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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.
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Q2 2025 earnings summary7 Aug, 2025

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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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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