10-KPeriod: FY2025

Constellation Energy Corp Annual Report, Year Ended Dec 31, 2025

Filed February 24, 2026For Securities:CEG

Summary

Constellation Energy Corporation (CEG) reported its 2025 fiscal year results, marked by significant strategic moves including the impactful acquisition of Calpine Corporation in early January 2026. This acquisition positions CEG as the world's largest private-sector power producer and the nation's leading clean energy generator, boasting a diversified fleet of 55 GW across nuclear, natural gas, geothermal, hydro, wind, and solar assets. The company's operational performance highlights a strong nuclear fleet, consistently outperforming industry averages in capacity factors and showing efficient refueling outage durations. Financially, while GAAP Net Income attributable to common shareholders decreased to $2,319 million in 2025 from $3,749 million in 2024, the non-GAAP Adjusted Operating Earnings saw an increase to $2,944 million from $2,735 million. This divergence is largely due to non-cash items and mark-to-market adjustments on hedges. The company's strategy remains focused on operational excellence, maintaining investment-grade credit ratings, and returning value to shareholders through disciplined capital allocation, including dividends and share repurchases. The outlook is positive, driven by growing demand for clean, reliable energy and supportive policy environments for nuclear and other clean generation sources.

Financial Highlights

50 data points
Beta

Revenue

$25.53B

Net Income

$2.32B

9.1% Net Margin

EPS (Diluted)

$7.40

Total Assets

$57.25B

Cash & Equivalents

$3.64B

Free Cash Flow

$1.29B

Financial Statements
Beta
Revenue$25.53B
Operating Expenses$22.45B
Operating Income$3.09B
Net Income$2.32B
EPS (Basic)$7.40
EPS (Diluted)$7.40
Shares Outstanding (Basic)313.00M
Shares Outstanding (Diluted)314.00M

Key Highlights

  • 1The acquisition of Calpine Corporation in January 2026 significantly expands CEG's generation capacity and market diversification, creating the world's largest private-sector power producer.
  • 2CEG's nuclear fleet continues to demonstrate industry-leading operational efficiency, achieving high capacity factors (94.7% in 2025) and shorter refueling outage durations than the industry average.
  • 3Non-GAAP Adjusted Operating Earnings increased by 7.6% year-over-year to $2,944 million in 2025, indicating strong underlying operational profitability despite a GAAP Net Income decrease.
  • 4The company continues to benefit from favorable policy support for nuclear energy, including federal tax credits (PTCs) and state-specific Zero Emission Credit (ZEC) programs, although the PTC revenue saw a substantial decrease in 2025 compared to 2024.
  • 5CEG is actively pursuing growth opportunities, including nuclear uprates, investments in battery storage and solar, and clean energy solutions for customers, anticipating increased demand from data centers and industrial onshoring.
  • 6The company maintained its commitment to shareholder returns, increasing its quarterly dividend by 10% for 2026 and having $593 million remaining share repurchase authority as of December 31, 2025.
  • 7Despite a decrease in GAAP Net Income, the company's strong balance sheet and liquidity position, supported by a $9.5 billion credit facility and significant cash on hand, are expected to fund operational needs and strategic initiatives.

Frequently Asked Questions

In 2025, Constellation Energy Corporation reported GAAP Net Income attributable to common shareholders of $2,319 million, a decrease from $3,749 million in 2024. This decline was primarily driven by lower Nuclear PTC revenues and unfavorable net unrealized losses on economic hedges and equity investments. However, Adjusted Operating Earnings (a non-GAAP measure) increased to $2,944 million from $2,735 million, indicating improved operational profitability before non-cash items and market adjustments.

The acquisition of Calpine Corporation, completed in January 2026, significantly expanded Constellation's generation capacity by approximately 23 GW, creating the world's largest private-sector power producer and the nation's largest producer of clean energy. Calpine's fleet, which includes natural gas, geothermal, and battery storage assets, complements Constellation's existing portfolio, providing greater scale, market diversification, and enhanced ability to meet growing demand for reliable, clean power.

Constellation Energy is well-positioned to benefit from the increasing demand for reliable, emissions-free energy. The company anticipates growth driven by expanded policy support for nuclear energy, federal and state incentives for clean generation, the rapid growth of data centers, electrification initiatives, and onshoring of manufacturing. Supportive policies for nuclear energy, including federal tax credits and state-level programs, reinforce the long-term economic viability of its nuclear assets.

Constellation's strategy focuses on operational excellence, maintaining investment-grade credit ratings, and disciplined capital allocation. This includes investing in growth opportunities aligned with its core businesses, returning value to shareholders through dividends (which saw a 10% increase for 2026), and share repurchases. The company maintained a strong balance sheet and liquidity position throughout 2025, which is expected to support its strategic initiatives, including the Calpine acquisition and planned capital expenditures.