Constellation Energy's third-quarter adjusted earnings jumped to $5.06 per share from $3.04 a year earlier, beating analyst estimates, and the company raised its full-year guidance to $12.50-$12.80 per share while announcing new deals with Amazon and Google.
Constellation Energy reported third-quarter earnings well above last year and raised its full-year profit outlook for the second time in 2026, as its expanded power fleet cashed in on strong market conditions and rising demand from data centres. Adjusted operating earnings reached $5.06 per share, up from $3.04 a year earlier, while net income on a GAAP basis rose to $5.19 per share from $2.97. Operating revenue climbed to $9.55 billion from $6.57 billion.
The Baltimore company lifted the midpoint of its full-year adjusted earnings guidance and narrowed the range to $12.50 to $12.80 per share, up from $11.50 to $12.50 in its second-quarter release. Chief financial officer Shane Smith said the quarter's performance allowed the second midpoint increase of the year. Adjusted operating earnings for the quarter totalled $1.79 billion against $952 million a year earlier, and net income attributable to shareholders reached $1.84 billion, up from $930 million.
The year-on-year comparisons are flattered by the Calpine gas generation business, which Constellation bought in January and which is included in this year's figures for the first time. The company said the quarter mainly reflected favourable market and portfolio conditions and the addition of Calpine, partly offset by higher interest costs. Its nuclear fleet produced 46,677 gigawatt-hours in the quarter, barely changed from 46,477 a year earlier, at a 97.2 percent capacity factor.
The figures come from Constellation's own earnings release, filed with the US Securities and Exchange Commission, and the per-share and revenue numbers match the filing's tables. Market-data providers put analysts' expectations at $3.89 per share and $9.35 billion of revenue, so the result beat both, by about 30 percent on earnings. The company's shares traded around $270 by late morning in New York, up about 8 percent from Friday's $249.95 close, according to market data.
Constellation also used the release to pile up new business. It agreed to buy the 609-megawatt Rhode Island State Energy Center gas plant from Shell Energy North America for $715 million, signed a 20-year, 690-megawatt power deal with Amazon supporting more than $3 billion of investment at its Calvert Cliffs nuclear plant in Maryland, and set out a long-term collaboration with Google worth more than $4.3 billion across 11 nuclear units. It also signed a conditional loan commitment with the US Department of Energy for up to $5 billion to fund nuclear uprates. The Rhode Island purchase still needs regulatory approval, and the Energy Department loan is conditional on a final agreement.