CEG Q1 2025 Earnings
Reported May 6, 2025 at 6:50 AM ET · SEC Source
Q1 25 EPS
$2.14
MISS 0.69%
Est. $2.15
Q1 25 Revenue
$6.79B
BEAT +24.78%
Est. $5.44B
vs S&P Since Q1 25
-15.0%
TRAILING MARKET
CEG +14.0% vs S&P +29.0%
Market Reaction
Did CEG Beat Earnings? Q1 2025 Results
Constellation Energy delivered a mixed first quarter for 2025, with robust revenue growth masking a narrow earnings miss as the company navigated significant mark-to-market headwinds. Adjusted operating EPS came in at $2.14, fractionally below the $2… Read more Constellation Energy delivered a mixed first quarter for 2025, with robust revenue growth masking a narrow earnings miss as the company navigated significant mark-to-market headwinds. Adjusted operating EPS came in at $2.14, fractionally below the $2.15 consensus estimate, a 0.69% miss, while revenue of $6.79 billion exceeded expectations by 24.78% and climbed 10.2% year-over-year from $6.16 billion. The headline earnings story, however, was complicated by a $505 million after-tax unrealized loss on fair value adjustments, which dragged GAAP net income down sharply to $0.38 per share from $2.78 in the year-ago period. On the operational side, the nuclear fleet ran at a 94.1% capacity factor with zero non-refueling outage days, underscoring the reliability that has made Constellation a focal point for data center power agreements. Management reaffirmed full-year 2025 adjusted earnings guidance of $8.90 to $9.60 per share, with the pending Calpine acquisition expected to close in Q4 2025 and add more than 20% accretion to adjusted EPS in 2026.
Key Takeaways
- • Favorable market and portfolio conditions
- • Higher ZEC and CMC prices
- • Continued strong commercial performance through portfolio optimization, serving more customer demand and lower cost to serve
- • Nuclear fleet achieved 94.1% capacity factor (excluding Salem and STP) with zero non-refueling outage days
- • Natural gas fleet dispatch match rate of 99.2%
- • Renewable energy capture of 96.2%
- • Fewer Nuclear PTCs net of state programs due to market conditions partially offset gains
CEG YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
“Constellation delivered another strong quarter, driven by the unmatched capabilities of our people and the strength of our fleet. We provide American families and businesses with the essential power that makes life possible. This commitment is at the heart of our company and defines our special bond with America.”
— Joe Dominguez, Q1 2025 Earnings Press Release
CEG Earnings Trends
CEG vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CEG EPS Trend
Earnings per share: estimate vs actual
CEG Revenue Trend
Quarterly revenue: estimate vs actual
CEG Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 BEAT FY | $2.26 | $2.30 | +1.83% | $6.07B | -41.21% |
| FY Full Year | — | $9.39 | — | $25.53B | — |
| Q3 25 | — | $3.04 | — | $6.57B | — |
| Q2 25 BEAT | $1.82 | $1.91 | +4.80% | $6.10B | +25.09% |
| Q1 25 MISS | $2.15 | $2.14 | -0.69% | $6.79B | +24.78% |