Released

FY2026 Q1

Earnings Review

CEG

BEAT

Constellation Energy

Constellation Energy · Nuclear Power

Mon, May 11, 2026·Before Market Open

Constellation EnergyNuclearClean EnergyData Center PowerEarnings

01Wall Street Consensus

EPS$2.25

Revenue$6.2B

02Earnings Results

EPS$2.74+7.9%

Revenue$11.12B+31.4%

After-Hours Reaction+1.1%

Key Takeaways

Adjusted operating EPS of $2.74 beat the $2.54 consensus
Revenue of $11.12B beat the $8.46B consensus by a wide margin
Maintained 2026 adjusted operating EPS guidance of $11 to $12
Integration of the Calpine generation portfolio and commercial platform continues
The 105MW Pastoria Solar Project entered commercial operation on April 16
The Pin Oak Creek Energy Center entered commercial operation on April 30

Key Checkpoints

01Nuclear fleet capacity factor — 93%+ target for operational excellence
02Power price realization — PJM wholesale electricity prices
03Behind-the-meter data center power agreements (Microsoft, etc.) progress
04Clean Energy Credit revenue and policy support
05Hedging book value and forward contracted revenue
06Three Mile Island Unit 1 restart timeline and Microsoft PPA terms

Upside Catalysts

AI data center power demand creating premium pricing for 24/7 clean baseload nuclear
Three Mile Island Unit 1 restart — Microsoft PPA providing long-term revenue visibility
Nuclear relicensing extending plant lives to 80 years — decades of additional cash flows
Iran conflict: Energy security narrative strengthening case for domestic nuclear power
Uranium supply concerns (Iran/Russia) highlighting value of existing nuclear fleet

Risk Factors

Nuclear regulatory risk — NRC permitting delays for restarts and uprates
Power market price volatility — PJM capacity market reform uncertainty
Three Mile Island restart execution risk — cost overruns and timeline delays
Iran conflict — nuclear sentiment sensitivity and geopolitical uranium supply concerns
Political risk — changing administrations could alter clean energy policy support

Detail

SEPS 서프라이즈 히스토리

Beat1Miss0Beat률 100%

분기별 EPS 컨센서스 대비 서프라이즈(%) — 막대: EPS, 점선: 매출

컨센서스 대비 실제 EPS/매출 서프라이즈 (%)

Comments

Earnings

02Earnings Results

EPS$2.74+7.9%

Revenue$11.12B+31.4%

After-Hours Reaction+1.1%

Key Takeaways

Adjusted operating EPS of $2.74 beat the $2.54 consensus
Revenue of $11.12B beat the $8.46B consensus by a wide margin
Maintained 2026 adjusted operating EPS guidance of $11 to $12
Integration of the Calpine generation portfolio and commercial platform continues
The 105MW Pastoria Solar Project entered commercial operation on April 16
The Pin Oak Creek Energy Center entered commercial operation on April 30

Key Checkpoints

01Nuclear fleet capacity factor — 93%+ target for operational excellence

02Power price realization — PJM wholesale electricity prices

03Behind-the-meter data center power agreements (Microsoft, etc.) progress

04Clean Energy Credit revenue and policy support

05Hedging book value and forward contracted revenue

06Three Mile Island Unit 1 restart timeline and Microsoft PPA terms

Upside Catalysts

AI data center power demand creating premium pricing for 24/7 clean baseload nuclear

Three Mile Island Unit 1 restart — Microsoft PPA providing long-term revenue visibility

Nuclear relicensing extending plant lives to 80 years — decades of additional cash flows

Iran conflict: Energy security narrative strengthening case for domestic nuclear power

Uranium supply concerns (Iran/Russia) highlighting value of existing nuclear fleet

Risk Factors

Nuclear regulatory risk — NRC permitting delays for restarts and uprates

Power market price volatility — PJM capacity market reform uncertainty

Three Mile Island restart execution risk — cost overruns and timeline delays

Iran conflict — nuclear sentiment sensitivity and geopolitical uranium supply concerns

Political risk — changing administrations could alter clean energy policy support