Constellation Energy Misses Q4 EPS Estimates Despite Revenue Beat

Core Viewpoint - Constellation Energy Corporation reported mixed financial results for the fourth quarter, with adjusted earnings slightly missing expectations but revenue significantly exceeding forecasts [1][2]. Financial Performance - Adjusted earnings per share for the fourth quarter were $2.30, just below the consensus estimate of $2.31 [1]. - Revenue for the quarter reached $6.07 billion, surpassing the analyst estimate of $4.95 billion and reflecting a 13% increase from $5.38 billion in the same quarter of the previous year [1]. Factors Influencing Performance - Management indicated that the quarterly performance was impacted by unfavorable results from the nuclear production tax credit portfolio, which was partially offset by favorable market conditions and portfolio optimization [2]. - Adjusted operating earnings decreased from $2.44 per share in the fourth quarter of 2024 [2]. Full-Year Performance - For the full year 2025, Constellation reported adjusted earnings of $9.39 per share, an increase from $8.67 per share in 2024, attributed to strong commercial execution and high performance from its nuclear fleet [2]. Acquisition and Production - The company completed the acquisition of Calpine Corporation on January 7, 2026, establishing itself as the largest electricity producer in the United States [3]. - During the quarter, the nuclear fleet generated 45,459 gigawatt-hours, remaining essentially flat compared to 45,494 gigawatt-hours a year earlier, with a capacity factor of 93.1% [3].