Q2 2025 Earnings

Utilities Renewable Utilities

Income Statement

Revenue

$6.1B+11.4% YoY

Gross Profit

$1.1B18.0% margin

Operating Income

$951M15.6% margin

Net Income

$839M13.8% margin

EPS (Diluted)

$2.67

QoQ Revenue Growth

-10.1%

Cash Flow

Operating Cash Flow

$1.5B

Free Cash Flow

$710M

Stock-Based Comp.

Balance Sheet

Total Assets

$53.0B

Total Liabilities

$39.2B

Stockholders' Equity

$13.4B

Cash & Equivalents

$2.1B

Year-over-Year Comparison

Metric	Current	Year Ago	Change
Revenue	$6.1B	$5.5B	+11.4%
Gross Profit	$1.1B	$1.5B	-28.8%
Operating Income	$951M	$1.1B	-13.5%
Net Income	$839M	$814M	+3.1%

Revenue Segments

Constellation Midwest

$1.5B30%

Constellation Mid Atlantic

$1.4B28%

Constellation Other Regions

$1.2B23%

Constellation New York

$535M10%

Constellation ERCOT

$464M9%

Geographic Segments