The raised guidance and strong beat confirm the Calpine integration thesis and growing contracted revenue base. Monitor the Q3 earnings call for updates on PJM capacity auction results and Crane restart timeline, which could provide further upside to 2027 estimates.
Price Chart
Executive Summary
Constellation Energy reported Q2 2026 Adjusted (non-GAAP) Operating Earnings of $2.55 per share, a 33.5% YoY increase from $1.91, beating the $2.34 consensus by 9.1%. The company raised its full-year 2026 Adjusted Operating Earnings guidance to $11.50-$12.50 per share from $11.00-$12.00, citing strong commercial performance, accretive share repurchases, and the addition of Calpine, partially offset by higher planned nuclear outage days. The raised guidance and strong operational beat are the primary drivers for the stock, though GAAP net income fell to $1.42 from $2.67 due to mark-to-market hedging losses.
Key Financial Metrics
Key Facts
- Adjusted (non-GAAP) Operating Earnings of $2.55 per share beat consensus of $2.34 by 9.1% and rose 33.5% YoY from $1.91.
- Full-year 2026 Adjusted Operating Earnings guidance raised to $11.50-$12.50 per share from $11.00-$12.00.
- Signed ~920 MW of new long-term nuclear PPAs with an average duration of 18.5 years, including a 176 MW agreement with Walmart.
- Agreed to divest the Brazos Valley Energy Center for $860M, satisfying the final DOJ condition of the Calpine acquisition.
- Deployed ~$2.2B YTD on share repurchases, with ~$2.8B remaining under the $5.0B authorization.
- FERC and NRC approvals received for the Crane Clean Energy Center restart, targeting operations in 2027.
- Q2 GAAP Net Income was $1.42 per share, down from $2.67 in Q2 2025, due to unrealized losses on fair value adjustments.
Financial Impact
Raised FY2026 guidance midpoint by $0.50 to $12.00, implying ~$0.50 EPS upside vs prior midpoint. Q2 Adj. Op. Earnings beat consensus by $0.21/share.
Risk Factors
- Higher-than-expected nuclear refueling outage days could pressure near-term generation and earnings.
- Execution risk on the Crane Clean Energy Center restart and regulatory approvals.
- Commodity price volatility and mark-to-market accounting can cause significant GAAP earnings swings.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001868275-26-000097 |
| Document: ceg-20260806992.htm | 0001868275-26-000097 |
| Document: ceg-20260806.htm | 0001868275-26-000097 |
| Document: 0001868275-26-000097-index-headers.html | 0001868275-26-000097 |
| Document: 0001868275-26-000097-index.html | 0001868275-26-000097 |
| Document: 0001868275-26-000097.txt | 0001868275-26-000097 |
| 8-K Data (Synthetic) | 0001868275-26-000097 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 21, 2026 5w ago | 144 | $273.43 $254.71 | ▼ −6.85% | ▼ −6.86% | $258.92 (−5.31%) |
Aug 13, 2026 7w ago | Insider Buy | $278.64 $284.75 | ▲ +2.19% | ▲ +3.94% | $258.92 (−7.08%) |
Aug 6, 2026 8w ago | 8-K | $261.10 $285.05 | ▲ +9.17% | ▲ +8.57% | $258.92 (−0.83%) |
Aug 5, 2026 8w ago | 8-K | $265.12 $290.04 | ▲ +9.40% | ▲ +10.00% | $258.92 (−2.34%) |
Jun 2, 2026 17w ago | 8-K | $267.24 $239.25 | ▼ −10.47% | ▼ −9.47% | $258.92 (−3.11%) |
Jun 2, 2026 17w ago | 424B4 | $272.65 $236.50 | ▲ +13.26% | ▲ +11.69% | $258.92 (+5.04%) |
May 11, 2026 20w ago | 8-K | $299.69 $251.65 | ▼ −16.03% | ▼ −15.73% | $258.92 (−13.60%) |
Apr 20, 2026 23w ago | Court Ruling | $287.56 $262.00 | ▼ −8.89% | ▼ −13.11% | $258.92 (−9.96%) |
Mar 30, 2026 26w ago | DEFA14A | $279.25 $303.53 | ▲ +8.69% | ▼ −0.73% | $258.92 (−7.28%) |
Mar 19, 2026 28w ago | DEFA14A | $281.99 $287.56 | ▲ +1.98% | ▼ −7.34% | $258.92 (−8.18%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access