Q4 25 EPS
$2.30
BEAT +1.83%
Est. $2.26
Q4 25 Revenue
$6.07B
MISS 41.21%
Est. $10.33B
vs S&P Since Q4 25
-24.6%
TRAILING MARKET
CEG -17.3% vs S&P +7.3%
Full Year 2025 Results
FY 25 EPS
$9.39
FY 25 Revenue
$25.53B
Market Reaction
Did CEG Beat Earnings? Q4 2025 Results
Constellation Energy delivered a mixed but strategically pivotal fourth quarter, posting adjusted EPS of $2.30 against a consensus estimate of $2.26, a 1.83% beat, while revenue of $6.07 billion fell well short of the $10.33 billion Wall Street expec… Read more Constellation Energy delivered a mixed but strategically pivotal fourth quarter, posting adjusted EPS of $2.30 against a consensus estimate of $2.26, a 1.83% beat, while revenue of $6.07 billion fell well short of the $10.33 billion Wall Street expected, a 41.21% miss, and declined 10.5% year over year. The adjusted earnings shortfall from a year ago, when the company earned $2.44 per share on an adjusted basis, was driven primarily by unfavorable nuclear Production Tax Credit portfolio results, though favorable market and portfolio conditions provided a partial offset. On a GAAP basis, net income dropped sharply to $432 million, or $1.38 per share, from $852 million in Q4 2024, reflecting the weight of acquisition-related costs tied to the landmark Calpine deal, which closed January 7, 2026, creating the nation's largest private-sector power producer at 55 gigawatts of combined capacity. With data center momentum building and a 10% dividend increase expected in 2026, investors are watching the March 31 Business and Earnings Outlook call closely for formal guidance from the newly expanded enterprise.
Key Takeaways
- • Full year 2025 adjusted earnings driven by favorable market and portfolio conditions, higher IL banked ZEC revenues, and favorable nuclear outages
- • Q4 2025 adjusted earnings reflect unfavorable nuclear PTC portfolio results partially offset by favorable market and portfolio conditions
- • Nuclear fleet capacity factor of 94.7% for full year 2025
- • Gas and pumped storage hydro fleet dispatch match rate of 97.9% for full year 2025
- • Fourth consecutive year of full-year earnings exceeding midpoint of guidance range
CEG YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
“Constellation enters 2026 well positioned to meet the nation's growing demand for reliable, clean electricity. This past year, we welcomed Calpine to our company – expanding our generation portfolio, strengthening our commercial platform and enhancing our ability to serve customers nationwide. With the nation's largest nuclear fleet at the core of our strategy, we're pairing the grid's most reliable power with flexible resources to meet accelerating demand driven by electrification and the data economy. Our long-term agreements with Microsoft, Meta and most recently CyrusOne demonstrate how we're putting that expanded portfolio to work while maintaining reliability for customers and keeping costs stable. And none of this happens without our people, who deliver outstanding performance every day. We're at a pivotal moment for American competitiveness, and Constellation is ready to meet it.”
— Joe Dominguez, Q4 2025 Earnings Press Release
CEG Earnings Trends
CEG vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CEG EPS Trend
Earnings per share: estimate vs actual
CEG Revenue Trend
Quarterly revenue: estimate vs actual
CEG Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $2.74 | — | $11.12B | +27.69% |
| Q4 25 BEAT FY | $2.26 | $2.30 | +1.83% | $6.07B | -41.21% |
| FY Full Year | — | $9.39 | — | $25.53B | — |
| Q3 25 | — | $3.04 | — | $6.57B | — |
| Q2 25 BEAT | $1.82 | $1.91 | +4.80% | $6.10B | +25.09% |
| Q1 25 MISS | $2.15 | $2.14 | -0.69% | $6.79B | +24.78% |