second quarter of 2026
Filed Aug 6, 2026Constellation Reports Second Quarter 2026 Results
Adjusted (non-GAAP) Operating Earnings increased to $2.55 per share from $1.91 per share, and the company raised its full-year Adjusted (non-GAAP) Operating Earnings guidance range to $11.50 – $12.50 per share. GAAP Net Income declined to $1.42 per share from $2.67 per share, while nuclear generation and capacity factor also declined year over year.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| GAAP Net Income Attributable to Common ShareholdersGAAP | $ 513 | – | – |
| GAAP Net Income Attributable to Common Shareholders Earnings Per ShareGAAP | $ 1.42 | – | – |
| Adjusted (non-GAAP) Operating Earningsnon-GAAP | $ 920 | – | – |
| Adjusted (non-GAAP) Operating Earnings Per Sharenon-GAAP | $ 2.55 | – | – |
| Unrealized (Gain) Loss on Fair Value Adjustmentsnon-GAAP | 340 | – | – |
| Unrealized (Gain) Loss on Fair Value Adjustments Earnings Per Sharenon-GAAP | 0.94 | – | – |
| Decommissioning-Related Activitiesnon-GAAP | (221) | – | – |
| Decommissioning-Related Activities Earnings Per Sharenon-GAAP | (0.61) | – | – |
| Amortization of Acquired Commodity Contractsnon-GAAP | 149 | – | – |
| Amortization of Acquired Commodity Contracts Earnings Per Sharenon-GAAP | 0.41 | – | – |
| Calpine Merger and Integration Costsnon-GAAP | 84 | – | – |
| Calpine Merger and Integration Costs Earnings Per Sharenon-GAAP | 0.23 | – | – |
| Plant Retirements and Divestituresnon-GAAP | — | – | – |
| Plant Retirements and Divestitures Earnings Per Sharenon-GAAP | — | – | – |
| Pension & OPEB Non-Service (Credits) Costsnon-GAAP | 20 | – | – |
| Pension & OPEB Non-Service (Credits) Costs Earnings Per Sharenon-GAAP | 0.06 | – | – |
| Change in Legal and Environmental Liabilitiesnon-GAAP | 35 | – | – |
| Change in Legal and Environmental Liabilities Earnings Per Sharenon-GAAP | 0.10 | – | – |
| Average diluted common shares outstandingGAAP | 360 million | – | – |
| Marginal statutory income tax rateother | 25.5% | – | – |
| Nuclear fleet production, including owned output from Salem and STP Generating Stationsother | 44,160 gigawatt-hours (GWhs) | – | – |
| Nuclear plants at ownership capacity factor, excluding Salem and STPother | 93.0% | – | – |
| Planned refueling outage days for sites operatedother | 86 | – | – |
| Non-refueling outage days for sites operatedother | 20 | – | – |
| Natural gas, oil, and pumped-storage hydro fleet Equivalent Forced Outage Factor (EFOF)other | 6.2% | – | – |
| Wind, solar and run-of-river hydro fleet renewable energy captureother | 96.0% | – | – |
full-year 2026 outlook
- NoteAdjusted (non-GAAP) Operating Earnings guidance range of $11.50 – $12.50 per share
What drove it
- The addition of Calpine and favorable market and portfolio conditions primarily supported Adjusted (non-GAAP) Operating Earnings.
- Constellation signed an additional 920 megawatts (MW) of long-term power purchase agreements for clean, reliable nuclear generation. The agreements are for 15-20 years in duration and are set to begin in 2029 through 2032.
- The 176 MW agreement with Walmart will enable a 30 MW capacity expansion at Dresden Clean Energy Center in Illinois.
- FERC approved a waiver request to transfer Capacity Interconnection Rights from Eddystone Units 3 and 4 to Crane Clean Energy Center, and the NRC approved a fuel license amendment request for Crane Clean Energy Center.
- The company filed license renewal applications to extend operations of Ginna Clean Energy Center and Nine Mile Point Unit 1 to 2049.
Concerns
- GAAP Net Income Attributable to Common Shareholders Earnings Per Share decreased to $1.42 from $2.67 in the second quarter of 2025.
- Adjusted (non-GAAP) Operating Earnings were partially offset by unfavorable nuclear outages.
- Nuclear fleet production declined to 44,160 GWhs from 45,170 GWhs, and capacity factor excluding Salem and STP declined to 93.0% from 94.8%.
- Planned refueling outage days increased to 86 from 41.
- The Brazos Valley Energy Center divestiture remains subject to DOJ approval and other customary closing conditions.
What to watch
- Progress toward restarting Crane Clean Energy Center in 2027 following the FERC Capacity Interconnection Rights decision and NRC fuel license amendment approval.
- Closing of the planned $860 million before closing adjustments sale of the 606 MW Brazos Valley Energy Center, which the company expects by the end of this year.
- Integration of Calpine, including the contribution of the expanded fleet and associated merger and integration costs.
- Execution of the additional 920 MW of long-term nuclear PPAs, scheduled to begin in 2029 through 2032.
- NRC review of the Ginna Clean Energy Center and Nine Mile Point Unit 1 license renewal applications.
Analysis
Constellation reported second-quarter GAAP Net Income Attributable to Common Shareholders of $513 and $1.42 per share, compared with $839 and $2.67 per share in the second quarter of 2025. In contrast, Adjusted (non-GAAP) Operating Earnings increased to $920 and $2.55 per share from $599 and $1.91 per share. The company attributed adjusted earnings primarily to the addition of Calpine and favorable market and portfolio conditions, partly offset by unfavorable nuclear outages.
The reconciliation highlights several period-specific items affecting the divergence between GAAP and adjusted results. Unrealized fair value adjustments contributed 340 and 0.94 per share in 2026, compared with (121) and (0.38) per share in 2025. The period also included 149 and 0.41 per share of amortization of acquired commodity contracts associated with the Calpine acquisition, plus 84 and 0.23 per share of Calpine merger and integration costs.
Operationally, nuclear output was lower year over year. The fleet produced 44,160 GWhs, including owned output from Salem and STP, versus 45,170 GWhs a year earlier. Capacity factor excluding Salem and STP was 93.0%, compared with 94.8%, while planned refueling outage days rose to 86 from 41. Renewable energy capture was largely stable at 96.0%, compared with 96.1%, and the company introduced EFOF as a key metric for its expanded natural gas, oil and pumped-storage hydro fleet, reporting 6.2% for the quarter.
The company raised full-year Adjusted (non-GAAP) Operating Earnings guidance to $11.50 – $12.50 per share. Commercial activity included an additional 920 MW of long-term nuclear PPAs, with terms of 15-20 years and start dates from 2029 through 2032. Regulatory and portfolio actions also advanced: FERC approved the CIR transfer waiver for Crane Clean Energy Center, the NRC approved its fuel license amendment request, and the company agreed to sell the 606 MW Brazos Valley Energy Center for $860 million before closing adjustments.
The period points to an expanded generation platform following the Calpine acquisition, with management emphasizing integration, commercial execution and capital allocation. The key operational counterweight is lower nuclear output and capacity factor alongside a higher level of planned outage days. Near-term execution will center on Calpine integration, the regulatory path toward a 2027 Crane restart, closing the Brazos Valley sale, and advancing the contracted nuclear load scheduled to start in 2029 through 2032.
Management, verbatim
This quarter's accomplishments reflect the momentum we're building across our business. From advancing the restart of the Crane Clean Energy Center, to executing long-term agreements with our corporate customers and extending the lives of two critical New York assets, we’re strengthening the nation's energy infrastructure and helping meet growing demand for reliable power.
Joe Dominguez, president and CEO of Constellation
Our second-quarter results and increased full-year EPS guidance demonstrate the earnings power of our expanded platform, strong operational and commercial performance, and the disciplined execution of our capital allocation strategy.
Shane Smith, executive vice president and chief financial officer of Constellation
Not in the filing
stated, not guessed- Total revenue and revenue comparisons were not provided in the supplied filing text.
- Segment revenue, segment profitability and segment comparisons were not provided in the supplied filing text.
- Gross profit, gross margin, operating income, operating margin, interest expense, income tax expense and effective tax rate were not provided in the supplied filing text.
- Prior-quarter financial and operating comparisons were not provided in the supplied filing text.
- Operating cash flow, free cash flow, capital expenditures, cash and debt were not provided in the supplied filing text.
- Share repurchases, dividends and other capital-return amounts were not provided in the supplied filing text.
- Revenue, gross margin, operating expenses and tax-rate guidance were not provided in the supplied filing text.
- A previous-release outlook was not provided, so comparison with prior guidance cannot be made.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.