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Constellation Energy Q4 Earnings Surpass Estimates, Revenues Rise Y/Y
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Key Takeaways
CEG reported Q4 EPS of $2.30, beating estimates, as revenues rose 12.8% year over year.
CEG completed Calpine acquisition, forming the nation's largest electricity producer.
CEG secured 20-year NRC renewals for Clinton and Dresden clean energy centers.
Constellation Energy Corporation (CEG - Free Report) reported fourth-quarter 2025 earnings of $2.30 per share, which surpassed the Zacks Consensus Estimate of $3.13 by 4.54%. However, the bottom line decreased 5.7% from the year-ago quarter’s figure of $2.44.
CEG’s Total Revenues
Revenues totaled $6.07 billion, which beat the Zacks Consensus Estimate of $5.48 billion by 10.7%. The top line also increased 12.8% from the year-ago figure of $5.38 billion.
Constellation Energy Corporation Price, Consensus and EPS Surprise
Total operating expenses were $5.48 billion, up 22.3% from $5.1 billion in the year-ago period.
Net interest expenses increased 8.8% to $113 million from $90 million in the year-ago period.
Constellation Energy’s owned output from the Salem and South Texas Project Generating Stations produced 45,459 gigawatt-hours (GWhs) in the fourth quarter of 2025 compared with 45,494 GWhs in the fourth quarter of 2024.
Renewable energy capture for the company’s wind, solar and run-of-river hydro fleet was 99.4% compared with 93.2% in the fourth quarter of 2024.
The Nuclear Regulatory Commission (NRC) has approved a 20-year initial license renewal for its Clinton Clean Energy Center and a 20-year subsequent license renewal for our Dresden Clean Energy Center, following a rigorous review of maintenance activities, plant equipment and safety systems at the two Illinois facilities. The approvals will allow the company to produce more clean energy over the long-term.
Development post Q4
On Jan. 7, 2026, Constellation Energy completed the acquisition of Calpine Corporation, creating the nation’s largest electricity producer. The combined company will deliver reliable, cleaner power by pairing our zero-emission nuclear fleet with Calpine’s leading natural gas and geothermal assets, supporting data centers, advanced manufacturing and critical infrastructure in the AI-driven economy.
CEG’s Financial Position
As of Dec. 31, 2025, Constellation Energy had cash and cash equivalents of $3.64 billion compared with $3.02 billion as of Dec. 31, 2024.
The company had a long-term debt of $7.25 billion as of Dec. 31, 2025, compared with $7.38 billion as of Dec. 31, 2024.
Cash provided in operating activities in 2025 amounted to $4.23 billion against $2.46 billion cash used in 2024.
Total capital expenditures in 2025 were $2.95 billion compared with $2.56 billion in 2024.
Devon Energy Corp. (DVN - Free Report) reported fourth-quarter 2025 earnings per share (EPS) of 82 cents, beating the Zacks Consensus Estimate of 81 cents by 1.2%.
DVN’s long-term (three-to-five years) earnings growth rate is currently pinned at 3.28%. The Zacks Consensus Estimate for 2026 EPS is pegged at $3.31, indicating a year-over-year decline of 15.56%.
TotalEnergies SE (TTE - Free Report) reported fourth-quarter 2025 operating earnings of $1.73 (€1.48) per share, which missed the Zacks Consensus Estimate of $1.80 by 3.9%.
TTE’s long-term earnings growth rate is currently pinned at 2.66%. The Zacks Consensus Estimate for 2026 EPS is pegged at $6.48, indicating a year-over-year decline of 5.95%.
Chevron Corporation (CVX - Free Report) reported adjusted fourth-quarter earnings per share of $1.52, beating the Zacks Consensus Estimate of $1.44 by 5.56%.
CVX’s long-term earnings growth rate is currently pinned at 2.27%. The Zacks Consensus Estimate for 2026 EPS is pegged at $6.66, indicating a year-over-year decline of 8.64%.
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Constellation Energy Q4 Earnings Surpass Estimates, Revenues Rise Y/Y
Key Takeaways
Constellation Energy Corporation (CEG - Free Report) reported fourth-quarter 2025 earnings of $2.30 per share, which surpassed the Zacks Consensus Estimate of $3.13 by 4.54%. However, the bottom line decreased 5.7% from the year-ago quarter’s figure of $2.44.
CEG’s Total Revenues
Revenues totaled $6.07 billion, which beat the Zacks Consensus Estimate of $5.48 billion by 10.7%. The top line also increased 12.8% from the year-ago figure of $5.38 billion.
Constellation Energy Corporation Price, Consensus and EPS Surprise
Constellation Energy Corporation price-consensus-eps-surprise-chart | Constellation Energy Corporation Quote
Highlights of CEG’s Q4 Release
Total operating expenses were $5.48 billion, up 22.3% from $5.1 billion in the year-ago period.
Net interest expenses increased 8.8% to $113 million from $90 million in the year-ago period.
Constellation Energy’s owned output from the Salem and South Texas Project Generating Stations produced 45,459 gigawatt-hours (GWhs) in the fourth quarter of 2025 compared with 45,494 GWhs in the fourth quarter of 2024.
Renewable energy capture for the company’s wind, solar and run-of-river hydro fleet was 99.4% compared with 93.2% in the fourth quarter of 2024.
The Nuclear Regulatory Commission (NRC) has approved a 20-year initial license renewal for its Clinton Clean Energy Center and a 20-year subsequent license renewal for our Dresden Clean Energy Center, following a rigorous review of maintenance activities, plant equipment and safety systems at the two Illinois facilities. The approvals will allow the company to produce more clean energy over the long-term.
Development post Q4
On Jan. 7, 2026, Constellation Energy completed the acquisition of Calpine Corporation, creating the nation’s largest electricity producer. The combined company will deliver reliable, cleaner power by pairing our zero-emission nuclear fleet with Calpine’s leading natural gas and geothermal assets, supporting data centers, advanced manufacturing and critical infrastructure in the AI-driven economy.
CEG’s Financial Position
As of Dec. 31, 2025, Constellation Energy had cash and cash equivalents of $3.64 billion compared with $3.02 billion as of Dec. 31, 2024.
The company had a long-term debt of $7.25 billion as of Dec. 31, 2025, compared with $7.38 billion as of Dec. 31, 2024.
Cash provided in operating activities in 2025 amounted to $4.23 billion against $2.46 billion cash used in 2024.
Total capital expenditures in 2025 were $2.95 billion compared with $2.56 billion in 2024.
CEG’s Zacks Rank
Constellation Energy has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases From the Sector
Devon Energy Corp. (DVN - Free Report) reported fourth-quarter 2025 earnings per share (EPS) of 82 cents, beating the Zacks Consensus Estimate of 81 cents by 1.2%.
DVN’s long-term (three-to-five years) earnings growth rate is currently pinned at 3.28%. The Zacks Consensus Estimate for 2026 EPS is pegged at $3.31, indicating a year-over-year decline of 15.56%.
TotalEnergies SE (TTE - Free Report) reported fourth-quarter 2025 operating earnings of $1.73 (€1.48) per share, which missed the Zacks Consensus Estimate of $1.80 by 3.9%.
TTE’s long-term earnings growth rate is currently pinned at 2.66%. The Zacks Consensus Estimate for 2026 EPS is pegged at $6.48, indicating a year-over-year decline of 5.95%.
Chevron Corporation (CVX - Free Report) reported adjusted fourth-quarter earnings per share of $1.52, beating the Zacks Consensus Estimate of $1.44 by 5.56%.
CVX’s long-term earnings growth rate is currently pinned at 2.27%. The Zacks Consensus Estimate for 2026 EPS is pegged at $6.66, indicating a year-over-year decline of 8.64%.