Constellation Energy said GAAP Net Income for Q1 2025 decreased to $0.38 per share from $2.78 per share in Q1 2024, while Adjusted (non-GAAP) Operating Earnings increased to $2.14 per share from $1.82 per share.

1. 01

   Constellation Energy said GAAP Net Income for Q1 2025 decreased to $0.38 per share from $2.78 per share in Q1 2024, while Adjusted (non-GAAP) Operating Earnings increased to $2.14 per share from $1.82 per share.

2. 02

   The company disclosed that for Q1 2025, it adjusted GAAP Net Income of $118 million by items including Unrealized (Gain) Loss on Fair Value Adjustments of $505 million (net of taxes) or $1.61 per share to arrive at Adjusted (non-GAAP) Operating Earnings of $673 million.

3. 03

   Constellation disclosed that net cash flows from operating activities for Q1 2025 were $107 million, compared with a $(723) million outflow in Q1 2024, while investing activities were $(886) million and financing activities were $(408) million. Cash and cash equivalents as of March 31, 2025 were $1,846 million.

4. 04

   The company said it entered into a definitive agreement to acquire Calpine and continues to expect the transaction to close in the Q4 of this year. It also reaffirmed its full-year Adjusted (non-GAAP) Operating Earnings guidance range of $8.90 to $9.60 per share.

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Original filing

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