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Constellation Energy Group delivered an extraordinary Q1 2026, with revenue surging 63.8% YoY to $11.1B and net income skyrocketing 1,247.5% to $1.59B, driven by transformative growth that also reflects the impact of the Calpine acquisition.
营业收入
$11.12B
同比 ++63.85%
每股收益（基本）
$4.49
同比 ++1081.58%
营业利润
$2.33B
同比 ++417.07%
提交于 · 来源: SEC EDGAR 10-Q 原文
Constellation Energy (CEG) Q1 FY2026 营收 $11.12B，同比增长 63.8%。 净利润 $1.59B，同比增长 1247.5%，稀释每股收益 $4.49。
Revenue jumped from $6.79B to $11.12B (+63.8% YoY) in Q1 2026, a dramatic increase that reflects both organic power generation performance and the significant expansion of the company's asset base, likely including contributions from the Calpine acquisition which more than doubled total assets to $96.9B.
来源: Source: 10-Q Income Statement / Balance Sheet
Operating income soared 417.1% YoY from $451M to $2.33B, pushing the operating margin from 6.6% to 21.0%. This reflects strong pricing power in power markets and improved cost efficiency relative to the expanded revenue base.
来源: Source: 10-Q Income Statement
Net income rose 1,247.5% YoY from $118M to $1.59B, with diluted EPS climbing from $0.38 to $4.49. This dramatic improvement underscores the company's enhanced earnings capacity following its strategic expansion.
来源: Source: 10-Q Income Statement
Total assets nearly doubled to $96.9B (from $52.3B), while stockholders' equity surged 158.4% to $33.5B. Long-term debt more than doubled to $17.0B, reflecting significant capital deployment to fund growth initiatives and acquisitions.
来源: Source: 10-Q Balance Sheet
Operating cash flow grew 297.2% YoY to $425M, while investing cash outflows widened sharply to -$3.73B (from -$886M), signaling heavy capital investment in new assets and infrastructure to support the expanded business.
来源: Source: 10-Q Cash Flow Statement
Long-term debt more than doubled YoY to $17.0B, and the debt-to-equity ratio stands at 1.88x. This elevated leverage increases interest expense obligations and financial risk, particularly if power prices soften or interest rates remain elevated.
来源: Source: 10-Q Balance Sheet
Cash and equivalents fell 56.7% YoY to just $800M despite the company's much larger asset base of $96.9B. This tighter liquidity position relative to the scale of operations could constrain financial flexibility in a stress scenario.
来源: Source: 10-Q Balance Sheet / Cash Flow Statement
The near-doubling of total assets suggests a major acquisition (likely Calpine) was completed or consolidated in Q1 2026. Integrating large, complex energy assets carries operational, regulatory, and financial risks that could weigh on near-term performance.
来源: Source: 10-Q Balance Sheet
Current liabilities more than doubled YoY (+101.9% to $13.2B) while current assets grew 87.0% to $18.0B, resulting in a current ratio of only 1.36x. While still above 1.0x, the narrowing liquidity buffer warrants monitoring.
来源: Source: 10-Q Balance Sheet
Despite $1.59B in net income, operating cash flow was only $425M in Q1 2026, suggesting significant non-cash items, working capital consumption, or timing differences. Sustained divergence between earnings and cash generation could be a concern for investors.
来源: Source: 10-Q Cash Flow Statement
Q1 FY2026 实际 EPS $2.74，分析师一致预期 $2.59，超预期 +5.7%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $11.12B | $6.79B | +63.85% |
营业利润 | $2.33B | $451M | +417.07% |
净利润 | $1.59B | $118M | +1247.46% |
每股收益（基本） | $4.49 | $0.38 | +1081.58% |
每股收益（稀释） | $4.49 | $0.38 | +1081.58% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $96.91B | $52.25B | +85.47% |
流动资产 | $18.01B | $9.63B | +86.99% |
总负债 | $63.09B | $38.92B | +62.11% |
流动负债 | $13.21B | $6.54B | +101.91% |
股东权益 | $33.48B | $12.96B | +158.44% |
现金及等价物 | $800M | $1.85B | -56.66% |
长期债务 | $16.99B | $7.32B | +132.13% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $425M | $107M | +297.20% |
投资活动现金流 | $-3.73B | $-886M | -321.22% |
筹资活动现金流 | $730M | $-408M | +278.92% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 21.0% | 6.6% | +14.32% |
净利率 | 14.3% | — | — |
净资产收益率 | 4.7% | — | — |
总资产收益率 | 1.6% | — | — |
流动比率 | $1.363 | — | — |
资产负债率 | $1.884 | — | — |
Constellation Energy Group reported Q1 2026 net income of $1.59B, up a staggering 1,247.5% from $118M in Q1 2025. Diluted EPS came in at $4.49 compared to just $0.38 a year ago.
CEG's revenue surged 63.8% YoY to $11.12B in Q1 2026, driven by a major expansion of its asset base — total assets nearly doubled to $96.9B — likely reflecting the consolidation of the Calpine acquisition. This dramatically increased the company's power generation capacity and revenue-generating footprint.
The headline takeaways are explosive revenue growth (+63.8% to $11.1B), a 417% surge in operating income to $2.33B, and net income up over 12x to $1.59B. The results reflect a transformative period for the company, though investors should note that long-term debt more than doubled to $17.0B and cash fell to $800M.
Based on the financial data, key risks include elevated leverage with long-term debt at $17.0B (debt-to-equity of 1.88x), a sharp decline in cash to $800M (down 56.7% YoY), and integration risks associated with the large-scale asset expansion. Operating cash flow of $425M was also well below net income of $1.59B, raising questions about cash conversion quality.
CEG's profitability improved dramatically with a 21% operating margin and $1.59B in net income, and its equity base grew 158% to $33.5B. However, the balance sheet shows elevated leverage (debt-to-equity of 1.88x), reduced cash ($800M), and heavy capital investment (-$3.73B in investing cash flows), suggesting the company is in an investment-intensive growth phase that warrants monitoring.