CEG · Constellation Energy Corporation

Constellation Energy's first quarter 2026 results reflect a transformative period following the acquisition of Calpine in January 2026. GAAP Net Income surged to $1.59 billion ($4.49 per share) from $118 million ($0.38 per share) in the prior year, driven by the addition of Calpine's operations, favorable stock-based compensation, nuclear production tax credits, and improved market and portfolio conditions, partially offset by unfavorable nuclear outages. Adjusted (non-GAAP) Operating Earnings rose to $972 million ($2.74 per share) from $673 million ($2.14 per share), with the same drivers. Revenue more than doubled to $11.12 billion from $6.79 billion, reflecting the expanded fleet. The company affirmed its full-year 2026 Adjusted Operating Earnings guidance of $11.00-$12.00 per share, signaling confidence in sustained performance. Operational highlights include the commissioning of the 105 MW Pastoria Solar Project and the 460 MW Pin Oak Creek natural gas facility, both of which enhance capacity and grid reliability. The approval of a net metering application for a data center co-location at the Freestone site underscores growing demand from hyperscalers. Management emphasized execution, integration of Calpine, and navigating a changing regulatory environment. The strong balance sheet, with $800 million in cash and $33.5 billion in equity, supports the capital allocation framework, including a $5.0 billion share buyback authorization. Overall, the results demonstrate Constellation's ability to capitalize on its unique asset base and growing demand for reliable, clean power.