Constellation Energy reported third-quarter adjusted earnings of $3.04 per share, falling short of analyst expectations of $3.09, despite revenue of $6.57 billion exceeding the consensus estimate of $6.46 billion. The company’s shares dropped 2.7% premarket following the earnings miss.

The energy provider narrowed its full-year 2025 adjusted earnings guidance to a range of $9.05 to $9.45 per share, with the midpoint of $9.25 slightly below the analyst consensus of $9.42. The quarterly earnings represented an 11% increase from the $2.74 per share reported in the third quarter of 2024.

"Constellation delivered adjusted operating earnings of $3.04 per share this quarter, up from $2.74 per share in Q3 of last year," said Dan Eggers, chief financial officer. "We continue to execute well operationally and financially, supported by strong nuclear and commercial performance."

The company’s nuclear fleet achieved a 96.8% capacity factor during the quarter, improving from 95.0% in the same period last year. Nuclear production increased to 46,477 gigawatt-hours, up from 45,510 gigawatt-hours in Q3 2024.

"We achieved one of the highest operating quarters for our nuclear fleet and advanced major milestones like our historic settlement with Maryland for continued operations of the Conowingo dam," said Joe Dominguez, president and CEO of Constellation.