Constellation Energy (CEG) Q4 2025 earnings summary

Executive summary

• Reported GAAP Net Income of $1.38 per share and Adjusted Operating Earnings of $2.30 per share for Q4 2025; full-year GAAP Net Income was $7.40 per share and Adjusted Operating Earnings $9.39 per share.

• Completed the acquisition of Calpine Corporation, expanding the generation portfolio and commercial platform.

• Announced major agreements to support new data center facilities and secured key regulatory approvals for nuclear operations.

• Increased annual dividend per share by 10% and plan another 10% increase in 2026.

Financial highlights

• Q4 2025 GAAP Net Income per share decreased to $1.38 from $2.71 in Q4 2024; Adjusted Operating Earnings per share decreased to $2.30 from $2.44.

• Full-year 2025 GAAP Net Income per share decreased to $7.40 from $11.89 in 2024; Adjusted Operating Earnings per share increased to $9.39 from $8.67.

• Operating revenues for 2025 were $25.53 billion, up from $23.57 billion in 2024.

• Net cash flows from operating activities were $4.24 billion in 2025, compared to negative $2.46 billion in 2024.

Outlook and guidance

• 2026 guidance and strategy will be discussed in the upcoming March 31, 2026, conference call.