Power producer posted $2.55 adjusted EPS on $7.5 billion in second-quarter revenue, signed 920 megawatts of long-term nuclear contracts and lifted 2026 guidance above consensus.
Constellation Energy shares rose in premarket trading Thursday after the company reported second-quarter adjusted earnings that beat Wall Street expectations and raised its full-year 2026 earnings guidance, offsetting a revenue miss. The power producer posted revenue of $7.5 billion, below the $7.83 billion analyst consensus, while adjusted earnings increased to $2.55 per share from $1.91 a year earlier, ahead of expectations for $2.28. CEO Joe Dominguez said the company advanced the restart of the Crane Clean Energy Center, added new long-term customer agreements and extended the operating lives of nuclear assets as demand for reliable power grows. Constellation said it signed another 920 megawatts of long-term power purchase agreements with investment-grade customers for nuclear generation, with 15- to 20-year terms beginning between 2029 and 2032. It also secured Federal Energy Regulatory Commission approval to transfer existing Capacity Interconnection Rights and Nuclear Regulatory Commission approval for its fuel license tied to Crane. Separately, the company agreed to sell the 606-megawatt Brazos Valley Energy Center in ERCOT (Texas power market) to LS Power for $860 million, before closing adjustments, as the final required asset sale linked to regulatory commitments from the Calpine acquisition. Constellation raised its full-year 2026 adjusted earnings guidance to $11.50 to $12.50 per share from $11.00 to $12.00, putting the midpoint above the $11.63 analyst consensus. Chief Financial Officer Shane Smith said the higher forecast reflects the benefits of the expanded platform, operational execution and disciplined capital allocation. The company said base earnings per share should grow more than 20% between 2026 and 2029, while reaffirming its long-term target of more than 10% rolling three-year base EPS growth.