Constellation Energy Tops Revenue Estimates at $9.55 Billion; Raises Full-Year Outlook

Constellation Energy Corp. (Nasdaq: CEG) reported third-quarter revenue of $9.55 billion, above the $9.35 billion analysts expected, and adjusted operating earnings of $5.06 per share against the $3.89 average analyst estimate, in an 8-K filed Monday, Nov. 9, 2026.

The company's revenue compares with $6.57 billion a year earlier. GAAP net income rose to $5.19 per share from $2.97 per share in the third quarter of 2025, or $1.84 billion in total. Adjusted operating earnings rose from $3.04 per share a year earlier. The company said the result reflected favorable market and portfolio conditions and the addition of Calpine, partly offset by unfavorable interest and nuclear production tax credit portfolio effects.

Guidance raised again

Constellation raised the midpoint of its full-year 2026 adjusted operating earnings guidance and narrowed the range to $12.50 to $12.80 per share. The company said this was the second time this year it had raised the midpoint. The average analyst estimate for full-year 2026 was $12.22 per share, with a range of $11.98 to $12.45. For the fourth quarter, analysts expected adjusted EPS of $3.04 on revenue of $9.00 billion.

Deals and financing

Constellation agreed to acquire the Rhode Island State Energy Center from Shell Energy North America for $715 million, subject to purchase price adjustments. The 609-megawatt gas-fired plant is expected to join its merchant portfolio, and closing requires regulatory approvals.

The company also signed a 20-year, 690-megawatt power agreement with Amazon tied to Calvert Cliffs, and a 20-year power agreement with Google tied to about 890 megawatts of incremental nuclear capacity in PJM. It signed a conditional DOE loan commitment of up to $5.0 billion for nuclear uprates, and its first Peak+ agreement, covering 270 megawatts. Constellation said it has deployed about $3.0 billion this year on share repurchases and has about $2.0 billion remaining under its authorization.

Operations

Its nuclear fleet, including owned output from Salem and South Texas Project, produced 46,677 gigawatt-hours in the quarter, compared with 46,477 gigawatt-hours a year earlier. Excluding Salem and STP, nuclear plants at ownership reached a 97.2% capacity factor, up from 96.8%. The equivalent forced outage factor for its gas, oil and pumped-storage hydro fleet was 5.9%.

The last close before the filing was $249.95 on Friday, Nov. 6, 2026.