Constellation Energy earnings: third quarter 2026

Constellation Energy, which runs the largest fleet of nuclear power plants in the United States, grew much bigger this quarter after buying the power producer Calpine in January. Sales rose by almost half and the profit from running the business more than doubled. The company raised its profit forecast for 2026, but it took on much more debt to pay for the purchase and for buying back its own shares. ¹

Against what analysts expected

Constellation's adjusted earnings were $5.06 a share and its reported earnings $5.19. Analysts on average expected $3.90 a share, according to Nasdaq's earnings calendar. Set against the adjusted figure, the result was about 30% above that forecast. ¹²

The strong points

• The profit from running the business more than doubled, to $2,492 million, and it grew much faster than sales, so each dollar of sales left more profit behind. ¹
• Sales rose by almost half, to $9,550 million, mostly because Calpine's power plants are now part of the company. ¹
• The company's own adjusted earnings per share rose by about two-thirds, to $5.06, even though the profit was shared across more shares after the purchase. ¹

The weak points

• Long-term debt is now about two and a half times what it was in December. ¹
• The cost of borrowing rose to $217 million in the quarter, from $134 million a year earlier, and the company itself names interest among the things holding back its earnings. ¹
• The company spent $3.0 billion buying back its own shares in nine months, far more than the cash left after investing, and its cash on hand fell from $3,641 million to $603 million. ¹

What the company expects

• Constellation raised its forecast for 2026 adjusted earnings to $12.50 - $12.80 a share, from $11.50 - $12.50 before. Both ends of the range moved up, and the range is much tighter. ¹
• The raise covers 2026 only: the company kept its longer-term plan of about 20% a year growth in its steadier base earnings through 2029, with 2029 base earnings of $11.40 - $11.90 a share. ¹

Our verdict on the quarter

A very strong report. The company raised its profit forecast for the year, earned far more per share than analysts expected, and grew sales and profit sharply, though it took on a lot of new debt to do it.

The results as published

• The results release itself
• The filing it came with (SEC)
• The previous results, for what it forecast then

Notes

1. Constellation Energy's results release, 9 November 2026: sec.gov. ↩
2. Nasdaq's earnings calendar, 9 November 2026. ↩