Constellation Energy (CEG) Q3 2026 earnings summary

Executive summary

• Q3 GAAP EPS was $5.19 and adjusted operating EPS was $5.06, up from $2.97 and $3.04, respectively, in Q3 2025; FY26 adjusted EPS guidance rose to $12.50–$12.80.

• More than 8,500 MW of long-term agreements were signed year to date, supporting earnings visibility and fleet growth.

• Strong summer nuclear reliability and Calpine's contribution supported results; agreements and planned uprates advance nuclear growth.

Financial highlights

• Q3 revenue was $9.550B, up 45.4% year over year; net income attributable to common shareholders was $1.835B versus $930M.

• Q3 adjusted operating earnings were $1.792B, or $5.06/share, versus $952M, or $3.04/share, in Q3 2025.

• 9M revenue was $28.176B and net income was $3.938B; adjusted operating earnings were $3.684B, or $10.34/share.

• Earnings benefited from Calpine, commercial performance and higher capacity revenue; lower PTC revenue, higher O&M and interest costs partly offset gains.

Outlook and guidance

• FY26 adjusted operating EPS guidance increased from $12.00–$12.50 to $12.50–$12.80, with a $12.65 midpoint.

• Base EPS is projected to grow 20%+ from 2026 through 2029; the long-term rolling three-year Base EPS growth target is 10%+.

• 1,165 MW of nuclear uprates are planned at an estimated $4.3B cost; nearly all are expected in 2029–2032, with the first Google-supported uprate expected in 2028.

• Crane restart remains on track for H2 2027, a year ahead of schedule; more than 2,000 MW of potential additional nuclear capacity is supported by DOE project financing.