EarningsQ2 2026 Earnings Report
MX:CEG Q2 2026 EPS Results
Actual EPS$43.18
Consensus EPS$38.81
Beat/MissBeat by +$4.37
One Year Ago EPS$32.34
MX:CEG Q2 2026 Revenue Results
Actual Revenue$140.19B
Expected Revenue$130.89B
Beat/MissBeat by +$9.29B
YoY Revenue Growth+38.56%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeBefore Open
Conference CallThursday, August 6, 2026
MX:CEG Upcoming Earnings
Constellation Energy Corporation's next earnings date is estimated for November 9, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:CEG Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong operational and commercial performance (beat in adjusted EPS, raised guidance, 920 MW of long-term nuclear deals, efficient outage execution, successful Calpine integration, and aggressive share repurchases), along with several regulatory and licensing milestones that underpin future value. Headwinds were largely timing and execution-related: planned outage days reduced quarterly capacity factor, an Illinois ZEC timing shortfall affected quarter results (but not full-year guidance), PJM/FERC technical details and state-level permitting steps (e.g., Texas Batch Zero) remain to be finalized, and ERCOT price softness is a near-term market headwind. Overall, the positives — including the guidance increase, sizable contracting, capital returns, and regulatory progress — materially outweigh the limited and mostly timing-based lowlights.Company Guidance
Strong Quarterly Earnings
GAAP EPS of $1.42 and adjusted operating EPS of $2.55 in Q2 2026, an increase of $0.64 year-over-year (approximately +33.5% vs. prior-year adjusted EPS of $1.91).
Raised Full-Year Guidance
Adjusted operating earnings guidance increased by $0.50 to a new range of $11.50 to $12.50 per share (midpoint up $0.50).
Significant Long-Term Nuclear Contracting
Signed ~920 MW of long-term nuclear contracts during the quarter with an average duration of 18.5 years; now ~30% of clean baseload output contracted under long-term agreements, with a robust pipeline for more deals.
Operational Performance & Nuclear Reliability
Nuclear fleet generated 40 TWh in the quarter; during a mid‑Atlantic heat wave the company achieved a nuclear capacity factor above 99% for critical periods. Quarterly nuclear capacity factor was 93% despite six planned refueling outages; outage days reduced capacity factor by 1.8% vs. Q2 2025.
Refueling Execution Efficiency
Average refueling outage duration of 23 days in the quarter, including a turbine upgrade at Byron Unit 1; outage durations outperformed industry average by 40%.
Regulatory and Licensing Milestones for Crane and NY Assets
NRC approved the Crane new fuel licensing amendment (clearing path for new fuel receipt) and FERC granted waiver to transfer capacity injection rights from Eddystone to Crane; filed subsequent license renewal applications for Ginna and Nine Mile Point 1, aided by New York ZEC program extension.
Calpine Integration and Asset Disposition Progress
Integration with Calpine progressing; agreement to sell Brazos Valley Energy Center to LS Power for $860M (~$1,420/kW). DOJ-required divestitures expected to generate ~$5.9B gross proceeds at ~ $1,200/kW, a premium to implied Calpine purchase price (~$960/kW, ~+48% vs. Brazos per-kW price).
Capital Allocation and Buybacks
Deployed approximately $2.2B in accretive share repurchases year-to-date (since Q1), with ~$2.8B of buyback authorization remaining; buybacks already contributing upside to earnings.
Positive Market / Regulatory Developments
FERC actions pushing RTOs (including PJM) for faster tariff clarity; PJM released proposals for the RBP and IRAS, set an initial RBP target of 6.8 GW, and is conducting bilateral matchmaking with a procurement auction planned for this fall and results expected by year-end—creating clearer pathways for customer contracting.
Strategic Commercial Wins
Closed an inaugural nuclear PPA with Walmart (their first nuclear PPA) and other investment-grade customer deals that management says recognize nuclear as a premium, around-the-clock carbon-free product.
Tax Credit Tailwind to Long-Term Earnings
Updated Nuclear Production Tax Credit assumptions (2025 inflation adj. 2.8% and 2% thereafter) raise projected 2030 base earnings by ~ $0.30 per share and provide inflation-linked upside to long-term earnings forecasts.
MX:CEG Earnings History
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