# Constellation Energy (CEG) Q2 2026 earnings

Results filed 2026-08-06 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/ceg/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1868275/000186827526000097/0001868275-26-000097-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Operating revenues (Q2 2026) | $7,504 | up from $6,101 million in Q2 2025 | GAAP |
| Net income attributable to common shareholders (Q2 2026) | $513 | down from $839 million in Q2 2025 | GAAP |
| GAAP net income per share | $1.42 | down from $2.67 per share in the second quarter of 2025 | GAAP |
| Adjusted (non-GAAP) Operating Earnings per share | $2.55 | up from $1.91 per share in the second quarter of 2025 | non-GAAP |
| Operating income (Q2 2026, $ millions) | 580 | down from 951 in Q2 2025 | GAAP |
| Operating cash flow (six months, $ millions) | 1,553 | compared with 1,584 in the first six months of 2025 | GAAP |

## Segments and operating metrics

| Name | 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) |  |

## 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

1. **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.
2. **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.
3. **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.
4. **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.
5. **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.

## 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.