Constellation Energy (CEG) Q3 FY2025 earnings: revenue $6.6 billion, up 0.3% on the year

Constellation Energy Corp. (CEG) reported revenue of $6.6 billion for Q3 FY2025, the quarter ended 30 September 2025, up 0.3% on the same quarter a year earlier. Net income was $930 million, down 22.5% on the year, and diluted earnings per share $2.97. The figures are the company's own, from the 10-Q it filed with the SEC on 7 November 2025.

Revenue

$6.6 billion

+0.3% on the year · +7.7% on the quarter

Q4 FY2023Q3 FY2025

Operating margin

16.5%

22.4% a year earlier

Q4 FY2023Q3 FY2025

Net income

$930 million

-22.5% on the year · +10.8% on the quarter

Q4 FY2023Q3 FY2025

Diluted EPS

$2.97

-22.3% on the year · +11.2% on the quarter

Q4 FY2023Q3 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Adjusted EPS rose to $3.04: Adjusted operating earnings were $952 million, or $3.04 per diluted share, against $860 million, or $2.74, a year earlier.
GAAP EPS fell to $2.97: GAAP net income attributable to common shareholders was $930 million, or $2.97 per diluted share, against $1,200 million, or $3.82, a year earlier.
Market conditions and outages drove results: The company said adjusted earnings reflected market and portfolio conditions and the impact of nuclear outages, partly offset by lower nuclear PTC revenue.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2025	Q2 FY2025	Q3 FY2024	On the quarter	On the year
Revenue	6,570	6,101	6,550	+7.7%	+0.3%
Operating income	1,086	951	1,467	+14.2%	-26.0%
Operating margin	16.5%	15.6%	22.4%
Interest expense	134	118	147	+13.6%	-8.8%
Pre-tax income	1,395	1,273	1,645	+9.6%	-15.2%
Income tax	466	440	449	+5.9%	+3.8%
Effective tax rate	33.4%	34.6%	27.3%
Net income	930	839	1,200	+10.8%	-22.5%
Net margin	14.2%	13.8%	18.3%
Diluted EPS	$2.97	$2.67	$3.82	+11.2%	-22.3%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2025	Q2 FY2025	Q3 FY2024	On the quarter	On the year
Operating cash flow	1,848	1,477	-112	+25.1%
Capital expenditure	390	767	552	-49.2%	-29.3%
Free cash flow	1,458	710	-664	+105.4%
Free cash flow margin	22.2%	11.6%	-10.1%
Cash from investing	-463	-872	2,406
Cash from financing	644	-485	-795
Depreciation and amortisation	645	660	661	-2.3%	-2.4%
Buybacks	0.0	400	0.0
Dividends paid	121	122	111	-0.8%	+9.0%
Dividend per share	$0.39	$0.39	$0.35	0.0%	+10.0%
Diluted shares, weighted	313m	314m	314m	-0.3%	-0.3%
Shares outstanding at period end	312m	312m	313m	0.0%	-0.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2025	Q2 FY2025	Q3 FY2024	On the quarter	On the year
Shareholders' equity	14,350	13,446	12,570	+6.7%	+14.2%
Non-controlling interest	342	357	371	-4.2%	-7.8%
Debt	9,037	8,311	8,412	+8.7%	+7.4%
Other liabilities	32,432	30,924	30,481	+4.9%	+6.4%
Total liabilities and equity	56,161	53,038	51,834	+5.9%	+8.3%
Fixed assets	21,990	21,820	20,892	+0.8%	+5.3%
Goodwill	420	420	420	0.0%	0.0%
Investments	427	398	494	+7.3%	-13.6%
Cash and equivalents	3,959	1,974	1,793	+100.6%	+120.8%
Receivables	3,168	2,947	1,208	+7.5%	+162.3%
Other assets	26,197	25,479	27,027	+2.8%	-3.1%
Total assets	56,161	53,038	51,834	+5.9%	+8.3%

Questions

What was Constellation Energy's revenue in Q3 FY2025?

Constellation Energy (CEG) reported revenue of $6.6 billion for Q3 FY2025, the quarter ended 30 September 2025, up 0.3% on the same quarter a year earlier.

How much did Constellation Energy earn in Q3 FY2025?

Net income for Q3 FY2025 was $930 million, down 22.5% on the year, and diluted earnings per share $2.97.

When did Constellation Energy report Q3 FY2025 results?

Constellation Energy filed its 10-Q for the quarter ended 30 September 2025 with the SEC on 7 November 2025.

Quarterly results, the last 20 quarters

	Q3 FY2021	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	4,406	5,531	5,591	5,465	6,051	7,333	7,565	5,446	6,111	5,796	6,161	5,475	6,550	5,382	6,788	6,101	6,570	6,074	11,122	7,504
Operating income	1,006	-2.0	435	272	-41.0	-171	31.0	669	977	-67.0	813	1,100	1,467	972	451	951	1,086	598	2,332	580
Operating margin	23%	-0%	8%	5%	-1%	-2%	0%	12%	16%	-1%	13%	20%	22%	18%	7%	16%	17%	10%	21%	8%
Interest expense	73.0	69.0	55.0	56.0	75.0	64.0	107	103	82.0	139	127	142	147	90.0	146	118	134	113	253	283
Pre-tax income	814	161	61.0	-438	-312	147	238	1,171	895	143	1,048	964	1,645	859	151	1,273	1,395	692	2,125	900
Tax rate	22%	73%	-87%	n/a	n/a	79%	55%	29%	23%	127%	16%	16%	27%	1%	15%	35%	33%	37%	25%	44%
Net income	607	42.0	106	-111	-188	33.0	96.0	833	731	-37.0	883	814	1,200	852	118	839	930	432	1,590	513
Net margin	14%	1%	2%	-2%	-3%	0%	1%	15%	12%	-1%	14%	15%	18%	16%	2%	14%	14%	7%	14%	7%
Diluted EPS	$0.00	$0.00	$0.32	-$0.34	-$0.57	$0.10	$0.29	$2.56	$2.26	-$0.11	$2.78	$2.58	$3.82	$2.71	$0.38	$2.67	$2.97	$1.38	$4.49	$1.42
Operating cash flow	1,331	-2,312	1,351	-88.0	-1,194	-2,422	-934	-192	-993	-3,182	-723	-613	-112	-1,016	107	1,477	1,848	805	425	1,128
Capital expenditure	367	243	410	390	290	599	660	676	399	687	738	546	552	729	806	767	390	986	1,275	1,246
Free cash flow	964	-2,555	941	-478	-1,484	-3,021	-1,594	-868	-1,392	-3,869	-1,461	-1,159	-664	-1,745	-699	710	1,458	-181	-850	-118
Buybacks	n/a	n/a	0.0	0.0	0.0	0.0	231	268	251	242	499	500	0.0	0.0	0.0	400	0.0	0.0	n/a	n/a
Dividends paid	0.0	0.0	46.0	47.0	46.0	46.0	93.0	92.0	92.0	89.0	112	110	111	111	122	122	121	121	155	154
Shares outstanding	327m	327m	327m	327m	327m	327m	324m	322m	319m	317m	315m	313m	313m	313m	313m	312m	312m	312m	362m	355m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2025, filed 7 November 2025: the filing.