures are as of 2026-06-04 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does Constellation Energy do?
Constellation is the largest operator of nuclear power plants in the United States, and that fleet is the heart of the business: it produces large volumes of carbon-free electricity around the clock. The company also sells power and energy products to commercial, industrial, and residential customers, so it spans both generation and retail. In January 2026 it acquired Calpine, adding gas and geothermal generation and scale in Texas (Constellation, May 11, 2026). For full-year 2025 Constellation reported revenue of about $25.5 billion, and it is consistently profitable, which sets it apart from the pre-commercial reactor developers in the same theme.
Why is Constellation part of the AI electricity and nuclear SMR theme?
The theme is built on a simple fact: AI data centers need enormous amounts of firm, clean power, and the IEA projects data-center electricity demand will more than double by 2030 (IEA, Energy and AI). Constellation owns the most direct answer to that demand, the largest US nuclear fleet. The clearest expression of the thesis is the Crane Clean Energy Center: Constellation is restarting Three Mile Island Unit 1, an 835 MW reactor, under a long-term power agreement with Microsoft, with the restart now accelerated toward 2027 (Constellation, Crane Clean Energy Center).
The Crane Clean Energy Center will generate 835 megawatts of carbon-free energy, enough to power the equivalent of more than 700,000 homes.
What did Constellation report most recently?
In Q1 2026 Constellation posted operating revenues of $11.12 billion, up sharply year over year as the Calpine acquisition came on board, with GAAP net income of $1.59 billion, or $4.49 per share (Constellation, May 11, 2026). On the non-GAAP basis the company uses for guidance, adjusted operating earnings were $2.74 per share, up from $2.14 a year earlier, helped by Calpine, nuclear production tax credits, and portfolio conditions, partly offset by more planned nuclear outages. GAAP and adjusted figures differ a lot in the quarter, which is normal for a generator with large mark-to-market swings, so the adjusted number is the cleaner read on the underlying business.
What is Constellation’s guidance?
Constellation affirmed full-year 2026 adjusted operating earnings guidance of $11.00 to $12.00 per share, based on about 361 million average diluted shares (Constellation, May 11, 2026). The Calpine acquisition and nuclear production tax credits are the main supports, alongside continued strong demand for firm, carbon-free power.
What are the risks for Constellation?
- Power price exposure. Earnings move with wholesale power prices and capacity markets, and a soft pricing year can pressure results even with a large nuclear base.
- Outage and operational risk. Nuclear plants need refueling outages and can have unplanned ones. Q1 2026 already carried more planned outages, and any extended outage cuts output and revenue.
- Crane restart execution. Restarting a retired reactor is novel and schedule-sensitive. A delay past 2027 would push back the Microsoft-linked output that anchors part of the AI story.
- Policy dependence. Nuclear production tax credits and supportive policy materially help economics, so changes to that framework are a risk.
Related securities, concepts & terms
- AI Electricity & Nuclear SMRsparent
- Vistra (VST)sibling
Related indices & ETFs
- Akros U.S. AI Electricity SMR Index · AkrosThe underlying index for the AI Electricity & Nuclear SMR concept, which includes this company.
Frequently asked questions about Constellation Energy
What does Constellation Energy do?
Constellation Energy is the largest operator of nuclear power plants in the United States and a major seller of electricity and energy products to homes, businesses, and large industrial customers. Its nuclear fleet gives it a big base of carbon-free, around-the-clock generation, and in January 2026 it added gas and geothermal capacity through its Calpine acquisition. In Q1 2026 it reported operating revenues of $11.12 billion and adjusted operating earnings of $2.74 per share.
Why is Constellation part of the AI electricity and nuclear SMR theme?
Constellation owns the operating-nuclear half of the AI power story. AI data centers want firm, carbon-free power, and Constellation has the largest US nuclear fleet to sell it. Most visibly, it is restarting Three Mile Island Unit 1, now the Crane Clean Energy Center, under a long-term agreement with Microsoft, the marquee example of a hyperscaler contracting nuclear output (Constellation, Crane Clean Energy Center).
What was Constellation's latest revenue, and is it profitable?
Yes, Constellation is profitable. In Q1 2026 it reported operating revenues of $11.12 billion, GAAP net income of $1.59 billion ($4.49 per share), and adjusted operating earnings of $2.74 per share, up from $2.14 a year earlier (Constellation, May 11, 2026). For full-year 2025 it reported revenue of about $25.5 billion.
What is Constellation's guidance for 2026?
Constellation affirmed full-year 2026 adjusted operating earnings guidance of $11.00 to $12.00 per share, based on about 361 million average diluted shares (Constellation, May 11, 2026). Management pointed to the Calpine acquisition and nuclear production tax credits as key drivers.
Sources & references
- Constellation Energy reports first quarter 2026 results (Form 8-K, Exhibit 99.1) · Constellation Energy Corporation / SEC EDGAR, 2026-05-11
- Constellation Energy Corporation · FY2025 annual report (Form 10-K) · Constellation Energy Corporation / SEC EDGAR, 2026-02-24
- Crane Clean Energy Center (Three Mile Island Unit 1 restart) · Constellation Energy Corporation, 2026-02-24
- Constellation Energy · investor relations events and presentations (earnings dates) · Constellation Energy Corporation, 2026-06-04
- Crane Restart project support · US Department of Energy, 2025-11-01
- Energy and AI · International Energy Agency, 2025-04-10