TLDR
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CEG ends at $293.80 (-0.35%) as premarket $296.79 suggests buyers returning fast
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Q4 GAAP EPS $1.38 and adjusted $2.30 as full-year adjusted earnings reach $9.39
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Dividend up 10% and another 10% hike set for 2026, quarterly cash pays March 20
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$1B DOE loan backs Crane restart with 20-year Microsoft offtake, fixed-rate terms
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Calpine deal plus 380MW and 400MW data-center contracts broadens U.S. market reach
Constellation Energy Corporation (CEG) advanced its 2026 agenda as it posted updated earnings, secured major federal and commercial agreements, and strengthened its generation portfolio. The stock closed at $293.80, down 0.35%, yet pre-market trading signaled renewed momentum at $296.79. The company moved into the new year with a larger asset base, expanded customer demand and increased financial flexibility.
Constellation Energy Corporation, CEG
Dividend Hike and Earnings Performance Support Growth Plans
Constellation reported GAAP earnings of $1.38 per share for the fourth quarter of 2025 and $7.40 per share for the full year. The company also posted adjusted operating earnings of $2.30 per share for the quarter and $9.39 per share for the year. However, quarterly results reflected weaker nuclear production tax credit outcomes even as broader market conditions remained supportive.
The company raised its annual dividend by 10% and confirmed another 10% increase in 2026. It also declared a quarterly dividend of $0.4265 per share, payable on March 20. This move reinforced stable cash generation and marked continued confidence in long-term earnings strength.
Full-year adjusted earnings improved due to favorable market prices, stronger state credit revenues and better outage performance. These gains offset weaker nuclear credit variables and supported a steady year-over-year earnings expansion. The company maintained its pattern of exceeding its financial targets for the fourth consecutive year.
DOE Loan and Nuclear License Renewals Strengthen Core Fleet
Constellation secured a $1 billion DOE loan guarantee to support the restart of the Crane Clean Energy Center. The financing features a long maturity date and fixed interest terms linked to Treasury benchmarks. Moreover, the restart is backed by a 20-year agreement with Microsoft to purchase the plant’s output.
The Nuclear Regulatory Commission approved extended operating licenses for the Clinton and Dresden stations. These renewals allow the plants to operate into the 2040s and early 2050s. Constellation also committed more than $370 million to upgrade systems and reinforce long-term reliability across the sites.
Nuclear generation remained stable with 45,459 GWh produced in the quarter, supported by strong capacity factors. Planned outage days remained consistent, though non-refueling outages increased from the prior year. Even so, the nuclear fleet continued to anchor the company’s reliability and output strategy.
Data Center Agreements and Calpine Acquisition Expand Market Reach
Constellation completed its acquisition of Calpine Corporation, combining nuclear, natural gas and geothermal capacity under one platform. This transaction created the nation’s largest electricity producer and widened operational capabilities across key U.S. regions. It also strengthened commercial optionality for long-term power contracts in growing digital sectors.
Calpine signed a new 380 MW agreement with CyrusOne to support a major data center at the Freestone Energy Center in Texas. The deal includes power access, grid connectivity and site infrastructure for current and future development phases. Additional 400 MW agreements at the Thad Hill Energy Center further expanded capacity dedicated to data demand growth.
The combined company advanced performance across its gas, hydro, wind and solar assets with high dispatch and energy capture rates. These metrics highlighted operational consistency across diverse resources and supported broader reliability efforts. Constellation entered 2026 with enhanced scale and reinforced positioning as energy demand accelerates nationwide.
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