Constellation Energy (CEG) · Utilities
Constellation Energy Q2 2026 earnings: summary, key numbers & outlook
Results filed 6 Aug 2026 · Quarter ended 30 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
GAAP Net Income of $1.42 per share and Adjusted (non-GAAP) Operating Earnings of $2.55 per share for the second quarter of 2026
Constellation's adjusted operating earnings rose to $2.55 per share from $1.91 a year earlier. The gain came mainly from the Calpine acquisition, higher capacity revenue and strong commercial results. GAAP earnings fell to $1.42 per share from $2.67, mostly because of unrealized fair-value losses and acquisition-related items. Revenue was $7,504 million versus $6,101 million. Heavier planned nuclear refueling outages (86 days versus 41) held back results, and the nuclear fleet's capacity factor was 93.0%.
Management raised its full-year 2026 adjusted earnings guidance range to $11.50 – $12.50 per share. It credits better customer margins, portfolio optimization and share repurchases, partly offset by higher incentive compensation costs. It also signed about 920 MW of new long-term nuclear contracts, and the Crane restart is moving closer. The main tension is execution: integrating Calpine, completing the Brazos Valley sale that needs DOJ approval, and waiting on PJM and FERC rulings that will shape future power markets.
Key numbers
- Operating revenues (Q2 2026) · GAAP
- $7.5B
- Net income attributable to common shareholders (Q2 2026) · GAAP
- $513.0M
- GAAP net income per share · GAAP
- $1.42
- Adjusted (non-GAAP) Operating Earnings per share · non-GAAP
- $2.55
- Operating income (Q2 2026, $ millions) · GAAP
- $580.0M
- Operating cash flow (six months, $ millions) · GAAP
- $1.6B
up from $6,101 million in Q2 2025
down from $839 million in Q2 2025
down from $2.67 per share in the second quarter of 2025
up from $1.91 per share in the second quarter of 2025
down from 951 in Q2 2025
compared with 1,584 in the first six months of 2025
| Segment or metric | Value | Change |
|---|---|---|
| Nuclear generation (GWhs) | 44,160 | compared with 45,170 GWhs in Q2 2025 |
| Nuclear capacity factor (excluding Salem and STP) | 93.0% | compared with 94.8% in Q2 2025 |
| Planned nuclear refueling outage days | 86 | compared with 41 in Q2 2025 |
| Gas, oil and pumped-storage hydro forced outage factor (EFOF) | 6.2% | |
| Renewable energy capture | 96.0% | compared with 96.1% in Q2 2025 |
| New long-term nuclear PPAs signed | 920 megawatts (MW) |
Where each number comes from
- Operating revenues (Q2 2026): “Operating revenues | $7,504 | $18,626 Operating expenses Purchased power and fuel | 4,023 | 10,375 Operating and maintenance | 2,253 | 4,033”
- Net income attributable to common shareholders (Q2 2026): “Net income (loss) attributable to noncontrolling interests | (5) | 8 Net income (loss) attributable to common shareholders | $513 | $2,103”
- GAAP net income per share: “Our GAAP Net Income for the second quarter of 2026 decreased to $1.42 per share from $2.67 per share in the second quarter of 2025.”
- Adjusted (non-GAAP) Operating Earnings per share: “Adjusted (non-GAAP) Operating Earnings for the second quarter of 2026 increased to $2.55 per share from $1.91 per share in the second quarter of 2025.”
- Operating income (Q2 2026, $ millions): “Gain (loss) on sales of assets | 2 | 16 Operating income (loss) | 580 | 2,912 Other income and (deductions) Interest expense, net | (283) | (536)”
- Operating cash flow (six months, $ millions): “Net cash flows provided by (used in) operating activities | 1,553 | 1,584 Cash flows from investing activities Capital expenditures | (2,521) | (1,573)”
- Nuclear generation (GWhs): “Our nuclear fleet, including our owned output from the Salem and South Texas Project (STP) Generating Stations, produced 44,160 gigawatt-hours (GWhs) in the second quarter of 2026, compared with 45,170 GWhs in the second quarter of 2025.”
- Nuclear capacity factor (excluding Salem and STP): “Excluding Salem and STP, our nuclear plants at ownership achieved a 93.0% capacity factor for the second quarter of 2026, compared with 94.8% for the second quarter of 2025.”
- Planned nuclear refueling outage days: “There were 86 planned refueling outage days in the second quarter of 2026 and 41 in the second quarter of 2025 for sites we operate.”
- Gas, oil and pumped-storage hydro forced outage factor (EFOF): “The EFOF of our natural gas, oil, and pumped-storage hydro fleet for the second quarter of 2026 is 6.2%.”
- Renewable energy capture: “Renewable energy capture for our wind, solar and run-of-river hydro fleet was 96.0% in the second quarter of 2026, compared with 96.1% in the second quarter of 2025.”
- New long-term nuclear PPAs signed: “We have signed an additional 920 megawatts (MW) of long-term power purchase agreements (PPA) for clean, reliable nuclear generation with a diverse set of investment grade customers.”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $7.5B | +23.0% | −32.5% |
| Operating income | $580.0M | −39.0% | −75.1% |
| Net income | $513.0M | −38.9% | −67.7% |
| Diluted EPS | $1.42 | −46.8% | −68.4% |
| Free cash flow | -$118.0M | — | +86.1% |
| Operating margin | 7.7% | −7.9 pts | −13.3 pts |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Adjusted (non-GAAP) Operating Earnings per share | full-year 2026 | $11.50 – $12.50 |
| Total adjusted O&M | 2026 | $7,025 million |
Key takeaways
Adjusted earnings rose on Calpine and capacity
Adjusted (non-GAAP) Operating Earnings increased to $2.55 per share from $1.91 per share in the second quarter of 2025, driven by the addition of Calpine and higher capacity revenue.
GAAP earnings fell on fair-value and deal items
GAAP Net Income decreased to $1.42 per share from $2.67 per share. The reconciliation shows an unrealized fair-value loss of $0.94 per share and Calpine merger and integration costs of $0.23 per share.
Full-year earnings guidance range was raised
Constellation raised its full-year adjusted guidance range to $11.50 – $12.50 per share, citing higher realized customer margins and share repurchases, partly offset by higher O&M.
New nuclear contracts and Crane progress
The company signed an additional 920 megawatts of long-term nuclear PPAs lasting 15-20 years. FERC and the NRC also cleared steps toward restarting the Crane Clean Energy Center in 2027.
Brazos Valley sale completes Calpine divestitures
Constellation agreed to sell the 606 MW Brazos Valley Energy Center for $860 million, the last asset sale required for the Calpine acquisition. Closing needs DOJ approval and is expected by year-end.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q3 2024 | $6.5B |
| Q4 2024 | $5.4B * |
| Q1 2025 | $6.8B |
| Q2 2025 | $6.1B |
| Q3 2025 | $6.6B |
| Q4 2025 | $6.1B * |
| Q1 2026 | $11.1B |
| Q2 2026 | $7.5B |
Data
| Q3 2024 | $3.82 |
| Q1 2025 | $0.38 |
| Q2 2025 | $2.67 |
| Q3 2025 | $2.97 |
| Q1 2026 | $4.49 |
| Q2 2026 | $1.42 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Data
| Q3 2024 | 22.4% |
| Q4 2024 | 18.1% |
| Q1 2025 | 6.6% |
| Q2 2025 | 15.6% |
| Q3 2025 | 16.5% |
| Q4 2025 | 9.8% |
| Q1 2026 | 21.0% |
| Q2 2026 | 7.7% |
Data
| Q3 2024 | -$664.0M |
| Q4 2024 | -$1.7B |
| Q1 2025 | -$699.0M |
| Q2 2025 | $710.0M |
| Q3 2025 | $1.5B |
| Q4 2025 | -$181.0M |
| Q1 2026 | -$850.0M |
| Q2 2026 | -$118.0M |
Operating cash flow minus capital expenditure, from cash flow statements.
Questions
What were Constellation's second-quarter 2026 earnings?
GAAP net income was $1.42 per share, down from $2.67 a year earlier. Adjusted (non-GAAP) operating earnings were $2.55 per share, up from $1.91.
Did Constellation change its 2026 guidance?
Yes. It raised its full-year Adjusted (non-GAAP) Operating Earnings guidance range to $11.50 – $12.50 per share, based on 357 million expected average diluted shares.
Why did GAAP earnings fall while adjusted earnings rose?
The GAAP figure includes items the adjusted measure excludes. These include a $0.94 per share unrealized fair-value loss, $0.41 for amortization of acquired commodity contracts and $0.23 for Calpine merger and integration costs, partly offset by a $0.61 per share decommissioning-related gain.
How did the Calpine acquisition affect the quarter?
Calpine contributed to adjusted earnings and to revenue, which rose to $7,504 million from $6,101 million. Goodwill rose to $11,527 million and long-term debt to $19,111 million from $7,250 million at year-end 2025.
What happened with nuclear operations and contracts?
Nuclear output was 44,160 GWhs at a 93.0% capacity factor, with 86 planned refueling outage days versus 41 a year earlier. Constellation also signed about 920 MW of long-term nuclear PPAs, including 176 MW with Walmart.
Documents
SEC filing