Filing Flows › Constellation Energy (CEG) › Q3 2025
Constellation Energy (CEG) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Constellation Energy (CEG) reported revenue of $6.6B for the third quarter 2025 (Q3 2025), +0.3% from a year earlier and +8% from the quarter before. Operating margin was 16.5%, net earnings $929M (14.1% of revenue).
Constellation Energy, Q3 2025: revenue $6.6B (+0.3% year over year), operating margin 16.5%, net earnings $929M, operating cash flow $1.8B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.6B | +8% | +0.3% |
| Operating profit | $1.1B | +14% | -26% |
| Net earnings | $929M | +12% | -22% |
| Operating cash flow | $1.8B | +25% | — |
| Free cash flow | $1.5B | +105% | — |
What changed
Revenue was $6.6B in Q3 2025, roughly flat year over year and up 8% from the previous quarter.
Operating profit was $1.1B, a 16.5% margin (down 5.9 points year over year). Operating profit fell $0.38B even though revenue rose $0.02B versus a year earlier, so costs grew faster than sales. Total costs grew 8% against flat revenue. Net earnings were $0.93B, down 22% year over year. The effective tax rate was 33.4%. Non-operating items added $0.31B, 22% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $1.8B, 199% of net earnings. Non-cash charges added back $0.65B of depreciation and amortization. Working capital and other items added $0.27B. Capital expenditures of $0.39B left free cash flow of $1.5B.
Questions
What was Constellation Energy's revenue in the third quarter 2025?
Constellation Energy (CEG) reported revenue of $6.6B for the third quarter 2025 (Q3 2025), +0.3% from a year earlier and +8% from the quarter before.
Was Constellation Energy profitable in the third quarter 2025?
Operating profit was $1.1B (16.5% of revenue) and net earnings $929M.