CEG Q2 2025 Earnings
Reported Aug 7, 2025 at 6:58 AM ET · SEC Source
Q2 25 EPS
$1.91
BEAT +4.80%
Est. $1.82
Q2 25 Revenue
$6.10B
BEAT +25.09%
Est. $4.88B
vs S&P Since Q2 25
-24.1%
TRAILING MARKET
CEG -10.1% vs S&P +14.0%
Market Reaction
Did CEG Beat Earnings? Q2 2025 Results
Constellation Energy posted a decisive beat to open 2025's second quarter, reporting adjusted earnings of $1.91 per share against a consensus estimate of $1.82, a 4.80% positive surprise, while revenue of $6.10 billion topped expectations by 25.09% a… Read more Constellation Energy posted a decisive beat to open 2025's second quarter, reporting adjusted earnings of $1.91 per share against a consensus estimate of $1.82, a 4.80% positive surprise, while revenue of $6.10 billion topped expectations by 25.09% and grew 11.4% year-over-year. The standout driver was a surge in Illinois banked zero-emission credit revenues, which combined with favorable market and portfolio conditions to lift adjusted operating earnings well above the prior-year comparable of $1.68 per share. A landmark 20-year power purchase agreement signed with Meta for the full output of the Clinton Clean Energy Center underscored the growing intersection of nuclear baseload power and hyperscale data center demand, a theme that has kept Constellation in focus among investors. Management reaffirmed full-year 2025 adjusted operating earnings guidance of $8.90 to $9.60 per share and flagged visible 13%-plus long-term earnings growth through 2030, with the pending Calpine acquisition, still on track for a Q4 2025 close, expected to add more than 20% accretion to adjusted EPS in 2026.
Key Takeaways
- • Higher IL banked ZEC revenues
- • Favorable market and portfolio conditions
- • Strong commercial performance through portfolio optimization
- • Lower nuclear PTCs due to higher anticipated gross receipts partially offset gains
- • Nuclear capacity factor of 94.8% for Q2 2025
CEG YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
“With increasing demand for electricity to power American families and businesses, AI, electric vehicles and industrial growth, we're doing our part to ensure reliability and affordability. We are adding megawatts to the grid through extending the lives of our existing fleet, expediting the Crane Clean Energy Center restart, expanding nuclear plant capacity through uprates, and launching a new, AI-powered demand response tool that helps businesses reduce energy use during periods of peak demand. These efforts reduce costs for everyone while strengthening grid reliability and reflect the kind of leadership our customers, our communities and our economy need right now.”
— Joe Dominguez, Q2 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% |