Constellation Energy Corporation (CEG)

From Cancer Drugs to Kilowatts: A NASDAQ Company's Bet on the AI Power CrunchJune 12, 2026 8:59 AM
PR Newswire (Canada) Issued on behalf of LIXTE Biotechnology Holdings, Inc.One of the most dramatic corporate reinventions of 2026 is taking a clinical-stage biotech and rebuilding it as a power-infrastructure company — aimed squarely at the electricity shortage throttling the AI boom.BOCA RATON, Fla., June 12, 2026 /CNW/ -- USA News Group News Commentary — Corporate reinventions are common; total transformations are rare. Companies pivot products, enter adjacent markets, rebrand. What they rarely do is change what business they are in entirely. Yet that is precisely the bet LIXTE Biotechnology Holdings, Inc. (NASDAQ: LIXT) is making — walking away from its origins as a clinical-stage cancer-drug developer to become, if its plans hold, a pure-play power-infrastructure company aimed at one of the most acute shortages in the modern economy: electrical capacity for an AI-hungry world. Companies mentioned: LIXTE Biotechnology Holdings, Inc. (NASDAQ: LIXT), GE Vernova Inc. (NYSE: GEV), Vistra Corp. (NYSE: VST), Talen Energy Corporation (NASDAQ: TLN), Constellation Energy Corporation (NASDAQ: CEG)The mechanism is an acquisition. LIXTE has entered into a definitive agreement to acquire 100% of NOMAD Transportable Power Systems, Inc., a company it calls the market leader in deployable, utility-grade battery energy storage and the first to bring a mobile, utility-grade 1 megawatt battery system to market. On closing, LIXTE intends to rename itself NOMAD Power Solutions and reposition as a "power availability platform." For a company that, just months ago, was best known for a cancer compound called LB-100, it is about as complete a metamorphosis as public markets ever see.How a Cancer-Drug Company Ended Up in the Power BusinessThe transformation did not come out of nowhere. In June 2026, LIXTE publicly announced a strategic shift toward AI energy infrastructure and brought veteran energy investor Stuart D. Porter — founder of Denham Capital, which has overseen more than $12 billion of capital across energy sectors — onto its board to lead the effort. The company simultaneously said it would seek a buyer for its clinical-stage oncology and med-tech operations.That diagnosis is backed by sobering data. The North American Electric Reliability Corporation projected in early 2026 that summer peak demand would rise by 224 gigawatts over the following decade and warned of elevated shortfall risk in several grid regions; in April 2026 it issued a rare Level 3 Alert directing grid operators to address reliability risks tied to large computational loads. Roughly 2.3 terawatts of generation and storage capacity sit waiting in U.S. interconnection queues, and development timelines in many areas have stretched from about two years to five to seven years or longer. The NOMAD acquisition is LIXTE's attempt to turn that systemic problem into a business.What NOMAD Brings to the TableNOMAD's core idea is deployability. Where a permanent battery installation is a fixed asset bolted to a specific site after years of permitting, NOMAD's system is transportable equipment — utility-grade capacity that can be rolled in and energized without the land-use entitlements, environmental reviews, interconnection-queue waits, and local moratoria that bog down permanent projects. The company frames this permitting and deployment edge as one of the most underappreciated drivers of its adoption, and as a defining feature of the deployable utility-grade category it pioneered.The platform itself is built to institutional standards: a UL 9540-validated architecture, lithium iron phosphate chemistry chosen for thermal stability and long life, integrated fire detection and suppression, and a 24/7 network operations center providing AI-assisted monitoring and fleet optimization. NOMAD says it serves investor-owned utilities, electric cooperatives, municipal utilities, industrial operators, government agencies and emerging AI applications, and that its manufacturing capacity is set to scale from roughly 2.5 gigawatts in 2026 to about 3.5 gigawatts in 2027. The company reports revenue growth of approximately 175% in 2025, with management projecting roughly 135% in 2026 and more than 285% in 2027 — projections, it should be stressed, rather than audited figures.The Company It Will Keep: Public Power-Infrastructure PeersIf LIXTE completes its transformation, it will be a small newcomer in a field that includes some of the largest and best-performing names in the market — companies the AI-power boom has already re-rated dramatically. The comparison cuts both ways: it shows the scale of the opportunity and the magnitude of the competition.GE Vernova Inc. (NYSE: GEV) has become the bellwether of the AI-power buildout. The grid-and-generation equipment maker — spun out of General Electric in 2024 — has seen its stock climb sharply as data-center demand reignites orders for turbines and grid hardware, reporting a total backlog around $150 billion and gas-turbine capacity reportedly reserved through 2030. GE Vernova operates at a scale orders of magnitude beyond an emerging deployable-power company, but it defines the macro trend NOMAD is attaching itself to: the world cannot build electrical infrastructure fast enough for AI.Vistra Corp. (NYSE: VST) represents the independent-power-producer side of the same story. As one of the largest competitive power generators in the United States, Vistra has been a primary beneficiary of surging data-center electricity demand, and its fleet of dispatchable generation has made it a favored way for investors to play the structural rise in consumption. It illustrates how much value the market is assigning to entities that can actually deliver firm power to large loads — the exact problem NOMAD addresses at a smaller, more mobile scale.Talen Energy Corporation (NASDAQ: TLN) has become a marquee name in the data-center power trade, known for landmark arrangements to supply electricity directly to hyperscale computing campuses. Talen demonstrates the premium investors place on power producers that can lock in long-term deals with the AI infrastructure operators racing to secure capacity — a reminder that, in this market, a guaranteed supply of electricity has become a strategic asset in itself.Constellation Energy Corporation (NASDAQ: CEG) rounds out the group as the largest producer of carbon-free electricity in the United States, with a nuclear-heavy fleet increasingly tied to data-center power-purchase agreements. Constellation shows how even the most established generators are being repriced around AI demand and the scramble for reliable, around-the-clock power. These companies are referenced to illustrate the sector and do not imply any partnership, endorsement, affiliation, or comparable financial performance; they are far larger and more established than LIXTE, which would enter the space as an early-stage, transforming platform.The Recurring-Revenue VisionManagement's ambition extends beyond selling boxes of batteries. The company has signaled it intends to build a broader platform with recurring revenue — fleet monitoring and maintenance, Energy-as-a-Service deployments, software-enabled asset management, capacity leasing, and strategic infrastructure partnerships. The model it describes is capital-efficient, leaning on partnerships with infrastructure investors and equipment-financing providers to fund deployment. If executed, that mix of equipment sales plus recurring services is what could turn a hardware vendor into a durable infrastructure business — the difference, in valuation terms, between a manufacturer and a platform.Stu Porter, the LIXTE director leading the transformation, drew the analogy explicitly: "Much as cloud computing transformed access to computing resources, we believe deployable power infrastructure will transform access to electrical capacity." It is a big claim, and the company is candid that it is a claim about the future. But the framing captures why the market is paying attention to power-availability stories: the prize is not a single product, it is a new layer of infrastructure.First-Mover in a Category That Did Not ExistPart of what makes the story distinctive is that NOMAD is not entering an established market so much as helping define a new one. The company claims to have pioneered the deployable utility-grade BESS category outright — becoming the first to bring a mobile, utility-grade 1 megawatt system to market, engineered from inception to meet the performance, safety and interconnection standards that investor-owned utilities, cooperatives and municipal utilities actually require. That distinction matters, because smaller, non-utility-grade mobile batteries have existed for years; what was missing was a transportable system robust enough for the utility customers who control the bulk of grid-scale demand.Being first in a new category can confer durable advantages — a head start on safety validation, a reference fleet that prospective customers can point to, operational know-how, and relationships with utilities that are notoriously slow to adopt unproven vendors. Management argues that this multi-year track record of utility-grade deployment, paired with the platform's UL validation and operational scale, amounts to a meaningful competitive moat in a market where reliability and safety are decisive purchasing criteria. The company also notes that average deployment sizes have grown from single units toward multi-unit fleets, and that inbound interest now drives roughly three-quarters of its sales activity — the kind of pull-demand pattern that, if sustained, suggests a category gaining its own momentum.None of that guarantees the lead is permanent. Categories that prove lucrative attract competition, and larger, better-capitalized energy and equipment companies could move into deployable power if the market scales as proponents expect. The durability of NOMAD's first-mover position — and of the permitting advantages underpinning it — is precisely the variable investors will want to watch as the story develops. For now, though, the company occupies a niche it largely created, at exactly the moment demand for it is accelerating.Weighing the BetFor all the momentum, this remains a high-risk reinvention. The acquisition has not closed — the company has left transaction consideration, structure and timing to be finalized, and the deal is subject to customary closing conditions. LIXTE is a small-cap company, recently a clinical-stage biotech, now attempting to become an infrastructure platform essentially overnight; the growth and capacity figures are management projections for an early-stage business, and a transformation of this magnitude carries execution, integration, and financing risks that should not be underestimated. Investors weighing the story should keep the speculative nature of a wholesale corporate pivot squarely in view.And yet the thesis behind the gamble is hard to dismiss. The AI economy's appetite for electricity is colliding with a grid that cannot expand fast enough, and the companies that can close that gap — quickly, at utility grade, without waiting years for permanent infrastructure — are stepping into one of the largest investment cycles in a generation. Whether LIXTE's transformation into NOMAD Power Solutions succeeds will come down to execution. But the company has, at minimum, planted itself at the center of the right question: not how to make more power, but how to get it where it is needed, now.CONTINUED … Learn more about LIXTE Biotechnology Holdings, Inc. at: https://lixte.com/SEE WHAT THE MARKET IS TALKING ABOUT BEFORE IT MOVESEagle Eye reads social, forum, and news chatter across thousands of investor conversations in real time — and surfaces the tickers the crowd is piling into, along with the sentiment and catalysts behind them.Explore Eagle Eye free (for now) at https://Eagle-Eye.devCONTACT:
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info @acblanke1SOURCES:LIXTE Biotechnology Holdings, Inc. — "LIXTE Biotechnology to Acquire NOMAD Transportable Power Systems…" (company press release, June 2026; acquisition, NOMAD platform, permitting advantages, growth figures, management quotes):
https://ir.lixte.com/news-events/press-releasesLIXTE Biotechnology Holdings, Inc. — SEC Form 8-K, "Strategic Transformation into AI Energy Infrastructure" (June 1, 2026; "the power problem is the AI problem" quote, NERC 224 GW / Level 3 Alert, Stuart Porter / Denham Capital):
https://www.sec.gov/Archives/edgar/data/0001335105/000149315226026544/ex99-1.htmTipRanks — "Lixte Biotechnology Shifts Strategy to AI Energy Infrastructure" (June 2026; transformation detail, oncology divestiture, Nasdaq listing):
https://www.tipranks.com/news/company-announcements/lixte-biotechnology-shifts-strategy-to-ai-energy-infrastructureStockTitan — data-center / AI-power equities overview (peer context: GE Vernova, Vistra, Talen Energy, Constellation Energy):
https://www.stocktitan.net/stocks/themes/data-center-stocksYahoo Finance / Altimetry — AI power-demand sector analysis (GE Vernova backlog, "bring your own power" trend, grid-constraint thesis):
https://finance.yahoo.com/sectors/energy/articles/3-energy-stocks-buy-2-181000591.htmlDISCLAIMER:Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a digital media distribution and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances.USA News Group is a wholly-owned subsidiary of Market IQ Media Group Limited, a company incorporated under the laws of Ireland ("MIQL"). This article is being distributed by USA News Group on behalf of MIQL. MIQL has been paid a fee for LIXTE Biotechnology Holdings, Inc. advertising and digital media from Creative Direct Marketing Group ("CDMG"). This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this article or email as the basis for any investment decision. MIQ does not own shares of LIXTE Biotechnology Holdings, Inc. but reserves the right to buy and sell shares of the company at any time without any further notice. There may be 3rd parties who may have shares of LIXTE Biotechnology Holdings, Inc., and may liquidate their shares which could have a negative effect on the price of the stock. We also expect further compensation as an ongoing digital media effort to increase visibility for the company; no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ has been reviewed and approved on behalf of LIXTE Biotechnology Holdings, Inc. by CDMG; this is a digital media distribution.While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our publication is not trustworthy unless verified by their own independent research. Comparisons to other companies referenced in this publication are for contextual and illustrative purposes only and do not imply any partnership, endorsement, affiliation, or comparable financial performance. Statements regarding the proposed acquisition of NOMAD Transportable Power Systems, the intended corporate name change, projected revenue growth, production capacity, and market opportunity are forward-looking, reflect management's current expectations, and are subject to risks and uncertainties; the transaction remains subject to closing conditions and may not be completed as described. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.  View original content to download multimedia:https://www.prnewswire.com/news-releases/from-cancer-drugs-to-kilowatts-a-nasdaq-companys-bet-on-the-ai-power-crunch-302798935.html Original: From Cancer Drugs to Kilowatts: A NASDAQ Company's Bet on the AI Power Crunch

Constellation Energy Corporation Announces Pricing of Secondary Public Offering of Common StockJune 1, 2026 8:53 AM
Business Wire Constellation Energy Corporation (Nasdaq: CEG) announced today the pricing of an underwritten public offering of an aggregate of 11,000,000 shares of its common stock (the “Offering”) by certain of its shareholders (the “Selling Shareholders”) at a price to the public of $281.00 per share. Constellation is not selling any shares of common stock in the Offering and will not receive any proceeds from any sale of shares by the Selling Shareholders. The Offering is expected to close on June 2, 2026, subject to customary closing conditions. Constellation also announced that it has agreed to purchase from the underwriters 2,000,000 shares of common stock that are the subject of the Offering at the price per share paid to the Selling Shareholders by the underwriters in the Offering (the “Share Repurchase”). The closing of the Offering is not conditioned upon the completion of the Share Repurchase, and the closing of the Share Repurchase is contingent on the closing of the Offering. The Share Repurchase will be conducted pursuant to Constellation’s existing share repurchase program. Morgan Stanley and J.P. Morgan are acting as the underwriters for the Offering. The underwriters will have a 30-day option to purchase up to an additional 1,350,000 shares of common stock from the Selling Shareholders. A registration statement on Form S-3ASR (File No. 333-292608) relating to these securities has been filed with the U.S. Securities and Exchange Commission (the “SEC”) and was effective upon filing. The Offering is being made only by means of a free writing prospectus, a prospectus supplement and the accompanying base prospectus. Before investing, prospective investors should read the free writing prospectus, the prospectus supplement, the accompanying base prospectus, and the documents incorporated by reference therein for more complete information about Constellation and the Offering by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, copies of the free writing prospectus, the prospectus supplement, once available, and the accompanying base prospectus may be obtained by contacting: Morgan Stanley, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014; and J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Constellation Constellation Energy Corporation (Nasdaq: CEG), a Fortune 200 company headquartered in Baltimore, is the largest private-sector power producer in the world and the nation’s largest producer of clean and reliable energy. With 55 gigawatts of capacity from nuclear, natural gas, oil, geothermal, hydro, wind and solar facilities, our fleet has the generating capacity to power the equivalent of 27 million homes, providing about 10% of the nation’s clean energy and delivering the around-the-clock reliability needed to power America’s growing economy. We are also the largest nuclear energy company in the U.S. and a leading competitive retail supplier, serving approximately 2.5 million customer accounts nationwide, including 80% of the Fortune 100. We are committed to investing in innovation and new technologies to drive the transition to a reliable, sustainable and secure energy future. Cautionary Statements Regarding Forward-Looking Information This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic and financial performance, are intended to identify such forward-looking statements. These forward-looking statements are based on assumptions, expectations and assessments made by our management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Any forward-looking statements are not guarantees of our future performance and are subject to risks and uncertainties. These forward-looking statements include, but are not limited to, statements regarding the Offering and potential methods of distribution of the securities by the underwriters. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. The factors that could cause actual results to differ materially from the forward-looking statements made by us include those factors discussed in (i) our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18 — Commitments and Contingencies; (ii) our Quarterly Report on Form 10-Q for the quarter ended on March 31, 2026 in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 15 — Commitments and Contingencies; and (iii) other factors discussed in filings with the SEC by us. You are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this press release. We do not undertake any obligation to update or revise any forward-looking statement to reflect events or circumstances after the date as of which any such forward-looking statement is made. View source version on businesswire.com: https://www.businesswire.com/news/home/20260531901246/en/ Dave Snyder
Constellation Communications
667-218-7700
david.snyder@constellation.com Original: Constellation Energy Corporation Announces Pricing of Secondary Public Offering of Common Stock

Constellation Energy Corporation Announces Secondary Public Offering of Common StockJune 1, 2026 6:38 AM
Business Wire Constellation Energy Corporation (Nasdaq: CEG) announced today the commencement of an underwritten public offering of an aggregate of 11,000,000 shares of its common stock (the “Offering”) by certain of its shareholders (the “Selling Shareholders”). Constellation is not selling any shares of common stock in the Offering and will not receive any proceeds from any sale of shares by the Selling Shareholders. Constellation also announced that it intends to purchase from the underwriters 2,000,000 shares of common stock that are the subject of the Offering at the price paid to the Selling Shareholders by the underwriters in the Offering (the “Share Repurchase”). The closing of the Offering is not conditioned upon the completion of the Share Repurchase, and the closing of the Share Repurchase is contingent on the closing of the Offering. The Offering is subject to market and other conditions, as well as customary closing conditions. The Share Repurchase will be conducted pursuant to Constellation’s existing share repurchase program. Morgan Stanley and J.P. Morgan are acting as the underwriters for the Offering. The underwriters will have a 30-day option to purchase up to an additional 1,350,000 shares of common stock from the Selling Shareholders. A registration statement on Form S-3ASR (File No. 333-292608) relating to these securities has been filed with the U.S. Securities and Exchange Commission (the “SEC”) and was effective upon filing. The Offering is being made only by means of a free writing prospectus, a prospectus supplement and the accompanying base prospectus. Before investing, prospective investors should read the free writing prospectus, the prospectus supplement, the accompanying base prospectus, and the documents incorporated by reference therein for more complete information about Constellation and the Offering by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, copies of the free writing prospectus, the prospectus supplement, once available, and the accompanying base prospectus may be obtained by contacting: Morgan Stanley, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014; and J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Constellation Constellation Energy Corporation (Nasdaq: CEG), a Fortune 200 company headquartered in Baltimore, is the largest private-sector power producer in the world and the nation’s largest producer of clean and reliable energy. With 55 gigawatts of capacity from nuclear, natural gas, oil, geothermal, hydro, wind and solar facilities, our fleet has the generating capacity to power the equivalent of 27 million homes, providing about 10% of the nation’s clean energy and delivering the around-the-clock reliability needed to power America’s growing economy. We are also the largest nuclear energy company in the U.S. and a leading competitive retail supplier, serving approximately 2.5 million customer accounts nationwide, including 80% of the Fortune 100. We are committed to investing in innovation and new technologies to drive the transition to a reliable, sustainable and secure energy future. Cautionary Statements Regarding Forward-Looking Information This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic and financial performance, are intended to identify such forward-looking statements. These forward-looking statements are based on assumptions, expectations and assessments made by our management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Any forward-looking statements are not guarantees of our future performance and are subject to risks and uncertainties. These forward-looking statements include, but are not limited to, statements regarding the Offering and potential methods of distribution of the securities by the underwriters. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. The factors that could cause actual results to differ materially from the forward-looking statements made by us include those factors discussed in (i) our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18 — Commitments and Contingencies; (ii) our Quarterly Report on Form 10-Q for the quarter ended on March 31, 2026 in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 15 — Commitments and Contingencies; and (iii) other factors discussed in filings with the SEC by us. You are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this press release. We do not undertake any obligation to update or revise any forward-looking statement to reflect events or circumstances after the date as of which any such forward-looking statement is made. View source version on businesswire.com: https://www.businesswire.com/news/home/20260531194152/en/ Dave Snyder
Constellation Communications
667-218-7700
david.snyder@constellation.com Original: Constellation Energy Corporation Announces Secondary Public Offering of Common Stock

Constellation Energy (CEG) Shares Rise After Q1 Earnings and Revenue Beat ForecastsMay 11, 2026 10:01 AM
IH Market News Constellation Energy Group (NASDAQ:CEG) shares climbed more than 5% in premarket trading on Monday after the nuclear energy company reported first-quarter results that exceeded Wall Street expectations on both profit and revenue.The company posted quarterly earnings per share of $2.74, ahead of analyst estimates of $2.59. Revenue Comes in Well Above Expectations First-quarter revenue totaled $11.12 billion, significantly higher than the consensus forecast of $9 billion.Management said the results reflected continued strong operational performance across the business.“Our first-quarter results reflect continued operational excellence from our entire organization,” Chief Financial Officer Shane Smith said in the company’s earnings release. “We are affirming our full-year guidance and the expectation of strong, visible cash flow that supports our strategic capital allocation framework.” Company Reaffirms Full-Year Outlook Constellation maintained its full-year 2026 earnings guidance, continuing to forecast earnings per share between $11.00 and $12.00.The midpoint of the company’s outlook remains broadly in line with Wall Street expectations, which currently stand at $11.62 per share.Constellation Energy Group stock price Original: Constellation Energy (CEG) Shares Rise After Q1 Earnings and Revenue Beat Forecasts

Constellation Reports First Quarter 2026 ResultsMay 11, 2026 7:04 AM
Business Wire Earnings Release Highlights  GAAP Net Income of $4.49 per share and Adjusted (non-GAAP) Operating Earnings of $2.74 per share for the first quarter of 2026 Affirming full year 2026 Adjusted Operating Earnings guidance of $11.00 - $12.00 per share Commissioning of 105 megawatt (MW) Pastoria Solar Project 460 MW Pin Oak Creek Energy Center achieves commercial operation Net metering application for co-location of a data center at our Freestone site approved Ranked #1 on Barron's Most Sustainable U.S. Companies for 2026 Our employees demonstrated their commitment to our communities by volunteering at over 150 events across 15 states and Washington, D.C. during April 2026, in honor of National Volunteer Month Constellation Energy Corporation (Nasdaq: CEG) today reported its financial results for the first quarter of 2026. “America needs reliable, clean power and Constellation is built to meet this demand with the strength of our fleet and the solutions we’re delivering for customers,” said Joe Dominguez, president and CEO of Constellation. “Right now, our focus is on execution – operating at a high level, integrating two great companies, bringing new resources to market, and navigating a changing regulatory environment – led by the women and men who power our business every day.” “Our first-quarter results reflect continued operational excellence from our entire organization,” said Shane Smith, executive vice president and chief financial officer of Constellation. “We are affirming our full-year guidance and the expectation of strong, visible cash flow that supports our strategic capital allocation framework.” First Quarter 2026 Our GAAP Net Income for the first quarter of 2026 increased to $4.49 per share from $0.38 per share in the first quarter of 2025. Adjusted (non-GAAP) Operating Earnings for the first quarter of 2026 increased to $2.74 per share from $2.14 per share in the first quarter of 2025. For the reconciliations of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings, refer to the GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation section below. Adjusted (non-GAAP) Operating Earnings in the first quarter of 2026 primarily reflects: The addition of Calpine, favorable stock-based compensation, nuclear PTC portfolio and market and portfolio conditions, partially offset by unfavorable nuclear outages Recent Developments and First Quarter Highlights Pastoria Solar Project Comes Online: On April 16, 2026 we celebrated the commissioning of the 105 MW Pastoria Solar Project, the largest renewable energy project contracted by the California Department of Water Resources (DWR) to date in its mission to fully decarbonize its operations by 2035. The Pastoria Solar Project connects to the grid through the interconnection facilities at the highly efficient 750 MW natural gas-fired combined-cycle generating facility. Also, co-located with the Pastoria Solar Project is the 80 MW/320 MWh Battery Energy Storage System, which will be coming online during the spring/summer of 2026. The Pastoria Power Bank is contracted and supported by a 15-year power purchase agreement with Pacific Gas and Electric Company. Pin Oak Creek Energy Center Reaches Commercial Operation: On April 30, 2026, our Pin Oak Creek Energy Center achieved commercial operation. Pin Oak is a 460 MW, state-of-the-art natural gas facility designed to provide reliable, dispatchable power to the ERCOT grid. As a peaking facility, it is built to operate when demand is highest and reliability matters most, while also maintaining the flexibility to run longer if system conditions require it. The project is a direct response to Texas’ continued growth and increasing electricity demand across homes, businesses, and industry. Pin Oak Creek will play a critical role in strengthening grid reliability and supporting the state’s economic momentum. Freestone Net Metering Application Approved: The PUCT has approved the net metering application for the co-location of a Cyrus One data center at our Freestone site, subject to conditions. In February we signed a 380 MW agreement with Dallas-based CyrusOne, a leading global data center developer and operator, to connect and serve a new data center adjacent to the Freestone Energy Center, in Freestone County, Texas. We also entered into an exclusive agreement to provide power, grid connectivity and site infrastructure for Phase 2, which will be an additional 380 MW. Ranked #1 on Barron's Most Sustainable U.S. Companies for 2026: We earned the No. 1 spot on Barron’s annual "Most Sustainable U.S. Companies" rankings, which evaluate the country's 1,000 largest publicly traded companies on 230 performance indicators including environmental impact, workforce development and community support. Nuclear Operations: Our nuclear fleet, including our owned output from the Salem and South Texas Project (STP) 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, our nuclear plants at ownership achieved a 92.3% capacity factor for the first quarter of 2026, compared with 94.1% for the first quarter of 2025. There were 99 planned refueling outage days in the first quarter of 2026 and 88 in the first quarter of 2025 for sites we operate. There were no non-refueling outage days in the first quarter of 2026 and 2025 for sites we operate. Natural Gas, Oil, and Renewables Operations: As a result of our expanded fleet following the acquisition of Calpine in January 2026, we now consider Equivalent Forced Outage Factor (EFOF) to be a key operational metric beginning in 2026. EFOF represents the percentage for which a generating unit is not available due to forced outages and forced deratings in a given period. The EFOF of our natural gas, oil, and pumped-storage hydro fleet for the first quarter of 2026 is 4.5%. Renewable energy capture for our wind, solar and run-of-river hydro fleet was 96.7% in the first quarter of 2026, compared with 96.2% in the first quarter of 2025. GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation The table below provides a reconciliation of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings. Adjusted (non-GAAP) Operating Earnings is not a standardized financial measure and may not be comparable to other companies’ presentations of similarly titled measures. Unless otherwise noted, the income tax impact of each reconciling adjustment between GAAP Net Income (Loss) Attributable to Common Shareholders and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part, which may result in an effective tax rate that differs from the marginal rate. The marginal statutory income tax rate was 25.5% for the three months ended March 31, 2026 and 2025. The following table provides a reconciliation between GAAP Net Income (Loss) Attributable to Common Shareholders and Adjusted (non-GAAP) Operating Earnings for the three months ended March 31, 2026 compared to the same period in 2025.   Three Months Ended March 31,   2026   2025 (In millions, except per share data)     Earnings Per Share(a)       Earnings Per Share(a) GAAP Net Income (Loss) Attributable to Common Shareholders $ 1,590     $ 4.49     $ 118     $ 0.38   Unrealized (Gain) Loss on Fair Value Adjustments (net of taxes of $247 and $169, respectively)(b)   (721 )     (2.03 )     505       1.61   Decommissioning-Related Activities (net of taxes of $79 and $31, respectively)(c)   (174 )     (0.49 )     19       0.06   Amortization of Acquired Commodity Contracts (net of taxes of $53 and $—, respectively)(d)   154       0.44       —       —   Calpine Merger and Integration Costs (net of taxes of $22 and $4, respectively)(e)   119       0.34       13       0.04   Plant Retirements and Divestitures (net of taxes of $— and $4, respectively)   —       —       11       0.03   Pension & OPEB Non-Service (Credits) Costs (net of taxes of $7 and $3, respectively)   20       0.06       9       0.03   Income Tax-Related Adjustments   (13 )     (0.04 )     —       —   Noncontrolling Interests(f)   (3 )     (0.01 )     (2 )     (0.01 ) Adjusted (non-GAAP) Operating Earnings $ 972     $ 2.74     $ 673     $ 2.14   __________ (a) Amounts may not sum due to rounding. Earnings per share amount is based on average diluted common shares outstanding of 354 million and 314 million for the three months ended March 31, 2026 and 2025, respectively. (b) Includes unrealized gains and losses on economic hedges, interest rate swaps, and fair value adjustments related to gas imbalances and equity investments. (c) Reflects all gains and losses associated with NDTs, ARO accretion, ARC depreciation, ARO remeasurement, and impacts of contractual offset for Regulatory Agreement Units. The tax effects of Regulatory Agreement Units result in a 100% effective tax rate under contractual offset accounting. Additionally, the tax effects of NDT investment returns result in different effective tax rates depending on whether the underlying funds are held within qualified or non-qualified trusts. (d) In 2026, reflects the non-cash impacts of the amortization of certain commodity contracts recorded at fair value associated with the Calpine acquisition. (e) Reflects costs associated with the completion of the Calpine merger and subsequent integration of its operations. Certain of these transaction-related expenses are not tax deductible. (f) Represents elimination of the noncontrolling interest portion of certain adjustments included above. Webcast Information We will discuss first quarter 2026 earnings in a conference call scheduled for today at 10:00 a.m. Eastern Time. The webcast and associated materials can be accessed at https://investors.constellationenergy.com. About Constellation Constellation Energy Corporation (Nasdaq: CEG), a Fortune 200 company headquartered in Baltimore, is the largest private-sector power producer in the world and the nation’s largest producer of clean and reliable energy. With 55 gigawatts of capacity from nuclear, natural gas, oil, geothermal, hydro, wind and solar facilities, our fleet has the generating capacity to power the equivalent of 27 million homes, providing about 10% of the nation’s clean energy and delivering the around-the-clock reliability needed to power America’s growing economy. We are also the largest nuclear energy company in the U.S. and a leading competitive retail supplier, serving approximately 2.5 million customer accounts nationwide, including 80% of the Fortune 100. We are committed to investing in innovation and new technologies to drive the transition to a reliable, sustainable and secure energy future. Follow Constellation on LinkedIn and X. Non-GAAP Financial Measures We utilize Adjusted (non-GAAP) Operating Earnings (and/or its per share equivalent) in our internal analysis, and in communications with investors and analysts, as a consistent measure for comparing our financial performance and discussing the factors and trends affecting our business. The presentation of Adjusted (non-GAAP) Operating Earnings is intended to complement and should not be considered an alternative to, nor more useful than, the presentation of GAAP Net Income (Loss). The tables above provide a reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings. Adjusted (non-GAAP) Operating Earnings is not a standardized financial measure and may not be comparable to other companies’ presentations of similarly titled measures. Due to the forward-looking nature of our Adjusted (non-GAAP) Operating Earnings guidance, we are unable to reconcile this non-GAAP financial measure to GAAP Net Income (Loss) given the inherent uncertainty required in projecting gains and losses associated with the various fair value adjustments required by GAAP. These adjustments include future changes in fair value impacting the derivative instruments utilized in our current business operations, as well as the debt and equity securities held within our nuclear decommissioning trusts, which may have a material impact on our future GAAP results. Cautionary Statements Regarding Forward-Looking Information This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the acquisition of Calpine Corporation, the pro forma combined company and its operations, strategies and plans, enhancements to investment-grade credit profile, synergies, opportunities and anticipated future performance and capital structure, and expected accretion to earnings per share and free cash flow. Information adjusted for the acquisition should not be considered a forecast of future results. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. The factors that could cause actual results to differ materially from the forward-looking statements made by Constellation Energy Corporation and Constellation Energy Generation, LLC, (the Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2025 Annual Report on Form 10-K in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18 — Commitments and Contingencies; (2) the Registrants' First Quarter 2026 Quarterly Report on Form 10-Q (to be filed on May 11, 2026) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 15 — Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants. Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. Neither Registrant undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release. Constellation Energy Corporation GAAP Consolidated Statements of Operations and Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments (unaudited) (in millions, except per share data)     Three Months Ended March 31, 2026   Three Months Ended March 31, 2025   GAAP (a)   Non-GAAP Adjustments       GAAP (a)   Non-GAAP Adjustments     Operating revenues $ 11,122     $ (1,111 )   (b),(c),(d)   $ 6,788     $ 286     (b),(c) Operating expenses                       Purchased power and fuel   6,352       (302 )   (b),(d)     4,384       (84 )   (b) Operating and maintenance   1,780       69     (c),(e)     1,545       (78 )   (c),(e) Depreciation and amortization   443       (19 )   (c),(e)     248       (37 )   (c),(g) Taxes other than income taxes   229       (2 )   (e)     160       —       Total operating expenses   8,804               6,337           Gain (loss) on sales of assets   14       —           —       —       Operating income (loss)   2,332               451           Other income and (deductions)                       Interest expense, net   (253 )     16     (b),(e)     (146 )     34     (b) Other, net   46       (6 )   (b),(c),(f)     (154 )     187     (b),(c),(f) Total other income and (deductions)   (207 )             (300 )         Income (loss) before income taxes   2,125               151           Income tax (benefit) expense   530       (232 )   (b),(c)(d),(e),(f),(h)     22       149     (b),(c),(e),(f),(g) Net income (loss)   1,603               129           Net income (loss) attributable to noncontrolling interests   13       3     (i)     11       2     (i) Net income (loss) attributable to common shareholders $ 1,590             $ 118           Effective tax rate   24.9 %             14.6 %         Earnings per average common share                       Basic $ 4.49             $ 0.38           Diluted $ 4.49             $ 0.38           Average common shares outstanding                       Basic   354               313           Diluted   354               314           __________ (a) Results reported in accordance with GAAP. (b) Adjustment for unrealized gains and losses on economic hedges, interest rate swaps, and fair value adjustments related to gas imbalances and equity investments. (c) Adjustment for all gains and losses associated with Nuclear Decommissioning Trusts (NDT), Asset Retirement Obligation (ARO) accretion, Asset Retirement Cost (ARC) Depreciation, ARO remeasurement, and any earnings neutral impacts of contractual offset for Regulatory Agreement Units. (d) In 2026, reflects the non-cash impacts of the amortization of certain commodity contracts at fair value associated with the Calpine acquisition. (e) Adjustment for costs associated with the completion of the Calpine merger and subsequent integration of its operations. (f) Adjustment for Pension and Other Postretirement Employee Benefits (OPEB) Non-Service credits. (g) Adjustments related to plant retirements and divestitures. (h) Adjustment to deferred income taxes due to changes in forecasted apportionment. (i) Adjustment for elimination of the noncontrolling interest related to certain adjustments.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260509233293/en/ Linsey Wisniewski
Corporate Communications
667-218-7700 Tim Flottemesch
Investor Relations
833-447-2783 Original: Constellation Reports First Quarter 2026 Results

Constellation Energy Corporation Declares DividendApril 28, 2026 1:22 PM
Business Wire
The Board of Directors of Constellation Energy Corporation (Nasdaq: CEG) declared a quarterly dividend of $0.4265 per share on Constellation’s common stock. The dividend is payable on June 5, 2026, to shareholders of record as of 5 p.m. Eastern time on May 15, 2026.


About Constellation


Constellation Energy Corporation (Nasdaq: CEG), a Fortune 200 company headquartered in Baltimore, is the largest private-sector power producer in the world and the nation's largest producer of clean and reliable energy. With 55 gigawatts of capacity from nuclear, natural gas, oil, geothermal, hydro, wind and solar facilities, our fleet has the generating capacity to power the equivalent of 27 million homes, providing about 10% of the nation's clean energy and delivering the around-the-clock reliability needed to power America's growing economy. We are also the largest nuclear energy company in the U.S. and a leading competitive retail supplier, serving approximately 2.5 million customer accounts nationwide, including 80% of the Fortune 100. We are committed to investing in innovation and new technologies to drive the transition to a reliable, sustainable and secure energy future. Follow Constellation on LinkedIn and X.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260427595112/en/
Tim Flottemesch

Investor Relations

833-447-2783

investorrelations@constellation.com


Linsey Wisniewski

Corporate Communications

667-218-7700

linsey.wisniewski@constellation.com


Original: Constellation Energy Corporation Declares Dividend

The AI Power Surge: Why Energy Infrastructure Is Becoming the Next Critical BottleneckApril 21, 2026 9:00 AM
InvestorsHub NewsWireThe AI Power Surge: Why Energy Infrastructure Is Becoming the Next Critical BottleneckAINewsWire Editorial Coverage: Artificial intelligence ("AI") is no longer just a software revolution; it is rapidly becoming an energy story. As AI models grow larger and more complex, the computational power required to train and operate them is driving a surge in electricity demand that is beginning to outpace existing infrastructure. Hyperscale data centers, once viewed as digital backbones, are now emerging as some of the most energy-intensive assets in the global economy. This shift is forcing governments, utilities and private industry to confront a new reality: energy infrastructure, not computing capability, may become the defining constraint of the AI era. Amid this transition, American Fusion(TM) Inc. (OTC:AMFN) (Profile) is positioning itself at the intersection of advanced energy and next-generation infrastructure. Through its focus on aneutronic fusion and related supply chain development, the company is working toward scalable, high-efficiency energy systems designed to meet the demands of AI-driven workloads. Its approach reflects a broader shift across the energy sector, from theoretical innovation toward deployable solutions capable of supporting long-term infrastructure needs. American Fusion joins other leading companies operating at the convergence of AI, electricity demand and energy infrastructure, including NVIDIA Corporation (NASDAQ: NVDA), Microsoft Corporation (NASDAQ: MSFT), Amazon.com Inc. (NASDAQ: AMZN) and Constellation Energy Corporation (NASDAQ: CEG).The rapid expansion of artificial intelligence is driving a new wave of growth in global data center infrastructure, with energy demand rising at an accelerating pace.While demand is surging, existing power infrastructure is increasingly showing its limitations; American Fusion's strategy directly addresses this by focusing on localized, high-output energy generation.As traditional energy systems struggle to keep pace, next-generation energy technologies such as American Fusion are gaining increased attention.The company's strategy incorporates the challenges of fuel supply and infrastructure readiness by focusing not only on reactor development but also on the broader ecosystem required to support fusion energy.The fusion and advanced energy sectors are undergoing a transition from research-driven innovation to execution-focused development with American Fusion reflecting this broader shift through its emphasis on building both technological capability and operational infrastructure.Click here to view the custom infographic of the American Fusion editorial.Explosive AI Growth Driving Power DemandThe rapid expansion of artificial intelligence is driving a new wave of growth in global data center infrastructure, with energy demand rising at an accelerating pace. Forecasts project that data center electricity demand will more than double from roughly 448 TWh in 2025 to nearly 980 TWh by 2030, with AI-optimized servers accounting for an estimated 44% of that rapidly growing demand.This surge reflects the growing intensity of AI training and inference models, which rely on dense clusters of high-performance GPUs and specialized accelerators operating continuously. As deployment scales across industries, the energy intensity of AI is emerging as a defining constraint in infrastructure planning, signaling a structural shift in how digital growth translates into physical power demand.Hyperscale technology companies are leading this expansion. Firms such as Microsoft, Google and Amazon are investing billions of dollars into new data center capacity to support generative AI and cloud computing services. McKinsey & Company estimates that generative AI could generate between $2.6 trillion and $4.4 trillion in annual global economic value, but achieving that potential will require a significant expansion of data center infrastructure and energy capacity, placing increasing pressure on electricity systems (McKinsey). This trend is particularly pronounced in regions with high concentrations of hyperscale facilities, where energy demand is rising faster than traditional infrastructure can accommodate.In this context, American Fusion's focus on scalable fusion-based energy systems aligns closely with emerging market needs. By targeting high-efficiency, continuous power generation, the company is working toward solutions capable of supporting energy-intensive AI infrastructure. Its positioning reflects the reality that the future of computing will depend as much on energy availability as on technological advancement.Aging Grids Struggle Under New LoadsWhile demand is surging, existing power infrastructure is increasingly showing its limitations. Many electrical grids were designed decades ago, optimized for predictable industrial and residential consumption rather than the highly concentrated, always-on demands of modern data centers. This mismatch is creating bottlenecks that are slowing the deployment of new AI infrastructure.Grid constraints are particularly evident in high-growth regions such as Texas. The Electric Reliability Council of Texas ("ERCOT") has reported rising load requirements driven in part by industrial growth and data center expansion, with historical load data showing consistent upward pressure on the system. As new facilities come online, utilities are facing increasing challenges in delivering sufficient power without overloading existing transmission networks.Deployment delays are becoming more common as a result. In some cases, data center projects are being postponed due to insufficient grid capacity or the time required to build new transmission infrastructure. This creates a feedback loop where technological progress is constrained not by innovation, but by the physical limitations of energy delivery systems.American Fusion's strategy directly addresses this bottleneck by focusing on localized, high-output energy generation. Fusion-based systems, if successfully deployed, could reduce reliance on centralized grids by providing dedicated power sources for high-demand applications such as data centers. This approach aligns with the growing need for flexible, scalable energy solutions that can be deployed closer to end users.Fusion, Advanced Energy Gain MomentumAs traditional energy systems struggle to keep pace, next-generation energy technologies are gaining increased attention. Nuclear fission, renewable energy and particularly fusion are being explored as potential solutions capable of delivering large-scale, reliable power without the carbon emissions associated with fossil fuels.Fusion energy, long considered a theoretical breakthrough, is now moving closer to practical application. The U.S. Department of Energy describes fusion as the process that powers the sun, offering the potential for virtually limitless, carbon-free energy if it can be harnessed effectively. Similarly, the International Energy Agency notes that fusion could play a significant role in future electricity systems, particularly as demand continues to rise.Major global initiatives are already underway. Projects such as ITER represent international collaboration on fusion research, aiming to demonstrate the feasibility of sustained fusion reactions at scale ("ITER"). Meanwhile, private-sector investment is accelerating as companies race to commercialize fusion technologies.American Fusion is part of this emerging ecosystem, focusing specifically on aneutronic fusion, a form of fusion that produces minimal neutron radiation and offers potential advantages in efficiency and safety. By advancing both the core technology and the supporting infrastructure required for deployment, the company is positioning itself within a segment of the market that is increasingly viewed as critical to long-term energy solutions.Fuel Constraints Shape Future DeploymentDespite its promise, fusion energy faces significant challenges related to fuel supply and infrastructure readiness. One of the most discussed issues is the availability of helium-3, a rare isotope that is considered a potential fuel for certain fusion reactions. The U.S. Department of Energy has highlighted helium-3 as a valuable resource for future energy systems, though its scarcity presents a major hurdle (DOE Helium-3).Scientific research underscores this challenge, reporteing that helium-3 is extremely limited on Earth, with much of the existing supply derived from nuclear weapons programs and tritium decay. This scarcity has led to discussions about alternative sourcing strategies, including extraction from the moon or otheradvanced production methods.The World Nuclear Association further notes that while fusion fuels such as deuterium are abundant, others like helium and tritium present more complex supply challenges that must be addressed for large-scale deployment. These constraints highlight the importance of developing robust supply chains alongside technological advancements.American Fusion's strategy incorporates these realities by focusing not only on reactor development but also on the broader ecosystem required to support fusion energy. This includes considerations around fuel sourcing, logistics and long-term infrastructure planning, all areas that are becoming increasingly critical as the industry moves closer to commercialization.From Innovation to Infrastructure ExecutionThe fusion and advanced energy sectors are undergoing a transition from research-driven innovation to execution-focused development. As technologies mature, attention is shifting toward building the infrastructure necessary to support large-scale deployment, including manufacturing, supply chains and partnerships.McKinsey & Company has noted that while fusion has made significant technical progress, commercialization will depend on the ability to scale production and integrate systems into existing energy markets. This requires coordinated efforts across multiple sectors, from engineering and materials science to policy and financing.Partnerships are playing a key role in this transition. Governments, research institutions and private companies are increasingly collaborating to accelerate development timelines and share resources. These partnerships are essential for overcoming the complex technical and logistical challenges associated with bringing new energy technologies to market.American Fusion reflects this broader shift through its emphasis on building both technological capability and operational infrastructure. By focusing on scalable deployment and supply chain readiness, the company is aligning with industry trends that prioritize execution over experimentation. In an environment where energy availability is becoming a limiting factor for AI growth, this transition from concept to capability may ultimately define which companies succeed.The rise of artificial intelligence is reshaping not only the digital economy but also the global energy landscape. As demand for computational power continues to surge, energy infrastructure is emerging as a critical bottleneck that could constrain future growth. Addressing this challenge will require a combination of technological innovation, infrastructure investment and strategic coordination across industries.In this evolving landscape, companies focused on next-generation energy solutions, particularly those capable of delivering scalable, high-efficiency power, are becoming increasingly important. American Fusion's positioning at the intersection of fusion technology and infrastructure development reflects a broader industry shift toward practical deployment. As AI continues to accelerate, the ability to generate and deliver reliable energy may prove to be just as important as the algorithms themselves.AI Enters Its Autonomous EraArtificial intelligence is entering a new phase defined by autonomy, large-scale investment and deeper integration across enterprise and infrastructure systems. Recent developments across the industry highlight a shift toward agentic AI capable of reasoning and acting independently, alongside expanding cloud ecosystems and the growing importance of energy and compute infrastructure to support increasingly complex workloads.NVIDIA Corporation (NASDAQ: NVDA) reports that its expanded strategic collaborations with Adobe and WPP are bringing agentic AI to the center of enterprise marketing operations. The company noted that creative AI agents, secured by the NVIDIA OpenShell runtime, generate on-brand content as well as personalize and activate content. The expanded collaborations bring together three complementary strengths: Adobe's creative and customer experience platforms and the new Adobe CX Enterprise Coworker, WPP's global media and marketing expertise, and NVIDIA's accelerated computing and software stack, including NVIDIA Nemotron open models, NVIDIA Agent Toolkit and the NVIDIA OpenShell secure runtime for building and running secure agentic AI systems.Microsoft Corporation (NASDAQ: MSFT) researchers are reporting about the future of AI in 2026. The company noted that "what began as algorithms that nudged and assisted customers has evolved into systems that reason and adapt while collaborating with them. At Microsoft Research, the conversation around AI has moved beyond what's possible to what's next." According to the company, their experts are rethinking the foundations of computing and intelligence, designing systems that govern themselves, embedding autonomy into the architecture of the digital world, building AI tools that work in low-resource languages and contexts, and creating pathways for inclusion and access.Amazon.com Inc. (NASDAQ: AMZN) is expanding its strategic collaboration with Anthropic. The two companies have been working together since 2023 to accelerate generative AI adoption across industries, making it easier for customers to build, deploy and scale AI applications that solve real-world problems. Amazon and Anthropic are deepening their collaboration with a commitment from Anthropic to spend more than $100 billion over the next 10 years on AWS technologies. In addition, Amazon will invest $5 billion in Anthropic now and up to an additional $20 billion in the future tied to certain commercial milestones.Constellation Energy Corporation (NASDAQ: CEG) has announced that the California State Water Project is moving closer to carbon neutrality. Calpine, a business unit of Constellation, celebrated the completion of the 105 MW Pastoria Solar Project, the largest renewable energy project contracted by the California Department of Water Resources to date in its mission to fully decarbonize its operations by 2035. According to the company, Pastoria is a strong example of how an integrated energy solution can deliver both reliability and decarbonization. These advancements signal a broader transformation in how AI is developed and deployed, moving from assistive tools to intelligent systems embedded across industries. As organizations continue to invest in scalable platforms, collaborative ecosystems and sustainable infrastructure, AI is poised to play an even more central role in shaping productivity, innovation and global technology frameworks in the years ahead.For more information about American Fusion, please visit the American Fusion profile.About AINewsWireAINewsWire (AINW) is a specialized communications platform with a focus on the latest advancements in artificial intelligence ("AI"), including the technologies, trends and trailblazers driving innovation forward. 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By cutting through the overload of information in today's market, AINW brings its clients unparalleled recognition and brand awareness.AINW is where breaking news, insightful content and actionable information converge.To receive SMS alerts from AINewsWire, text "AI" to 888-902-4192 (U.S. Mobile Phones Only)For more information, please visit www.AINewsWire.comDISCLAIMER: AINewsWire (AINW) is the source of the Article and content set forth above. References to any issuer other than the profiled issuer are intended solely to identify industry participants and do not constitute an endorsement of any issuer and do not constitute a comparison to the profiled issuer. The commentary, views and opinions expressed in this release by AINW are solely those of AINW. Readers of this Article and content agree that they cannot and will not seek to hold liable AINW for any investment decisions by their readers or subscribers. 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Original: The AI Power Surge: Why Energy Infrastructure Is Becoming the Next Critical Bottleneck

Constellation Energy issues 2026 profit outlook below market expectationsMarch 31, 2026 10:20 AM
IH Market News
Constellation Energy Group Inc. (NASDAQ:CEG) said Tuesday it expects adjusted earnings for 2026 to range between $11 and $12 per share, according to a company statement.The midpoint of the Baltimore-based energy company’s forecast, $11.50 per share, comes in slightly below the $11.60 per share estimate from Wall Street analysts for the same period.The guidance reflects Constellation’s current outlook for adjusted earnings in 2026, although the company did not outline the specific factors behind the forecast in its announcement.Constellation Energy stock price

Original: Constellation Energy issues 2026 profit outlook below market expectations

Constellation Energy posts Q4 earnings miss despite strong revenue growthFebruary 24, 2026 10:56 AM
IH Market News
Constellation Energy Corporation (NASDAQ:CEG) reported fourth-quarter results Tuesday that narrowly missed earnings expectations even as revenue came in well ahead of analyst forecasts.The company posted adjusted earnings of $2.30 per share, slightly below the consensus estimate of $2.31 per share. Revenue totaled $6.07 billion, exceeding analyst projections of $4.95 billion and rising 13% from $5.38 billion in the same quarter a year earlier.Shares edged 0.61% higher in pre-market trading following the announcement.Constellation said quarterly performance was affected by unfavorable outcomes related to its nuclear production tax credit portfolio, though this was partly offset by supportive market conditions and portfolio performance.Adjusted operating earnings declined from $2.44 per share reported in the fourth quarter of 2024.“Constellation enters 2026 well positioned to meet the nation’s growing demand for reliable, clean electricity,” said Joe Dominguez, president and CEO. “This past year, we welcomed Calpine to our company – expanding our generation portfolio, strengthening our commercial platform and enhancing our ability to serve customers nationwide.”For full-year 2025, Constellation reported adjusted earnings of $9.39 per share, up from $8.67 per share in 2024, supported by strong commercial execution and continued performance from its nuclear generation fleet.The company completed its acquisition of Calpine Corporation on January 7, 2026, creating what it described as the largest electricity producer in the United States.During the fourth quarter, Constellation’s nuclear fleet generated 45,459 gigawatt-hours of electricity, broadly unchanged from 45,494 gigawatt-hours in the prior-year period, with a capacity factor of 93.1%.The board declared a quarterly dividend of $0.4265 per share, payable March 20, 2026. Management said additional details on its 2026 outlook will be discussed during the company’s Business and Earnings Outlook call scheduled for March 31, 2026.Constellation Energy stock price

Original: Constellation Energy posts Q4 earnings miss despite strong revenue growth

ADDING and REPLACING Constellation Reports Fourth Quarter and Full Year 2025 ResultsFebruary 24, 2026 9:57 AM
Business Wire
 


Add after second table: About Constellation, Non-GAAP Financial Measures and Cautionary Statements Regarding Forward-Looking Information.


The updated release reads:


Constellation Reports Fourth Quarter and Full Year 2025 Results


Earnings Release Highlights



GAAP Net Income of $1.38 per share and Adjusted (non-GAAP) Operating Earnings of $2.30 per share for the fourth quarter of 2025. GAAP Net Income of $7.40 per share and Adjusted (non-GAAP) Operating Earnings of $9.39 per share for the full year 2025



Completed acquisition of Calpine Corporation, a combination that brings together premier nuclear, natural gas, and geothermal fleets with a leading commercial platform



Announced agreement to support new data center facility at Freestone Energy Center in Texas



Secured NRC approval of extended operating licenses for our Clinton and Dresden nuclear stations



DOE approved a $1 billion loan guarantee to advance the Crane Clean Energy Center restart



Increased the annual per share dividend by 10%, and expect to grow the dividend per share by another 10% in 2026


Declared a quarterly dividend of $0.4265 per share on our common stock, payable on March 20, 2026, to shareholders of record as of 5 p.m. Eastern time on March 9, 2026






Named to the World’s Most Admired Companies list by Fortune for the second consecutive year, ranking 5th in the electric and gas utilities category



2026 guidance will be discussed during our upcoming Business and Earnings Outlook call scheduled for Tuesday, March 31, 2026. The conference call time has been updated to 8 a.m. Eastern time



Constellation Energy Corporation (Nasdaq: CEG) today reported its financial results for the fourth quarter and full year 2025.


“Constellation enters 2026 well positioned to meet the nation’s growing demand for reliable, clean electricity. This past year, we welcomed Calpine to our company – expanding our generation portfolio, strengthening our commercial platform and enhancing our ability to serve customers nationwide,” said Joe Dominguez, president and CEO of Constellation. “With the nation’s largest nuclear fleet at the core of our strategy, we’re pairing the grid’s most reliable power with flexible resources to meet accelerating demand driven by electrification and the data economy. Our long-term agreements with Microsoft, Meta and most recently CyrusOne demonstrate how we’re putting that expanded portfolio to work while maintaining reliability for customers and keeping costs stable. And none of this happens without our people, who deliver outstanding performance every day. We’re at a pivotal moment for American competitiveness, and Constellation is ready to meet it.”


“For the fourth consecutive year, Constellation delivered full-year earnings that exceeded the midpoint of our guidance range, reflecting strong commercial execution and industry-leading performance from our nuclear fleet,” said Shane Smith, executive vice president and chief financial officer. “After closing the Calpine transaction, we enter 2026 with the financial strength and flexibility to continue investing in growth and extending the life of our portfolio while delivering long-term value for shareholders. We look forward to sharing our financial outlook and strategy for 2026 and beyond with you on our March 31st conference call.”


Fourth Quarter 2025


Our GAAP Net Income (Loss) for the fourth quarter of 2025 decreased to $1.38 per share from $2.71 per share in the fourth quarter of 2024. Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2025 decreased to $2.30 per share from $2.44 per share in the fourth quarter of 2024. For the reconciliations of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings, refer to the GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation section below.


Adjusted (non-GAAP) Operating Earnings in the fourth quarter of 2025 primarily reflects:



Unfavorable nuclear PTC portfolio results partially offset by favorable market and portfolio conditions



Full Year 2025


Our GAAP Net Income for 2025 decreased to $7.40 per share compared to $11.89 per share in 2024. Adjusted (non-GAAP) Operating Earnings for 2025 increased to $9.39 per share from $8.67 per share in 2024. For the reconciliations of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings, refer to the GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation section below.


Adjusted (non-GAAP) Operating Earnings for the full year 2025 primarily reflects:



Favorable market and portfolio conditions, higher IL banked ZEC Revenues, and favorable nuclear outages, partially offset by unfavorable nuclear PTC portfolio results



Recent Developments and Highlights



Calpine acquisition: On January 7, 2026, we completed our acquisition of Calpine Corporation, creating the nation's largest producer of electricity. Serving millions of customers each day, the combined organization will deliver reliable, clean power that keeps America moving forward. By uniting our zero-emission nuclear fleet with Calpine's industry-leading natural gas and geothermal generation, we are building the foundation for America's next great era of innovation – powering the data centers, advanced manufacturing facilities and critical infrastructure that are expected to play an important role in the AI age and the nation's economic leadership.




Freestone Energy Center to support new data center: Our subsidiary Calpine LLC signed a new 380-megawatt (MW) agreement with Dallas-based CyrusOne, a leading global data center developer and operator, to connect and serve a new data center adjacent to the Freestone Energy Center, in Freestone County, Texas. The agreement provides CyrusOne with access to power, grid connectivity and site infrastructure needed to support development of the new facility, while ensuring electricity continues to flow to the regional grid and ensuring reliability for all customers and communities. Calpine has also entered into an exclusive agreement to provide power, grid connectivity and site infrastructure for Phase 2, which will be an additional 380 MW. These agreements are in addition to the 400 MW agreements announced in the second half of last year between Calpine and CyrusOne for the Thad Hill Energy Center in Bosque County, Texas.




Clinton and Dresden license renewal: The Nuclear Regulatory Commission (NRC) has approved a 20-year initial license renewal for our Clinton Clean Energy Center and a 20-year subsequent license renewal for our Dresden Clean Energy Center, following a rigorous review of maintenance activities, plant equipment and safety systems at the two Illinois facilities. The approvals allow Clinton to operate through 2047 and the Dresden reactors to operate through 2049 and 2051. We are the nation’s largest operator of clean, reliable nuclear power, and we are investing more than $370 million to relicense the plants, installing state-of-the-art upgrades to increase efficiency and ensure safety and reliability for decades to come.




Crane DOE loan: In November 2025, the Department of Energy (DOE) Office of Energy Dominance Financing issued a guarantee for up to $1 billion for an unsecured loan from the Federal Financing Bank to support the financing of the restart of the Crane Clean Energy Center. The loan will mature in October 2055. Interest rates on the loan will be fixed upon each advance at a spread of 37.5 basis points above U.S. Treasuries of comparable maturity. Cash from operations will fund the remaining capital expenditures. The restart is supported by a 20-year Power Purchase Agreement (PPA) with Microsoft to purchase the output generated from the renewed plant. The restart of the plant and delivery of electricity under the PPA is subject to certain regulatory approvals, including the NRC comprehensive safety and environmental review, as well as permits from relevant state and local agencies.




Dividend Declaration: Our Board of Directors has declared a quarterly dividend of $0.4265 per share on our common stock. The dividend is payable on Friday, March 20, 2026, to shareholders of record as of 5 p.m. Eastern time on Monday, March 9, 2026.




Nuclear Operations: Our nuclear fleet, including our owned output from the Salem and South Texas Project (STP) Generating Stations, produced 45,459 gigawatt-hours (GWhs) in the fourth quarter of 2025, compared with 45,494 GWhs in the fourth quarter of 2024. Excluding Salem and STP, our nuclear plants at ownership achieved a capacity factor of 93.1% and 94.8% for the fourth quarter of 2025 and 2024, respectively, and 94.7% and 94.6% for the twelve months ended December 31, 2025 and 2024, respectively. There were 63 planned refueling outage days in the fourth quarter of 2025 and 66 in the fourth quarter of 2024. There were 30 non-refueling outage days in the fourth quarter of 2025 and three in the fourth quarter of 2024.




Natural Gas, Oil, and Renewables Operations: The dispatch match rate for our gas and pumped storage hydro fleet was 99.4% and 93.2% in the fourth quarter of 2025 and 2024, respectively, and 97.9% and 97.4% for the twelve months ended December 31, 2025 and 2024, respectively. Energy capture for the wind, solar and run-of-river hydro fleet was 97.2% and 95.7% in the fourth quarter of 2025 and 2024, respectively, and 96.6% and 96.1% for the twelve months ended December 31, 2025 and 2024, respectively.



GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation


The table below provides a reconciliation of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings. Adjusted (non-GAAP) Operating Earnings is not a standardized financial measure and may not be comparable to other companies’ presentations of similarly titled measures.


Unless otherwise noted, the income tax impact of each reconciling adjustment between GAAP Net Income (Loss) Attributable to Common Shareholders and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part, which may result in an effective tax rate that differs from the marginal rate. The marginal statutory income tax rate was 25.6% and 25.5% for the three and twelve months ended December 31, 2025 and 2024, respectively. The following table provides a reconciliation between GAAP Net Income (Loss) Attributable to Common Shareholders and Adjusted (non-GAAP) Operating Earnings for the three and twelve months ended December 31, 2025 compared to the same period in 2024.




 






Three Months Ended December 31,








 






2025






 






 






2024






 








(In millions, except per share data)






 






 






Earnings Per

Share(a)






 






 






 






Earnings Per

Share(a)








GAAP Net Income (Loss) Attributable to Common Shareholders






$






432






 






 






$






1.38






 






 






$






852






 






 






$






2.71






 








Unrealized (Gain) Loss on Fair Value Adjustments (net of taxes $80 and $82, respectively)(b)






 






231






 






 






 






0.74






 






 






 






(241






)






 






 






(0.77






)








Plant Retirements and Divestitures (net of taxes $1 and $14, respectively)






 






2






 






 






 






0.01






 






 






 






(40






)






 






 






(0.13






)








Decommissioning-Related Activities (net of taxes $109 and $99, respectively)(c)






 






(13






)






 






 






(0.04






)






 






 






177






 






 






 






0.56






 








Pension & OPEB Non-Service (Credits) Costs (net of taxes $4 and $1, respectively)






 






11






 






 






 






0.04






 






 






 






4






 






 






 






0.01






 








Acquisition-Related Costs (net of taxes ($13) and $2, respectively)(d)






 






47






 






 






 






0.15






 






 






 






6






 






 






 






0.02






 








Change in Environmental Liabilities (net of taxes $1 and $2, respectively)






 






3






 






 






 






0.01






 






 






 






5






 






 






 






0.02






 








ERP System Implementation Costs (net of taxes $— and $—, respectively)






 






—






 






 






 






—






 






 






 






1






 






 






 






—






 








Income Tax-Related Adjustments(e)






 






9






 






 






 






0.03






 






 






 






3






 






 






 






0.01






 








Noncontrolling Interests(f)






 






(3






)






 






 






(0.01






)






 






 






(2






)






 






 






(0.01






)








Adjusted (non-GAAP) Operating Earnings






$






719






 






 






$






2.30






 






 






$






765






 






 






$






2.44






 









 






Twelve Months Ended December 31,








 






2025






 






 






2024






 








(In millions, except per share data)






 






 






Earnings Per

Share(a)






 






 






 






Earnings Per

Share(a)








GAAP Net Income (Loss) Attributable to Common Shareholders






$






2,319






 






 






$






7.40






 






 






$






3,749






 






 






$






11.89






 








Unrealized (Gain) Loss on Fair Value Adjustments (net of taxes $243 and $346, respectively)(b)






 






709






 






 






 






2.26






 






 






 






(1,026






)






 






 






(3.25






)








Plant Retirements and Divestitures (net of taxes $5 and $9, respectively)






 






15






 






 






 






0.05






 






 






 






28






 






 






 






0.09






 








Decommissioning-Related Activities (net of taxes $535 and $244, respectively)(c)






 






(254






)






 






 






(0.81






)






 






 






(50






)






 






 






(0.16






)








Pension & OPEB Non-Service (Credits) Costs (net of taxes $13 and $2, respectively)






 






38






 






 






 






0.12






 






 






 






5






 






 






 






0.02






 








Acquisition-Related Costs (net of taxes $4 and $2, respectively)(d)






 






97






 






 






 






0.31






 






 






 






6






 






 






 






0.02






 








Change in Environmental Liabilities (net of taxes $2 and $22, respectively)






 






5






 






 






 






0.02






 






 






 






65






 






 






 






0.21






 








Separation Costs (net of taxes $— and $3, respectively)






 






—






 






 






 






—






 






 






 






9






 






 






 






0.03






 








ERP System Implementation Costs (net of taxes $— and $3, respectively)






 






—






 






 






 






—






 






 






 






8






 






 






 






0.02






 








Income Tax-Related Adjustments(e)






 






22






 






 






 






0.07






 






 






 






(52






)






 






 






(0.17






)








Noncontrolling Interests(f)






 






(7






)






 






 






(0.02






)






 






 






(7






)






 






 






(0.02






)








Adjusted (non-GAAP) Operating Earnings






$






2,944






 






 






$






9.39






 






 






$






2,735






 






 






$






8.67






 









________







(a)

Amounts may not sum due to rounding. Earnings per share amount is based on average diluted common shares outstanding of 313 million and 314 million for the three months ended December 31, 2025 and 2024, respectively and 314 million and 315 million for the twelve months ended December 31, 2025 and 2024, respectively.







(b)

Includes unrealized gains and losses on economic hedges, interest rate swaps, and fair value adjustments related to gas imbalances and equity investments.







(c)

Reflects all gains and losses associated with Nuclear Decommissioning Trusts (NDTs), Asset Retirement Obligation (ARO) accretion, Asset Retirement Cost (ARC) depreciation, ARO remeasurement, and impacts of contractual offset for Regulatory Agreement Units. The tax effects of Regulatory Agreement Units result in a 100% effective tax rate under contractual offset accounting. Additionally, the tax effects of NDT investment returns result in different effective tax rates depending on whether the underlying funds are held within qualified or non-qualified trusts.







(d)

Reflects acquisition-related costs associated with the Calpine merger. The majority of these expenses are not tax deductible.







(e)

Adjustment to deferred income taxes due to changes in forecasted apportionment.







(f)

Represents elimination of the noncontrolling interest portion of certain adjustments included above.







About Constellation


Constellation Energy Corporation (Nasdaq: CEG), a Fortune 200 company headquartered in Baltimore, is the largest private-sector power producer in the world and the nation’s largest producer of clean and reliable energy. With 55 gigawatts of capacity from nuclear, natural gas, geothermal, hydro, wind and solar facilities, our fleet has the generating capacity to power the equivalent of 27 million homes, providing about 10% of the nation’s clean energy and delivering the around-the-clock reliability needed to power America’s growing economy. We are also the largest nuclear energy company in the U.S. and a leading competitive retail supplier, serving approximately 2.5 million customer accounts nationwide, including three-fourths of the Fortune 100. We are committed to investing in innovation and new technologies to drive the transition to a reliable, sustainable and secure energy future. Follow Constellation on LinkedIn and X.


Non-GAAP Financial Measures


We utilize Adjusted (non-GAAP) Operating Earnings (and/or its per share equivalent) in our internal analysis, and in communications with investors and analysts, as a consistent measure for comparing our financial performance and discussing the factors and trends affecting our business. The presentation of Adjusted (non-GAAP) Operating Earnings is intended to complement and should not be considered an alternative to, nor more useful than, the presentation of GAAP Net Income (Loss).


The tables above provide a reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings. Adjusted (non-GAAP) Operating Earnings is not a standardized financial measure and may not be comparable to other companies’ presentations of similarly titled measures.


Due to the forward-looking nature of our Adjusted (non-GAAP) Operating Earnings guidance, we are unable to reconcile this non-GAAP financial measure to GAAP Net Income (Loss) given the inherent uncertainty required in projecting gains and losses associated with the various fair value adjustments required by GAAP. These adjustments include future changes in fair value impacting the derivative instruments utilized in our current business operations, as well as the debt and equity securities held within our nuclear decommissioning trusts, which may have a material impact on our future GAAP results.


Cautionary Statements Regarding Forward-Looking Information


This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the acquisition of Calpine Corporation, the pro forma combined company and its operations, strategies and plans, enhancements to investment-grade credit profile, synergies, opportunities and anticipated future performance and capital structure, and expected accretion to earnings per share and free cash flow. Information adjusted for the acquisition should not be considered a forecast of future results.


Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. The factors that could cause actual results to differ materially from the forward-looking statements made by Constellation Energy Corporation and Constellation Energy Generation, LLC, (the Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2025 Annual Report on Form 10-K (to be filed on February 24, 2026) in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18, Commitments and Contingencies, and (2) other factors discussed in filings with the SEC by the Registrants.


Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. Neither Registrant undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.



Constellation Energy Corporation



GAAP Consolidated Statements of Operations and








Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments








(unaudited)








(in millions, except per share data)








 








 






Three Months Ended December 31, 2025






 






Three Months Ended December 31, 2024








 






GAAP (a)






 






Non-GAAP

Adjustments






 






 






 






GAAP (a)






 






Non-GAAP

Adjustments






 






 








Operating revenues






$






6,074






 






 






$






437






 






 






(b),(c)






 






$






5,382






 






 






$






453






 






 






(b),(c)








Operating expenses






 






 






 






 






 






 






 






 






 






 






 








Purchased power and fuel






 






3,598






 






 






 






161






 






 






(b)






 






 






2,591






 






 






 






609






 






 






(b)








Operating and maintenance






 






1,486






 






 






 






(105






)






 






(c),(f),(h),(i)






 






 






1,493






 






 






 






(78






)






 






(c),(e),(f),(h),(i)








Depreciation and amortization






 






242






 






 






 






(24






)






 






(c)






 






 






255






 






 






 






(38






)






 






(c),(f)








Taxes other than income taxes






 






150






 






 






 






—






 






 






 






 






 






140






 






 






 






—






 






 






 








Total operating expenses






 






5,476






 






 






 






 






 






 






 






4,479






 






 






 






 






 








Gain (loss) on sales of assets and businesses






 






—






 






 






 






—






 






 






 






 






 






69






 






 






 






(69






)






 






(f)








Operating income (loss)






 






598






 






 






 






 






 






 






 






972






 






 






 






 






 








Other income and (deductions)






 






 






 






 






 






 






 






 






 






 






 








Interest expense, net






 






(113






)






 






 






(17






)






 






(b)






 






 






(90






)






 






 






(36






)






 






(b)








Other, net






 






207






 






 






 






(144






)






 






(b),(c),(d)






 






 






(23






)






 






 






66






 






 






(b),(c),(d)








Total other income and (deductions)






 






94






 






 






 






 






 






 






 






(113






)






 






 






 






 








Income (loss) before income taxes






 






692






 






 






 






 






 






 






 






859






 






 






 






 






 








Income tax (benefit) expense






 






259






 






 






 






(46






)






 






(b),(c),(d),(f),(h),(i),(j)






 






 






6






 






 






 






6






 






 






(b),(c),(d),(f),(h),(i),(j)








Equity in income (losses) of unconsolidated affiliates






 






(1






)






 






 






—






 






 






 






 






 






(3






)






 






 






—






 






 






 








Net income (loss)






 






432






 






 






 






 






 






 






 






850






 






 






 






 






 








Net income (loss) attributable to noncontrolling interests






 






—






 






 






 






3






 






 






(g)






 






 






(2






)






 






 






2






 






 






(g)








Net income (loss) attributable to common shareholders






$






432






 






 






 






 






 






 






$






852






 






 






 






 






 








Effective tax rate






 






37.4






%






 






 






 






 






 






 






0.7






%






 






 






 






 








Earnings per average common share






 






 






 






 






 






 






 






 






 






 






 








Basic






$






1.38






 






 






 






 






 






 






$






2.72






 






 






 






 






 








Diluted






$






1.38






 






 






 






 






 






 






$






2.71






 






 






 






 






 








Average common shares outstanding






 






 






 






 






 






 






 






 






 






 






 








Basic






 






313






 






 






 






 






 






 






 






314






 






 






 






 






 








Diluted






 






313






 






 






 






 






 






 






 






314






 






 






 






 






 









_________







(a)

Results reported in accordance with GAAP.







(b)

Adjustment for unrealized gains and losses on economic hedges, interest rate swaps, and fair value adjustments related to gas imbalances and equity investments.







(c)

Adjustment for all gains and losses associated with Nuclear Decommissioning Trusts (NDT), Asset Retirement Obligation (ARO) accretion, Asset Retirement Cost (ARC) Depreciation, ARO remeasurement, and any earnings neutral impacts of contractual offset for Regulatory Agreement Units.







(d)

Adjustment for Pension and Other Postretirement Employee Benefits (OPEB) Non-Service credits.







(e)

In 2024, adjustment for costs related to a multi-year Enterprise Resource Program (ERP) system implemented in the first quarter of 2024.







(f)

Adjustments related to plant retirements and divestitures.







(g)

Adjustment for elimination of the noncontrolling interest portion of certain adjustments included above.







(h)

Adjustment for changes in environmental liabilities.







(i)

Reflects acquisition-related costs associated with the Calpine merger.







(j)

Adjustment to deferred income taxes due to changes in forecasted apportionment.









Constellation Energy Corporation








GAAP Consolidated Statements of Operations and








Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments








(unaudited)








(in millions, except per share data)








 








 






Twelve Months Ended December 31, 2025






 






Twelve Months Ended December 31, 2024








 






GAAP (a)






 






Non-GAAP

Adjustments






 






 






 






GAAP (a)






 






Non-GAAP

Adjustments






 






 








Operating revenues






$






25,533






 






 






$






776






 






 






(b),(c)






 






$






23,568






 






 






$






(321






)






 






(b),(c)








Operating expenses






 






 






 






 






 






 






 






 






 






 






 








Purchased power and fuel






 






14,681






 






 






 






156






 






 






(b)






 






 






11,419






 






 






 






1,018






 






 






(b)








Operating and maintenance






 






6,159






 






 






 






(359






)






 






(c),(g),(i),(j),






 






 






6,159






 






 






 






(292






)






 






(c),(d),(f),(g),(i),(j),








Depreciation and amortization






 






985






 






 






 






(116






)






 






(c),(g)






 






 






1,123






 






 






 






(212






)






 






(c),(g)








Taxes other than income taxes






 






622






 






 






 






—






 






 






 






 






 






586






 






 






 






—






 






 






 








Total operating expenses






 






22,447






 






 






 






 






 






 






 






19,287






 






 






 






 






 








Gain (loss) on sales of assets and businesses






 






—






 






 






 






—






 






 






 






 






 






71






 






 






 






(71






)






 






(g)








Operating income (loss)






 






3,086






 






 






 






 






 






 






 






4,352






 






 






 






 






 








Other income and (deductions)






 






 






 






 






 






 






 






 






 






 






 








Interest expense, net






 






(511






)






 






 






22






 






 






(b)






 






 






(506






)






 






 






(19






)






 






(b)








Other, net






 






936






 






 






 






(775






)






 






(b),(c),(e)






 






 






670






 






 






 






(580






)






 






(b),(c),(e)








Total other income and (deductions)






 






425






 






 






 






 






 






 






 






164






 






 






 






 






 








Income (loss) before income taxes






 






3,511






 






 






 






 






 






 






 






4,516






 






 






 






 






 








Income tax (benefit) expense






 






1,187






 






 






 






(290






)






 






(b),(c),(e),(g),(i),(j),(k)






 






 






774






 






 






 






(498






)






 






(b),(c),(d),(e),(f),(g),(i),(j),(k)








Equity in income (losses) of unconsolidated affiliates






 






(1






)






 






 






—






 






 






 






 






 






(4






)






 






 






—






 






 






 








Net income (loss)






 






2,323






 






 






 






 






 






 






 






3,738






 






 






 






 






 








Net income (loss) attributable to noncontrolling interests






 






4






 






 






 






7






 






 






(h)






 






 






(11






)






 






 






7






 






 






(h)








Net income (loss) attributable to common shareholders






$






2,319






 






 






 






 






 






 






$






3,749






 






 






 






 






 








Effective tax rate






 






33.8






%






 






 






 






 






 






 






17.1






%






 






 






 






 








Earnings per average common share






 






 






 






 






 






 






 






 






 






 






 








Basic






$






7.40






 






 






 






 






 






 






$






11.91






 






 






 






 






 








Diluted






$






7.40






 






 






 






 






 






 






$






11.89






 






 






 






 






 








Average common shares outstanding






 






 






 






 






 






 






 






 






 






 






 








Basic






 






313






 






 






 






 






 






 






 






315






 






 






 






 






 








Diluted






 






314






 






 






 






 






 






 






 






315






 






 






 






 






 









_________







(a)

Results reported in accordance with GAAP.







(b)

Adjustment for unrealized gains and losses on economic hedges, interest rate swaps, and fair value adjustments related to gas imbalances and equity investments.







(c)

Adjustment for all gains and losses associated with NDTs, ARO accretion, ARC Depreciation, ARO remeasurement, and any earnings neutral impacts of contractual offset for Regulatory Agreement Units.







(d)

In 2024, adjustment for certain incremental costs related to the separation (system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation), including a portion of the amounts billed to us pursuant to the transition services agreement (TSA).







(e)

Adjustment for Pension and OPEB Non-Service credits.







(f)

In 2024, adjustment for costs related to a multi-year ERP system implemented in the first quarter of 2024.







(g)

Adjustment related to plant retirements and divestitures.







(h)

Adjustment for elimination of the noncontrolling interest portion of certain adjustments included above.







(i)

Adjustment for changes in environmental liabilities.







(j)

Reflects acquisition-related costs associated with the Calpine merger.







(k)

Adjustment to deferred income taxes due to changes in forecasted apportionment.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260223802465/en/
Linsey Wisniewski

Corporate Communications

667-218-7700


Tim Flottemesch

Investor Relations

833-447-2783


Original: ADDING and REPLACING Constellation Reports Fourth Quarter and Full Year 2025 Results