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| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Steve Fleishman | Wolfe Research | 12 (8%) |
| David Arcaro | Morgan Stanley | 11 (0%) |
| Jeremy Tonet | JPMorgan | 8 (0%) |
| Julien Dumoulin-Smith | Jefferies | 7 (14%) |
| Angie Storozynski | Seaport Research Partners | 6 (0%) |
| Shar Pourreza | Wells Fargo | 4 (25%) |
| James West | Melius Research | 4 (0%) |
| Sophie Karp | KeyBanc Capital Markets | 3 (0%) |
| Nick Campanella | Barclays | 3 (0%) |
| Andrew Weisel | Scotiabank | 2 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Wolfe Research | 1 | 12 (8%) |
| Morgan Stanley | 1 | 11 (0%) |
| Jefferies | 2 | 9 (11%) |
| JPMorgan | 1 |
| 8 (0%) |
| Wells Fargo | 2 | 6 (33%) |
| Seaport Research Partners | 1 | 6 (0%) |
| Melius Research | 1 | 4 (0%) |
| Barclays | 1 | 3 (0%) |
Constellation delivered full-year adjusted operating EPS of $9.39, beating the guidance midpoint, and introduced FY2026 guidance of $11-$12 per share with a 20% base EPS CAGR target through 2029. The Calpine acquisition closed with integration running ahead of schedule, creating the largest private power producer globally. A $5 billion buyback authorization and $3.9 billion growth plan were announced, though no new hyperscaler deal was disclosed.
Demand | Regulation Policy | Pricing | Capex Investment | Competitive Dynamics | Capital Allocation | Cloud & AI | Innovation & R&D | |
|---|---|---|---|---|---|---|---|---|
| 2025Q1 | 4 | 4 | 3 | 1 | 3 | |||
| 2025Q2 | 5 | 4 | 1 | 1 | 1 | 1 | 2 | 1 |
| 2025Q3 | 4 | 1 | 4 | 5 | 6 | 1 | 1 | 2 |
| 2025Q4 | 5 | 2 | 2 | 1 | 2 | 4 | 1 | 1 |
| 2026Q1 | 6 | 6 | 2 | 4 | 3 |
| '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|
| Demand | 4 | 5 | 4 | 5 | 6 |
| Regulation Policy | 4 | 4 | 1 | 2 | 6 |
| Pricing | 3 | 1 | 4 | 2 | 2 |
| Capex Investment | 1 | 5 | 1 | 4 | |
| Competitive Dynamics | 1 | 1 | 6 | 2 | |
| Capital Allocation | 1 | 1 | 4 | 3 | |
| Cloud & AI | 3 | 2 | 1 | 1 | |
| Innovation & R&D | 1 | 2 | 1 |
Calendar quarter Q4 2025Earnings call Mar 31, 2026
FY2025 Q4 in brief
Constellation delivered full-year adjusted operating EPS of $9.39, beating the guidance midpoint, and introduced FY2026 guidance of $11-$12 per share with a 20% base EPS CAGR target through 2029.
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
Sources. Tellvest earnings-call sentiment score for Constellation Energy (CEG), FY2025 Q4: 7/10. Scores: Constellation Energy’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: CEG daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $5.38B | -7.1% | $2.71 | +2563.6% | 18.1% | 15.8% | $-1.75B |
| FY2025 Q1 | $6.79B | +10.2% | $0.38 | -86.3% | 6.6% | 1.7% | $-699M |
| FY2025 Q2 | $6.10B | +11.4% | $2.67 | +3.5% | 15.6% | 13.8% | $710M |
| FY2025 Q3 | $7.18B | +9.7% | $2.97 | -22.3% | 21.4% | 12.9% | $1.46B |
| FY2025 Q4 | $5.46B | +1.4% | $1.38 | -49.1% | 2.7% | 7.9% | $-181M |
| FY2026 Q1 | $11.12B | +63.8% | $4.49 | +1081.6% | 20.8% | 14.4% | $-850M |
| FY2026 Q2 | $7.51B | +23.0% | $1.45 | -45.7% | 7.7% | 6.8% | $-118M |
| Year | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2022 | $24.44B | — | $-0.49 | — | 2.0% | -0.7% | $-4.04B |
| FY2023 | $24.92B | +2.0% | $5.00 | +1125.0% | 6.5% | 6.5% | $-7.72B |
| FY2024 | $23.57B | -5.4% | $11.89 | +137.8% | 18.5% | 15.9% | $-5.03B |
| FY2025 |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
GAAP revenue YoY +1.45% → base 5. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
| $25.53B |
| +8.3% |
| $7.40 |
| -37.8% |
| 12.1% |
| 9.1% |
| $1.29B |
What CEG and other companies said about each other on FY2025 Q4 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Moody's and S&P reaffirmed our credit ratings, supported by our strong cash generation, long-term contracted cash flows and clear deleveraging trajectory.”
S&P reaffirmed Constellation's credit ratings after the Calpine close, supported by cash generation and a clear deleveraging trajectory.
“Moody's and S&P reaffirmed our credit ratings, supported by our strong cash generation, long-term contracted cash flows and clear deleveraging trajectory.”
Moody's reaffirmed Constellation's credit ratings post-Calpine, citing strong cash generation and deleveraging plans.
“nor can I comment much on Amazon's community night last week in Maryland, where they described a large data center project next to our Calver Cliffs Clean Energy Center”
Amazon publicly described a large data-center project adjacent to Constellation's Calvert Cliffs nuclear plant, signaling a potential large power offtake counterparty.
“You might have seen an announcement we made with NVIDIA, Emerald AI and other companies last week, where we are pioneering new technology that will allow the data centers to move data projects from one data center to another at a peak.”
Constellation partnered with Emerald AI on technology to move data-center workloads between sites at peak demand.
“You might have seen an announcement we made with NVIDIA, Emerald AI and other companies last week, where we are pioneering new technology that will allow the data centers to move data projects from one data center to another at a peak.”
Constellation announced a joint effort with NVIDIA and Emerald AI to shift data-center workloads between sites during peak demand, tying Nvidia into grid-flexibility technology.
“Our strategic acquisitions of Calpine and the South Texas project have expanded our generation fleet, increased scale and enhanced our ability to serve a broader and more diverse customer base”
Constellation closed its acquisition of Calpine, adding a large natural-gas fleet and coast-to-coast scale, now core to its data-center power strategy.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
CEG Constellation Energy | 7 | +1.4% | |
| GEV GE Vernova | 6 | +3.8% |