Constellation Energy Corporation (CEG) Q3 2025 Financial Results Summary
Release Date: November 7, 2025
Constellation Energy Corporation (CEG) reported its financial results for the third quarter of 2025, highlighting several significant metrics and developments:
- Earnings Per Share (EPS):
- GAAP Net Income: $2.97 per share (decrease of -22.3% from $3.82 in Q3 2024)
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Adjusted (non-GAAP) Operating Earnings: $3.04 per share (increase of 10.9% from $2.74 in Q3 2024)
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Guidance Update:
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Narrowed full-year 2025 Adjusted (non-GAAP) Operating Earnings guidance to a range of $9.05 – $9.45 per share.
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Operational Highlights:
- The Conowingo Dam achieved a water quality certification, aiding in its re-licensing and continued operation.
- Third-quarter nuclear generation produced 46,477 GWh, up from 45,510 GWh in Q3 2024, reflecting an increase of approximately 2.1%.
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Capacity factor for nuclear operations was 96.8%, up from 95.0% in Q3 2024.
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Natural Gas, Oil, and Renewables:
- The dispatch match rate for the gas and pumped storage fleet was 95.5%, a decrease from 98.2% in the previous year.
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Renewable energy capture was 96.8%, compared to 96.0% in Q3 2024.
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Financial Overview:
- Operating revenues increased slightly to $6.57 billion, up 0.3% from $6.55 billion in Q3 2024.
- Total operating expenses amounted to $5.48 billion, compared to $5.09 billion, marking an increase of 7.7%.
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Operating income stood at $1.09 billion, a decrease of 26% from $1.47 billion in the same quarter last year.
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Other Income and Expenses:
- Other income increased to $309 million from $178 million in Q3 2024.
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Interest expense decreased to $134 million (down from $147 million), leading to a more favorable financial position.
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Net Income:
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Net income attributable to common shareholders was $930 million (a decrease of -22.5% from $1.20 billion in Q3 2024).
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Cash Flow:
- Cash flows from operating activities were robust, amounting to $3.43 billion, comparing favorably to -$1.45 billion in Q3 2024.
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Cash flow from financing activities reported significant activity, with $1.65 billion raised through short-term borrowings.
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Dividends and Share Repurchase:
- The company paid $365 million in dividends during Q3 2025, an increase from $333 million in Q3 2024.
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Common stock repurchases totaled $400 million, down from $999 million in the same quarter the prior year.
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Market Conditions:
- The electricity reference price in the PJM West (Mid-Atlantic) region rose to $46.77, up from $36.98 last year, indicating 26.2% growth.
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The capacity reference price for the Eastern Mid-Atlantic Area Council rose to $269.92, compared to $53.60 in the previous year, marking a significant increase of 401%.
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Regulatory Achievements:
- Notably, a settlement was reached regarding the Conowingo Dam, enhancing compliance and operational capacity, contributing positively to future performance expectations.
Overall, Constellation Energy Corporation’s Q3 results demonstrated a mixed performance, with strong growth in adjusted operating earnings contrasted by declines in GAAP net income, alongside strategic advancements in nuclear operations and renewable energy. The continued emphasis on meeting regulatory requirements and supporting clean energy goals positions the company favorably for future growth.
| Three Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 | |
|---|---|---|
| Operating revenues | $6,570 | $19,459 |
| Operating expenses | ||
| Purchased power and fuel | $3,567 | $11,083 |
| Operating and maintenance | $1,511 | $4,673 |
| Depreciation and amortization | $241 | $743 |
| Taxes other than income taxes | $165 | $472 |
| Total operating expenses | $5,484 | $16,971 |
| Operating income (loss) | $1,086 | $2,488 |
| Other income and (deductions) | ||
| Interest expense, net | -$134 | -$398 |
| Other, net | $443 | $729 |
| Total other income and (deductions) | $309 | $331 |
| Income (loss) before income taxes | $1,395 | $2,819 |
| Income tax (benefit) expense | $466 | $928 |
| Net income (loss) | $929 | $1,891 |
| Net income (loss) attributable to | ||
| noncontrolling interests | -$1 | $4 |
| Net income (loss) attributable to common | $930 | $1,887 |
| shareholders |
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $3,959 | $3,022 |
| Restricted cash and cash equivalents | $132 | $107 |
| Accounts receivable | ||
| Customer accounts receivable, net | $3,168 | $3,116 |
| Other accounts receivable, net | $612 | $602 |
| Mark-to-market derivative assets | $632 | $843 |
| Inventories, net | ||
| Natural gas, oil, and emission allowances | $242 | $243 |
| Materials and supplies | $1,422 | $1,357 |
| Renewable energy credits | $786 | $797 |
| Other | $696 | $689 |
| Total current assets | $11,649 | $10,776 |
| Property, plant, and equipment, net | $21,990 | $21,235 |
| Deferred debits and other assets | ||
| Nuclear decommissioning trust funds | $18,985 | $17,305 |
| Investments | $427 | $640 |
| Goodwill | $420 | $420 |
| Mark-to-market derivative assets | $459 | $372 |
| Other | $2,231 | $2,178 |
| Total deferred debits and other assets | $22,522 | $20,915 |
| Total assets | $56,161 | $52,926 |
| Liabilities and shareholders’ equity | ||
| Current liabilities | ||
| Short-term borrowings | $1,650 | $— |
| Long-term debt due within one year | $118 | $1,028 |
| Accounts payable and accrued expenses | $3,926 | $3,943 |
| Mark-to-market derivative liabilities | $474 | $467 |
| Renewable energy credit obligation | $956 | $1,076 |
| Other | $331 | $332 |
| Total current liabilities | $7,455 | $6,846 |
| Long-term debt | $7,269 | $7,384 |
| Deferred credits and other liabilities | ||
| Deferred income taxes and unamortized ITCs | $3,578 | $3,331 |
| Asset retirement obligations | $13,032 | $12,449 |
| Pension and non-pension postretirement benefit obligations | $1,767 | $1,875 |
| Spent nuclear fuel obligation | $1,412 | $1,366 |
| Payable related to Regulatory Agreement Units | $5,222 | $4,518 |
| Mark-to-market derivative liabilities | $440 | $399 |
| Other | $1,294 | $1,219 |
| Total deferred credits and other | $26,745 | $25,157 |
| liabilities | ||
| Total liabilities | $41,469 | $39,387 |
| Commitments and contingencies | ||
| Shareholders’ equity | ||
| Common stock | $11,022 | $11,402 |
| Retained earnings (deficit) | $5,588 | $4,066 |
| Accumulated other comprehensive income (loss), net | -$2,260 | -$2,302 |
| Total shareholders’ equity | $14,350 | $13,166 |
| Noncontrolling interests | $342 | $373 |
| Total equity | $14,692 | $13,539 |
| Total liabilities and shareholders’ equity | $56,161 | $52,926 |
