Constellation Energy’s Q3 2025 adjusted operating earnings per share were $3.04, falling short of consensus estimates of $3.09–$3.15 and marking a miss of $0.05–$0.11 per share. The shortfall was driven by one‑time charges, including unrealized losses on economic hedges and other non‑recurring items, which offset the benefit of higher realized margins.
Revenue rose to $6.57 billion, up 0.3% from $6.55 billion in the same quarter last year and beating consensus estimates that ranged from $6.12 billion to $6.63 billion. The beat was largely attributable to the nuclear fleet, which delivered high capacity factors and contributed a 4% increase in nuclear revenue, while commercial and renewable segments also grew modestly.
GAAP net income fell to $2.97 per share from $3.82 per share in Q3 2024, a decline of $0.85 per share. The drop was largely due to unrealized losses on economic hedges and other one‑time items, underscoring the sensitivity of GAAP earnings to market‑price adjustments.
Management narrowed its full‑year 2025 adjusted operating earnings guidance to $9.05–$9.45 per share, trimming the upper end from the previous $9.60 range. The new midpoint of $9.25 is below the analyst consensus of $9.42, reflecting caution amid market volatility and the impact of mark‑to‑market adjustments, but the company remains confident in sustaining long‑term earnings growth.
The company also highlighted strategic milestones: the Conowingo Dam received a water‑quality certification, enabling continued operation, and the Calpine acquisition, valued at 50 million CEG shares and $4.5 billion in cash, is expected to close in Q4 2025. These moves reinforce Constellation’s focus on nuclear and commercial platforms as drivers of future performance.
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