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Constellation Energy's Q1 Earnings and Revenues Beat Estimates
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Key Takeaways
Constellation Energy beat Q1 2026 EPS and revenue estimates, with the bottom line up 28% year over year.
CEG revenues rose 63.8% to $11.12B and operating income hit $2.33B, while expenses climbed to $8.8B.
CEG launched 105-MW Pastoria Solar and 460-MW Pin Oak Creek; reaffirmed 2026 EPS guidance of $11-$12.
Constellation Energy Corporation (CEG - Free Report) reported first-quarter 2026 earnings of $2.74 per share, which surpassed the Zacks Consensus Estimate of $2.56 by 7.03%. The earnings per share increased 28% from the year-ago quarter’s figure of $2.14.
CEG’s Total Revenues
Revenues totaled $11.12 billion, which beat the Zacks Consensus Estimate of $8.2 billion by 35.5%. The top line also increased 63.8% from the year-ago figure of $6.78 billion.
Constellation Energy Corporation Price, Consensus and EPS Surprise
Total operating expenses were $8.8 billion, up 38.9% from $6.33 billion in the year-ago period. The year-over-year increase in operating expenses was due to higher purchased power and fuel, and higher operating and maintenance expenses compared with the year-ago period.
Operating income for the reported quarter was $2.33 billion compared with $0.45 billion in the year-ago period.
Net interest expenses increased 73.3% to $253 million from $146 million in the year-ago period.
Constellation Energy’s owned output from the Salem and South Texas Project Generating Stations produced 44,666 gigawatt-hours (GWhs) in the first quarter of 2026, compared with 45,582 GWhs in the first quarter of 2025.
Excluding Salem and STP, CEG’s owned nuclear plants recorded a 92.3% capacity factor in the first quarter of 2026, compared with 94.1% in the year-ago quarter. Sites operated by CEG experienced 99 planned refueling outage days in the first quarter of 2026, compared with 88 days in the first quarter of 2025.
Development post Q1
On April 16, 2026, CEG marked the commissioning of the 105-MW Pastoria Solar Project, the largest renewable energy project contracted by the California Department of Water Resources thus far as part of its goal to fully decarbonize operations by 2035.
On April 30, 2026, CEG’s Pin Oak Creek Energy Center commenced commercial operations. The 460-MW, advanced natural gas facility is built to deliver reliable, dispatchable power to the ERCOT grid.
CEG’s Financial Position
As of March 31, 2026, Constellation Energy had cash and cash equivalents of $0.8 billion compared with $3.64 billion as of Dec. 31, 2025.
The company had a long-term debt of $16.99 billion as of March 31, 2026, compared with $7.25 billion as of Dec. 31, 2025.
Cash provided in operating activities in first-quarter 2026 amounted to $425 million compared with $107 million in first-quarter 2025.
Total capital expenditures in the first three months of 2026 were $1.27 billion compared with $0.8 billion in first-quarter 2025.
CEG’s Guidance
Constellation Energy reaffirmed its 2026 earnings per share estimate in the range of $11.00-$12.00 per share. The Zacks Consensus Estimate for 2026 earnings per share is currently pegged at $11.69, which is within the guided range.
CEG projects long-term earnings growth of more than 20% through 2029.
Devon Energy Corp. (DVN - Free Report) reported first-quarter 2026 earnings per share (EPS) of $1.04, surpassing the Zacks Consensus Estimate of $1 by 4%. The metric was down 14% year over year.
Total revenues for the quarter were $3.80 billion, which lagged the Zacks Consensus Estimate of $4.16 billion by 8.5%. The top line decreased 14.5% from the year-ago quarter’s figure.
TotalEnergies SE (TTE - Free Report) reported first-quarter 2026 operating earnings of $2.45 (€2.10) per share, which surpassed the Zacks Consensus Estimate of $1.99 by 23.1%. The bottom line improved 34% from the year-ago figure of $1.83 (€1.74).
Total revenues for the first quarter were $49.51 billion, which increased from the year-ago reported figure of $47.9 billion by 3.36%. The metric beat the Zacks Consensus Estimate of $46.85 billion by 5.9%.
Occidental Petroleum Corporation (OXY - Free Report) reported first-quarter 2026 operating earnings of $1.06 per share, which beat the Zacks Consensus Estimate of 65 cents by 63.08%. The bottom line also increased 21.8% from 87 cents in the year-ago quarter.
The company reported revenues of $5.1 billion, which lagged the Zacks Consensus Estimate of $5.49 billion by 7.04%. The top line also dropped 25.3% from the prior-year quarter’s $6.84 billion.
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Constellation Energy's Q1 Earnings and Revenues Beat Estimates
Key Takeaways
Constellation Energy Corporation (CEG - Free Report) reported first-quarter 2026 earnings of $2.74 per share, which surpassed the Zacks Consensus Estimate of $2.56 by 7.03%. The earnings per share increased 28% from the year-ago quarter’s figure of $2.14.
CEG’s Total Revenues
Revenues totaled $11.12 billion, which beat the Zacks Consensus Estimate of $8.2 billion by 35.5%. The top line also increased 63.8% from the year-ago figure of $6.78 billion.
Constellation Energy Corporation Price, Consensus and EPS Surprise
Constellation Energy Corporation price-consensus-eps-surprise-chart | Constellation Energy Corporation Quote
Highlights of CEG’s Q1 Release
Total operating expenses were $8.8 billion, up 38.9% from $6.33 billion in the year-ago period. The year-over-year increase in operating expenses was due to higher purchased power and fuel, and higher operating and maintenance expenses compared with the year-ago period.
Operating income for the reported quarter was $2.33 billion compared with $0.45 billion in the year-ago period.
Net interest expenses increased 73.3% to $253 million from $146 million in the year-ago period.
Constellation Energy’s owned output from the Salem and South Texas Project Generating Stations produced 44,666 gigawatt-hours (GWhs) in the first quarter of 2026, compared with 45,582 GWhs in the first quarter of 2025.
Excluding Salem and STP, CEG’s owned nuclear plants recorded a 92.3% capacity factor in the first quarter of 2026, compared with 94.1% in the year-ago quarter. Sites operated by CEG experienced 99 planned refueling outage days in the first quarter of 2026, compared with 88 days in the first quarter of 2025.
Development post Q1
On April 16, 2026, CEG marked the commissioning of the 105-MW Pastoria Solar Project, the largest renewable energy project contracted by the California Department of Water Resources thus far as part of its goal to fully decarbonize operations by 2035.
On April 30, 2026, CEG’s Pin Oak Creek Energy Center commenced commercial operations. The 460-MW, advanced natural gas facility is built to deliver reliable, dispatchable power to the ERCOT grid.
CEG’s Financial Position
As of March 31, 2026, Constellation Energy had cash and cash equivalents of $0.8 billion compared with $3.64 billion as of Dec. 31, 2025.
The company had a long-term debt of $16.99 billion as of March 31, 2026, compared with $7.25 billion as of Dec. 31, 2025.
Cash provided in operating activities in first-quarter 2026 amounted to $425 million compared with $107 million in first-quarter 2025.
Total capital expenditures in the first three months of 2026 were $1.27 billion compared with $0.8 billion in first-quarter 2025.
CEG’s Guidance
Constellation Energy reaffirmed its 2026 earnings per share estimate in the range of $11.00-$12.00 per share. The Zacks Consensus Estimate for 2026 earnings per share is currently pegged at $11.69, which is within the guided range.
CEG projects long-term earnings growth of more than 20% through 2029.
CEG’s Zacks Rank
Constellation Energy has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases From the Sector
Devon Energy Corp. (DVN - Free Report) reported first-quarter 2026 earnings per share (EPS) of $1.04, surpassing the Zacks Consensus Estimate of $1 by 4%. The metric was down 14% year over year.
Total revenues for the quarter were $3.80 billion, which lagged the Zacks Consensus Estimate of $4.16 billion by 8.5%. The top line decreased 14.5% from the year-ago quarter’s figure.
TotalEnergies SE (TTE - Free Report) reported first-quarter 2026 operating earnings of $2.45 (€2.10) per share, which surpassed the Zacks Consensus Estimate of $1.99 by 23.1%. The bottom line improved 34% from the year-ago figure of $1.83 (€1.74).
Total revenues for the first quarter were $49.51 billion, which increased from the year-ago reported figure of $47.9 billion by 3.36%. The metric beat the Zacks Consensus Estimate of $46.85 billion by 5.9%.
Occidental Petroleum Corporation (OXY - Free Report) reported first-quarter 2026 operating earnings of $1.06 per share, which beat the Zacks Consensus Estimate of 65 cents by 63.08%. The bottom line also increased 21.8% from 87 cents in the year-ago quarter.
The company reported revenues of $5.1 billion, which lagged the Zacks Consensus Estimate of $5.49 billion by 7.04%. The top line also dropped 25.3% from the prior-year quarter’s $6.84 billion.