Constellation Energy reports third-quarter results and raises full-year earnings outlook

Constellation Energy (CEG) reported third-quarter 2026 adjusted operating earnings of $5.06 per share on November 9, up from $3.04 a year earlier. That cleared the Zacks consensus of $3.90 by 29.74%; against Investing.com's lower $3.72 consensus, the beat was $1.34 a share. Revenue rose 45% to $9.55 billion from $6.57 billion a year ago, topping the Zacks estimate by 11.53%. GAAP earnings came to $5.19 per share, versus $2.97 a year earlier.

The company raised the midpoint and narrowed its full-year adjusted operating earnings guidance to $12.50 to $12.80 per share, from $11.50 to $12.50, the second increase this year. CEO Joe Dominguez tied the quarter to data-center demand: "Our approach proves we can power the growing digital economy while strengthening our electric grid." The release highlighted a 20-year, 690 MW power agreement with AMZN at Calvert Cliffs, a 20-year Google (GOOGL) agreement covering about 890 MW across 11 nuclear units, and a Department of Energy conditional loan guarantee of up to $5 billion for nuclear uprates. GuruFocus pointed to a 97.2% nuclear capacity factor and the Calpine acquisition, which closed in January, as key drivers.

Shares rose 6.94% to $267.29 as of 10:44 a.m. ET on Monday, a partial recovery for a stock that Zacks said had lost about 29.3% since the start of the year. The third quarter alone delivered roughly 40% of the new guidance midpoint.

What to watch: whether new hyperscaler contracts keep arriving at the pace the raised outlook implies, execution on the nuclear uprate program the DOE guarantee supports, and how much of this year's growth comes from the acquired Calpine gas fleet rather than the legacy nuclear business. Note that the size of the beat depends on which consensus is used, so headlines citing different surprise figures are measuring against different estimates.