Constellation Energy
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Constellation Energy (CEG) investor relations material

Constellation Energy Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 earnings summary6 Aug, 2026

Executive summary

  • Q2 2026 GAAP EPS was $1.42 and Adjusted Operating EPS was $2.55, up $0.64 year-over-year, driven by Calpine integration and strong commercial performance.

  • Full-year Adjusted Operating Earnings guidance was raised to $11.50–$12.50 per share, reflecting commercial outperformance and capital deployment.

  • Completed the $21.8B Calpine acquisition, adding 23 GW of generation and a major retail platform, with required divestitures underway.

  • Signed 920 MW of long-term nuclear contracts, including a major deal with Walmart, now covering 30% of clean baseload output by 2032.

  • Achieved regulatory milestones, including Crane Clean Energy Center approvals and license renewals for Ginna and Nine Mile Point.

Financial highlights

  • Q2 2026 operating revenues rose 23% to $7.5B, with Adjusted Operating Earnings of $920M ($2.55/share), up from $599M ($1.91/share) in Q2 2025.

  • Net income attributable to common shareholders was $513M for Q2 2026, down from $839M in Q2 2025; first half net income was $2.1B, up $1.15B YoY.

  • Nuclear fleet achieved a 93% capacity factor, generating 40–44 TWh in Q2 2026 with six planned refueling outages.

  • Recognized $85M in Illinois ZEC credits this quarter vs. $200M last year; timing has no impact on full-year results.

  • Operating cash flow for the first half of 2026 was $1.55–$1.6B.

Outlook and guidance

  • Full-year 2026 Adjusted Operating Earnings guidance increased to $11.50–$12.50 per share.

  • 20%+ base EPS growth targeted from 2026 to 2029, excluding upside from additional contracts and investments.

  • Projected 2030 nuclear PTC strike price raised to $50.88/MWh, boosting 2030 base earnings by ~$0.30/share.

  • Long-term contracts and PTC inflation adjustments expected to provide earnings stability and growth.

  • Management expects continued value capture from Calpine and ongoing investments in clean energy and reliability.

Reason for Brazos Valley divestiture
Drivers of Q2 2026 nuclear capacity factor drop
Walmart PPA impact on Dresden capacity
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