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Constellation lifted its 2026 adjusted earnings guidance to $12.50-$12.80 a share on Nov. 9 after a $5.06 third quarter helped by Calpine, and listed new nuclear supply deals with Amazon and Google.
Chips & Power DeskEdited by Ege Erten
3 min readAI-assisted
Constellation's new 2026 adjusted EPS guidance range, with the Amazon Calvert Cliffs PPA and Q3 nuclear output.
Illustration (AI-generated)
Constellation Energy reported third-quarter 2026 adjusted operating earnings of $5.06 per share on Nov. 9, up from $3.04 a year earlier, and raised the midpoint of its full-year guidance to a range of $12.50 to $12.80 per share.
Constellation's Q3 2026 adjusted operating EPS of $5.06 compares with $3.04 a year earlier and $2.55 in Q2 2026.
Illustration (AI-generated)
The company filed the results with the SEC as Exhibit 99.1 to a Form 8-K. GAAP net income was $5.19 per share, against $2.97 in the third quarter of 2025. Adjusted earnings totalled $1,792 million, against $952 million. Operating revenues were $9,550 million for the quarter and $28,176 million for the nine months, the filing's statements show. Constellation attributed the adjusted result to favorable market and portfolio conditions and the addition of Calpine, partly offset by unfavorable interest and its nuclear production tax credit portfolio.
The new $12.50-$12.80 range compares with $11.50-$12.50 in the company's second-quarter release of Aug. 6, which itself raised the range from $11.00-$12.00. By our arithmetic the midpoint moves from $12.00 to $12.65. Chief financial officer Shane Smith said the quarter let the company raise the midpoint for the second time this year. Analysts had expected $3.89 a share for the quarter, revenue of $9.35 billion and $12.22 for the full year, Investing.com reported, and the shares rose more than 4% in premarket trading on Nov. 9. Second-quarter adjusted earnings were $2.55 per share, so the third quarter's $5.06 is roughly double that sequential figure; Constellation's release does not break out why.
Constellation's nuclear fleet, including its owned output from the Salem and South Texas Project stations, produced 46,677 gigawatt-hours in the quarter, against 46,477 GWh a year earlier, the release says. Excluding Salem and STP, its plants achieved a 97.2% capacity factor, against 96.8%. Planned refueling outage days at plants it operates fell to 20 from 23. The gas, oil and pumped-storage fleet had a 5.9% equivalent forced outage factor, a metric Constellation now reports after buying Calpine in January 2026.
The release lists several data-center-linked supply and investment steps. The 20-year, 690 MW Amazon agreement for Calvert Cliffs, announced in September, enables more than $3 billion of investment, including a 190 MW expansion expected online between 2030 and 2032. In October, a 20-year Google power purchase agreement (PPA) was announced that will enable more than $4.3 billion across 11 nuclear units in Illinois, Pennsylvania and New Jersey, adding about 890 MW to the PJM grid, with the first uprate expected in 2028; a separate 15-year financial load-following agreement with Google covers 2,700 MW. Constellation also signed its first Peak+ deal, a 20-year, 270 MW unit-contingent agreement from existing nuclear plants starting in 2028.
Voltgrid News covered the DOE's conditional loan offer of up to $5 billion on Oct. 28. The release says the guarantee would back an unsecured Federal Financing Bank loan with a 30-year term, priced at 0.375% above comparable Treasuries, and is subject to a signed loan agreement. Earlier, we reported the Salem uprate plan and the Salem 1 outage extension and the Crane restart targeted for 2027 for Microsoft.
Constellation agreed to buy the Rhode Island State Energy Center, a 609 MW gas-fired combined-cycle plant, from Shell Energy North America for $715 million, subject to approvals. The cash-flow statement shows $3,001 million of common stock repurchases in the first nine months of 2026, against $400 million a year earlier, and $459 million of dividends paid.
The DOE loan is conditional, and the Rhode Island purchase needs regulatory approval. The release does not give per-site megawatts for the uprates. Constellation's earnings call is scheduled for later on Nov. 9, and this report covers only the written release.
