TLDR
- Constellation Energy reported Q3 2025 adjusted earnings of $3.04 per share, beating last year’s $2.74
- Full-year 2025 guidance narrowed to $9.05-$9.45 per share range
- Nuclear fleet capacity factor improved to 96.8% from 95.0% year-over-year
- Conowingo Dam secured Maryland water quality certification through settlement
- Nuclear output reached 46,477 gigawatt-hours in the quarter
Constellation Energy delivered adjusted operating earnings of $3.04 per share in the third quarter of 2025. The results represent an 11% increase from $2.74 per share in Q3 2024.
GAAP net income for the quarter totaled $2.97 per share. This declined from $3.82 per share in the year-ago period.
The company tightened its full-year 2025 adjusted operating earnings outlook. The revised guidance range now stands at $9.05 to $9.45 per share.
Constellation Energy Corporation, CEG
CEO Joe Dominguez highlighted the quarter as one of the best operating periods for the nuclear fleet. He noted growing momentum around nuclear energy’s role in the data economy.
CFO Dan Eggers credited strong nuclear and commercial execution. The financial performance reflects operational improvements across the fleet.
Nuclear Fleet Performance Drives Results
The nuclear fleet generated 46,477 gigawatt-hours during Q3 2025. This exceeded the 45,510 gigawatt-hours produced in the same quarter last year.
Nuclear plants achieved a 96.8% capacity factor for the period. The metric improved from 95.0% in Q3 2024.
Planned refueling outages totaled 23 days in the quarter. This compared to 37 days during the prior year period.
Non-refueling outages dropped sharply to just five days. The company experienced 20 non-refueling outage days in Q3 2024.
The reduction in outage days allowed for higher production levels. Better operational efficiency contributed to the improved earnings.
Conowingo Dam Certification Secured
Constellation reached a settlement with Maryland environmental groups in September 2025. The agreement included the Maryland Department of the Environment, Lower Susquehanna Riverkeeper Association, and Waterkeepers Chesapeake.
The Maryland Department of the Environment issued a water quality certification. This approval enables re-licensing and continued operation of the Conowingo hydroelectric facility.
Settlement terms require operational improvements and water quality commitments. The company agreed to enhance trash removal and aquatic life passage programs.
Freshwater mussel restoration forms part of the agreement. Dredging and invasive species management were also included in the settlement terms.
The certification resolves all outstanding regulatory issues. The dam can now proceed with the re-licensing process.
Other Operations Show Mixed Performance
The natural gas and pumped storage fleet posted a 95.5% dispatch match rate. This declined from 98.2% in Q3 2024.
Renewable energy capture improved to 96.8% across wind, solar and hydro assets. The prior year quarter saw 96.0% renewable energy capture.
The adjusted operating earnings benefited from favorable market conditions. Lower nuclear production tax credit revenue offset some gains due to higher anticipated gross receipts.
Management is preparing for the upcoming Calpine transaction close. The combined company will expand capabilities to serve customer demand for clean and reliable power.
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