Constellation Energy
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Constellation Energy (CEG) investor relations material

Constellation Energy Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary24 Feb, 2026

Executive summary

  • Reported GAAP Net Income of $1.38 per share and Adjusted Operating Earnings of $2.30 per share for Q4 2025; full-year GAAP Net Income was $7.40 per share and Adjusted Operating Earnings $9.39 per share.

  • Completed the acquisition of Calpine Corporation, expanding the generation portfolio and commercial platform.

  • Announced major agreements to support new data center facilities and secured key regulatory approvals for nuclear operations.

  • Increased annual dividend per share by 10% and plan another 10% increase in 2026.

Financial highlights

  • Q4 2025 GAAP Net Income per share decreased to $1.38 from $2.71 in Q4 2024; Adjusted Operating Earnings per share decreased to $2.30 from $2.44.

  • Full-year 2025 GAAP Net Income per share decreased to $7.40 from $11.89 in 2024; Adjusted Operating Earnings per share increased to $9.39 from $8.67.

  • Operating revenues for 2025 were $25.53 billion, up from $23.57 billion in 2024.

  • Net cash flows from operating activities were $4.24 billion in 2025, compared to negative $2.46 billion in 2024.

Outlook and guidance

  • 2026 guidance and strategy will be discussed in the upcoming March 31, 2026, conference call.

Calpine acquisition's role in data economy
Strategy for growing data center demand
Crane Clean Energy Center loan terms?
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Guidance31 Mar, 2026
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Guidance31 Mar, 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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