Constellation (NASDAQ:CEG), the nation's largest producer of carbon-free energy and a leading supplier of clean energy to commercial and public sector customers, reported robust fourth-quarter and full-year 2025 financial results on February 24, 2026.
For the fourth quarter ended December 31, 2025, GAAP net income was $1.38 per share, while adjusted (non-GAAP) operating earnings reached $2.30 per share.
For the full year 2025, GAAP net income totaled $7.40 per share, and adjusted operating earnings came in at $9.39 per share, reflecting strong performance from the nuclear, natural gas, and renewable generation portfolio amid favorable market conditions and operational excellence.
A transformative event in 2025 was the completion of the acquisition of Calpine Corporation, combining Constellation's premier nuclear fleet with Calpine's leading natural gas and geothermal assets and commercial platform.
The merger significantly expands the company's scale, geographic reach, and ability to serve growing data center and industrial load with reliable, clean energy solutions.