Short answer
Constellation Energy (CEG) filed its fiscal 2025 10-K annual report with the SEC on Feb 24, 2026. It reported revenue of $22.7B (+19.5% year over year) and net income of $2.3B.
- Top risk flagged: 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
FY2025 key financial metrics · XBRL
- Revenue
- $22.7B
- +19.5% YoY
- Net income
- $2.3B
- −38.1% YoY
- Operating margin
- 13.6%
- −9.3 pp YoY
- EPS (diluted)
- $7.40
- −37.8% YoY
- ROE
- 16.0%
- −12.5 pp YoY
- Operating cash flow
- $4.2B
- +272.0% YoY
Source: XBRL data from the Constellation Energy (CEG) FY2025 10-K on SEC EDGAR. USD.
Constellation Energy FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
- Three Mile Island restart (Crane Clean Energy Center, ~835 MW) backed by 20-year Microsoft PPA and $1.0B DOE loan guarantee issued Nov 2025
- Nuclear fleet produced 183 TWh in 2025 at 94.7% capacity factor: ~4 percentage points above industry average annually since 2013
- 15,339 total employees at Dec 31, 2025 (pre-Calpine); voluntary turnover only 3.3%, reflecting workforce stability at large-scale nuclear operator
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%
- Operating cash flow swung to +$4.24B from -$2.46B YoY; $1.08B net long-term debt redeemed in 2025; quarterly dividend held at $0.3878/share, raised to $0.4265 for Q1 2026
- Capex guidance $5.7B (2026) and $4.7B (2027) inclusive of Calpine; ~29% allocated to nuclear fuel procurement; $3.9B earmarked for growth including Crane restart, nuclear uprates, and license renewals
- Calpine acquisition ($22B, closed Jan 2026) adds ~23 GW and ~$12.6B assumed debt; PJM market reform and FERC co-location rulings cited as key emerging revenue risks
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
- ~70% of generating resources concentrated in PJM market; proposed Trump administration/PJM framework for new load connections creates material market-design uncertainty
- Calpine acquisition (Jan 2026) added significant goodwill to balance sheet; integration risk includes unknown liabilities, potential key-employee loss, and EPS dilution despite accretion expected in 2026
- Credit facilities 26% European, 8% Canadian, 13% Asian banks: cross-border market disruption could impair liquidity access
Generated from the filing text; verify against the original. How to read a 10-K
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