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Constellation Energy Corporation (E7S) Q3 2026 Earnings Report

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DE:E7S Q3 2026 EPS Results

Actual EPS
EUR 4.59
Consensus EPS
EUR 3.54
Beat/Miss
Beat by +EUR 1.06
One Year Ago EPS
EUR 2.76

DE:E7S Q3 2026 Revenue Results

Actual Revenue
EUR 9.02B
Expected Revenue
EUR 8.38B
Beat/Miss
Beat by +EUR 647.29M
YoY Revenue Growth
+38.46%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/09/2026
Time
Before Open
Conference Call
Monday, November 9, 2026
DE:E7S Upcoming Earnings

Constellation Energy Corporation's next earnings date is estimated for February 25, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

DE:E7S Q3 2026 Earnings Call
0:00 / 0:00

Q3 2026 Earnings Slide Deck

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 09, 2026|% Change Since:11.55%|
Earnings Call Sentiment|Positive

The call was strongly positive, driven by higher third-quarter earnings, raised full-year guidance, exceptional nuclear fleet reliability, substantial long-term contracting, progress on nuclear uprates and the Crane restart, DOE financing support, share repurchases and continued capital allocation flexibility. Management acknowledged lower PTC revenue, a modest compensation-related O&M headwind, regulatory uncertainty, data center forecasting challenges and underutilized generation assets, but these issues were presented alongside significant operational and commercial progress.

Company Guidance

Constellation raised and narrowed full year adjusted operating earnings guidance to $12.50 per share to $12.80 per share and will update 2027 and 2028 guidance on its year-end call, including a refreshed growth outlook through 2030. The long-term agreements ramp starting in 2028 and beyond, while nearly 1,200 megawatts of nuclear uprates are scheduled for completion between 2029 and 2032 at total project costs of approximately $4.3 billion, including $3 billion of incremental growth capital from 2028 through 2032 and $1.3 billion already included in growth capital. Crane remains on track to restart in the second half of 2027, and the $5 billion share repurchase authorization is expected to be completed by year-end 2027. The company cited a $20 to $50 a megawatt-hour sensitivity for existing portfolio contracting and a $110 to $130 per megawatt-hour estimated cost for a new combined-cycle gas plant.

  • Strong Third-Quarter Earnings and Raised GuidanceConstellation earned $5.19 per share on a GAAP basis and $5.06 per share in adjusted operating earnings in the third quarter, with adjusted operating earnings $2.02 higher than the third quarter of last year. The company raised and narrowed full-year adjusted operating earnings guidance to $12.50 to $12.80 per share. The low end of the revised range is $0.50 higher than the top end of the original guidance provided in March.
  • Record Nuclear Fleet ReliabilityThe nuclear fleet achieved a 99.2% capacity factor during June, July and August, with no unplanned outage days, while PJM set peak load records. Third-quarter nuclear capacity factor was 97.2% despite 20 planned refueling outage days, representing the second-highest quarterly capacity factor in Constellation's history. Across the summer months, the fleet delivered a capacity factor of over 99%.
  • Significant Long-Term Contracting ProgressSince the prior quarter, Constellation signed three additional long-term agreements totaling about 4,560 megawatts, including roughly 3,500 megawatts supporting the existing fleet and approximately 1,100 megawatts supporting new nuclear capacity through the uprate program. Year-to-date, the company has contracted more than 8,500 megawatts into the 2040s, including landmark agreements with Google and Amazon.
  • Expanded Earnings Visibility Through Long-Term AgreementsMore than 90 million megawatt-hours are now supported by long-term agreements with high-quality customers extending into the 2040s. Contracted clean baseload volume is expected to reach 91 million megawatt-hours in 2032 and roughly 94 million megawatt-hours into the 2040s. By 2032, about 45% of the clean baseload fleet is expected to be supported by long-term agreements beyond the nuclear PTC price floor.
  • Launch of Constellation Peak+Constellation announced a 20-year agreement with an investment-grade customer in the data economy market as part of its new Constellation Peak+ offering. The contract combines 270 megawatts of unit-contingent energy capacity and clean energy attributes from the existing nuclear fleet with new generation supply and demand response designed to satisfy expected regulatory requirements.
  • Additional Contracting Opportunity RemainsThe company stated that more than 100 million megawatt-hours of existing clean generation remain available for premium long-term agreements. Constellation said the opportunity extends beyond AI and data centers to industrial and commercial customers, states and utilities, and that approximately 113 million megawatt-hours cited as available are largely marketable after existing shorter-duration obligations.
  • Byron Unit 2 Upgrade Completed Ahead of Schedule and Under BudgetConstellation completed the Byron Unit 2 low-pressure turbine upgrade in late October after completing Unit 1 earlier in the year. The fall outage finished more than a week faster than the vendor's prior world-record time and came in under budget. Early production results were said to materially exceed expectations, although the company said it was too soon to provide a specific figure.
  • Nearly 1,200 Megawatts of Nuclear Uprates PlannedThe nuclear upgrade projects are expected to deliver nearly 1,200 megawatts of additional nuclear power, with most scheduled for completion between 2029 and 2032. Constellation said this capacity could come online a decade or more ahead of equivalent new nuclear construction and at a fraction of new-build cost.
  • Crane Restart Progressing Ahead of ScheduleThe Crane nuclear restart remains on track for the second half of 2027, a full year ahead of schedule and under budget. The first fuel assemblies and transformers are on site, and the NRC issued a favorable final environmental assessment.
  • Expanded Department of Energy SupportConstellation received a conditional Department of Energy loan commitment of up to $5 billion for identified fleet upgrades and other potential nuclear investments. Including Crane, the company has secured $6 billion of DOE support tied to projects that could bring more than 2,000 megawatts of additional nuclear capacity to the grid.
  • Potential Financing Savings From DOE Loan CommitmentThe $5 billion DOE commitment could cover up to 80% of eligible project costs and support as much as $6 billion of qualified investment identified from 2023 through 2035. The financing has a 30-year tenor at U.S. Treasuries plus 37.5 basis points and could generate approximately $40 million of annual pretax interest savings if fully utilized.
  • Share Repurchases and Accretive AcquisitionConstellation repurchased about $3 billion of its stock in roughly seven months since the March business update, including $800 million in the third quarter, and repurchased approximately 11 million shares over that period. The company also agreed to acquire the 609-megawatt Rhode Island State Energy Center, which it expects to be immediately accretive and credit neutral and to exceed its double-digit unlevered return threshold.
  • Incremental Earnings Secured Since MarchThe company said it has locked in an incremental $0.25 of base earnings since the March business update while continuing to pursue long-term contracting, commercial margin expansion, opportunistic M&A and share repurchases. The $5 billion share repurchase authorization is expected to be completed by year-end 2027.
  • Balance Sheet and Credit Position Remain StrongManagement described the balance sheet and liquidity position as a competitive advantage and said the company maintained its credit rating through the Calpine acquisition while continuing a disciplined deleveraging plan. Constellation's 30-year new issuance spreads have compressed roughly 140 basis points since the company became public.
  • Potential for Additional Capacity SolutionsPeak+ can combine existing clean generation with storage, demand response, peaking solutions, new generation supply or other capacity resources. Management said the offering could range from zero capital when using customer demand response to capital deployment for storage solutions, and it can be structured for individual customer needs.
  • Policy and Market Support for Nuclear EnergyManagement said the nuclear production tax credit has helped preserve plants that otherwise would have closed, supported multi-decade operating-life extensions, enabled investments in thousands of new megawatts through uprates and helped propel three plant restarts. The company also said the policy has created and preserved tens of thousands of jobs and saved customers many billions of dollars.
  • Supportive Economics Versus New GenerationManagement stated that new combined-cycle gas plants could require a levelized cost of roughly $110 to $130 per megawatt-hour to justify investment, with some regional estimates even higher. Constellation said its existing nuclear generation and Peak+ offerings can provide price certainty without construction cost overruns, construction delays, new transmission costs, fuel price volatility or increased air pollution.
  • Co-Location and Regulatory ProgressConstellation said FERC action on co-location is expected in the first half of next year and that FERC has expressed support for co-location and new transmission services such as the interim NITS product. Management expects RTO compliance filings in the next couple of weeks and FERC action during the following year, probably in the first quarter.

DE:E7S Earnings History

DE:E7S earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Feb 25, 20272026 (Q4)2.64-2.09――
Nov 09, 20262026 (Q3)3.544.592.7666.45% (+1.83)
Aug 06, 20262026 (Q2)2.082.311.7333.51% (+0.58)
May 11, 20262026 (Q1)2.312.491.9428.04% (+0.54)
Feb 24, 20262025 (Q4)2.052.092.21-5.74% (-0.13)
Nov 07, 20252025 (Q3)2.822.762.4910.95% (+0.27)
Aug 07, 20252025 (Q2)1.671.731.5213.69% (+0.21)
May 06, 20252025 (Q1)1.981.941.6517.58% (+0.29)
Feb 18, 20252024 (Q4)1.962.211.5840.15% (+0.63)
Nov 04, 20242024 (Q3)2.422.492.0521.24% (+0.44)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed