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STATES SECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON, D.C. 20549\n\nFORM 10-Q\n\n☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the Quarterly Period Ended March 31, 2026\n\n or\n\n☐\n TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nCommission\nFile NumberName of Registrant; State or Other Jurisdiction of Incorporation; Address of Principal Executive Offices; and Telephone NumberIRS Employer Identification Number\n\n001-41137CONSTELLATION ENERGY CORPORATION87-1210716\n\n(a Pennsylvania corporation)\n\n1310 Point Street\n\nBaltimore, Maryland 21231-3380\n\n(833) 883-0162\n\n333-85496CONSTELLATION ENERGY GENERATION, LLC23-3064219\n\n(a Pennsylvania limited liability company)\n\n200 Energy Way\n\nKennett Square, Pennsylvania 19348-2473\n\n(833) 883-0162\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading Symbol(s)Name of each exchange on which registered\n\nCONSTELLATION ENERGY CORPORATION:\n\nCommon Stock, without par valueCEGThe Nasdaq Stock Market LLC\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   \n\nConstellation Energy CorporationYesxNo☐\n\nConstellation Energy Generation, LLCYesxNo☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and \"emerging growth company\" in Rule 12b-2 of the Exchange Act.\n\nConstellation Energy CorporationLarge Accelerated FilerxAccelerated Filer\n☐\nNon-accelerated Filer\n☐\nSmaller Reporting Company\n☐\nEmerging Growth Company\n☐\n\nConstellation Energy Generation, LLCLarge Accelerated Filer\n☐\nAccelerated Filer\n☐\nNon-accelerated FilerxSmaller Reporting Company\n☐\nEmerging Growth Company\n☐\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes  ☐  No  x\n\nThe number of shares outstanding of each registrant’s common stock as of April 30, 2026 was as follows:\n\nConstellation Energy Corporation Common Stock, without par value361,190,063 \n\nConstellation Energy Generation, LLCNot applicable\n\nTABLE OF CONTENTS\n\n Page No.\n\n[GLOSSARY OF TERMS AND ABBREVIATIONS](#icc81231495d44f5984bbe714ee97ad72_28)\n\n[1](#icc81231495d44f5984bbe714ee97ad72_28)\n\n[FILING FORMAT](#icc81231495d44f5984bbe714ee97ad72_31)\n\n[4](#icc81231495d44f5984bbe714ee97ad72_31)\n\n[CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION](#icc81231495d44f5984bbe714ee97ad72_34)\n\n[4](#icc81231495d44f5984bbe714ee97ad72_34)\n\n[AVAILABLE INFORMATION](#icc81231495d44f5984bbe714ee97ad72_37)\n\n[4](#icc81231495d44f5984bbe714ee97ad72_37)\n\n[PART I](#icc81231495d44f5984bbe714ee97ad72_40)\n\n[FINANCIAL INFORMATION](#icc81231495d44f5984bbe714ee97ad72_40)\n\n[4](#icc81231495d44f5984bbe714ee97ad72_40)\n\n[ITEM 1.](#icc81231495d44f5984bbe714ee97ad72_43)\n\n[FINANCIAL STATEMENTS](#icc81231495d44f5984bbe714ee97ad72_43)\n\n[4](#icc81231495d44f5984bbe714ee97ad72_43)\n\n[Constellation Energy Corporation](#icc81231495d44f5984bbe714ee97ad72_49)\n\n[Consolidated Statements of Operations and Comprehensive Income](#icc81231495d44f5984bbe714ee97ad72_49)\n\n[5](#icc81231495d44f5984bbe714ee97ad72_49)\n\n[Consolidated Statements of Cash Flows](#icc81231495d44f5984bbe714ee97ad72_52)\n\n[6](#icc81231495d44f5984bbe714ee97ad72_52)\n\n[Consolidated Balance Sheets](#icc81231495d44f5984bbe714ee97ad72_55)\n\n[7](#icc81231495d44f5984bbe714ee97ad72_55)\n\n[Consolidated Statements of Changes in Equity](#icc81231495d44f5984bbe714ee97ad72_58)\n\n[8](#icc81231495d44f5984bbe714ee97ad72_58)\n\n[Constellation Energy Generation, LLC](#icc81231495d44f5984bbe714ee97ad72_64)\n\n[Consolidated Statements of Operations and Comprehensive Income](#icc81231495d44f5984bbe714ee97ad72_64)\n\n[9](#icc81231495d44f5984bbe714ee97ad72_64)\n\n[Consolidated Statements of Cash Flows](#icc81231495d44f5984bbe714ee97ad72_67)\n\n[10](#icc81231495d44f5984bbe714ee97ad72_67)\n\n[Consolidated Balance Sheets](#icc81231495d44f5984bbe714ee97ad72_70)\n\n[11](#icc81231495d44f5984bbe714ee97ad72_70)\n\n[Consolidated Statements of Changes in Equity](#icc81231495d44f5984bbe714ee97ad72_73)\n\n[12](#icc81231495d44f5984bbe714ee97ad72_73)\n\n[Combined Notes to Consolidated Financial Statements](#icc81231495d44f5984bbe714ee97ad72_76)\n\n[1. Basis of Presentation](#icc81231495d44f5984bbe714ee97ad72_79)\n\n[13](#icc81231495d44f5984bbe714ee97ad72_79)\n\n[2. Mergers, Acquisitions, and Dispositions](#icc81231495d44f5984bbe714ee97ad72_85)\n\n[13](#icc81231495d44f5984bbe714ee97ad72_85)\n\n[3. Regulatory Matters](#icc81231495d44f5984bbe714ee97ad72_88)\n\n[17](#icc81231495d44f5984bbe714ee97ad72_88)\n\n[4. Revenue from Contracts with Customers](#icc81231495d44f5984bbe714ee97ad72_91)\n\n[18](#icc81231495d44f5984bbe714ee97ad72_91)\n\n[5. Segment Information](#icc81231495d44f5984bbe714ee97ad72_97)\n\n[19](#icc81231495d44f5984bbe714ee97ad72_97)\n\n[6. Government Assistance](#icc81231495d44f5984bbe714ee97ad72_100)\n\n[21](#icc81231495d44f5984bbe714ee97ad72_100)\n\n[7. Accounts Receivable](#icc81231495d44f5984bbe714ee97ad72_103)\n\n[22](#icc81231495d44f5984bbe714ee97ad72_103)\n\n[8. Property, Plant, and Equipment](#icc81231495d44f5984bbe714ee97ad72_1262)\n\n[23](#icc81231495d44f5984bbe714ee97ad72_1262)\n\n[9. Asset Retirement Obligations](#icc81231495d44f5984bbe714ee97ad72_106)\n\n[24](#icc81231495d44f5984bbe714ee97ad72_106)\n\n[10. Income Taxes](#icc81231495d44f5984bbe714ee97ad72_109)\n\n[25](#icc81231495d44f5984bbe714ee97ad72_109)\n\n[11. Retirement Benefits](#icc81231495d44f5984bbe714ee97ad72_115)\n\n[27](#icc81231495d44f5984bbe714ee97ad72_115)\n\n[12. Derivative Financial Instruments](#icc81231495d44f5984bbe714ee97ad72_118)\n\n[27](#icc81231495d44f5984bbe714ee97ad72_118)\n\n[13. Debt and Credit Agreements](#icc81231495d44f5984bbe714ee97ad72_121)\n\n[32](#icc81231495d44f5984bbe714ee97ad72_121)\n\n[14. Fair Value of Financial Assets and Liabilities](#icc81231495d44f5984bbe714ee97ad72_124)\n\n[38](#icc81231495d44f5984bbe714ee97ad72_124)\n\n[15. Commitments and Contingencies](#icc81231495d44f5984bbe714ee97ad72_127)\n\n[42](#icc81231495d44f5984bbe714ee97ad72_127)\n\n[16. Shareholders' Equity](#icc81231495d44f5984bbe714ee97ad72_130)\n\n[44](#icc81231495d44f5984bbe714ee97ad72_130)\n\n[17. Variable Interest Entities](#icc81231495d44f5984bbe714ee97ad72_133)\n\n[45](#icc81231495d44f5984bbe714ee97ad72_133)\n\n[18. Supplemental Financial Information](#icc81231495d44f5984bbe714ee97ad72_136)\n\n[47](#icc81231495d44f5984bbe714ee97ad72_136)\n\n[ITEM 2.](#icc81231495d44f5984bbe714ee97ad72_145)\n\n[MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#icc81231495d44f5984bbe714ee97ad72_145)\n\n[50](#icc81231495d44f5984bbe714ee97ad72_145)\n\n[Executive Overview](#icc81231495d44f5984bbe714ee97ad72_148)\n\n[50](#icc81231495d44f5984bbe714ee97ad72_148)\n\n[Significant Transactions and Developments](#icc81231495d44f5984bbe714ee97ad72_151)\n\n[51](#icc81231495d44f5984bbe714ee97ad72_151)\n\n[Other Key Business Drivers](#icc81231495d44f5984bbe714ee97ad72_154)\n\n[52](#icc81231495d44f5984bbe714ee97ad72_154)\n\n[Critical Accounting Policies and Estimates](#icc81231495d44f5984bbe714ee97ad72_157)\n\n[53](#icc81231495d44f5984bbe714ee97ad72_157)\n\n[Financial Results of Operations](#icc81231495d44f5984bbe714ee97ad72_160)\n\n[53](#icc81231495d44f5984bbe714ee97ad72_160)\n\n[Liquidity and Capital Resources](#icc81231495d44f5984bbe714ee97ad72_163)\n\n[64](#icc81231495d44f5984bbe714ee97ad72_163)\n\n[Properties](#icc81231495d44f5984bbe714ee97ad72_1441)\n\n[67](#icc81231495d44f5984bbe714ee97ad72_1441)\n\n[ITEM 3.](#icc81231495d44f5984bbe714ee97ad72_169)\n\n[QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#icc81231495d44f5984bbe714ee97ad72_169)\n\n[70](#icc81231495d44f5984bbe714ee97ad72_169)\n\n[ITEM 4.](#icc81231495d44f5984bbe714ee97ad72_172)\n\n[CONTROLS AND PROCEDURES](#icc81231495d44f5984bbe714ee97ad72_172)\n\n[74](#icc81231495d44f5984bbe714ee97ad72_172)\n\n[PART II](#icc81231495d44f5984bbe714ee97ad72_175)\n\n[OTHER INFORMATION](#icc81231495d44f5984bbe714ee97ad72_175)\n\n[75](#icc81231495d44f5984bbe714ee97ad72_175)\n\n[ITEM 1.](#icc81231495d44f5984bbe714ee97ad72_178)\n\n[LEGAL PROCEEDINGS](#icc81231495d44f5984bbe714ee97ad72_178)\n\n[75](#icc81231495d44f5984bbe714ee97ad72_178)\n\n[ITEM 1A.](#icc81231495d44f5984bbe714ee97ad72_181)\n\n[RISK FACTORS](#icc81231495d44f5984bbe714ee97ad72_181)\n\n[75](#icc81231495d44f5984bbe714ee97ad72_181)\n\n[ITEM 2.](#icc81231495d44f5984bbe714ee97ad72_184)\n\n[UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](#icc81231495d44f5984bbe714ee97ad72_184)\n\n[75](#icc81231495d44f5984bbe714ee97ad72_184)\n\n[ITEM 4.](#icc81231495d44f5984bbe714ee97ad72_187)\n\n[MINE SAFETY DISCLOSURES](#icc81231495d44f5984bbe714ee97ad72_187)\n\n[75](#icc81231495d44f5984bbe714ee97ad72_187)\n\n[ITEM 5.](#icc81231495d44f5984bbe714ee97ad72_190)\n\n[OTHER INFORMATION](#icc81231495d44f5984bbe714ee97ad72_190)\n\n[75](#icc81231495d44f5984bbe714ee97ad72_190)\n\n[ITEM 6.](#icc81231495d44f5984bbe714ee97ad72_193)\n\n[EXHIBITS](#icc81231495d44f5984bbe714ee97ad72_193)\n\n[76](#icc81231495d44f5984bbe714ee97ad72_193)\n\n[SIGNATURES](#icc81231495d44f5984bbe714ee97ad72_199)\n\n[79](#icc81231495d44f5984bbe714ee97ad72_199)\n\n[Constellation Energy Corporation](#icc81231495d44f5984bbe714ee97ad72_199)\n\n[79](#icc81231495d44f5984bbe714ee97ad72_199)\n\n[Constellation Energy Generation, LLC](#icc81231495d44f5984bbe714ee97ad72_202)\n\n[80](#icc81231495d44f5984bbe714ee97ad72_202)\n\n[Table of Contents](#icc81231495d44f5984bbe714ee97ad72_25)\n\nGLOSSARY OF TERMS AND ABBREVIATIONS\n\nConstellation Energy Corporation and Related Entities\n\nCEG ParentConstellation Energy Corporation\n\nConstellation\nConstellation Energy Generation, LLC\n\nRegistrantsCEG Parent and Constellation, collectively\n\nAntelope ValleyAntelope Valley Solar Ranch One\n\nCalpineCalpine Corporation\n\nCalvert Cliffs\n\nCalvert Cliffs nuclear generating station\n\nCCFC\nCalpine Construction Finance Company, L.P.\n\nCDHI\nCalpine Development Holdings, LLC\n\nContinental WindContinental Wind LLC\n\nCraneCrane Clean Energy Center (formerly known as Three Mile Island Unit 1)\n\nCRP\nConstellation Renewables Partners, LLC\n\nFitzPatrickJames A. FitzPatrick nuclear generating station\n\nGPCGeysers Power Company, LLC\n\nGreenfield L.P.\n\nGreenfield Energy Centre L.P.\n\nLaSalleLaSalle nuclear generating station\n\nLimerickLimerick nuclear generating station\n\nNERNewEnergy Receivables LLC\n\nNMPNine Mile Point nuclear generating station\n\nNova Power\nNova Power, LLC\n\nPin Oak Creek\n\nPin Oak Creek Energy Center\n\nRPGRenewable Power Generation, LLC\n\nSTP\n\nSouth Texas Project nuclear generating station\n\nWest Medway IIWest Medway Generating Station II\n\nOther Terms and Abbreviations\n\nABAssembly Bill\n\nAEP Texas\n\nAmerican Electric Power Texas\n\nAESOAlberta Electric Systems Operator\n\nAOCIAccumulated Other Comprehensive Income (Loss)\n\nARCAsset Retirement Cost\n\nAROAsset Retirement Obligation\n\nCAISOCalifornia ISO\n\nCenterPoint\n\nCenterPoint Energy Houston Electric, LLC\n\nCMCCarbon Mitigation Credit\n\nCO2Carbon Dioxide\n\nCODMChief Operating Decision Maker\n\nComEdCommonwealth Edison Company\n\nCORRACanadian Overnight Repo Rate Average\n\nCWIPConstruction Work In Progress\n\nDOEUnited States Department of Energy\n\nDOJUnited States Department of Justice\n\nEGUElectric Generating Units\n\nEFOFEquivalent Forced Outage Factor\n\nERCOTElectric Reliability Council of Texas\n\nERISAEmployee Retirement Income Security Act of 1974, as amended\n\nExchange Act\nSecurities Exchange Act of 1934, as amended\n\n1\n\n[Table of Contents](#icc81231495d44f5984bbe714ee97ad72_25)\n\nGLOSSARY OF TERMS AND ABBREVIATIONS\n\nOther Terms and Abbreviations\n\nExelonExelon Corporation\n\nFERCFederal Energy Regulatory Commission\n\nFormer ComEd UnitsBraidwood, Byron, Dresden, LaSalle and Quad Cities nuclear generating units\n\nFormer PECO UnitsLimerick, Peach Bottom, and Salem nuclear generating units\n\nFRCCFlorida Reliability Coordinating Council\n\nGAAPGenerally Accepted Accounting Principles in the United States\n\nGDP\n\nGross Domestic Product\n\nGeysers AssetsGeothermal power plant assets acquired through Calpine, including steam extraction and gathering assets\n\nGHGGreenhouse Gas\n\nGW\n\nGigawatt\n\nGWhGigawatt hour\n\nHeat Rate\n\nA measure of the amount of fuel required to produce a unit of power\n\nICEIntercontinental Exchange\n\nIPAIllinois Power Agency\n\nIRA\n\nInflation Reduction Act of 2022\n\nIRSInternal Revenue Service\n\nISOIndependent System Operator\n\nISO-NEISO New England Inc.\n\nITCInvestment Tax Credit\n\nMISOMidcontinent Independent System Operator, Inc.\n\nMMBtu\n\nMillion British thermal units\n\nMoody's\n\nMoody’s Investors Service, Inc.\n\nMWMegawatt\n\nMWhMegawatt hour\n\nNASDAQ\nNasdaq Stock Market, LLC\n\nNAVNet Asset Value\n\nNDTNuclear Decommissioning Trust\n\nNERCNorth American Electric Reliability Corporation\n\nNGXNatural Gas Exchange, Inc.\n\nNon-Regulatory Agreement UnitsNuclear generating units or portions thereof whose decommissioning-related activities are not subject to contractual elimination under regulatory accounting\n\nNOx\nNitrogen oxide\n\nNPNSNormal Purchase Normal Sale scope exception\n\nNRCNuclear Regulatory Commission\n\nNYISONew York ISO\n\nNYMEXNew York Mercantile Exchange\n\nOCIOther Comprehensive Income\n\nOIESOOntario Independent Electricity System Operator\n\nOPEBOther Postretirement Employee Benefits\n\nPECOPECO Energy Company\n\nPension Protection Act\nPension Protection Act of 2006\n\nPG&EPacific Gas and Electric Company\n\nPJMPJM Interconnection, LLC\n\nPPAPower Purchase Agreement\n\nPP&EProperty, Plant, and Equipment\n\n2\n\n[Table of Contents](#icc81231495d44f5984bbe714ee97ad72_25)\n\nGLOSSARY OF TERMS AND ABBREVIATIONS\n\nOther Terms and Abbreviations\n\nPSDARPost-shutdown Decommissioning Activities Report\n\nPSEGPublic Service Enterprise Group Incorporated\n\nPTCProduction Tax Credit\n\nRegulatory Agreement Units\nNuclear generating units or portions thereof whose decommissioning-related activities are subject to contractual elimination under regulatory accounting (includes the Former ComEd Units, the Former PECO Units and STP)\n\nRNFOperating Revenues Net of Purchased Power and Fuel Expense\n\nRPM\n\nReliability Pricing Model\n\nRTORegional Transmission Organization\n\nS&P\nS&P Global Ratings, a Standard & Poor’s Financial Services LLC business\n\nSB\n\nSenate Bill\n\nSECUnited States Securities and Exchange Commission\n\nSERC\nSERC Reliability Corporation (formerly Southeast Electric Reliability Council)\n\nSNFSpent Nuclear Fuel\n\nSO2\nSulfur dioxide\n\nSOFRSecured Overnight Financing Rate\n\nSPPSouthwest Power Pool\n\nSTPNOC\nSTP Nuclear Operating Company\n\nTMATax Matters Agreement\n\nTWh\nTerawatt-hour\n\nU.S. Treasury\n\nU.S. Department of the Treasury\n\nUECUnamortized Energy Contract\n\nVIEVariable Interest Entity\n\nWECCWestern Electric Coordinating Council\n\nZECZero Emission Credit\n\n3\n\n[Table of Contents](#icc81231495d44f5984bbe714ee97ad72_25)\n\nFILING FORMAT\n\nThis combined Form 10-Q is being filed separately by Constellation Energy Corporation and Constellation Energy Generation, LLC, (the Registrants). Information contained herein relating to any individual Registrant is filed by the Registrant on its own behalf. Neither Registrant makes any representation as to information relating to the other Registrant.\n\nCAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION\n\nThis report 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.\n\nForward-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 herein, as well as the items discussed in (1) the Registrants' combined 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) this Quarterly Report on Form 10-Q 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.\n\nReaders are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this report. 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 report.\n\nAVAILABLE INFORMATION\n\nThe SEC maintains an Internet site at www.sec.gov that contains reports, proxy and information statements, and other information that we file electronically with the SEC. We file our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and all amendments to those reports with the SEC. In addition, as soon as reasonably practicable after such materials are furnished to the SEC, we make copies of these documents available to the public free of charge through our website at www.ConstellationEnergy.com. Information contained on our website shall not be deemed incorporated into, or to be a part of, this Report.\n\nPART I. FINANCIAL INFORMATION"}