Constellation Energy said it acquired 100% of Calpine's outstanding equity on January 7, 2026 for a purchase price of about $21.8 billion. The company said the consideration consisted of 50 million newly issued common shares and about $4.5 billion in cash on hand.

1. 01

   Constellation Energy said it acquired 100% of Calpine's outstanding equity on January 7, 2026 for a purchase price of about $21.8 billion. The company said the consideration consisted of 50 million newly issued common shares and about $4.5 billion in cash on hand.

2. 02

   The company said net income attributable to common shareholders for the quarter ended March 31, 2026 improved by $1,472 million from a year earlier. It cited the addition of Calpine operations, net unrealized gains on economic hedges, and decommissioning-related items, including the nuclear ARO update, as drivers. It said nuclear outages were an offsetting item.

3. 03

   The company said cash provided by operating activities was $425 million, cash used in investing activities was ($3,732) million and cash provided by financing activities was $730 million for the quarter ended March 31, 2026. It attributed the change in investing activities mainly to net cash paid for the Calpine acquisition.

4. 04

   Constellation said it entered into an agreement with LS Power Equity Advisors, LLC on March 2026 to sell 5 natural gas-fired generating facilities in PJM from Calpine, with about 4.4 GWs of capacity, for $5.0 billion before closing adjustments. The sale is intended to satisfy regulatory commitments tied to the Calpine acquisition and remains subject to customary closing conditions, including regulatory approvals.

Key figures

Quarter ended March 31, 2026

Revenue

$7.5B

Operating income

$2.3B

Net income

$1.6B

EPS

$4.49

Operating cash flow

$425M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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