Constellation Energy Raises 2026 EPS Guidance to $11.50-$12.50, Well Above Consensus, on Strong Q2 and Nuclear Contract Wins

summarizeSummary

Constellation Energy reported strong Q2 2026 results, raised full-year EPS guidance well above consensus, and announced major commercial and regulatory wins — including 920 MW of new nuclear PPAs and key approvals for the Crane Clean Energy Center restart.

check_boxKey Events · Earnings and Guidance · CEG

• Q2 Earnings Beat and Raised Guidance

  Q2 2026 adjusted EPS of $2.55 exceeded expectations; full-year 2026 adjusted EPS guidance raised to $11.50-$12.50, well above the $9.50 consensus, driven by strong commercial performance and Calpine contribution.

• 920 MW of New Long-Term Nuclear PPAs Signed

  Secured 920 MW of 15-20 year power purchase agreements with investment-grade customers, including a 176 MW deal with Walmart enabling a 30 MW uprate at Dresden Clean Energy Center. Contracts begin 2029-2032.

• Crane Clean Energy Center Restart Advances

  FERC approved transfer of capacity interconnection rights and NRC approved fuel license amendment, clearing critical regulatory hurdles for the restart of the Crane Clean Energy Center, expected in 2027.

• Brazos Valley Divestiture Satisfies Final DOJ Condition

  Agreement to sell the 606 MW Brazos Valley Energy Center to LS Power for $860 million, satisfying the last regulatory commitment from the Calpine acquisition; closing expected by year-end 2026.

auto_awesomeAnalysis · CEG · Energy & Transportation

Constellation Energy delivered Q2 adjusted EPS of $2.55, beating expectations, and raised its full-year 2026 guidance to $11.50-$12.50 — well above the $9.50 consensus. The raise is driven by strong commercial performance, higher capacity revenue, and accretive share repurchases. The company also secured 920 MW of long-term nuclear power purchase agreements with investment-grade customers, advancing its contracted clean energy backlog. Regulatory milestones for the Crane Clean Energy Center restart and license renewal filings for two New York nuclear units further de-risk the growth outlook. The announced $860 million sale of the Brazos Valley Energy Center satisfies the final DOJ divestiture condition from the Calpine acquisition, removing an overhang. With ~$2.2 billion deployed for buybacks year-to-date and a clear path to 20%+ base EPS growth through 2029, the update reinforces Constellation's position as a premier clean-energy compounder.