Key Highlights
- Constellation Energy delivered Q4 adjusted earnings per share of $2.30, surpassing the analyst consensus of $2.25
- Total operating revenue reached $6.07 billion, significantly exceeding the anticipated $4.82 billion
- The quarterly dividend payment increased to 42.65 cents per share from the previous 38.78 cents
- Full-year 2026 financial outlook postponed — company to provide details on March 31
- CEG shares climbed approximately 1.9% during premarket hours following the announcement
Constellation Energy delivered fourth-quarter financial performance that exceeded analyst projections across key metrics.
For the quarter ending December 31, the energy producer posted adjusted earnings of $2.30 per share. This figure topped the Street’s expectation of $2.25 from FactSet and $2.23 according to LSEG.
The company’s operating revenue climbed to $6.07 billion from $5.38 billion in the same period last year. This represented a substantial beat against the analyst projection of $4.82 billion.
Constellation Energy Corporation, CEG
While revenue showed strength, both net income and adjusted operating profit experienced year-over-year declines. Management attributed this primarily to unfavorable performance in the nuclear production tax credit portfolio, though this was partially counterbalanced by improved market dynamics.
Operating expenses increased 22.3% to reach $5.48 billion during the quarter. Interest expense also saw an uptick, rising 25.6% to $113 million.
CEG stock gained roughly 1.9% in premarket activity, touching $299.45. Shares had declined 16% year-to-date before the earnings release, pressured by concerns about possible electricity rate limitations discussed in early January.
Growth Catalysts
Chief Executive Joe Dominguez highlighted data centers as a significant growth catalyst. “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 noted.
According to the U.S. Energy Information Administration’s recent report, electricity consumption achieved a second consecutive record peak in 2025 and is projected to continue growing through 2026 and 2027. Artificial intelligence infrastructure, cryptocurrency operations, and the broader transition to electric heating and transportation are primary contributors.
Constellation’s nuclear facilities generated 45,459 gigawatt-hours during the quarter, marginally below the 45,494 GWh produced in the prior-year period. The slight decrease resulted from additional scheduled refueling activities and non-refueling maintenance outages.
The energy company maintains supply contracts with Meta to operate an Illinois reactor for two decades, and with Microsoft to bring a Pennsylvania reactor back online at the facility previously known as Three Mile Island.
In January, Constellation 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 finalized its $16.4 billion purchase of Calpine Corporation in January. The acquisition brings natural gas and geothermal generation assets into the fold, diversifying Constellation’s energy mix beyond its nuclear foundation.
The company announced an increase to its quarterly dividend, raising it to 42.65 cents per share from 38.78 cents. The payment will be distributed on March 20 to stockholders of record on March 9.
Notably absent from the announcement was a 2026 financial outlook. Management indicated that comprehensive full-year guidance would be delivered during an investor conference call scheduled for March 31.
The quarterly adjusted EPS of $2.30 exceeded the consensus estimate of $2.23 from LSEG and $2.25 from FactSet.
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