Utilities
Constellation Energy's Q2 FY2026 revenue grew 23% to $7.5B following the Calpine acquisition, but GAAP net income dropped 38.9% on merger costs and hedge losses, while adjusted EPS rose 33.5% to $2.55.
Key risk: High Financial Leverage
Debt-to-equity ratio rose to 2.06 and long-term debt increased 162% to $19.1B following the Calpine acquisition, elevating financial risk and interest burden.
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