Filing Flows › Constellation Energy (CEG) › Q4 2025
Constellation Energy (CEG) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
Constellation Energy (CEG) reported revenue of $6.1B for the fourth quarter 2025 (Q4 2025), +13% from a year earlier and -8% from the quarter before. Operating margin was 9.8%, net earnings $432M (7.1% of revenue).
Constellation Energy, Q4 2025: revenue $6.1B (+13% year over year), operating margin 9.8%, net earnings $432M, operating cash flow $805M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.1B | -8% | +13% |
| Operating profit | $598M | -45% | -38% |
| Net earnings | $432M | -53% | -49% |
| Operating cash flow | $805M | -56% | — |
What changed
Revenue was $6.1B in Q4 2025, up 13% year over year and down 8% from the previous quarter.
Operating profit was $0.60B, a 9.8% margin (down 8.2 points year over year). Operating profit fell $0.37B even though revenue rose $0.69B versus Q4 2024, so costs grew faster than sales. Total costs grew 24% against revenue growth of 13%. Net earnings were $0.43B, down 49% year over year. The effective tax rate was 37.4%.
Operating cash flow was $0.81B, 186% of net earnings. Non-cash charges added back $0.66B of depreciation and amortization. Working capital and other items used $0.28B. Capital expenditures of $1.0B exceeded it, leaving free cash flow of −$0.18B.
Questions
What was Constellation Energy's revenue in the fourth quarter 2025?
Constellation Energy (CEG) reported revenue of $6.1B for the fourth quarter 2025 (Q4 2025), +13% from a year earlier and -8% from the quarter before.
Was Constellation Energy profitable in the fourth quarter 2025?
Operating profit was $598M (9.8% of revenue) and net earnings $432M.