Constellation Energy Q3 2026 earnings review

Adjusted operating EPS rose 66.4% to $5.06, and Constellation raised its 2026 guidance midpoint.

Constellation Energy Corporation · Q3 2026 · Published Nov 9, 2026 · By DeepCell AI · Sources

Constellation Energy Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

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1 · Constellation Energy (CEG) Q3 2026 earnings review

Adjusted operating EPS rose 66.4% to $5.06, and Constellation raised its 2026 guidance midpoint

  1. 1.Adjusted operating EPS of $5.06 beat the Zacks consensus of $3.90 by 29.7%
  2. 2.GAAP EPS rose to $5.19 from $2.97, as Calpine lifted revenue 45.4%
  3. 3.2026 guidance moved to $12.50–$12.80 from $11.50–$12.50; second midpoint raise this year
  4. 4.Amazon and Google deals plus a DOE loan of up to $5.0B back uprates
  5. 5.Shares rose 2.1% in pre-market trading by 8:40 AM ET (Nasdaq)

Note: DOE is U.S. Department of Energy. Consensus is from Zacks via Yahoo Finance. The pre-market price is not a close. No source gave a reason for the move.Source: Constellation Form 8-K Ex. 99.1, Nov 9, 2026; Zacks via Yahoo Finance, Nov 9, 2026; Nasdaq, Nov 9, 2026 8:40 AM ET

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2 · Executive summary

Q3 adjusted operating EPS beat Zacks by $1.16, and the guidance midpoint topped the full-year consensus

Q3 2026 results and 2026 guidance vs. Zacks consensus (via Yahoo Finance, Nov 9, 2026)

MetricActualConsensusVarianceResult
Q3 adjusted operating EPS$5.06$3.90+$1.16 / +29.7%Beat
2026 guidance midpoint$12.65$12.20+$0.45 / +3.7%Above

Share price, Nov 6 close to Nov 9 pre-market

Constellation (Nasdaq)Nov 6 closeNov 9, 8:40 AM ETChange ($)Change (%)
CEG$249.95$255.26+$5.31+2.1%

Both prices are from the Nasdaq quote page. The Nov 9 price is a pre-market trade, not a close.

Note: The full-year Zacks figure is the consensus before this release. No revenue consensus is shown, as sources disagreed.Source: Constellation Form 8-K Ex. 99.1, Nov 9, 2026; Zacks via Yahoo Finance, Nov 9, 2026; Nasdaq, Nov 9, 2026 8:40 AM ET

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3 · Q3 results vs. consensus

2026 adjusted operating EPS guidance rose $0.65 at the midpoint to $12.65, and the range narrowed

2026 adjusted operating EPS guidance, Nov 9 vs. Aug 6

MetricAug 6 outlookNov 9 outlookChange
Range$11.50 to $12.50$12.50 to $12.80Narrowed
Midpoint$12.00$12.65+$0.65 / +5.4%
Range width$1.00$0.30Tighter
Diluted shares assumed (millions)357356Lower

Implied 2026 adjusted operating earnings

MetricValueBasis
Midpoint EPS × guidance shares$4.5BDeepCell calculation
Q3 adjusted operating earnings$1.8BReported

Note: The CFO said the midpoint was raised for the second time this year. Implied earnings is a DeepCell calculation, not company guidance.Source: Constellation Form 8-K Ex. 99.1, Nov 9, 2026; Constellation Form 8-K Ex. 99.1, Aug 6, 2026 (prior guidance); Constellation Form 8-K Ex. 99.2 slides, Nov 9, 2026; analysis of company data

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4 · 2026 guidance

Revenue rose 45.4% and operating income more than doubled to $2.5B

  1. Calpine added scaleOperating revenues reached $9.6B after the January Calpine deal.
  2. Earnings roseNet income to common rose 97.5% to $1.8B.
  3. More sharesDiluted shares rose to 354M from 313M.

Key figures

$M unless notedQ3 2025Q3 2026YoY
Operating revenues$6,570M$9,550M+45.4%
Operating income$1,086M$2,492M+129.5%
GAAP diluted EPS ($)$2.97$5.19+74.7%
Adjusted operating EPS ($)$3.04$5.06+66.4%

Note: Adjusted operating EPS is non-GAAP; it excludes fair value marks, decommissioning and deal costs.Source: Constellation Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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5 · Q3 key financials

Nuclear output rose 0.4% and the capacity factor reached 97.2%

Fleet operating metrics

Q3 2025 vs. Q3 2026

MetricQ3 2025Q3 2026
Nuclear output (GWh)46,47746,677
Nuclear capacity factor96.8%97.2%
Renewable energy capture96.8%96.4%
Gas, oil and hydro EFOFNot reported5.9%
A 20-year, 690 MW PPA with Amazon supports Calvert Cliffs“These agreements add more than 1,000 megawatts of new, emissions-free generation to the grid.” Joe Dominguez, CEO

Note: PPA is power purchase agreement; EFOF is equivalent forced outage factor. Capacity factor excludes Salem and South Texas Project. EFOF became a key metric in 2026 after the Calpine deal.Source: Constellation Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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6 · Fleet operations

Adjusted operating EPS rose to $5.06 from $3.04 on market conditions and Calpine

Adjusted operating EPS

$ per diluted share, Q3 2025 vs. Q3 2026

v · Q3 2025: $3.04v · Q3 2026: $5.06Q3 2025Q3 2026$0.00$2.00$4.00$6.00$3.04$5.06
Adjusted operating earnings rose 88.2% to $1,792M, ahead of share growth

Note: The company cited favourable market and portfolio conditions and Calpine, partly offset by interest and nuclear tax credits.Source: Constellation Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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7 · Adjusted operating EPS

GAAP EPS of $5.19 exceeded adjusted EPS, as fair value gains of $0.36 were excluded

GAAP EPS to adjusted operating EPS

$ per diluted share, Q3 2026

$ · GAAP EPS: $5.19$ · Fair value gains: -$0.36$ · Calpine: $0.31$ · Tax items: -$0.30$ · Other items: $0.22$ · Adjusted EPS: $5.06GAAP EPSFair valuegainsCalpineTax itemsOther itemsAdjusted EPS$0.00$2.00$4.00$6.00$5.19-$0.36$0.31-$0.30$0.22$5.06
Calpine-related items added back $0.31 per share

Note: Calpine-related items are merger costs and acquired contract amortization. Other items are decommissioning, plant retirements, pension and legal.Source: Constellation Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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8 · GAAP to adjusted EPS

Operating income rose to $2,492M as revenue added $2,980M

Operating income bridge

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $1,086M$M · Revenue: $2,980M$M · Power and fuel: -$833M$M · Operating costs: -$480M$M · Depreciation: -$213M$M · Other: -$48M$M · Q3 2026: $2,492MQ3 2025RevenuePower andfuelOperatingcostsDepreciationOtherQ3 2026$0M$1,000M$2,000M$3,000M$4,000M$4,500M$1,086M$2,980M-$833M-$480M-$213M-$48M$2,492M
Higher purchased power and fuel cut operating income by $833M

Note: Higher costs are shown as reductions. Other is taxes other than income taxes, net of asset-sale gains.Source: Constellation Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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9 · Operating income bridge

Operating margin rose to 26.1% from 16.5%, up 956 bps

Revenue less fuel and operating margin

% of operating revenues, Q3 2025 vs. Q3 2026

Revenue less fuel · Q3 2025: 45.7%Revenue less fuel · Q3 2026: 53.9%Operating margin · Q3 2025: 16.5%Operating margin · Q3 2026: 26.1%Q3 2025Q3 20260%20%40%60%45.7%53.9%16.5%26.1%
Revenue less purchased power and fuel was 53.9% of revenue, up from 45.7%

Note: Revenue less fuel is operating revenues minus purchased power and fuel, on a GAAP basis.Source: Constellation Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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10 · Margin analysis

Buybacks of $3.0B in nine months exceeded operating cash flow less capex of $1.5B

Nine-month cash sources and uses

$M, 9M 2026

$M · Operating cash flow: $4,979M$M · Capex: $3,461M$M · Buybacks: $3,001M$M · Calpine, net: $2,537M$M · Dividends: $459MOperating cashflowCapexBuybacksCalpine, netDividends$0M$2,000M$4,000M$6,000M$4,979M$3,461M$3,001M$2,537M$459M
About $2.0B of buyback authorization remained, per the earnings slides

Note: Capex is GAAP capital expenditures. Calpine is the acquisition outlay net of cash acquired.Source: Constellation Form 8-K Ex. 99.1, Nov 9, 2026; Constellation Form 8-K Ex. 99.2 slides, Nov 9, 2026; analysis of company data

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11 · Cash flow and capital returns

Operating and maintenance costs rose 31.8% and depreciation rose 88.4% with the larger fleet

Operating cost lines

$M, Q3 2025 vs. Q3 2026

MetricQ3 2025Q3 2026YoY
Purchased power and fuel$3,567M$4,400M+23.4%
Operating and maintenance$1,511M$1,991M+31.8%
Depreciation and amortization$241M$454M+88.4%
Total operating expenses$5,484M$7,070M+28.9%
Nine-month capital expenditures were $3.5B, up from $2.0B

Note: All lines are GAAP. Q3 2026 includes Calpine; Q3 2025 does not.Source: Constellation Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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12 · Cost lines

Total debt rose $14.4B since December to fund Calpine, and goodwill reached $11.5B

Debt, cash and equity

$M, Dec 31, 2025 vs. Sep 30, 2026

$MDec 31, 2025Sep 30, 2026
Cash and cash equivalents$3,641M$603M
Short-term borrowings$1,650M$3,989M
Long-term debt$7,250M$19,039M
Total debt$8,992M$23,387M
Total equity$14,853M$33,039M
Property, plant and equipment nearly doubled to $41.7B

Note: Total debt is short-term borrowings plus current and long-term debt.Source: Constellation Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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13 · Balance sheet

The narrowed $12.50–$12.80 range leaves less room for weaker power markets in Q4

Indicator
What to watch
Implication
Latest reading
Power markets
Q4 prices and volatility
Drives commercial margin
Q3 cited favourable markets
Nuclear operations
Outages and capacity factor
Volume and costs
Capacity factor 97.2%
Calpine integration
Merger costs and gas fleet
Earnings mix shifts
Calpine costs $0.20/share
Balance sheet
Debt after Calpine and buybacks
Interest expense rises
Debt $23.4B

Source: Constellation Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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14 · Key risks to guidance

Appendix: new long-term agreements

ClaimEvidenceCalculation
Amazon, Calvert Cliffs690 MW, 20 years; $3.0B+ investmentAdds 190 MW, 2030–2032
Google, nuclear upratesAbout 890 MW; $4.3B+ investment20-year PPA; first uprate 2028
Google, load following2,700 MW in PJM15-year financial agreement
Peak+ customer agreement270 MW, 20 yearsStarts 2028

PPA is power purchase agreement. Source: Constellation Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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15 · Appendix: Contracts

Appendix: GAAP EPS to adjusted operating EPS

ClaimEvidenceCalculation
Unrealized fair value adjustments-$0.36Hedges, swaps, equity investments
Decommissioning-related activities$0.16Trust returns and ARO effects
Calpine merger and integration$0.20Plus acquired contract amortization $0.11
Income tax-related adjustments-$0.30Deferred tax apportionment change
Pension, plant and legal items$0.07, -$0.03, $0.02Pension; retirements; legal

Source: Constellation Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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16 · Appendix: Non-GAAP items

Appendix: acquisition and funding detail

ClaimEvidenceCalculation
Rhode Island State Energy Center$715M for 609 MWGas combined cycle, ISO New England
DOE loan guaranteeUp to $5.0B30 years; Treasuries plus 0.375%
Calpine acquisition outlay$2.5BNet of cash acquired, 9M 2026
Dividends paid, nine months$459MUp from $365M

DOE is U.S. Department of Energy. Source: Constellation Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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17 · Appendix: Deals and funding

18 · Appendix: Cash detail

Appendix: income statement detail

Operating results

$M unless notedQ3 2025Q3 2026YoY
Operating revenues$6,570M$9,550M+45.4%
Purchased power and fuel$3,567M$4,400M+23.4%
Taxes other than income$165M$225M—
Operating income$1,086M$2,492M+129.5%

Below operating income

$M unless notedQ3 2025Q3 2026YoY
Interest expense, net-$134M-$217M—
Other, net$443M-$44Mn.m.
Income tax expense$466M$405M—
Net income$929M$1,835M+97.5%

Note: Other, net includes nuclear decommissioning trust returns. n.m. means not meaningful.Source: Constellation Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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19 · Appendix: Income statement

Appendix: sources

  • Filing: Constellation Form 8-K, Nov 9, 2026 — https://www.sec.gov/Archives/edgar/data/1868275/000186827526000116/0001868275-26-000116-index.htm
  • Earnings release and attachments (Ex. 99.1) — https://www.sec.gov/Archives/edgar/data/1168165/000186827526000116/ceg-20261109991.htm
  • Earnings call slides (Ex. 99.2) — https://www.sec.gov/Archives/edgar/data/1168165/000186827526000116/ceg-20261109992.htm
  • Company newsroom release, Nov 9, 2026 — https://www.constellationenergy.com/news/2026/11/constellation-reports-third-quarter-2026-results.html
  • Prior guidance: Q2 2026 release (Form 8-K Ex. 99.1), Aug 6, 2026 — https://www.sec.gov/Archives/edgar/data/1168165/000186827526000097/ceg-20260806991.htm
  • Consensus: Zacks Equity Research via Yahoo Finance, Nov 9, 2026 — https://finance.yahoo.com/markets/stocks/articles/constellation-energy-corporation-ceg-beats-120001993.html
  • Share price: Nasdaq CEG quote, pre-market last sale at Nov 9, 2026 8:40 AM ET; Nov 6 close — https://www.nasdaq.com/market-activity/stocks/ceg
  • Company figures are in U.S. dollars. Chart and table values link to the model in the spreadsheet tabs of this file.

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20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Constellation's Form 8-K of November 9, 2026 (Exhibits 99.1 and 99.2) and, for prior guidance, its Form 8-K of August 6, 2026. Consensus estimates (Zacks via Yahoo Finance) and share prices (Nasdaq) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are GAAP unless labelled adjusted (non-GAAP), in U.S. dollars, for the quarters ended September 30, 2026 and 2025.

Forward-looking statements. Company guidance, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Constellation Energy Corporation. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings.

Date of analysis. The share price is the Nasdaq pre-market last sale at 8:40 AM ET on November 9, 2026, compared with the November 6 close. It is not a closing price.

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21 · Disclosures

Sources

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