Q3 2025 Earnings

Utilities Renewable Utilities

Income Statement

Revenue

$7.2B+9.7% YoY

Gross Profit

$1.7B23.7% margin

Operating Income

$1.5B21.4% margin

Net Income

$930M12.9% margin

EPS (Diluted)

$2.97

QoQ Revenue Growth

+17.8%

Cash Flow

Operating Cash Flow

$1.8B

Free Cash Flow

$1.5B

Stock-Based Comp.

Balance Sheet

Total Assets

$56.2B

Total Liabilities

$41.5B

Stockholders' Equity

$14.3B

Cash & Equivalents

$4.1B

Year-over-Year Comparison

Metric	Current	Year Ago	Change
Revenue	$7.2B	$6.5B	+9.7%
Gross Profit	$1.7B	$1.9B	-10.1%
Operating Income	$1.5B	$1.5B	+4.9%
Net Income	$930M	$1.2B	-22.5%

Revenue Segments

Constellation Mid Atlantic

$1.8B30%

Constellation Other Regions

$1.5B26%

Constellation Midwest

$1.4B24%

Constellation ERCOT

$628M11%

Constellation New York

$582M10%

Geographic Segments