The article compares Constellation Energy (CEG) and NextEra Energy (NEE). Constellation runs the largest private-sector nuclear fleet in the United States, serves about 2.5 million customers, and has a 20-year power purchase agreement with Microsoft plus a deal with Meta. In FY 2025, Constellation reported revenue of about $25.5 billion (up 8.3%) and net income near $2.3 billion, a net margin of roughly 9.1%; NextEra posted revenue of about $27.5 billion (up nearly 11%) and net income near $6.8 billion, a net margin of roughly 24.9%. The risks differ: Constellation faces fuel price volatility, nuclear operational risks and the Calpine integration, while NextEra faces extensive regulation, hurricane-related weather risks and litigation. The author would choose Constellation for 2027, calling it a close call, because its carbon-free nuclear power is sought by data centers, and in Q2 2026 it beat earnings estimates and raised its full-year outlook.
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