Constellation Energy Raises 2026 Guidance After Adjusted Earnings Jump to $5.06 a Share

Constellation now expects adjusted operating earnings of $12.50 to $12.80 a share. The range covers full-year 2026 and is guidance, not a result.

In August, the company had raised the range to $11.50 to $12.50. That range came in the second-quarter release on August 6, 2026.

The new midpoint is $12.65 a share. The August midpoint was $12.00 a share, both TickerGrove calculations.

The midpoint therefore rises by $0.65 a share. The floor rises by a full dollar, from $11.50 to $12.50.

The fleet behind the numbers

The nuclear fleet produced 46,677 gigawatt-hours in the quarter. A gigawatt-hour is one gigawatt of power sustained for one hour.

Output a year earlier was 46,477 gigawatt-hours. The difference is 200 gigawatt-hours, a modest year-on-year gain.

The fleet's capacity factor reached 97.2%, from 96.8% a year earlier. Capacity factor is the share of full output actually delivered.

Planned refueling outage days fell to 20, from 23. Fewer outage days leave more of the fleet available to generate.

Calpine joined the company in January 2026. The gas fleet's forced-outage factor was 5.9% in the quarter.

Deals signed around the quarter

Constellation signed its first Peak+ agreement during the quarter. Peak+ bundles new capacity with energy products tailored to large customers.

The agreement runs 20 years and covers 270 megawatts. It covers unit-contingent energy, capacity and nuclear attributes from the existing fleet.

Deliveries are set to begin in 2028. The release does not name the customer on the other side.

Constellation also agreed to buy the Rhode Island State Energy Center. The seller is Shell Energy North America, and the price is $715 million.

The plant is a gas-fired combined-cycle facility of 609 megawatts. It sells electricity and capacity into the ISO New England wholesale market.

The price is subject to customary purchase price adjustments. Closing needs regulatory approvals and other customary conditions, Constellation said.

Two earlier long-term deals frame the growth story. Amazon's agreement supports Calvert Cliffs, and Google's spans 11 nuclear units.

The Amazon agreement supports more than $3 billion of investment. The Google collaboration supports more than $4.3 billion, the company said.

A conditional Energy Department loan commitment adds possible financing. It would guarantee up to $5.0 billion for nuclear uprates, if a loan follows.

What remains unknown

What remains unknown starts with the customer behind Peak+. Constellation did not name the counterparty in its release.

No settled market reaction exists yet for the shares. The release landed before the cash session opened on Monday.

Premarket readings on Monday morning conflicted with each other. None of them is a settled reaction to the results.

How much of the quarter's market strength repeats is unknown. The release gives no separate fourth-quarter guidance range.

Whether regulators approve the Rhode Island purchase is also unknown. Constellation named no approval timeline in the release.

The 9 a.m. call is the next test

What to watch: Constellation's conference call today at 9:00 a.m. Eastern. Executives discuss the results and the guidance raise there.

The Rhode Island closing process comes next. So does any naming of the Peak+ customer in later filings.

The fourth quarter is the real test of the raise. It must land the year inside the new $12.50 to $12.80 range.