How did Constellation Energy's revenue and expenses shift in Q4 2024?

Constellation Energy's revenue and expenses in Q4 2024 showed a slight decline in total revenue and a significant increase in cost of goods sold compared to the previous quarter, reflecting operational changes rather than strategic shifts.

1. **Revenue Shift**:
- **Total Revenue**: The company's total revenue for Q4 2024 was $5.38 billion, which is a decrease from the previous quarter's total revenue of $6.55 billion. This decline indicates a reduction in sales or operational efficiency during the period.
- **Segmental Revenue**: Within the business segments, the Electric segment contributed the most with $19.43 billion, followed by $14.67 billion, $5.59 billion, $4.14 billion, $2.28 billion, $1.24 billion, and $1.2 billion for various sub-segments. The decrease in total revenue can be attributed to a drop in the Other segment's contribution, which fell from $4.14 billion to $1.2 billion.

|code|Ticker|Name|Date|Business Composition|Revenue By Business|market_code|
|---|---|---|---|---|---|---|
|CEG|CEG.O|Constellation Energy|20240101-2024|Other|4.135E9|185|
|CEG|CEG.O|Constellation Energy|20240101-2024|Other|1.238E9|185|
|CEG|CEG.O|Constellation Energy|20240101-2024|Other|5.74E8|185|
|CEG|CEG.O|Constellation Energy|20240101-2024|Other|2.05E8|185|
|CEG|CEG.O|Constellation Energy|20240101-2024|Natural Gas|1.162E9|185|
|CEG|CEG.O|Constellation Energy|20240101-2024|Electric|4.794E9|185|
|CEG|CEG.O|Constellation Energy|20240101-2024|Other|2.05E8|185|

|code|Ticker|Name|Date|Total Revenue YoY|Total Revenue|market_code|
|---|---|---|---|---|---|---|
|CEG|CEG.O|Constellation Energy|2023 Q4|-20.960043638347198|5.796E9|185|
|CEG|CEG.O|Constellation Energy|2024 Q1|-18.559153998678124|6.161E9|185|
|CEG|CEG.O|Constellation Energy|2024 Q2|0.5325009181050312|5.475E9|185|
|CEG|CEG.O|Constellation Energy|2024 Q3|7.18376697758141|6.55E9|185|

2. **Expense Shift**:
- **Cost of Goods Sold**: The cost of goods sold increased significantly to $2.59 billion, up from the previous quarter's $2.17 billion. This indicates a rise in operational costs, potentially due to increased expenses in sourcing, production, or delivery of goods and services.
- **Research and Development Expenses**: There was no record of any research and development expenses in Q4 2024.
- **Other Expenses**: Similarly, there were no reported other expenses in Q4 2024.

|code|Ticker|Name|Date|Cost of Goods Sold|Cost of Goods Sold YoY|market_code|
|---|---|---|---|---|---|---|
|CEG|CEG.O|Constellation Energy|2024 Q1|3.417E9|-40.35608308605341|185|
|CEG|CEG.O|Constellation Energy|2024 Q2|2.292E9|-20.60962937305161|185|
|CEG|CEG.O|Constellation Energy|2024 Q3|3.119E9|-7.3656073656073655|185|
|CEG|CEG.O|Constellation Energy|2024 Q4|2.591E9|-35.51518168242907|185|

3. **Profitability Metrics**:
- Despite the revenue decline, the company maintained profitability with a GAAP net income of $2.71 per share and adjusted operating earnings of $2.44 per share for Q4 2024. For the full year, the GAAP net income was $11.89 per share, and the adjusted operating earnings were $8.67 per share, exceeding the company's guidance.
- The company's strategic moves, such as the acquisition of Calpine Corporation and the signing of a power purchase agreement with Microsoft, suggest a forward-looking growth strategy.

In conclusion, Constellation Energy experienced a contraction in revenue and an increase in cost of goods sold in Q4 2024, which may be a temporary setback. The company's financial metrics, however, indicate resilience, and its strategic initiatives could position it for future growth.