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Constellation Energy (CEG) investor relations material
Constellation Energy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Reported Q3 2025 GAAP earnings of $2.97 per share and adjusted operating earnings of $3.04 per share, with adjusted earnings up from $2.74 per share in Q3 2024.
Net income for Q3 2025 was $930 million, down from $1,200 million in Q3 2024, mainly due to lower nuclear PTC revenues and unfavorable economic hedge results.
Advanced the Calpine acquisition, with regulatory approvals received and closing expected by year-end.
Achieved near-perfect nuclear fleet reliability and advanced the Conowingo Dam re-licensing, securing a 50-year clean energy settlement in Maryland.
Signed a 20-year PPA with Meta for the Clinton Clean Energy Center.
Financial highlights
Q3 2025 adjusted operating earnings were $952 million ($3.04/share), up from $860 million ($2.74/share) in Q3 2024.
Operating revenues for Q3 2025 were $6,570 million, nearly flat year-over-year.
Operating expenses increased to $5,484 million in Q3 2025, mainly due to higher purchased power and fuel costs.
Cash and cash equivalents at September 30, 2025, were $3,959 million, up from $1,882 million at the end of Q3 2024.
Cash flow from operations for the nine months ended September 30, 2025, was $3,432 million, a significant increase from a use of ($1,448) million in the prior year.
Outlook and guidance
Full-year 2025 adjusted operating earnings guidance narrowed to $9.05–$9.45 per share, reflecting commercial and nuclear outperformance, offset by higher O&M costs.
Standalone guidance excludes Calpine impacts; combined company guidance to be provided after closing.
Long-term base EPS growth projected at 13%+ CAGR through 2030, driven by PTC inflation adjustments, organic growth, and share repurchases.
The company expects sufficient cash flow and liquidity to meet operating, capital, and acquisition needs, including the Calpine transaction.
Legislative support for nuclear energy remains strong, with the OBBBA extending key tax credits and enhancing long-term viability.
Conowingo Dam settlement: list operational commitments
Describe lower nuclear PTC revenue impact on earnings
What are the expected benefits of Calpine merger?
Hyperscaler deals: What are current gating factors?
Path to new nuclear: What enables capital deployment?
Calpine asset sale: Rationale for timing shift?
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Next Constellation Energy earnings date
Q4 202519 Feb, 2026
Next Constellation Energy earnings date
Q4 202519 Feb, 2026
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Frequently asked questions
Constellation Energy Corporation is an energy company focused on providing clean energy solutions across the United States. The company generates electricity through a diverse portfolio of assets, including nuclear, wind, solar, and natural gas facilities. Constellation also offers energy management and sustainability services, supporting residential, commercial, and industrial customers in managing energy consumption and reducing environmental impact. The company is headquartered in Baltimore, Maryland, and its shares are listed on the NASDAQ.
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