Constellation Energy Corporation (NASDAQ:CEG) shares are trading higher after the company reported third-quarter results and raised its outlook.
Adjusted EPS was $5.06, beating the analyst estimate of $3.85. Revenue of $9.550 billion also topped the $9.372 billion consensus estimate.
CFO Shane Smith cited the addition of Calpine, nuclear upgrades and share repurchases as growth drivers.
The company raised its FY2026 adjusted EPS guidance to $12.50-$12.80 from $11.50-$12.50, above the analyst estimate of $12.15.
Operational Performance
Nuclear generation reached 46,677 GWh in the third quarter of 2026, compared with 46,477 GWh a year earlier. The nuclear fleet’s capacity factor, excluding Salem and STP, rose to 97.2% from 96.8%.
Operated nuclear sites recorded 20 planned refueling outage days and six non-refueling outage days, versus 23 and five days, respectively, in Q3 2025.
The natural gas, oil and pumped-storage hydro fleet recorded a 5.9% Equivalent Forced Outage Factor (EFOF). Renewable energy capture fell to 96.4% from 96.8% a year earlier.
Key Developments
- Rhode Island State Energy Center: Agreed to acquire the 609 MW natural gas-fired facility from Shell Energy North America for $715 million, subject to adjustments and regulatory approvals.
- Amazon partnership: Signed a 20-year, 690 MW power purchase agreement (PPA) in September 2026. The deal supports more than $3 billion in investments at Calvert Cliffs, including a 190 MW expansion expected between 2030 and 2032.
- Google partnership: Signed a 20-year PPA in October 2026 to support more than $4.3 billion in upgrades across 11 nuclear units in Illinois, Pennsylvania and New Jersey. The projects are expected to add approximately 890 MW to PJM, with the first upgrade expected in 2028. A separate 15-year agreement covers 2,700 MW.
- DOE financing: Secured a conditional commitment for a guarantee of up to $5 billion on a 30-year Federal Financing Bank loan to support nuclear upgrades. Interest rates will be fixed at each advance at 0.375% above comparable U.S. Treasury rates.
- Peak+: Signed its first 20-year agreement for 270 MW of energy, capacity and nuclear attributes from its existing nuclear fleet, with deliveries starting in 2028.
CEO Joe Dominguez said the recent agreements will add more than 1,000 MW of emissions-free generation while supporting existing clean energy assets at no additional cost to current customers. He also highlighted the company’s expansion of its Peak+ offering to meet rising electricity demand.
CEG Stock Price Activity: Constellation Energy shares were up 1.58% at $253.90 during premarket trading Monday.
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