Constellation Energy stock: Constellation raises 2026 outlook

Constellation Energy raised its full-year earnings outlook after reporting stronger third-quarter results on November 9, 2026. In its Constellation Energy newsroom release, the company said adjusted operating earnings reached 5.06 US dollars per share for the quarter, compared with 3.04 US dollars a year earlier.

Higher outlook after strong quarter

Constellation raised the midpoint and narrowed its full-year adjusted operating earnings guidance to 12.50 to 12.80 US dollars per share. The company attributed the quarter's performance primarily to favorable market and portfolio conditions and the addition of Calpine, partly offset by higher interest costs and nuclear production tax credit effects.

GAAP net income was 5.19 US dollars per share, compared with 2.97 US dollars in the prior-year quarter. Adjusted operating earnings are a non-GAAP measure and are not directly comparable with similarly named measures used by every power producer.

New asset and nuclear agreements

Constellation agreed to acquire the Rhode Island State Energy Center from Shell Energy North America for 715 million US dollars, subject to purchase price adjustments, regulatory approvals and other closing conditions. The natural-gas-fired combined-cycle facility has generating capacity of 609 megawatts and is expected to join Constellation's merchant generation portfolio.

The company also highlighted long-term nuclear agreements. A 20-year power purchase agreement with Amazon supports more than 3 billion US dollars of investment at Calvert Cliffs, including a planned 190-megawatt expansion. A separate 20-year agreement with Google supports more than 4.3 billion US dollars of investment across 11 nuclear units and approximately 890 megawatts of additional capacity in the PJM grid.

Constellation signed its first Peak+ agreement, covering 270 megawatts of unit-contingent energy, capacity and nuclear attributes for 20 years from 2028. It also announced a conditional Department of Energy loan commitment that could support up to 5 billion US dollars of borrowing for nuclear uprates, subject to a final loan agreement.

Operating backdrop

The nuclear fleet produced 46,677 gigawatt-hours in the quarter, compared with 46,477 gigawatt-hours a year earlier. Excluding the Salem and South Texas Project facilities, the owned nuclear fleet reached a 97.2 percent capacity factor, up from 96.8 percent.

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