Constellation Energy Misses Q4 EPS Estimates Despite Revenue Beat

Font: Financial Modeling Prep  • Feb 24, 2026

Constellation Energy Corporation (NASDAQ: CEG) reported fourth-quarter adjusted earnings that narrowly missed analyst expectations, while revenue came in well above forecasts.

The company posted adjusted earnings per share of $2.30, slightly below the consensus estimate of $2.31. Revenue rose to $6.07 billion, exceeding the $4.95 billion analyst estimate and increasing 13% from $5.38 billion in the prior-year quarter.

Management attributed quarterly performance to unfavorable results from its nuclear production tax credit portfolio, partially offset by favorable market conditions and portfolio optimization.

Adjusted operating earnings declined from $2.44 per share in the fourth quarter of 2024.

For full-year 2025, Constellation reported adjusted earnings of $9.39 per share, up from $8.67 per share in 2024, reflecting strong commercial execution and continued high performance from its nuclear fleet.

The company completed its acquisition of Calpine Corporation on January 7, 2026, creating the largest electricity producer in the United States.

During the quarter, the nuclear fleet generated 45,459 gigawatt-hours, essentially flat compared with 45,494 gigawatt-hours a year earlier, and achieved a capacity factor of 93.1%.