Q1 2025 Earnings

Utilities Renewable Utilities

Income Statement

Revenue

$6.8B+10.2% YoY

Gross Profit

$859M12.7% margin

Operating Income

$451M6.6% margin

Net Income

$118M1.7% margin

EPS (Diluted)

$0.38

QoQ Revenue Growth

+26.1%

Cash Flow

Operating Cash Flow

$107M

Free Cash Flow

-$699M

Stock-Based Comp.

Balance Sheet

Total Assets

$52.3B

Total Liabilities

$38.9B

Stockholders' Equity

$13.0B

Cash & Equivalents

$1.8B

Year-over-Year Comparison

Metric	Current	Year Ago	Change
Revenue	$6.8B	$6.2B	+10.2%
Gross Profit	$859M	$1.3B	-31.7%
Operating Income	$451M	$813M	-44.5%
Net Income	$118M	$883M	-86.6%

Revenue Segments

Constellation Mid Atlantic

$1.7B29%

Constellation Other Regions

$1.6B27%

Constellation Midwest

$1.4B25%

Constellation New York

$675M12%

Constellation ERCOT

$398M7%

Geographic Segments