Constellation Energy's Q3 adjusted earnings rise to $5.06 per share
Nov 11, 2026
Constellation Energy Corporation (NASDAQ: CEG) reported its third-quarter 2026 results on Monday, November 9, 2026.
Third-quarter results
According to the company's release:
- GAAP net income was $5.19 per share, compared with $2.97 in the third quarter of 2025
- adjusted (non-GAAP) operating earnings were $5.06 per share, compared with $3.04 a year earlier
- the company's nuclear plants operated at a capacity factor of 97.2%, excluding the Salem and STP plants, compared with 96.8% a year earlier
- nuclear generation was 46,677 gigawatt-hours (GWh), compared with 46,477 GWh a year earlier
Constellation acquired Calpine, a producer of electricity mainly from natural gas and geothermal plants, in January 2026, and the company said Calpine contributed to its results.
Full-year outlook
Constellation said it was raising the midpoint and narrowing its full-year 2026 adjusted operating earnings guidance to $12.50–$12.80 per share. Guidance is a company forecast and may not be achieved.
Agreements mentioned in the release
The company listed several agreements, including:
- a 20-year power purchase agreement with Google for about 890 megawatts (MW) of additional capacity across 11 nuclear units in the PJM region, and a 15-year financial agreement for 2,700 MW
- a 20-year, 690 MW power purchase agreement with Amazon supporting the Calvert Cliffs nuclear plant
- an agreement to acquire the Rhode Island State Energy Center, a 609 MW natural gas plant, for $715 million
- a conditional commitment from the US Department of Energy for up to $5.0 billion to support increases in the output of nuclear plants
Constellation also repurchased $3,001 million of its own shares in the first nine months of 2026. Joe Dominguez, chairman, president and chief executive officer, said the company's approach shows it can "power the growing digital economy while strengthening our electric grid".
What Constellation Energy does
Constellation produces and sells electricity and natural gas to homes, businesses and public organisations in the US. It operates a large fleet of nuclear plants, together with natural gas, hydro, wind and solar plants. The company was spun off from Exelon in 2022.
What a capacity factor is
A capacity factor shows how much electricity a power plant actually produces compared with the maximum it could produce if it ran at full power all the time. A capacity factor above 90% is typical for well-run nuclear plants, which usually operate around the clock and stop mainly for refuelling and maintenance.
What a power purchase agreement is
A power purchase agreement (PPA) is a long-term contract under which a buyer, such as a technology company, agrees to purchase electricity from a producer at agreed terms. Large technology companies use PPAs to secure electricity for their data centres, often from low-carbon sources such as nuclear, wind or solar.
GAAP and adjusted figures
GAAP results follow US accounting rules. Adjusted operating earnings exclude certain items, such as changes in the value of investments and some one-off costs. Companies use adjusted figures to show underlying performance, but these measures are not standardised and can differ between companies.
What to watch
Key items include progress on new power agreements with technology companies, the integration of Calpine, the closing of the Rhode Island State Energy Center acquisition and the fourth-quarter results.
Risks and uncertainties
Electricity prices, regulation, plant outages and demand from data centres can affect results. Nuclear plants are subject to strict safety rules and long licensing processes. Outlooks may not be achieved, and energy shares can be volatile.
What this means for investors
For Investing.one users following Constellation Energy, the results and full-year outlook may be relevant. The information above is based on the company's results release.
Sources
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