Constellation Energy (CEG) · Utilities
Constellation Energy Q3 2026 earnings: summary, key numbers & outlook
Results filed 9 Nov 2026 · Quarter ended 29 Sep 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
Constellation reported GAAP Net Income of $5.19 per share and Adjusted (non-GAAP) Operating Earnings of $5.06 per share for the third quarter of 2026, and raised its full-year Adjusted Operating Earnings guidance range to $12.50 - $12.80 per share.
Constellation earned $5.19 per share under GAAP and $5.06 per share on an adjusted basis in the third quarter of 2026, compared with $2.97 and $3.04 a year earlier. Operating revenues were $9,550 million versus $6,570 million. The company credits the Calpine acquisition, strong commercial performance and higher capacity revenue, partly offset by lower nuclear production tax credit revenue. It also announced agreements with Amazon, Google and a first Peak+ customer, plus a conditional $5.0 billion DOE loan for nuclear uprates.
Management raised the midpoint and narrowed 2026 adjusted earnings guidance to $12.50 - $12.80 per share. It also targets base earnings growth of 20%+ from 2026 to 2029. The tension is execution and funding. The company is buying the Rhode Island State Energy Center for $715 million, funding uprates and repurchasing shares. Debt has risen to $19,039 million of long-term debt since the Calpine deal, and large-load rules in PJM are not final.
Key numbers
- Operating revenues (Q3 2026, $ millions) · GAAP
- $9.6B
- Net income attributable to common shareholders (Q3 2026, $ millions) · GAAP
- $1.8B
- GAAP Net Income per share (Q3 2026) · GAAP
- $5.19
- Adjusted (non-GAAP) Operating Earnings per share (Q3 2026) · non-GAAP
- $5.06
- Operating income (Q3 2026, $ millions) · GAAP
- $2.5B
- Operating cash flow (nine months ended Sept. 30, 2026, $ millions) · GAAP
- $5.0B
compared with $6,570 in the third quarter of 2025
compared with $930 in the third quarter of 2025
from $2.97 per share in the third quarter of 2025
from $3.04 per share in the third quarter of 2025
compared with 1,086 in the third quarter of 2025
compared with 3,432 in the nine months of 2025
| Segment or metric | Value | Change |
|---|---|---|
| Total nuclear generation (GWh) | 46,677 | compared with 46,477 in the third quarter of 2025 |
| Nuclear capacity factor (excluding Salem and STP) | 97.2% | compared with 96.8% in the third quarter of 2025 |
| Calpine generation (GWh) | 38,387 | |
| Gas, oil and pumped-storage hydro EFOF | 5.9% | |
| Renewable energy capture | 96.4% | compared with 96.8% in the third quarter of 2025 |
| PJM West power reference price ($/MWh) | $69.97 | compared with $46.77 in the third quarter of 2025 |
Where each number comes from
- Operating revenues (Q3 2026, $ millions): “Operating revenues | $9,550 | $28,176 Operating expenses Purchased power and fuel | 4,400 | 14,775 Operating and maintenance | 1,991 | 6,024”
- Net income attributable to common shareholders (Q3 2026, $ millions): “Net income (loss) attributable to noncontrolling interests | — | 8 Net income (loss) attributable to common shareholders | $1,835 | $3,938”
- GAAP Net Income per share (Q3 2026): “Our GAAP Net Income for the third quarter of 2026 increased to $5.19 per share from $2.97 per share in the third quarter of 2025.”
- Adjusted (non-GAAP) Operating Earnings per share (Q3 2026): “Adjusted (non-GAAP) Operating Earnings for the third quarter of 2026 increased to $5.06 per share from $3.04 per share in the third quarter of 2025.”
- Operating income (Q3 2026, $ millions): “Gain (loss) on sales of assets | 12 | 28 Operating income (loss) | 2,492 | 5,404 Other income and (deductions) Interest expense, net”
- Operating cash flow (nine months ended Sept. 30, 2026, $ millions): “Net cash flows provided by (used in) operating activities | 4,979 | 3,432 Cash flows from investing activities Capital expenditures | (3,461) | (1,963)”
- Total nuclear generation (GWh): “produced 46,677 gigawatt-hours (GWhs) in the third quarter of 2026, compared with 46,477 GWhs in the third quarter of 2025.”
- Nuclear capacity factor (excluding Salem and STP): “our nuclear plants at ownership achieved a 97.2% capacity factor for the third quarter of 2026, compared with 96.8% for the third quarter of 2025.”
- Calpine generation (GWh): “Calpine | 38,387 | — | 89,797 | — Total Natural Gas, Oil, and Renewables | 44,982 | 6,174 | 107,691 | 17,639”
- Gas, oil and pumped-storage hydro EFOF: “The EFOF of our natural gas, oil, and pumped-storage hydro fleet for the third quarter of 2026 is 5.9%.”
- Renewable energy capture: “Renewable energy capture for our wind, solar and run-of-river hydro fleet was 96.4% in the third quarter of 2026, compared with 96.8% in the third quarter of 2025.”
- PJM West power reference price ($/MWh): “ISO/RTO | 2026 | 2025 | 2026 | 2025 PJM - PJM West | $69.97 | $46.77 | $72.84 | $47.63”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
XBRL figures for this quarter arrive with the 10-Q or 10-K; the numbers above are from the press release.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Adjusted (non-GAAP) Operating Earnings per share | full-year 2026 | $12.50 - $12.80 |
| Base EPS growth | 2026 - 2029 | 20%+ |
Key takeaways
Adjusted earnings rose to $5.06 per share
Adjusted (non-GAAP) Operating Earnings were $5.06 per share, compared with $3.04 a year ago, helped by Calpine, strong commercial performance and higher capacity revenue.
Full-year guidance midpoint raised for second time
The range was raised at the midpoint and narrowed to $12.50 - $12.80 per share, with the midpoint at $12.65.
Big-tech nuclear deals add over 1,000 megawatts
Management said the agreements add more than 1,000 megawatts of new, emissions-free generation, including a 690 MW Amazon PPA and a Google PPA enabling approximately 890 MW of incremental capacity.
DOE loan could fund nuclear uprates cheaply
The conditional commitment covers up to $5.0 billion for 30 years at 0.375% above Treasuries, subject to a loan agreement.
Buybacks and gas acquisition use cash
About $3.0B was deployed on share repurchases year to date, and Constellation agreed to buy the 609 MW Rhode Island State Energy Center for $715 million.
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 third quarter 2026 earnings?
GAAP Net Income was $5.19 per share and Adjusted (non-GAAP) Operating Earnings were $5.06 per share, up from $2.97 and $3.04 a year earlier. Operating revenues were $9,550 million.
Did Constellation change its 2026 guidance?
Yes. It raised the midpoint and narrowed the full-year Adjusted Operating Earnings range to $12.50 - $12.80 per share, the second raise of the midpoint this year.
What drove the higher adjusted earnings?
The release cites favorable market and portfolio conditions and the addition of Calpine, partly offset by unfavorable interest and nuclear PTC portfolio. The presentation also lists strong commercial performance and higher capacity revenue.
What new deals did Constellation announce?
It announced a 20-year, 690 MW PPA with Amazon for Calvert Cliffs, a 20-year PPA with Google supporting about 890 MW of added nuclear capacity, and a 20-year, 270 MW Peak+ agreement. It also agreed to acquire the 609 MW Rhode Island State Energy Center for $715 million.
How is Constellation funding growth and returning capital?
It signed a conditional DOE loan commitment of up to $5.0 billion for nuclear uprates and deployed about $3.0B in share repurchases year to date. Remaining buyback authorization is about $2.0B.
Documents
SEC filing
Call recording
Call recording on YouTube ↗. Official replay ↗.