Constellation Energy (CEG) FY2025 10-K Annual Report
Constellation Energy (CEG) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 24, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Constellation Energy FY2025 10-K Analysis
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
Constellation Energy FY2025 Key Financial MetricsXBRL
Revenue
$22.7B
▲ +19.5% YoY
Net Income
$2.3B
▼ -38.1% YoY
Operating Margin
13.6%
▼ -933bp YoY
Net Margin
10.2%
▼ -954bp YoY
ROE
16.0%
▼ -1250bp YoY
Total Assets
$57.2B
▲ +8.2% YoY
EPS (Diluted)
$7.40
▼ -37.8% YoY
Operating Cash Flow
$4.2B
▲ +272.0% YoY
Source: XBRL data from Constellation Energy FY2025 10-K filing on SEC EDGAR. All figures in USD.
Get deeper insights on Constellation Energy
Access full AI analysis, insider trading data, fund holdings, and cross-signal detection on SignalX.