0001868275-25-000092
SEC filingQ3 营收持平但净利下滑，核能 PTC 减少与对冲损失拖累，Calpine 收购推进中。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $6,570M | $6,550M | +0.3% |
| Gross Profit | $3,003M | $3,431M | -12.5% |
| Gross Margin | 45.7% | 52.4% | -670 bps |
| Operating Income | $1,086M | $1,467M | -26.0% |
| Operating Margin | 16.5% | 22.4% | -590 bps |
| Net Income | $930M | $1,200M | -22.5% |
| Diluted EPS | $2.97 | $3.82 | -22.3% |
| Adjusted (non-GAAP) Operating Earnings | $952M | $860M | +10.7% |
| Adjusted EPS | $3.04 | $2.74 | +10.9% |
| Operating Cash Flow (9M) | $3,432M | ($1,448M) | — |
| Free Cash Flow (9M) | $1,469M | ($3,284M) | — |
Q3 营收基本持平，但盈利显著下滑。核心拖累是核能 PTC 收入大幅减少 $495M（从 $670M 降至 $175M），主要因电价上涨导致 PTC 资格门槛提高。此外，经济对冲产生未实现损失 $130M，而去年同期为收益 $400M。部分被零售负荷收入增长、容量电价上涨（Mid-Atlantic 容量价格同比 +403.6%）以及 NDT 基金投资收益增加所抵消。
剔除一次性项后，Adjusted Operating Earnings 同比增长 10.7% 至 $952M，显示核心业务盈利能力改善。经营现金流 9M 大幅转正至 $3,432M，主要受益于应收款融资变更（不再出售应收款），但部分被抵押品增加所抵消。
| 分部 | 营收 | 同比 | 驱动 |
|---|---|---|---|
| Mid-Atlantic | $1,763M | +10.0% | 零售负荷收入增长，PTC 减少 |
| Midwest | $1,390M | +9.0% | 零售负荷与对冲收益增长 |
| New York | $558M | +10.1% | 发电收入与 ZEC 收入增长 |
| ERCOT | $628M | +20.1% | 批发负荷收入增长 |
| Other Power Regions | $1,543M | +6.9% | 批发负荷收入增长 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $3,959M | +$937M |
| Total Debt | $9,037M | +$1,650M |
| Operating Cash Flow (9M) | $3,432M | +$4,880M |
| Capex (9M) | $1,963M | +$127M |
| Free Cash Flow (9M) | $1,469M | +$4,753M |