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Constellation Energy

CEG · Utilities

Last earnings Aug 6, 2026

Key results

GAAP net incomequarter

$2.67

GAAP Net Income of $2.67 per share and Adjusted (non-GAAP) Operating Earnings of $1.91 per share for the second quarter of 2025 Signed 20-year deal with Meta for full output of Clinton Clean Energy Center Continued bipartisan legislative support for nuclear energy Calpine acquisition receives FERC and state regulatory

SEC original ↗Constellation Energy — Earnings release (8-K exhibit)EX-99Aug 7, 2025

Operating EPSquarter

$1.91

GAAP Net Income of $2.67 per share and Adjusted (non-GAAP) Operating Earnings of $1.91 per share for the second quarter of 2025 Signed 20-year deal with Meta for full output of Clinton Clean Energy Center Continued bipartisan legislative support for nuclear energy Calpine acquisition receives FERC and state regulatory

SEC original ↗Constellation Energy — Earnings release (8-K exhibit)EX-99Aug 7, 2025

1 Second Quarter 2025 Our GAAP Net Income for the second quarter of 2025 increased to $2.67 per share from $2.58 per share in the second quarter of 2024.

SEC original ↗Constellation Energy — Earnings release (8-K exhibit)EX-99Aug 7, 2025

Revenuequarter

$5,450

(1) Reflects all gains and losses associated with ARO accretion, ARO remeasurement, and any earnings neutral impacts of contractual offset for Regulatory Agreement Units (2) Reflects the direct cost of sales of certain businesses, which are included in gross margin 20262025Adjusted O&M* Reconciliation ($M) $5,800$5,700GAAP O&M ($225)($200)Decommissioning-Related Activities (1) ($125)($125) Direct cost of sales incurred to generate revenues for certain Commercial and Power businesses (2) $5,450$5,375Adjusted O&M* 32 Contact Information InvestorRelations@constellation.

SEC original ↗Constellation Energy — Presentation / slide deck (8-K exhibit)EX-99Aug 7, 2025

Operating expensesquarter

$5,150 million

Total operating expenses 5,150 11,487

SEC original ↗Constellation Energy — Earnings release (8-K exhibit)EX-99Aug 7, 2025

Operating incomequarter

$951 million

Operating income (loss) 951 1,402

SEC original ↗Constellation Energy — Earnings release (8-K exhibit)EX-99Aug 7, 2025

Net incomequarter

$833 million

Net income (loss) 833 962

SEC original ↗Constellation Energy — Earnings release (8-K exhibit)EX-99Aug 7, 2025

AI analysis

Q2 2025 · reported Aug 7, 2025

Based on: Earnings release + Q2 2025 deck + parent 8-K + 10-Q — transcript not held

Operating EPS · Q2 2025
$1.91
EX-99 · Aug 7, 2025
Net income · Q2 2025
$833M
EX-99 · Aug 7, 2025
Operating income · Q2 2025
$951M
EX-99 · Aug 7, 2025
GAAP net income · Q2 2025
$2.67
EX-99 · Aug 7, 2025

Headline figures

MetricQ2 2025Prior qtrYear ago
GAAP net income$2.67——
Operating EPS$1.91——
Revenue$5,450——
Operating expenses$5,150 million——
Operating income$951 million——
Net income$833 million——

EX-99 · Aug 7, 2025

Guidance · company-stated

Direction: Reiterated

Company outlook

“We re reaffirming our full-year adjusted operating earnings guidance range of $8.90-$9.60 per share.”

Classified from the release's primary full-year outlook statement.

Next earningsNo verified date on fileNo date is estimated or imported

Capital allocation

Dividend10%

Delivering on Our Capital Allocation Promises In the second quarter we continued our share repurchase program, entering into an Accelerated Share Repurchase agreement with a financial institution to initiate the repurchase of approximately $400 million of our common stock.

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

We re reaffirming our full-year adjusted operating earnings guidance range of $8.90-$9.60 per share

Based on: Earnings release + Q2 2025 deck + parent 8-K + 10-Q — transcript not held

Guidance & outlook

Direction: Reiterated

Company outlook: “We re reaffirming our full-year adjusted operating earnings guidance range of $8.90-$9.60 per share.”

Company outlook — Reiterated (“reaffirming”)
“We re reaffirming our full-year adjusted operating earnings guidance range of $8.90-$9.60 per share.”

Classified from the release's primary full-year outlook statement.

Capital allocation

Delivering on Our Capital Allocation Promises In the second quarter we continued our share repurchase program, entering into an Accelerated Share Repurchase agreement with a financial institution to initiate the repurchase of approximately $400 million of our common stock.

SEC original ↗Constellation Energy — Earnings release (8-K exhibit)EX-99Aug 7, 2025

In addition we continued to deliver on our commitment to increase dividends by 10% in 2025.

SEC original ↗Constellation Energy — Earnings release (8-K exhibit)EX-99Aug 7, 2025

These adjustments include future changes in fair value impacting the derivative instruments utilized in our current business operations, as well as the debt and equity securities held within our nuclear decommissioning trusts, which may have a material impact on our future GAAP results.

SEC original ↗Constellation Energy — Earnings release (8-K exhibit)EX-99Aug 7, 2025

Debt and Credit Agreements 35 14.

SEC original ↗Constellation Energy — 10-Q Quarterly report10-QAug 6, 2026

In June 2026, the lock-up restrictions were waived for 11 million of these shares to permit their sale in an underwritten secondary public offering, which included two million shares that were repurchased by the Company.

SEC original ↗Constellation Energy — 10-Q Quarterly report10-QAug 6, 2026

The Brazos Valley Energy Center is currently secured under a project financing arrangement, see Note 13 Debt and Credit Agreements for additional information.

SEC original ↗Constellation Energy — 10-Q Quarterly report10-QAug 6, 2026

Strategy & priorities

Federal initiatives are also underway to expand the existing fleet with fast-track licensing, increase domestic conversion and enrichment of nuclear fuel, and accelerate deployment of new reactors, all while maintaining the NRC s track record of being a responsible regulator to what is considered the safest nuclear fleet in the world.

SEC original ↗Constellation Energy — Earnings release (8-K exhibit)EX-99Aug 7, 2025

The project was selected by PJM for expedited grid connection as part of its Reliability Resource Initiative and we are ahead of schedule for other long lead time items.

SEC original ↗Constellation Energy — Earnings release (8-K exhibit)EX-99Aug 7, 2025

We are committed to investing in innovative technologies to drive the transition to a reliable, sustainable and secure energy future.

SEC original ↗Constellation Energy — Earnings release (8-K exhibit)EX-99Aug 7, 2025

This includes statements regarding the financing of the proposed transaction and the pro forma combined company and its operations, strategies and plans, enhancements to investment-grade credit profile, synergies, opportunities and anticipated future performance and capital structure, and expected accretion to earnings per share and free cash flow.

SEC original ↗Constellation Energy — Earnings release (8-K exhibit)EX-99Aug 7, 2025

com/-/media/DotCom/committees-groups/committees/pc/2025/20250506/20250506-item-06---reliability-resource-initiative--- summary-results.

SEC original ↗Constellation Energy — Presentation / slide deck (8-K exhibit)EX-99Aug 7, 2025

Risks & headwinds

Due to the forward-looking nature of our Adjusted (non-GAAP) Operating Earnings guidance, we are unable to reconcile this non-GAAP financial measure to GAAP Net Income given the inherent uncertainty required in projecting gains and losses associated with the various fair value adjustments required by GAAP.

SEC original ↗Constellation Energy — Earnings release (8-K exhibit)EX-99Aug 7, 2025

Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected.

SEC original ↗Constellation Energy — Earnings release (8-K exhibit)EX-99Aug 7, 2025

LEGAL PROCEEDINGS 79 ITEM 1A.

SEC original ↗Constellation Energy — 10-Q Quarterly report10-QAug 6, 2026

19 Table of Contents Combined Notes to Consolidated Financial Statements (Dollars in millions, unless otherwise noted) Note 4 Revenue from Contracts with Customers Revenue Disaggregation We disaggregate the revenue recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.

SEC original ↗Constellation Energy — 10-Q Quarterly report10-QAug 6, 2026

Documents

Earnings deck slides

0 decks with slide view

Constellation Energy — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Constellation Energy — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Constellation Energy — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Constellation Energy — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Constellation Energy — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Constellation Energy — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Constellation Energy — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Constellation Energy — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Constellation Energy — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Constellation Energy — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Constellation Energy — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Competitors

Competitors & peers

Named in the company’s own filings

Exelon (EXC)“BUSINESS General On February 21, 2021, the Board of Directors of Exelon authorized management to pursue a plan to separate its competitive generation and customer-facing energy businesses, conducted through Constellation and its subsidiaries, into an independent, publicly traded company.”S&P Global (SPGI)“Calpine is the nation s largest generator of electricity from natural gas and geothermal resources, according to S&P Global Market Intelligence, with a strong footprint in Texas, California, and the Northeast regions of the U.S.”

Filings

65 documents

Earnings releases

22 documents

Presentations

11 documents

Transcripts

0 documents

No transcripts for Constellation Energy are held in this edition of the library.

Mentioned by

2 companies

Other tracked companies whose held documents mention Constellation Energy by name or ticker. A mention is counted once per document, from the document text the library holds.

See also the earnings calendar for every tracked company’s next earnings date.