Constellation Energy 8-K

Summary

Q3 2026 results with raised FY2026 adjusted operating earnings guidance. Adjusted operating earnings per share rose 66% Y/Y to $5.06 as favorable market and portfolio conditions and the addition of Calpine supported results; revenue growth accelerated to +27% Q/Q from -33% in Q2.

FY2026 adjusted operating earnings per share guidance was raised to $12.50–$12.80 from $11.50–$12.50, with the company citing commercial outperformance in a volatile market, partly offset by higher operating and maintenance expense.

Developments

• Agreed to acquire Rhode Island State Energy Center, a 609-megawatt natural gas-fired combined-cycle plant, from Shell Energy North America for $715M, subject to regulatory approvals and customary closing conditions; the facility would join Constellation’s merchant generation portfolio.
• Amazon’s 20-year, 690-megawatt power purchase agreement and related retail supply agreement support more than $3B of investment at Calvert Cliffs, including a 190-megawatt expansion expected online between 2030 and 2032.
• Google’s 20-year power purchase agreement supports more than $4.3B of investment across 11 nuclear units for about 890 megawatts of added capacity in PJM, with the first uprate expected in 2028; a separate 15-year agreement covers 2,700 megawatts in PJM.
• The first Peak+ agreement is a 20-year contract for 270 megawatts of energy, capacity and nuclear attributes, beginning in 2028. Peak+ combines new capacity, including generation and demand response, with tailored energy products for large customers.

Results with guidance

Metric	Q3 2026 actual	FY2026 guide
Adjusted Operating Earnings* (non-GAAP)	$5.06+66% Y/Y, +98% Q/Q	$6.65-$6.75reaffirmed from $6.65-$6.75
Adjusted Operating Earnings per share (non-GAAP)	—	$12.50-$12.80raised from $11.50-$12.50

Results without guidance

Metric	Q3 2026	Change	9M 2026
Revenue	$9.55B	+45% Y/Y, +27% Q/Q	$28.2B+45% Y/Y
Operating income	$2.49B	+129% Y/Y, +330% Q/Q	$5.40B+117% Y/Y
Net income	$1.83B	+97% Y/Y, +258% Q/Q	$3.94B+109% Y/Y
Diluted EPS	$5.19	+75% Y/Y, +265% Q/Q	$11.06+84% Y/Y
Cash and cash equivalents	$603M	-13% Q/Q	—
Diluted shares	354M	+13% Y/Y, -1.7% Q/Q	356M+13% Y/Y

What moved the numbers

• Q3 nuclear generation was 46,677 GWh vs 46,477 GWh a year earlier; the nuclear fleet’s capacity factor, excluding Salem and South Texas Project, was 97.2% vs 96.8%.
• Natural gas, oil and renewables generation was 44,982 GWh, including 38,387 GWh from Calpine, acquired in January 2026. The equivalent forced outage factor for the natural gas, oil and pumped-storage hydro fleet was 5.9%.
• 9M operating cash flow was $4.98B vs $3.43B. Cash and cash equivalents were $603M at 9/30/2026.
• Share repurchases totaled $3.00B YTD, with approximately 11 million shares repurchased; about $2.0B remained under the authorization.
• The conditional Department of Energy loan commitment would guarantee up to $5.0B for an unsecured Federal Financing Bank loan supporting nuclear uprates. The proposed loan would have a 30-year term, with rates fixed at each advance at 0.375 percentage points above comparable-maturity U.S. Treasuries.

Other guidance (4)

Metric	Period	Guidance
Base Earnings per share (non-GAAP)	FY2027	$7.60-$7.70
Base Earnings per share (non-GAAP)	FY2029	$11.40-$11.90
Base EPS growth (non-GAAP)	2026-2029	at least 20% growth Y/Y
Base EPS growth (non-GAAP)	Long-term	at least 10% growth Y/Y

Figures extracted from the filings and checked against their text; changes and verdicts computed from them.