TLDR
- Constellation Energy reported Q4 adjusted EPS of $2.30, beating the $2.25 analyst estimate
- Operating revenue came in at $6.07 billion, well above the $4.82 billion forecast
- The company raised its quarterly dividend to 42.65 cents from 38.78 cents
- 2026 guidance was not issued — investors will have to wait until March 31
- CEG stock rose around 1.9% in premarket trading after the results
Constellation Energy posted fourth-quarter results that came in ahead of Wall Street’s expectations on both the top and bottom lines.
The company reported adjusted earnings of $2.30 per share for the three months ended December 31. Analysts had expected $2.25, according to FactSet, and $2.23 per LSEG data.
Operating revenue hit $6.07 billion, up from $5.38 billion a year earlier. That beat analyst forecasts of $4.82 billion by a wide margin.
Constellation Energy Corporation, CEG
Despite the revenue beat, net income and adjusted operating profit both declined year-over-year. The company cited unfavorable results in its nuclear production tax credit portfolio as the main reason, partially offset by better market conditions.
Total operating expenses rose 22.3% to $5.48 billion in the quarter. Interest expenses were also up, climbing 25.6% to $113 million.
CEG stock was up about 1.9% in premarket trading, reaching $299.45. The stock had fallen 16% so far this year heading into the report, hurt by fears over potential electricity rate caps earlier in January.
What’s Driving Demand
CEO Joe Dominguez pointed to data centers as a key growth driver. “With the nation’s largest nuclear fleet at the core of our strategy, we’re pairing the grid’s most reliable power with flexible resources to meet accelerating demand driven by electrification and the data economy,” he said.
The U.S. Energy Information Administration said last month that power consumption hit a second straight record high in 2025 and is expected to keep rising through 2026 and 2027. AI infrastructure, crypto mining, and a broader shift to electric heating and transport are all contributing.
Constellation’s nuclear fleet produced 45,459 gigawatt-hours in the quarter, slightly down from 45,494 GWh a year ago. The dip was due to more planned refueling and non-refueling outage days.
The company has supply agreements with Meta to keep an Illinois reactor running for 20 years, and with Microsoft to restart a reactor at the Pennsylvania plant formerly known as Three Mile Island.
In January, Constellation also signed a deal with CyrusOne to serve a new data center next to the Freestone Energy Center in Texas.
Calpine Deal and Dividend
Constellation closed its $16.4 billion acquisition of Calpine Corporation in January. Calpine operates natural gas and geothermal assets, expanding Constellation’s energy portfolio beyond its nuclear core.
The company also raised its quarterly dividend to 42.65 cents per share, up from 38.78 cents. It will be payable on March 20 to shareholders of record as of March 9.
One thing investors didn’t get: a 2026 outlook. Constellation said it would provide full-year guidance on an investor call scheduled for March 31.
The adjusted Q4 EPS of $2.30 compares to the analyst consensus of $2.23 per LSEG and $2.25 per FactSet.
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