**Bullish Points:**
1. Operating revenues increased by $1,965 million (8.3%) in 2025 compared to 2024, driven by higher energy prices, capacity revenues, and retail load revenue.
2. The acquisition of Calpine Corporation added approximately 23 GWs of generation capacity and a competitive retail electric supplier platform serving 62 TWhs annually.
3. The restart of the Crane Clean Energy Center is supported by a 20-year PPA with Microsoft, with a $1 billion DOE loan guarantee.
4. Adjusted (non-GAAP) Operating Earnings for 2025 were $2,944 million, an increase of $209 million compared to 2024.
5. The company maintained investment-grade credit ratings as of December 31, 2025, with $7.4 billion of available capacity under credit facilities and $3.6 billion in cash on hand.
6. Quarterly dividends increased by 10% in 2026 compared to 2025.
7. The Conowingo Hydroelectric Project reached a settlement agreement, clearing the way for re-licensing and continued operation.
8. The One Big Beautiful Bill Act (OBBBA) passed in 2025, preserving and enhancing federal tax credits for nuclear energy and other clean technologies.
9. The company repurchased $404 million of its common stock in 2025 under its share repurchase program.
**Bearish Points:**
1. Net income attributable to common shareholders for 2025 was $2,319 million, a decrease of $1,430 million compared to 2024.
2. Purchased power and fuel expenses increased by $3,262 million (28.6%) in 2025 due to higher energy prices and transmission costs.
3. Long-term debt as of December 31, 2025, was $7,250 million, with $92 million due within one year.
4. Exposure to commodity price volatility, credit risks, and regulatory changes remains significant.
5. Integration challenges and potential liabilities related to the Calpine acquisition could impact future financial performance.
6. The effective income tax rate for 2025 was 33.8%, higher than 17.1% in 2024.
7. Litigation related to the February 2021 extreme cold weather event in Texas is ongoing, with no loss contingencies recorded as of 2025.
**Summary:**
Constellation Energy Corp (CEG) demonstrated strong revenue growth and strategic acquisitions, which have bolstered its generation capacity and market position. The company has maintained investment-grade credit ratings and increased dividends, reflecting a commitment to shareholder returns. However, the decrease in net income, increased operating costs, and significant exposure to commodity price volatility and regulatory changes pose challenges. The integration of Calpine Corporation and ongoing litigation could impact future financial performance. Overall, while there are positive developments, the company faces several risks that need to be managed effectively.
For more information, you can read the original text of Constellation Energy Corp's financial report.
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