company_name: Constellation Energy Corporation (CEG) quarter: year: Financial Results Summary
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Constellation Energy Corporation (Nasdaq: CEG) Q4 2025 Financial Results Summary
On February 24, 2026, Constellation Energy Corporation (Nasdaq: CEG) reported its financial results for the fourth quarter and full year 2025. Below is a summary of the key highlights and financial metrics from the report.
Earnings Information
- Fourth Quarter Financials:
- GAAP Net Income: $1.38 per share, down from $2.71 per share in Q4 2024 (a 49% decrease).
- Adjusted (non-GAAP) Operating Earnings: $2.30 per share, down from $2.44 per share in Q4 2024 (a 6% decrease).
- Full Year Financials:
- GAAP Net Income: $7.40 per share, down from $11.89 per share in 2024 (a 38% decrease).
- Adjusted (non-GAAP) Operating Earnings: $9.39 per share, up from $8.67 per share in 2024 (an 8% increase).
Recent Developments and Highlights
- Acquisition of Calpine Corporation: Completed on January 7, 2026, enhancing Constellation’s energy portfolio with a focus on reliable, clean electricity generation.
- New Data Center Facility: Aimed to support energy requirements for CyrusOne, a global data center developer, utilizing the Freestone Energy Center in Texas.
- Nuclear Regulatory Approval: Secured extended operating licenses for the Clinton and Dresden nuclear stations, ensuring power generation until 2047 and 2049/2051, respectively.
- Loan Guarantee: Received a $1 billion loan guarantee from the DOE for the restart of the Crane Clean Energy Center.
- Dividend Declaration:
- Declared a quarterly dividend of $0.4265 per share, payable on March 20, 2026, to shareholders of record by March 9, 2026.
- Annual per share dividend increased by 10%, with an expectation of another 10% increase in 2026.
- Recognition: Named to Fortune’s World’s Most Admired Companies list for the second consecutive year, ranking 5th in the electric and gas utilities category.
Operational Metrics
- Nuclear Operations:
- Production: 45,459 GWh in Q4 2025, slightly down from 45,494 GWh in Q4 2024.
- Capacity Factor: 93.1% (Q4 2025) versus 94.8% (Q4 2024).
- Natural Gas, Oil, and Renewables Operations:
- Dispatch Match Rate: 99.4% in Q4 2025 compared to 93.2% in Q4 2024.
- Energy Capture for wind, solar, and hydro: 97.2% in Q4 2025 versus 95.7% in Q4 2024.
Financial Overview
- Operating Revenues:
- Q4 2025: $6.074 billion, compared to $5.382 billion in Q4 2024 (an increase of 13%).
- Full Year 2025: $25.533 billion compared to $23.568 billion in 2024 (an increase of 8.3%).
- Operating Expenses:
- Total for Q4 2025: $5.476 billion, up from $4.479 billion in Q4 2024 (a 22.3% increase).
- Total for the full year 2025: $22.447 billion compared to $19.287 billion in 2024 (an increase of 16.6%).
- Net Cash Flow from Operating Activities: Full Year 2025: $4.237 billion compared to -$2.464 billion in 2024.
Constellation Energy Corporation’s financial results for Q4 and full year 2025 reflect a mixture of challenges and achievements, marked by a strong revenue increase despite a notable decline in net income. The recent acquisition of Calpine and strategic expansions position the company for anticipated growth in the coming years. The company remains focused on delivering value to shareholders through dividend increases and expansion of its clean energy portfolio.
Note: The amounts in the following tables are in millions.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
| Three Months Ended | Twelve Months Ended | |
|---|---|---|
| December 31, 2025 | December 31, 2025 | |
| Operating revenues | $6,074 | $25,533 |
| Operating expenses | ||
| – Purchased power and fuel | 3,598 | 14,681 |
| – Operating and maintenance | 1,486 | 6,159 |
| – Depreciation and amortization | 242 | 985 |
| – Taxes other than income taxes | 150 | 622 |
| Total operating expenses | 5,476 | 22,447 |
| Operating income (loss) | 598 | 3,086 |
| Other income and (deductions) | ||
| – Interest expense, net | -113 | -511 |
| – Other, net | 207 | 936 |
| Total other income and (deductions) | 94 | 425 |
| Income (loss) before income taxes | 692 | 3,511 |
| Income tax (benefit) expense | 259 | 1,187 |
| Equity in income (losses) of unconsolidated affiliates | -1 | -1 |
| Net income (loss) | 432 | 2,323 |
| Net income (loss) attributable to | ||
| noncontrolling interests | — | 4 |
| Net income (loss) attributable to | ||
| common shareholders | $432 | $2,319 |
| Change in Net income (loss) attributable | $-420 | $-1,430 |
| to common shareholders from 2024 | to 2025 |
CONDENSED CONSOLIDATED BALANCE SHEETS
| Assets | December 31, 2025 | December 31, 2024 |
|---|---|---|
| Current assets | ||
| – Cash and cash equivalents | $3,641 | $3,022 |
| – Restricted cash and cash equivalents | 107 | 107 |
| – Accounts receivable, net | 4,266 | 3,718 |
| – Derivative assets | 945 | 843 |
| – Inventories, net | 1,736 | 1,600 |
| – Renewable energy credits | 789 | 797 |
| – Other | 635 | 689 |
| Total current assets | 12,119 | 10,776 |
| Property, plant, and equipment, net | 22,474 | 21,235 |
| Deferred debits and other assets | ||
| – Nuclear decommissioning trust funds | 19,336 | 17,305 |
| – Goodwill | 420 | 420 |
| – Derivative assets | 450 | 372 |
| – Other | 2,450 | 2,818 |
| Total deferred debits and other assets | 22,656 | 20,915 |
| Total assets | $57,249 | $52,926 |
| Liabilities and shareholders’ equity | ||
| Current liabilities | ||
| – Short-term borrowings | $1,650 | — |
| – Long-term debt due within one year | 92 | 1,028 |
| – Accounts payable and accrued expenses | 4,294 | 3,943 |
| – Derivative liabilities | 467 |