Constellation Energy (CEG) Q2 2026 earnings summary

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.