CEG
Constellation Energy Corporation365.63
+8.48+2.38%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Key Stats
Market Cap
114.22BP/E (TTM)
41.83Basic EPS (TTM)
8.74Dividend Yield
0%Recent Filings
8-K
Constellation seals $22B Calpine buyout
Constellation completed its $22 billion acquisition of Calpine on January 7, 2026, via $4.5 billion cash and 50 million new shares. Calpine, now an indirect subsidiary, adds 28 GW of gas, geothermal, solar, and battery assets across key U.S. markets. Deal includes required divestitures of overlapping plants in PJM and ERCOT. Merger bolsters scale amid rising power demand.
8-K
Q4 earnings; Calpine closed
Constellation reported Q4 2025 adjusted operating earnings of $2.30 per share, down from $2.44, yet full-year hit $9.39 per share, up from $8.67. Completed Calpine acquisition on January 7, 2026, merging nuclear with gas and geothermal fleets. Nuclear capacity factor held steady at 94.7%. Dividend hiked 10%; 2026 guidance due March 31.
10-K
FY2025 results
Constellation's FY2025 delivered $25.5B revenue and $2.3B net income, down from $3.7B in 2024 on lower nuclear PTCs of $320M vs. $2.1B despite 94.7% nuclear capacity factor powering 183 TWh. Q4 accelerated with capacity prices jumping 246% y/y in eastern PJM to $180/MW-day and 445% in ComEd to $170/MW-day, driving RNF up 13% to $10.9B annually while hedging locked gains. Nuclear fleet hit best-in-class uptime, yet margins held steady as purchased power rose 29% on higher energy costs. Cash swelled to $3.7B supporting $5.7B 2026 capex including Crane restart; $593M remains for buybacks. Calpine acquisition closed January 2026, adding 23 GW gas/geothermal. Extreme weather risks could disrupt Q4 momentum.
8-K
Constellation wraps Calpine debt exchange
Constellation completed exchange offers on January 15, 2026, swapping $2.29B of Calpine's notes—$650M due 2029, $850M due 2031, $900M secured due 2031—for identical Constellation senior notes post-Calpine merger. Calpine indentures shed most covenants via consents. Debt streamlined. Integration risks loom.
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