Constellation Energy reports second quarter EPS of $2.55, raises FY2026 guidance, and announces 920 MW of new PPAs.

Constellation Energy reported second quarter adjusted operating earnings of $2.55 per share on revenues of $7.5 billion, beating consensus estimates of $2.35. The company also raised its full-year 2026 adjusted operating earnings guidance to a range of $11.50 to $12.50 per share, up from $11.00 to $12.00 previously.

Key Highlights

• Adjusted operating EPS of $2.55 increased 33.5% from $1.91 in the prior-year quarter, driven by the addition of Calpine assets and strong commercial performance.
• The company raised its full-year 2026 adjusted EPS guidance to a range of $11.50 - $12.50, citing outperformance in its commercial business and accretive share repurchases.
• Constellation announced it has signed an additional 920 megawatts of long-term power purchase agreements for its nuclear generation fleet with a diverse set of investment-grade customers.
• The nuclear capacity factor for the second quarter was 93.0%, compared to 94.8% a year ago, with the decline attributed to a higher number of planned refueling outage days (86 vs. 41).