Constellation Energy 8-K
PositiveEarningsGuidance raised
Calpine’s addition and higher capacity revenue lift adjusted earnings; FY2026 adjusted EPS guidance rises.
Filed 2026-08-06 06:52 ET
- 2.02 Results of Operations
- 7.01 Regulation FD Disclosure
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 results with higher FY2026 adjusted EPS guidance. GAAP diluted EPS fell to $1.42 from $2.67, while non-GAAP adjusted operating EPS rose to $2.55 from $1.91; Calpine’s contribution and favorable market and portfolio conditions supported adjusted earnings. Constellation also signed 920 MW of long-term nuclear power agreements, advanced regulatory approvals for the planned Crane restart, and agreed to sell Brazos Valley Energy Center.
Key Figures
| Metric | Q2 2026 | Q2 2025 | Y/Y |
|---|---|---|---|
| Revenue | $7.50B | $6.10B | +23.0% |
| Operating income | $580M | $951M | -39.0% |
| Net income attributable to common shareholders | $513M | $839M | -38.9% |
| Diluted EPS | $1.42 | $2.67 | -46.8% |
| Adjusted operating earnings per share, non-GAAP | $2.55 | $1.91 | +33.5% |
| Nuclear generation | 44.2 TWh | 45.2 TWh | -2.2% |
- Adjusted earnings reflected Calpine’s addition, higher capacity revenue and strong commercial performance, partly offset by lower revenue recognition from banked Illinois zero emission credits and more planned nuclear refueling outage days.
- YTD net income was $2.11B vs $962M; operating cash flow was $1.55B vs $1.58B. At 6/30/2026, cash was $697M and restricted cash was $380M; short-term borrowings were $5.23B and long-term debt was $19.1B.
- YTD share repurchases were $1.97B vs $400M. Average diluted shares outstanding were 360M vs 314M Y/Y.
- The 920 MW of nuclear power purchase agreements run 15–20 years, with deliveries beginning from 2029 through 2032. The 176 MW Walmart agreement enables a 30 MW Dresden capacity expansion.
- Brazos Valley Energy Center, a 606 MW natural gas plant, is to be sold to LS Power for $860M before closing adjustments. Closing is expected by year-end, subject to DOJ approval and customary conditions; the sale satisfies the final regulatory divestiture commitment for the Calpine acquisition.
- FERC approved transferring existing capacity interconnection rights to Crane, and the NRC approved its fuel license amendment. Constellation said these approvals advance the planned 2027 restart. It also filed license renewal applications for Ginna and Nine Mile Point Unit 1, seeking extensions to 2049.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Adjusted operating earnings per share, non-GAAP | FY2026 | $11.50–$12.50 | $11.00–$12.00 | Raised |
Investor Takeaways
- FY2026 adjusted operating EPS vs the raised $11.50–$12.50 range will show whether commercial performance and capital allocation offset higher operating costs.
- Watch DOJ approval and year-end closing of the Brazos Valley sale, the final required Calpine divestiture.
- Crane’s progress toward its planned 2027 restart and approval of the New York license renewals remain key regulatory milestones.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3