Constellation Energy Corp

Company facts

Industry

Electric Services

Headquarters

Baltimore, Maryland

Most recent report

10-Q, filed Aug 6, 2026

Incorporated

Pennsylvania

Filings on record

401 filings

On EDGAR

CIK 1868275

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Jun 2026 10-Q

SECSift found 3 of 11 sections worth reading, with 5 positive, 7 notable, and 1 negative flags.

• Financial Statements (Item 1)

  Full Calpine acquisition impacts on revenue, debt, cash, earnings, and disclosures.
  Positive

  • FERC granted waiver for CIR transfer, supporting Crane Clean Energy Center restart.
  • Supreme Court of Texas denied Winter Storm Uri appeals, leading to expected dismissal.
  Notable

  • Share repurchases of $1,971M in H1 2026, new $4.4B authorization.

• Management's Discussion (Item 2)

  Calpine acquisition transforms results, new PPAs, PJM reforms, liquidity details.
  Positive

  • Signed 380 MW data center agreement with CyrusOne at Freestone, plus exclusive option for another 380 MW.
  • Signed 920 MW of new long-term nuclear PPAs (15-20 years, starting 2029-2032), including 176 MW with Walmart.
  Notable

  • Calpine acquisition closed Jan 7, 2026 for ~$21.8B (50M shares + $4.5B cash), adding 23 GW capacity.
  • Agreed to sell five PJM gas plants (4.4 GW) to LS Power for $5.0B and Brazos Valley (606 MW) for $860M.
  • PJM 2028/2029 capacity auction cleared at price cap of $325/MW-day, boosting revenue visibility.
  • Zion Energy Center got PJM reliability finding, allowing it to operate past Jan 2030 under Illinois law.
  • Credit facilities reduced to $14.5B from $15.1B at March 31, with $7.0B available as of June 30.
  Negative

  • If downgraded below investment grade, $3.4B of incremental collateral would be required.

• Unregistered Sales and Repurchases (Item 2)

  Large buyback activity and $4.4B authorization increase are company-specific and material.
  Positive

  • Board added $4.4B to buyback program, then company spent $2.0B repurchasing shares in Q2 2026.
  Notable

  • June 2026 buybacks include shares from a secondary public offering, not just open market.

What changed: Jun 2026 vs. Mar 2026

About 8% of CEG's Jun 2026 10-Q is new information. 48 paragraphs were added, 230 changed, and 59 removed. Below are the most important lines SECSift identified.

• Item 1 118
• Item 2 58
• Item 6 7
• Item 3 6
• Item 4 3
• Item 5 2
• Item 1A 1