Constellation Energy Q1 2025 Earnings Summary

Constellation Energy reported GAAP net income of $118 million, or $0.38 per share, for the first quarter of 2025, down from $883 million, or $2.78 per share, in Q1 2024. However, adjusted (non-GAAP) operating earnings rose to $673 million, or $2.14 per share, up from $579 million ($1.82 per share) a year earlier. The company reaffirmed its full-year 2025 adjusted earnings guidance of $8.90 to $9.60 per share.

Revenue increased to $6.79 billion from $6.16 billion in Q1 2024. The nuclear fleet operated at a strong 94.1% capacity factor, and total nuclear generation reached 45,582 GWh. Natural gas and renewables output fell to 5,905 GWh from 8,274 GWh, while purchased power rose to 16,935 GWh.

Key developments:

• The Calpine acquisition remains on track for closing in Q4 2025, promising to enhance capacity and customer reach.
• The Crane Clean Energy Center was selected for fast-track grid interconnection by PJM, supporting expansion of emissions-free power.
• The dispatch match rate for the gas fleet reached 99.2%, and renewables operated at 96.2% capture efficiency.

Constellation’s cash flow from operations was $107 million, while capital expenditures totaled $806 million. Ending cash balance was $1.94 billion, down from $3.13 billion at year-end 2024, driven by investments and timing of working capital changes.

Constellation Energy Corporation reported strong financial results for the fourth quarter and full year of 2024, exceeding the top end of its twice-revised guidance range. The company reported GAAP net income of $2.71 per share and adjusted (non-GAAP) operating earnings of $2.44 per share for Q4, while full-year GAAP net income reached $11.89 per share, with adjusted operating earnings at $8.67 per share.

Key highlights include:
- Affirming full-year 2025 adjusted operating earnings guidance of $8.90 - $9.60 per share.
- A definitive agreement to acquire Calpine Corporation, merging Constellation’s clean energy assets with Calpine’s dispatchable natural gas operations.
- A 20-year power purchase agreement with Microsoft to support the Crane Clean Energy Center.
- Completion of $1 billion in share repurchases in 2024, with a total of $2 billion repurchased since 2023.
- Moody’s upgraded Constellation’s credit rating from Baa2 to Baa1.
- Issued the first U.S. corporate green bond including nuclear energy.
- Increased the annual dividend by 25% and announced plans for an additional 10% increase in 2025.

Operationally, Constellation maintained its position as the nation’s top emissions-free energy producer for the 11th consecutive year and achieved a nuclear capacity factor of 94.6%. The company also contributed over $20 million to community initiatives and logged 116,500 volunteer hours.

Looking ahead, Constellation expects continued strong performance, with plans to invest over $2.5 billion in 2025 for operational reliability and growth initiatives, independent of the Calpine acquisition.