Constellation Energy Corporation released its fourth‑quarter and full‑year 2025 financial results on February 24 2026. The company reported GAAP net income of $1.38 per share for the quarter and $7.40 per share for the year, while adjusted operating earnings were $2.30 per share for Q4 and $9.39 per share for the full year.
GAAP net income fell sharply from $2.71 per share in Q4 2024 and $11.89 per share for the full year, a decline driven by unfavorable nuclear PTC portfolio results, significant accounting charges, and fair‑value and decommissioning‑related items. The company’s adjusted earnings, however, were $2.30 per share in Q4 2025 versus $2.44 in Q4 2024, and $9.39 per share for the full year versus $8.67 in 2024. The adjusted EPS beat the estimate of $2.19 provided in the prompt, but fell slightly below some consensus estimates of $2.26, reflecting a mix of headwinds and tailwinds.
Revenue for Q4 2025 reached $6.07 billion, surpassing analyst estimates of $5.35 billion to $5.60 billion. The increase was largely driven by stronger demand in the nuclear and data‑center segments, higher Illinois zero‑emission credit (ZEC) revenues, and favorable nuclear outages, which partially offset the impact of the unfavorable PTC results. The revenue growth also reflects the company’s ongoing expansion of its commercial platform following the completion of the Calpine acquisition.
The Calpine transaction, completed in 2025, added natural‑gas assets to Constellation’s clean‑energy portfolio and positioned the company as a leading competitive retail supplier. Management highlighted that the acquisition strengthens the company’s generation mix and commercial platform, providing additional flexibility to meet growing demand for reliable, clean electricity. The company also noted that it remains focused on cost discipline and operational efficiency, which helped mitigate the impact of higher fuel and operating costs on GAAP earnings.
Management expressed confidence in the company’s long‑term growth trajectory, citing continued operational strength and the effectiveness of its nuclear‑centric strategy. Investors reacted cautiously, noting the mixed picture of weaker GAAP results but stronger adjusted earnings and the strategic benefits of the Calpine acquisition. The company will provide further guidance during its earnings call on March 31 2026.
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