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Constellation Energy

Constellation Energy (CEG) Q2 2026 Earnings

Reported Aug 6, 2026 at 6:52 AM ET · SEC Source

Q2 26 EPS Adjusted

$2.55

BEAT +9.52%

Est. $2.33

Q2 26 Revenue

$7.50B

MISS 2.57%

Est. $7.70B

vs S&P Since Q2 26

+3.6%

BEATING MARKET

CEG +4.3% vs S&P +0.6%

Market Reaction

Did CEG Beat Earnings? Q2 2026 Results

Constellation Energy posted a stronger-than-expected second quarter for fiscal 2026, with adjusted non-GAAP earnings of $2.55 per share clearing the $2.33 consensus estimate by 9.52%, as the transformative Calpine acquisition and higher capacity reve… Read more Constellation Energy posted a stronger-than-expected second quarter for fiscal 2026, with adjusted non-GAAP earnings of $2.55 per share clearing the $2.33 consensus estimate by 9.52%, as the transformative Calpine acquisition and higher capacity revenue powered bottom-line outperformance even as revenue of $7.50 billion came in 2.57% below expectations. Revenue still climbed 23.00% year over year, reflecting the enlarged footprint since Calpine's January 2026 close, though the top-line miss was cushioned by strong commercial portfolio optimization and higher realized customer margins. Nuclear output remained the operational backbone, with the fleet producing 44,160 GWh at a 93.00% capacity factor, even as a heavier refueling schedule, 86 outage days versus 41 a year ago, created some headwinds. On the heels of the beat, management raised its full-year 2026 adjusted earnings guidance to $11.50 to $12.50 per share from $11.00 to $12.00, citing commercial outperformance and accretive share repurchases totaling approximately $2.20 billion year-to-date, while projecting base EPS growth of 20% or more through 2029. BMO Capital recently trimmed its price target on the stock, though it kept an Outperform rating, pointing to regulatory developments in PJM and ERCOT as near-term watchpoints.

Key Takeaways

  • • Contribution from Calpine acquisition completed January 2026
  • • Higher capacity revenue
  • • Strong commercial performance through portfolio optimization and higher realized customer margins
  • • Lower revenue recognition from banked Illinois ZECs (offset)
  • • Higher number of planned nuclear refueling outage days (offset)

CEG Forward Guidance & Outlook

Constellation raised its full-year 2026 adjusted (non-GAAP) operating earnings guidance to $11.50–$12.50 per share (from the prior $11.00–$12.00), based on expected average diluted shares outstanding of 357 million. The increase reflects commercial business outperformance with higher realized customer margins, successful portfolio optimization, and accretive share repurchases, partially offset by higher O&M due to performance-related compensation. The company projects base EPS growth of 20%+ from 2026 through 2029, with an enhanced 2029 base EPS target of $11.40–$11.90. Long-term rolling three-year base EPS growth is targeted at 10%+. Free cash flow before growth is projected at $11.5–$13.0 billion for 2028–2029. Additional upside opportunities include incremental long-term deals, higher gas plant utilization, expanding commercial margins, and higher return growth investments.

24/7 Wall St

CEG YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

“This quarter's accomplishments reflect the momentum we're building across our business. From advancing the restart of the Crane Clean Energy Center, to executing long-term agreements with our corporate customers and extending the lives of two critical New York assets, we're strengthening the nation's energy infrastructure and helping meet growing demand for reliable power.”

— Joe Dominguez, Q2 2026 Earnings Press Release

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