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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Capital Power
Capital Power (CPX) investor relations material
Capital Power Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary2 Nov, 2026
Executive summary
Record Q3 adjusted EBITDA reflected portfolio strength; contracted cash flows, re-contracting, uprates and merchant opportunities support growth without requiring M&A to meet 2030 targets.
Embedded annual adjusted EBITDA upside is up to $1.25B above the 2026 base, illustrative and not guidance; capture is expected to require no new shares or project debt and limited growth capital.
Financial highlights
Q3 adjusted EBITDA was $553M, up $76M YoY; AFFO was $306M, down $63M, and net income was $67M versus $153M.
Q3 revenue and other income was $831M versus $1,213M; operating cash flow was $381M versus $404M YoY.
Nine-month adjusted EBITDA was $1.308B, up $142M YoY; AFFO was $788M, down $34M. Revenue and other income was $2.776B, up $134M, and operating cash flow was $907M, up $150M.
Outlook and guidance
Reaffirmed 2026 adjusted EBITDA guidance of $1.565B–$1.765B and AFFO guidance of $890M–$1.010B.
2026 sustaining capex guidance rose to $350M–$370M from $290M–$330M, reflecting unplanned U.S. fleet work and an outage moved into Q4 2026.
Insurance recoveries expected in 2026 and 2027, plus OEM concessions, are expected to meaningfully offset higher sustaining-capital cash costs.
2030 targets remain 8%–10% AFFO/share growth and 13%–15% total shareholder returns; most of the $1.25B upside is expected to be captured by or inclusive of 2030.
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Latest events from Capital Power
- Q2 saw robust financial growth, a landmark Meta contract, and reaffirmed 2026 guidance.CPX
Q2 2026 - Accelerating power demand and a $1B EBITDA opportunity drive strong growth targets.CPXInvestor presentation
- All resolutions, including director elections and compensation, passed with strong shareholder support.CPXAGM 2025
- Q1 2026 saw higher revenues and EBITDA, strong diversification, and reaffirmed guidance.CPXQ1 2026
- Strong growth, asset optimization, and disciplined risk management drive robust 2025 outlook.CPXInvestor presentation
- Targeting high returns and U.S. growth via acquisitions, optimization, and disciplined capital allocation.CPXInvestor presentation
- Record U.S. asset growth and major acquisitions drove Q3 results despite Alberta headwinds.CPXQ3 2024
- Q1 2025 saw strong EBITDA and AFFO growth, led by a major PJM acquisition and portfolio expansion.CPXQ1 2025
- Record generation, U.S. growth, Genesee Repowering, and asset sales drive strong 2024 outlook.CPXQ4 2024
Next Capital Power earnings date
Q4 20263 Mar, 2027
Capital Power
Next Capital Power earnings date
Q4 20263 Mar, 2027
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Frequently asked questions
Capital Power Corporation develops, acquires, operates, and optimizes power generation facilities across North America. The company produces electricity from a diversified portfolio that includes natural gas, wind, and solar power assets. It also engages in trading and marketing of electricity and related commodities. It is headquartered in Edmonton, Canada, and its shares are listed on the TSX.