CEG·Independent Power Producer (IPP) — competitive merchant generation (nuclear + gas) and competitive retail supply

Constellation Energy

ConvictionStrong

Owns/operates ~60 GW of generation (largest US nuclear fleet + Calpine gas/geothermal) and sells the output wholesale into PJM/ERCOT/Northeast, via direct hyperscaler PPAs, and through a competitive retail book; earns on the spread between realized power prices and fuel/purchased-power cost plus capacity/ancillary revenue.

Revenue

$25.5B FY2025+8.3% YoY — fact); Q1 FY26 $11.1B (+64% YoY on Calpine consolidation — fact

Rev growth

+8.3% FY25+64% Q1 FY26 YoY (Calpine-driven, not organic — fact

Gross margin

Not separately reported as 'gross margin'fuel + purchased-power is the dominant cost (Calpine fuel/purchased-power ~$6.35B in Q1 FY26). Estimate: utility-style margin is thin at revenue line, with value in capacity/PPA spreads — treat headline margin with care.

Op margin

~12% FY2025$3.09B op income / $25.5B — fact); ~22% in Q1 FY26 on Calpine mix + favorable spreads (fact, quarter-specific

Capex intensity

~$3.9B planned capex on a ~$30B+ combined revenue base ≈ ~12–13% capex/revenueestimate

Market cap

~$84–88B24 Jun 2026; price ~$268, down ~33% from the ~$402–412 52-wk high — fact

Price · 1-year trend

real · weekly

$269-16% 1yUSD

52-week range

$254 – $389

52w lowas of 2026-06-25 · Yahoo Finance52w high

Across the boards

The thesis on this name

opportunityModerate

AI datacenter power & cooling

Full context

position · longStrong

AI datacenter power & cooling

Full context

book · long

AI datacenter power & cooling

Full context

The read

Where our coverage leans

Coverage leans bullish

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Full financial intelligence for Constellation Energy

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence