Constellation Energy Q3 Adjusted Earnings Jump to $5.06 a Share; Guidance Midpoint Raised
Constellation Energy's adjusted operating earnings jumped 66.4% to $5.06 per share in the third quarter, and the power producer raised the midpoint of its full-year outlook, according to its 8-K filed Monday.
The company narrowed its 2026 adjusted (non-GAAP) operating earnings guidance to a range of $12.50 to $12.80 per share. Chief Financial Officer Shane Smith said the quarter allowed Constellation to raise the guidance midpoint "for the second time this year."
On a GAAP basis, net income attributable to common shareholders was $1.835 billion, or $5.19 per share, up from $930 million, or $2.97 per share, a year earlier. Adjusted operating earnings totaled $1.792 billion, compared with $952 million.
Operating revenue rose 45.4% to $9.55 billion from $6.57 billion. The company said adjusted results reflected favorable market and portfolio conditions and the addition of Calpine, which it acquired in January, partly offset by unfavorable interest and nuclear production tax credit impacts. Average diluted shares rose to 354 million from 313 million.
For the first nine months, operating revenue reached $28.176 billion, up from $19.459 billion, and net income attributable to common shareholders more than doubled to $3.938 billion from $1.887 billion.
Deals with Amazon and Google
Constellation used the release to tally a busy stretch of dealmaking. In September it announced a 20-year, 690-megawatt power purchase agreement with Amazon that it said will enable more than $3 billion of investment at its Calvert Cliffs plant, including a 190-megawatt expansion expected online between 2030 and 2032.
In October, it announced a 20-year agreement with Google that it said will enable more than $4.3 billion of investment across 11 nuclear units to add an estimated 890 megawatts of capacity, with the first uprate expected in 2028.
The company also agreed to buy the 609-megawatt Rhode Island State Energy Center, a gas-fired plant, from Shell Energy North America for $715 million, subject to adjustments and regulatory approvals. And it signed a conditional Department of Energy loan commitment under which the agency would guarantee up to $5.0 billion of a 30-year loan to fund nuclear uprates.
Constellation also signed its first Peak+ agreement, a 20-year deal for 270 megawatts of energy, capacity and attributes from its existing nuclear fleet starting in 2028.
Chief Executive Joe Dominguez said the agreements "add more than 1,000 megawatts of new, emissions-free generation to the grid."
The nuclear fleet produced 46,677 gigawatt-hours in the quarter, up from 46,477, and plants at ownership, excluding Salem and South Texas Project, ran at a 97.2% capacity factor, compared with 96.8%.
By the numbers
- Adjusted operating EPS: $5.06, up from $3.04
- GAAP EPS: $5.19, up from $2.97
- Operating revenue: $9.55 billion, up 45.4%
- 2026 adjusted EPS guidance: $12.50 to $12.80
- Rhode Island plant purchase: $715 million
- Nuclear capacity factor: 97.2%
Sources
- Constellation Energy Form 8-K with Exhibit 99.1 earnings release, filed Nov. 9, 2026 (accession 0001868275-26-000116)
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