Constellation Energy (CEG) Q2 2026 earnings summary

Executive summary

• Completed the $21.8 billion Calpine acquisition, adding 23 GW of generation and a major retail platform, with required divestitures underway to satisfy regulatory commitments.

• Q2 2026 GAAP EPS was $1.42 and Adjusted Operating EPS was $2.55, up $0.64 year-over-year, driven by Calpine accretion, higher PJM capacity prices, and commercial optimization.

• Raised full-year Adjusted Operating Earnings guidance to $11.50–$12.50 per share, reflecting robust commercial execution and capital allocation benefits.

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

• Achieved regulatory milestones for the Crane Clean Energy Center and filed license renewals for Ginna and Nine Mile Point, extending asset lives beyond 2049.

Financial highlights

• Q2 2026 operating revenues rose 23% to $7.5 billion, driven by Calpine acquisition and higher capacity revenues.

• Net income attributable to common shareholders was $513 million for Q2 2026, down from $839 million in Q2 2025.

• Adjusted Operating Earnings for Q2 2026 were $920 million ($2.55/share), up from $599 million ($1.91/share) in Q2 2025.

• Year-to-date, $2.2 billion deployed for share repurchases, with $4.6 billion cumulative since separation.

• Sale of DOJ-required assets expected to generate $5.9 billion in gross proceeds at a premium to Calpine purchase price.

Outlook and guidance

• Full-year 2026 Adjusted Operating Earnings guidance raised to $11.50–$12.50 per share, with 20%+ base EPS growth targeted from 2026 to 2029.

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

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