Constellation Energy on Feb. 24 reported net income of $2.32 billion ($7.40/share) in 2025, down from the $3.75 billion ($11.89/share) it made in 2024 despite a $1.96 billion increase in operating revenue.
While GAAP earnings were 38% lower in 2025 than in 2024, they were 8.3% higher after adjustments. This was attributed in part to the $26.6 billion acquisition of Calpine, completed on Jan. 7. The deal brought together the largest nuclear power operator and largest gas generation owner in the U.S. to form a 55-GW behemoth that now calls itself the world’s largest private-sector power producer. (See FERC Denies Rehearing Requests on Constellation-Calpine Merger.)
Other major developments in 2025 included license renewals for the Clinton and Dresden nuclear plants; a 1,121-MW power purchase agreement with Meta at its Clinton nuclear plant; and a $1 billion federal loan guarantee for the effort to restart Unit 1 of the Crane nuclear plant. (See Constellation, Meta Sign 20-year Nuclear PPA.) In early 2026, Constellation announced a 380-MW agreement for a new CyrusOne data center adjacent to the Freestone gas-fired plant.
Constellation did not deliver a 2026 business outlook with the results — that has been pushed back to March 31, a common corporate move after a major acquisition or merger — but the newly enlarged company is faced with a U.S. electricity landscape in which demand projections are rising quickly while policymakers are taking steps to slow price increases.
Data centers are one of the drivers of the expected increase in U.S. power demand, and Constellation CEO Joe Dominguez said the company is ready to meet the moment.
“We’re pairing the grid’s most reliable power with flexible resources to meet accelerating demand driven by electrification and the data economy,” Dominguez said in a statement. “Our long-term agreements with Microsoft, Meta and most recently CyrusOne demonstrate how we’re putting that expanded portfolio to work while maintaining reliability for customers and keeping costs stable.”
Positive factors in the company’s full-year earnings included favorable market and portfolio conditions, higher banked zero-emissions credit revenues and favorable nuclear outages; counterbalancing these were unfavorable nuclear production tax credit portfolio results.
Constellation’s stock price jumped more than 6% on the release of the earnings report, closing at $312.58 on Feb. 24. The stock, however, is still down nearly 13% in 2026 and about 23.5% from its peak of $404 in October 2025.
Crane Clean Energy Center
Microsoft has contracted to buy 835 MW for 20 years from Constellation’s Crane Clean Energy Center to power some of its data centers.
Work is progressing on the $1.6 billion restart of the facility formerly known as Three Mile Island planned for mid-2027, a team of Constellation managers said at a community meeting Feb. 19.
Inspections so far have revealed minimal to no impact on the major systems of Unit 1 resulting from its 2019 shutdown for economic reasons, they said. Some systems do need to be upgraded or hardened; replacements for two transformers, for example, were ordered and are expected to be delivered later in 2026.
Thirteen of 88 system restorations have been completed at the facility, which started construction in 1968 and began commercial operation in 1974.
Constellation is not worried about obsolescence or availability of replacement components for the aged facility: The size of the company’s nuclear fleet gives it relationships with many suppliers and the ability, if needed, to reverse-engineer solutions.
The company has hired 600 permanent staff for the facility, about 350 of them experienced nuclear workers and about 150 of them former Three Mile Island employees.
The control room simulator has been fully restored, and two operator classes are underway with a combined 57 students, most of them having previous nuclear experience.
