CEG Constellation Energy
FY2025 10-K
Constellation Energy (CEG) filed its fiscal year 2025 10-K annual report with the SEC on Feb 24, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
Business Overview
- • Largest private-sector power producer globally post-Calpine merger (Jan 2026); 55 GW total capacity spanning nuclear, gas, geothermal, hydro, wind, solar
- • Calpine acquisition added ~23 GW across 72 assets, ~62 TWh retail load, ~2,500 employees; Calpine is nation's largest gas/geothermal generator
Management Discussion & Analysis
- • Revenue $25.5B in 2025, up $1.97B (+8.3%) YoY; ERCOT best-performing segment at +22.8%, Other Power Regions weakest at +1.4%
- • GAAP net income fell to $2.32B from $3.75B (-$1.43B YoY); Adjusted (non-GAAP) Operating Earnings rose to $2.94B from $2.74B; operating income dropped to $3.09B from $4.35B, with effective tax rate surging to 33.8% vs 17.1%
Risk Factors
- • Nuclear PTC under IRA (starting Jan 1, 2024) subject to ongoing Treasury/IRS guidance that may reduce benefits; duration and value also exposed to legislative reversal
- • "Prohibiting Russian Uranium Imports Act" bans U.S. import of Russian low-enriched uranium, threatening nuclear fuel supply chain diversification across Constellation's large fleet
Financial SummaryXBRL
Revenue
$22.7B
Net Income
$2.3B
Operating Margin
13.6%
Net Margin
10.2%
ROE
16.0%
Total Assets
$57.2B
EPS (Diluted)
$7.40
Operating Cash Flow
$4.2B
Source: XBRL data from Constellation Energy FY2025 10-K filing on SEC EDGAR. All figures in USD.
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