Constellation Energy Corp

Company facts

Industry

Electric Services

Headquarters

Baltimore, Maryland

Most recent report

10-Q, filed Nov 9, 2026

Incorporated

Pennsylvania

Filings on record

408 filings

On EDGAR

CIK 1868275

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 4 of 12 sections worth reading, with 1 positive, 15 notable, and 3 negative flags.

• Financial Statements (Item 1)

  Calpine acquisition transforms balance sheet and debt; massive goodwill, debt, and cash swing.
  Notable

  • Nuclear PTC benefit not recorded in 2026 as gross receipts exceeded phase-out; $195M deferred asset remains.
  • Calpine AR Facility: $530M receivables sold, $491M of $500M facility utilized as of Sep 30, 2026.
  • IRS Notice 2026-7 led to $235M remittance to Exelon in March 2026; receivable recorded for future recovery.
  • DOE conditional loan commitment for up to $5.0B for nuclear uprates signed Oct 2026; no borrowings yet.

• Management's Discussion (Item 2)

  Calpine acquisition, massive nuclear PPAs, DOE loan, PJM reform, and strong earnings growth.
  Positive

  • Signed 20-year, 690 MW PPA with Amazon and 20-year PPA with Google enabling $4.3B nuclear uprates.
  Notable

  • Acquired Calpine for ~$21.8B (50M shares + $4.5B cash) in Jan 2026, adding 23 GW generation.
  • Agreed to sell five gas plants (4.4 GW) to LS Power for $5.0B to satisfy Calpine regulatory commitments.
  • Signed 380 MW data center agreement with CyrusOne at Freestone, with option for another 380 MW.
  • Agreed to acquire Rhode Island State Energy Center (609 MW) from Shell for $715M.
  • Interest expense rose $355M YTD due to debt from Calpine acquisition.
  • Credit facilities total ~$14.5B; $7.2B available as of Sep 30, 2026; cash on hand $0.6B.
  Negative

  • Illinois CMC program payments to ComEd worsened to -$19.54/MWh YTD 2026 from -$6.53/MWh YTD 2025.
  • A loss of investment grade would require ~$3.6B incremental collateral for derivatives and other obligations.

• Market Risk (Item 3)

  Large derivative position swing and nuclear fuel supplier concentration with Russia/Ukraine risk.
  Notable

  • Credit downgrade below investment grade could trigger collateral demands from counterparties.
  • Non-performance by a major RTO/ISO member could materially impact financials.
  • Hypothetical 25bp rate rise + 10% equity drop would reduce NDT trust assets by $1,155M.
  Negative

  • 35% of uranium concentrate needs for 2026-2031 from three suppliers; Russia/Ukraine conflict threatens delivery.

• Unregistered Sales and Repurchases (Item 2)

  Large buyback authorization increase and active repurchases at high prices.
  Notable

  • Board approved a $4.4B increase to the buyback program in 2026, adding to $0.6B remaining.
  • Remaining buyback authority is $2.0B as of filing date, after Q3 repurchases.

What changed: Sep 2026 vs. Jun 2026

About 6% of CEG's Sep 2026 10-Q is new information. 34 paragraphs were added, 236 changed, and 47 removed. Below are the most important lines SECSift identified.

• Item 1 113
• Item 2 64
• Item 3 6
• Item 4 3
• Item 1A 1
• Item 5 1