CEG
Constellation Energy Corporation365.63
+8.48+2.38%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
FY Q3 '25
Hyperscaler deals near close; demand response advances.
Q&A reinforced hyperscaler deal progress, with Dominguez expecting closure before the Q4 call despite customer approvals, while emphasizing front-of-meter nuclear's economic edge over gas or behind-the-meter options. Management detailed Crane Clean Energy Center's smooth restart, revealing no new challenges and better-than-expected plant condition. Demand response gained traction via AI and Grid Beyond partnership, targeting 1GW equivalent to a nuclear unit in capacity markets. On Calpine, no rush for asset sales amid supportive markets; uprates offer 900MW cheaply. Analysts probed BYOG risks, but executives dismissed unease, citing policy support. Q&A largely reaffirmed prepared optimism. Deals sign soon.
Key Stats
Market Cap
114.22BP/E (TTM)
41.83Basic EPS (TTM)
8.74Dividend Yield
0%Recent Filings
8-K
Extends Calpine notes exchange
Constellation extended its Calpine Notes exchange offers and consent solicitations to January 12, 2026, securing requisite consents from early tenders: 99.51% of 2029 unsecured ($646.8M), 99.57% of 2031 unsecured ($846.3M), and 88.27% of 2031 secured ($794.5M). Amendments eliminate most covenants but await merger closing. Tenders lock in now.
8-K
PJM auction full clearance
8-K
Calpine notes exchange launched
Constellation launched private exchange offers and consent solicitations for $2.4B of Calpine's notes—$650M 4.625% unsecured 2029s, $850M 5% unsecured 2031s, $900M 3.75% secured 2031s—tied to its pending Calpine merger signed January 10, 2025. Early tenders snag $1-$5 cash per $1,000 plus matching Constellation notes; later ones get $970 principal only. Offers expire January 8, 2026. Integration risks loom large.
8-K
Constellation files Calpine financials
Constellation disclosed Calpine financials in this Item 8.01 8-K, filed December 9, 2025, tied to their January 10, 2025 merger agreement. Calpine will become Constellation's indirect subsidiary via cash-and-stock deal valued at $16.4B equity ($4.5B cash, 50M CEG shares) plus $12.7B net debt assumption; pro formas assume $26.6B net price. No close date or risks detailed here. Filing packs Calpine's audited 2024/2023 statements, unaudited Q3 2025, and pro forma combos—standard pre-merger transparency.
8-K
Leadership shakeup pre-Calpine close
Constellation announced senior leadership changes effective upon its Calpine acquisition closing, expected Q4 2025 pending DOJ clearance. CFO Dan Eggers shifts to Senior EVP Finance and Data Economy; Shane Smith rises to CFO with $725,000 base and $2.5M long-term incentives. Kathleen Barrón retires mid-2026 but advises through transition. Leadership realigns for post-deal growth.
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