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Mar 31, 2025
Constellation Energy Q1 2025 Earnings Report
Constellation Energy reported strong operational performance in Q1 2025, with high reliability across its nuclear and natural gas fleets.
Key Takeaways
Constellation Energy delivered robust Q1 2025 results, with Adjusted EPS rising to $2.14 and continued strength in clean energy generation. Revenue reached nearly $6.8 billion, while net income was significantly lower year-over-year due to non-operational items.
Adjusted EPS rose to $2.14 from $1.82 in Q1 2024.
Net income declined to $118 million from $883 million last year due to non-operational adjustments.
Nuclear fleet maintained a strong 94.1% capacity factor with zero non-refueling outage days.
Calpine acquisition remains on track, expected to close by end of 2025.
Forward Guidance
Constellation reaffirmed its full-year 2025 Adjusted EPS guidance, highlighting operational stability and growth initiatives like the Calpine acquisition.
Positive Outlook
- Full-year 2025 Adjusted EPS guidance reaffirmed at $8.90–$9.60.
- Strong nuclear and natural gas fleet performance.
- PJM selected Crane Clean Energy Center for fast-track interconnection.
- Increased clean, firm electricity capacity by over 1,150 megawatts.
- Continued demand for clean, reliable energy from tech and industrial sectors.
Challenges Ahead
- GAAP net income significantly declined from prior year.
- Negative impact from nuclear PTC portfolio performance.
- High exposure to fair value adjustments and related volatility.
- Acquisition-related costs slightly weighed on Q1 financials.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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