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Sep 30, 2025
Constellation Energy Q3 2025 Earnings Report
Constellation Energy reported strong nuclear generation performance and achieved regulatory progress in Q3 2025.
Key Takeaways
Constellation Energy delivered solid results in Q3 2025 with strong adjusted EPS and a strategic regulatory win for the Conowingo Dam, despite a year-over-year decline in GAAP net income.
Adjusted EPS increased to $3.04, up from $2.74 last year
GAAP Net Income declined to $930M from $1.2B year-over-year
Conowingo Dam received water quality certification for re-licensing
Nuclear fleet achieved high capacity factor and output
Revenue by Geographic Location
Forward Guidance
Constellation narrowed its full-year 2025 adjusted EPS guidance to a range of $9.05 to $9.45, reflecting strong operational execution and market conditions.
Positive Outlook
- Narrowed adjusted EPS guidance reflects confidence in performance
- Strong operational execution in nuclear and commercial segments
- Advancement of Conowingo Dam re-licensing process
- High nuclear capacity factor supports future reliability
- Progress toward closing Calpine acquisition
Challenges Ahead
- GAAP net income declined year-over-year
- Lower nuclear PTC revenue impacted results
- Dispatch match rate declined from prior year
- Continued volatility in market and portfolio dynamics
Historical Earnings Impact
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Avg. Return Before/After Earnings
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