Constellation Energy Corporation
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +2.86%.
Did CEG Beat Earnings? Q2 2025 Results
Constellation Energy posted a decisive beat to open 2025's second quarter, reporting adjusted earnings of $1.91 per share against a consensus estimate of $1.8225 — a 4.80% positive surprise — while revenue of $6.10 billion topped expectations by 25.09% and grew 11.4% year-over-year. The standout driver was a surge in Illinois banked zero-emission credit revenues, which combined with favorable market and portfolio conditions to lift adjusted operating earnings well above the prior-year comparable of $1.68 per share. A landmark 20-year power purchase agreement signed with Meta for the full output of the Clinton Clean Energy Center underscored the growing intersection of nuclear baseload power and hyperscale data center demand, a theme that has kept <a href="https://247wallst.com/investing/2026/02/14/constellation-energy-surges-10-this-week-on-data-center-deals-and-analyst-upgrades/">Constellation in focus</a> among investors. Management reaffirmed full-year 2025 adjusted operating earnings guidance of $8.90 to $9.60 per share and flagged visible 13%-plus long-term earnings growth through 2030, with the pending Calpine acquisition — still on track for a Q4 2025 close — expected to add more than 20% accretion to adjusted EPS in 2026.
- Higher IL banked ZEC revenues
- Favorable market and portfolio conditions
- Strong commercial performance through portfolio optimization
- Lower nuclear PTCs due to higher anticipated gross receipts partially offset gains
- Nuclear capacity factor of 94.8% for Q2 2025
“With increasing demand for electricity to power American families and businesses, AI, electric vehicles and industrial growth, we're doing our part to ensure reliability and affordability. We are adding megawatts to the grid through extending the lives of our existing fleet, expediting the Crane Clean Energy Center restart, expanding nuclear plant capacity through uprates, and launching a new, AI-powered demand response tool that helps businesses reduce energy use during periods of peak demand. These efforts reduce costs for everyone while strengthening grid reliability and reflect the kind of leadership our customers, our communities and our economy need right now.”
Constellation Energy CEO, on the earnings call
Forward Guidance & Outlook
Constellation reaffirmed its full-year 2025 adjusted operating earnings guidance range of $8.90 to $9.60 per share, based on expected average diluted common shares outstanding of 311 million. Base earnings for 2025 are projected at $6.70-$6.80 per share, with visible 13%+ long-term adjusted operating earnings growth on base earnings through 2030. The Calpine acquisition remains on track to close in Q4 2025 and is expected to be more than 20% accretive to adjusted operating earnings per share in 2026 and at least $2.00 per share accretive through 2029. The 2026/2027 PJM capacity auction results are expected to provide standalone earnings uplift of approximately $0.50/share in 2026 and approximately $1.50/share in 2027. The Crane Clean Energy Center is expected to return to service in second-half 2027, ahead of original schedule. The One Big Beautiful Bill Act provides incremental cash benefits of $200-$300 million per year from bonus depreciation and R&E deductions.
CEG YoY Financials
Figures from SEC filings and company reports. Not investment advice.