$5.06 a Share in Adjusted Earnings for Constellation Energy in Third Quarter
Key Facts
Constellation Energy said on November 9 that its adjusted operating earnings were $5.06 a share in the third quarter of 2026, while GAAP earnings per share were about $5.19. Both figures topped analysts’ estimates of $3.72 a share in earnings and $9.21 billion in revenue, according to an Investing.com report attributed to Reuters. Operating revenue was $9.55 billion in the quarter ended in September. The company said favorable market and portfolio conditions, along with the addition of Calpine, supported results. These factors partly offset higher interest costs and the impact of its nuclear energy tax credit portfolio.
Adjusted operating earnings rose from $3.04 a share in the third quarter of 2025 to $5.06 a share in the same period of 2026. GAAP earnings per share also increased from $2.97 to $5.19, according to the company. Operating revenue was $6.57 billion a year earlier, compared with $9.55 billion in the third quarter of 2026. These comparisons show year-over-year growth in both earnings measures and revenue. Against estimates made before the announcement, adjusted earnings per share topped the expected $3.72, while revenue exceeded the $9.21 billion estimate.
Constellation raised its 2026 adjusted operating earnings guidance range to $12.50–$12.80 a share, saying it had raised the midpoint of the range for the second time this year. Analysts had expected annual earnings of $12.22 a share, according to an Investing.com report attributed to Reuters. The company said the range is now narrower after the revision. The guidance increase follows third-quarter results that beat earnings and revenue estimates. The company cited favorable market and portfolio conditions and the addition of Calpine as factors that supported quarterly performance.
The company’s nuclear fleet generated 46,677 gigawatt-hours in the third quarter of 2026, compared with 46,477 gigawatt-hours a year earlier. The capacity factor at its owned nuclear plants was 97.2%, excluding the Salem and South Texas plants, compared with 96.8% in the third quarter of 2025. The company linked its quarterly results to market and portfolio conditions and the addition of Calpine, while citing interest costs and its nuclear tax credit portfolio as offsetting factors. The generation and capacity factor figures put the fleet’s operating performance in the context of quarterly results. The company did not break down how much each of these factors contributed to earnings.
In an agreement announced with Google, the company committed to supplying power under a 20-year contract that enables investments of more than $4.3 billion across 11 nuclear units in Illinois, Pennsylvania and New Jersey. The investments aim to add about 890 megawatts to the PJM grid, with the first capacity increase expected to begin in 2028. Constellation also announced a 20-year Peak+ agreement to supply 270 megawatts of energy, capacity and nuclear attributes from its existing fleet, starting in 2028. Chief Executive Joe Dominguez said the agreements add more than 1,000 megawatts of new, emissions-free generation to the grid. He added that the new capacity will come online “without existing customers bearing the cost,” according to an Investing.com report attributed to Reuters.
In September, the company announced a 20-year power purchase agreement with Amazon covering 690 megawatts of energy from the Calvert Cliffs plant. It said the agreement enables more than $3 billion in infrastructure investment in Maryland, including about 190 megawatts of new capacity expected to enter service between 2030 and 2032. In October, the company announced a conditional commitment from the U.S. Department of Energy for a loan guarantee of up to $5 billion to finance upgrades at its nuclear facilities. The proposed loan would be unsecured by the Federal Financing Bank, have a 30-year term and remain subject to a loan agreement. The Department of Energy said the project-related upgrades would add nearly 1.1 gigawatts of electricity, and that completing the financing requires meeting technical, legal, environmental and financial conditions.
The company’s upcoming operating plans include restarting the Crane Clean Energy Center in 2027, a date it cited in its second-quarter results announcement following fuel license approval. On November 9, Constellation shares rose more than 4% in premarket trading after the company beat third-quarter earnings estimates and raised the midpoint of its annual guidance range. The stock closed at $249.95 on November 6, according to EL7 data. Among upcoming milestones announced by the company, the Peak+ agreement is set to begin in 2028. It also expects the first capacity increase under the Google agreement to begin in 2028, while new capacity tied to the Amazon agreement is scheduled for between 2030 and 2032.