Key Highlights
- Constellation Energy delivered Q4 adjusted earnings per share of $2.30, surpassing the analyst consensus of $2.25
- Quarterly operating revenue reached $6.07 billion, significantly exceeding the projected $4.82 billion
- The quarterly dividend payment increased to 42.65 cents per share from the previous 38.78 cents
- Full-year 2026 financial guidance was postponed — details expected March 31
- CEG shares gained approximately 1.9% during premarket hours following the announcement
Constellation Energy delivered fourth-quarter financial performance that exceeded analyst projections across both revenue and earnings metrics.
The energy giant announced adjusted earnings of $2.30 per share for the quarter ending December 31. Market watchers had anticipated $2.25 based on FactSet figures, with LSEG data showing expectations of $2.23.
Quarterly operating revenue climbed to $6.07 billion from $5.38 billion in the comparable period last year. This figure substantially exceeded the analyst consensus of $4.82 billion.
Constellation Energy Corporation, CEG
While revenue exceeded projections, both net income and adjusted operating profit experienced year-over-year contractions. Management attributed this primarily to negative impacts from its nuclear production tax credit portfolio, though this was somewhat mitigated by improved market dynamics.
Operating expenses for the quarter increased 22.3% to $5.48 billion. Interest costs also saw an uptick, rising 25.6% to reach $113 million.
CEG stock traded approximately 1.9% higher in premarket activity, touching $299.45. Shares had declined 16% year-to-date before the earnings release, pressured by concerns regarding possible electricity rate limitations that emerged in early January.
Growth Catalysts and Market Dynamics
Chief Executive Joe Dominguez highlighted data centers as a critical expansion opportunity. “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 explained.
According to last month’s report from the U.S. Energy Information Administration, electricity consumption reached its second consecutive record peak in 2025, with projections indicating continued growth through 2026 and 2027. Artificial intelligence infrastructure, cryptocurrency mining operations, and the broader transition to electric heating and transportation are major contributing factors.
The company’s nuclear operations generated 45,459 gigawatt-hours during the quarter, marking a slight decrease from 45,494 GWh in the prior-year period. This minor reduction stemmed from an increase in scheduled refueling and maintenance outage days.
Constellation maintains supply agreements with Meta for operating an Illinois reactor over a 20-year term, alongside a partnership with Microsoft to bring back online a reactor at the Pennsylvania facility previously called Three Mile Island.
In January, the company also finalized an agreement with CyrusOne to power a new data center facility adjacent to the Freestone Energy Center in Texas.
Calpine Acquisition and Shareholder Returns
Constellation completed its $16.4 billion purchase of Calpine Corporation last month. Calpine’s natural gas and geothermal operations broaden Constellation’s energy mix beyond its nuclear foundation.
The company announced a dividend increase to 42.65 cents per share from 38.78 cents. Payment will be distributed on March 20 to investors registered as of March 9.
Notably absent from the release: comprehensive 2026 financial guidance. Management indicated that complete annual projections would be shared during an investor conference call planned for March 31.
The reported Q4 adjusted EPS of $2.30 topped the analyst consensus of $2.23 from LSEG and $2.25 from FactSet.
