Filing Flows › Constellation Energy (CEG) › Q2 2025
Constellation Energy (CEG) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Constellation Energy (CEG) reported revenue of $6.1B for the second quarter 2025 (Q2 2025), +11% from a year earlier and -10% from the quarter before. Operating margin was 15.6%, net earnings $839M (13.8% of revenue).
Constellation Energy, Q2 2025: revenue $6.1B (+11% year over year), operating margin 15.6%, net earnings $839M, operating cash flow $1.5B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.1B | -10% | +11% |
| Operating profit | $951M | +111% | -14% |
| Net earnings | $839M | +611% | +3% |
| Operating cash flow | $1.5B | 14× | — |
| Free cash flow | $710M | — | — |
What changed
Revenue was $6.1B in Q2 2025, up 11% year over year and down 10% from the previous quarter.
Operating profit was $1.0B, a 15.6% margin (down 4.5 points year over year). Operating profit fell $0.15B even though revenue rose $0.63B versus a year earlier, so costs grew faster than sales. Total costs grew 18% against revenue growth of 11%. Net earnings were $0.84B, up 3% year over year. The effective tax rate was 34.6%. Non-operating items added $0.32B, 25% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $1.5B, 177% of net earnings. Non-cash charges added back $0.66B of depreciation and amortization. Capital expenditures of $0.77B left free cash flow of $0.71B.
Questions
What was Constellation Energy's revenue in the second quarter 2025?
Constellation Energy (CEG) reported revenue of $6.1B for the second quarter 2025 (Q2 2025), +11% from a year earlier and -10% from the quarter before.
Was Constellation Energy profitable in the second quarter 2025?
Operating profit was $951M (15.6% of revenue) and net earnings $839M.