Earnings jump 34% in Q2

Constellation reported adjusted earnings of $2.55 per share, up from $1.91 a year earlier and beating estimates by 8%.

Calpine deal reshapes the business

The Calpine acquisition closed early 2026, changing the generation mix and pushing operating margins down from 15.6% to 7.7%.

920 megawatts of new contracts

Constellation signed long-term nuclear power deals in Q2, including a 176-megawatt contract with Walmart tied to the Dresden facility.

Three Mile Island restart advances

The Crane Clean Energy Center secured key approvals in Q2. Operating license decision expected May 2027, with power generation targeted late 2027.

“The Crane Clean Energy Center restart (formerly Three Mile Island Unit 1) is the single most important long-term earnings catalyst.”

Hyperscaler pipeline could expand

Pending FERC rulings on data center co-location tariffs have paused some negotiations. A favorable decision could unlock more deals beyond the 920 megawatts.

Guidance raised on integration gains

Full-year 2026 earnings guidance increased to $11.50-$12.50 per share, driven by Calpine accretion, higher capacity revenue, and new PPAs.

Watch debt levels and buybacks

Investors should track quarterly debt reduction. If debt stays elevated through Q4 2026, share repurchases may slow to preserve credit quality.