Constellation Energy Corporation
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +7.22%.
Did CEG Beat Earnings? Q1 2025 Results
Constellation Energy delivered a mixed first quarter for 2025, with robust revenue growth masking a narrow earnings miss as the company navigated significant mark-to-market headwinds. Adjusted operating EPS came in at $2.14, fractionally below the $2.15 consensus estimate — a 0.69% miss — while revenue of $6.79 billion exceeded expectations by 24.78% and climbed 10.2% year-over-year from $6.16 billion. The headline earnings story, however, was complicated by a $505 million after-tax unrealized loss on fair value adjustments, which dragged GAAP net income down sharply to $0.38 per share from $2.78 in the year-ago period. On the operational side, the nuclear fleet ran at a 94.1% capacity factor with zero non-refueling outage days, underscoring the reliability that has made Constellation a focal point for <a href="https://247wallst.com/investing/2026/02/14/constellation-energy-surges-10-this-week-on-data-center-deals-and-analyst-upgrades/">data center power agreements</a>. Management reaffirmed full-year 2025 adjusted earnings guidance of $8.90 to $9.60 per share, with the pending Calpine acquisition expected to close in Q4 2025 and add more than 20% accretion to adjusted EPS in 2026.
- Favorable market and portfolio conditions
- Higher ZEC and CMC prices
- Continued strong commercial performance through portfolio optimization, serving more customer demand and lower cost to serve
- Nuclear fleet achieved 94.1% capacity factor (excluding Salem and STP) with zero non-refueling outage days
- Natural gas fleet dispatch match rate of 99.2%
- Renewable energy capture of 96.2%
- Fewer Nuclear PTCs net of state programs due to market conditions partially offset gains
“Constellation delivered another strong quarter, driven by the unmatched capabilities of our people and the strength of our fleet. We provide American families and businesses with the essential power that makes life possible. This commitment is at the heart of our company and defines our special bond with America.”
Constellation Energy CEO, on the earnings call
Forward Guidance & Outlook
Constellation reaffirmed its full-year 2025 adjusted (non-GAAP) operating earnings guidance range of $8.90–$9.60 per share, with base earnings of $6.70–$6.80 per share. The company projects visible 13%+ long-term base EPS growth from 2024 through 2030, supported by nuclear PTC inflation adjustments, contracted margins, and share repurchases. Management expects the Calpine acquisition to close in Q4 2025, which is projected to be more than 20% accretive to adjusted operating earnings per share in 2026 and at least $2.00 per share through 2029, adding more than $2 billion in annual free cash flow before growth. The company highlighted higher inflation adjustments yielding an estimated ~$500 million in incremental revenue by 2028. Constellation noted it is nearing long-term agreements with data center and technology customers and expects to announce new power agreements soon. Expected nuclear generation is 182 million MWh in 2025 and grows to 188 million MWh by 2029 (including Crane restart beginning 2028).
CEG YoY Financials
Figures from SEC filings and company reports. Not investment advice.