Constellation Energy Q2 2026 earnings: profit beats, guidance raised on Calpine boost and nuclear strength

August 6, 2026

Constellation beat adjusted EPS estimates and raised its 2026 profit outlook, powered by the Calpine acquisition, strong nuclear output, and new long-term power deals, even as GAAP profit and revenue lagged forecasts.

Key takeaways

• Adjusted earnings per share of $2.55 topped Wall Street’s estimate and were well above the $1.91 Constellation earned in the same quarter last year, helped by the addition of Calpine’s power plants to the company and generally favorable energy markets.
• Revenue of $7.5 billion missed analyst forecasts, but that comparison is a bit misleading: revenue roughly doubled from a year ago mainly because Constellation folded in Calpine’s natural-gas and geothermal power business after closing that acquisition in January 2026, not because existing operations grew that fast.
• Reported (GAAP) net income fell to $513 million from $839 million a year earlier, and GAAP earnings per share dropped versus last year. Management attributes most of that gap to non-cash accounting swings in hedging and fair-value adjustments, which is why the company points investors to its adjusted per-share figure instead.
• The company’s nuclear plants ran at a 93% capacity factor (excluding two partly-owned reactors), a sign the fleet operated near full output — nuclear plants are the steadiest, lowest-cost part of Constellation’s business, so strong runtime there is a key profit driver.
• Trailing-twelve-month margins show a profitable, growing business: gross margin of about 44% and a net margin near 13%, with revenue up roughly 23% and earnings per share up about 21% over the past year — though those year-over-year comparisons are heavily influenced by the Calpine deal being added partway through the period.
• Constellation raised its full-year 2026 adjusted earnings guidance to $11.50–$12.50 per share (midpoint $12.00), up $0.50 from its prior range, citing the Calpine acquisition, higher payments power plants receive for being available to the grid (PJM capacity prices), and strong trading/hedging results.
• The company signed about 920 megawatts of new long-term power contracts (15-to-20-year deals starting between 2029 and 2032) with investment-grade customers, including Walmart’s first-ever nuclear power purchase agreement — part of a broader push to lock in demand from data centers and large corporations.
• The Crane Clean Energy Center — a shuttered Pennsylvania nuclear plant Constellation is restarting — cleared two regulatory hurdles: the NRC approved a fuel-licensing request and FERC approved a related grid-connection transfer, moving the restart closer to completion.
• CEO Joe Dominguez said data-center customers the company has served for the past three years used 45% more electricity in 2025 than in 2023, and framed the Calpine deal as giving Constellation a competitive edge by pairing its nuclear fleet with natural-gas generation to meet that fast-growing demand.
• Shares rose sharply (roughly 6-7% in premarket trading) after the report, as investors focused on the earnings beat and raised guidance rather than the revenue miss.

Q2 2026 in context

Figures for the quarter ended Jun 2026 and the quarter ended Jun 2025, as reported to the SEC.

How the stock took it

Constellation Energy Corp closed at $265.12 on Aug 5, 2026, the last session before the report, and at $269.89 on Aug 7, 2026, the first session after it — +1.8% across the report.

Closes from the market's daily record. Each figure spans the report date — from the last session that closed before it to the first that closed after — because a company may report before the open or after the close.

Fundamentals

Financial history →

Sources: company report · earnings call · reputable coverage