Constellation Energy Corporation (NASDAQ:CEG) reported fourth-quarter results Tuesday that narrowly missed earnings expectations even as revenue came in well ahead of analyst forecasts.
The company posted adjusted earnings of $2.30 per share, slightly below the consensus estimate of $2.31 per share. Revenue totaled $6.07 billion, exceeding analyst projections of $4.95 billion and rising 13% from $5.38 billion in the same quarter a year earlier.
Shares edged 0.61% higher in pre-market trading following the announcement.
Constellation said quarterly performance was affected by unfavorable outcomes related to its nuclear production tax credit portfolio, though this was partly offset by supportive market conditions and portfolio performance.
Adjusted operating earnings declined from $2.44 per share reported in the fourth quarter of 2024.
“Constellation enters 2026 well positioned to meet the nation’s growing demand for reliable, clean electricity,” said Joe Dominguez, president and CEO. “This past year, we welcomed Calpine to our company – expanding our generation portfolio, strengthening our commercial platform and enhancing our ability to serve customers nationwide.”
For full-year 2025, Constellation reported adjusted earnings of $9.39 per share, up from $8.67 per share in 2024, supported by strong commercial execution and continued performance from its nuclear generation fleet.
The company completed its acquisition of Calpine Corporation on January 7, 2026, creating what it described as the largest electricity producer in the United States.
During the fourth quarter, Constellation’s nuclear fleet generated 45,459 gigawatt-hours of electricity, broadly unchanged from 45,494 gigawatt-hours in the prior-year period, with a capacity factor of 93.1%.
The board declared a quarterly dividend of $0.4265 per share, payable March 20, 2026. Management said additional details on its 2026 outlook will be discussed during the company’s Business and Earnings Outlook call scheduled for March 31, 2026.