Who Won and Who Lost in Nuclear Energy’s Q2 Earnings

Key Points

• Many nuclear energy stocks have soared in 2025 due to the Trump administration's support for the industry.
• Still, quarterly earnings results can cause significant divergence in the performance of these stocks.
• From companies with multi-gigawatt operations to those developing small modular reactors, these names stood out in Q2.

In 2025, stocks involved in nuclear energy have been some of the best performers in the market. Established leader Constellation Energy NASDAQ: CEG is up 44%, and small modular reactor developer NuScale Power NYSE: SMR is up 95% as of the Aug. 18 close. The favorable stance on nuclear energy from artificial intelligence (AI) hyperscalers and the Trump administration has been a big component of these rallies.

However, when it came to Q2 earnings, the market reaction for nuclear stocks wasn’t always a positive one. Below, we'll look at some of the most talked-about names in this space and detail who won and who lost on Q2 earnings. All data is as of the Aug. 18 close unless otherwise indicated.

Nuclear’s Top Dog: Analysts Upgrade Constellation Energy After Q2

As the largest operator of nuclear energy plants in the United States, Constellation Energy NASDAQ: CEG is one name that cannot go undiscussed. In Q2, this industry leader posted results that beat Wall Street expectations. Revenue came in $1.2 billion higher than expected, and adjusted earnings per share beat by 9 cents.

Still, these results didn’t elicit much of a reaction from markets. Shares were down slightly in the trading session after the Aug. 7 report, and are down around 5% overall since reporting. This is likely because the company did not change its guidance despite these significant beats.

However, what puts Constellation in the winners category in Q2 is the highly positive reactions from Wall Street analysts. KeyCorp, Raymond James Financial, and BMO Capital Markets have all increased their price targets for Constellation. Argus has also established a target price.

The MarketBeat consensus price target on Constellation is approximately $321, implying shares are fairly valued. 

However, the updated price targets from the four analysts above paint a much more bullish picture. The average target among those analysts is approximately $375, implying that shares could rise by almost 17%. For a stock up 44% in 2025, this is a welcome indication that Constellation's big-time rally could continue.

SMR Hopefuls: NuScale’s Mixed Q2, NNE Loses Key Bull, OKLO Gains DOE Traction

Small modular reactor (SMR) developer NuScale Power’s Q2 earnings didn’t inspire markets. The firm’s revenue was just over $8 million, around $2.4 million lower than anticipated. NuScale also posted a larger-than-expected loss.

Shares fell 12% the day after the Aug. 7 report and have been down more than 20% overall since the reporting. Still, being overly critical of the firm’s misses is hard. NuScale doesn’t provide revenue guidance, making it difficult for analysts to predict the company’s quarterly financials.

On the positive side, NuScale announced that it received U.S. Nuclear Regulatory Commission (NRC) Standard Design Approval for its uprated 77 MWe design ahead of schedule.

This may be why UBS Group and Canaccord Genuity Group analysts raised their price target on NuScale despite the missed earnings.

Given these positive and negative indicators, putting the company’s Q2 in the neutral category is fair.

Nano Nuclear Energy NASDAQ: NNE hasn’t reported revenue yet.

However, the company’s Q2 loss per share was significantly better than expected, helping shares rise 2% on Aug. 15.

However, on Aug. 18, shares dropped by nearly 11% due to a scathing update from Ladenburg Thalmann.

The firm lowered its price target from $51 to $9.

Still, HC Wainwright left its price target unchanged at $50. Overall, Nano saw one of the few analysts covering the stock move from being bullish to being bearish. 

While it is only one opinion, and HC Wainwright remains bullish, this makes Q2 feel like a negative quarter for Nano.

Lastly, Oklo NYSE: OKLO was a clear winner in Q2.

Shares surged 9% after the firm’s August 11 release as the company announced that the U.S. Department of Energy (DOE) selected it for three reactor pilot programs.

This helped the stock gain multiple analyst price target upgrades.

Wedbush analyst Dan Ives’s $80 price target implies around 16% share upside.

Constellation and Oklo Come Out on Top in Q2

Overall, Q2 was a generally positive quarter for these nuclear names. None posted an extremely bad report, and most of these names saw their price targets increase.

Upgrades going to Constellation stand out, indicating upside for one of the safest stocks in the industry. Oklo’s positive momentum in winning government projects is also an encouraging sign for this pre-revenue player.