Constellation Energy Corp ( CEG ) shares fell premarket on Friday after the company reported mixed third-quarter 2025 results.

Details

Revenue in the third quarter was $6.57 billion, slightly beating the consensus of $6.569 billion.

Adjusted EPS climbed to $3.04 from $2.74 year-over-year, missing the consensus of $3.12.

Earnings benefited from favorable market and portfolio conditions and the effect of nuclear outages. However, gains were partly offset by reduced nuclear Production Tax Credit (PTC) revenue due to higher anticipated gross receipts for the year.

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Operating income for the quarter declined to $1.086 billion from $1.467 million a year ago.

Key Metrics

Constellation’s nuclear fleet produced 46,477 GWh in the quarter, slightly above last year.

Excluding Salem and STP, capacity reached 96.8%. The quarter saw 23 planned refueling outage days and five non-refueling outage days.

The company’s gas and pumped storage fleet achieved a 95.5% dispatch match rate, down from 98.2%, while renewables captured 96.8% of available energy, versus 96.0% in the prior year quarter.

Management Commentary

Joe Dominguez, president and CEO of Constellation, said, “We achieved one of the highest operating quarters for our nuclear fleet and advanced major milestones like our historic settlement with Maryland for continued operations of the Conowingo dam.”

2025 Outlook

Constellation Energy ( CEG ) narrowed adjusted operating EPS guidance range to $9.05–$9.45 (from $8.90–$9.60 per share) versus $8.49 estimate.

Price Action: CEG shares were trading lower by 6.35% to $329.00 premarket at last check Friday.

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