Q4 2025 Earnings

Utilities Renewable Utilities

Income Statement

Revenue

$5.5B+1.4% YoY

Gross Profit

$15.7B287.5% margin

Operating Income

$145M2.7% margin

Net Income

$432M7.9% margin

EPS (Diluted)

$1.38

QoQ Revenue Growth

-24.0%

Cash Flow

Operating Cash Flow

$805M

Free Cash Flow

-$181M

Stock-Based Comp.

Balance Sheet

Total Assets

$57.2B

Total Liabilities

$42.4B

Stockholders' Equity

$14.5B

Cash & Equivalents

$3.7B

Year-over-Year Comparison

Metric	Current	Year Ago	Change
Revenue	$5.5B	$5.4B	+1.4%
Gross Profit	$15.7B	$1.3B	+1120.8%
Operating Income	$145M	$972M	-85.1%
Net Income	$432M	$852M	-49.3%

Revenue Segments

Constellation Mid Atlantic

$1.6B30%

Constellation Midwest

$1.5B27%

Constellation Other Regions

$1.3B24%

Constellation New York

$597M11%

Constellation ERCOT

$414M8%

Geographic Segments