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Constellation Energy (CEG) investor relations material
Constellation Energy Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 GAAP EPS was $2.67 and Adjusted Operating EPS was $1.91, both up year-over-year.
Net income attributable to common shareholders was $839 million for Q2 2025, up $25 million year-over-year.
Advanced strategic initiatives: $400M share repurchase, Calpine acquisition on track for Q4 2025 close, and 20-year PPA with Meta for Clinton Clean Energy Center.
Strong bipartisan policy support and new legislation (OBBBA) reinforce nuclear economics and expand tax credits.
Crane Clean Energy Center restart expedited to 2027.
Financial highlights
Q2 2025 GAAP Net Income: $839M ($2.67/share); Adjusted Operating Earnings: $599M ($1.91/share), both up from Q2 2024.
Operating revenues for Q2 2025 were $6.1B, up 11.4% year-over-year.
Share repurchases totaled $400M in Q2 2025; $2.4B repurchased since separation, $600M remains under authorization.
Recognized $201M from Illinois ZEC program for banked credits.
Dividend increased by 10% in 2025.
Outlook and guidance
Full-year 2025 Adjusted Operating EPS guidance reaffirmed at $8.90–$9.60 per share.
Calpine acquisition expected to close by year-end, adding $2.00/share to EPS and $2B+ in free cash flow before growth.
Earnings growth targeted at 13%+ CAGR through 2030, with long-term deals additive to growth.
Clinton PPA with Meta supports relicensing and plant uprates qualifying for new PTCs.
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