TLDR
- CEG stock rose over 6% in premarket trading after Q2 adjusted EPS of $2.55 beat the $2.34 consensus
- Revenue came in at $7.5 billion, missing the $7.83 billion analyst estimate
- Full-year 2026 adjusted EPS guidance raised to $11.50-$12.50, above prior Wall Street consensus of $11.71
- CEO Joe Dominguez was elected Chairman of the Board effective August 4
- Constellation signed 920 MW of new long-term nuclear power purchase agreements with investment-grade customers
Constellation Energy stock was trading up around 6.56% at $282.50 in premarket Thursday after the company posted a Q2 earnings beat and raised its full-year outlook.
Constellation Energy Corporation, CEG
Adjusted EPS came in at $2.55, up from $1.91 a year ago and ahead of the analyst consensus of around $2.28-$2.34. Revenue for the quarter was $7.5 billion, which fell short of the $7.83 billion Wall Street had expected.
The earnings beat was enough to send the stock sharply higher, recovering some ground after CEG had pulled back from its 52-week high of $412.70.
CONSTELLATION ENERGY $CEG Q2’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $7.5B (Est. $7.83B) 🔴
🔹 Adj. EPS: $2.55 (Est. $2.35) 🟢; +34% YoY
🔹 Nuclear Capacity Factor: 93.0%; -180 bps YoYRaises FY26 Guide:
🔹 Adj. EPS: $11.50-$12.50 (Est. $11.63) 🟢Other Q2 Metrics:
🔹 Nuclear… pic.twitter.com/XbHPQcHTFE— Wall St Engine (@wallstengine) August 6, 2026
The broader market offered little help. The S&P 500 edged up just 0.2% in premarket while the Nasdaq dipped 0.5%, making clear this move is all CEG’s own.
CEO Joe Dominguez pointed to progress on restarting the Crane Clean Energy Center, new long-term customer agreements, and extended nuclear asset lifespans as key drivers during the quarter.
Constellation also signed an additional 920 megawatts of long-term power purchase agreements with investment-grade customers. These contracts run 15 to 20 years and are set to begin between 2029 and 2032.
Guidance Gets a Lift
Full-year 2026 adjusted EPS guidance was raised to $11.50-$12.50, up from the prior range of $11.00-$12.00. The new midpoint sits above the analyst consensus of $11.63.
CFO Shane Smith said the stronger guidance reflects the benefits of the expanded platform, operational execution, and disciplined capital allocation.
The company expects base EPS to grow more than 20% between 2026 and 2029, backed by its nuclear, natural gas, and geothermal portfolio. Constellation also reaffirmed its long-term target of more than 10% rolling three-year base EPS growth.
The outlook does not include potential upside from monetizing available nuclear generation or securing additional natural gas contracts.
Fleet and Operations
The nuclear fleet generated 44,160 gigawatt-hours in Q2, down from 45,170 GWh a year earlier. The owned nuclear fleet posted a 93.0% capacity factor, excluding the Salem and STP plants.
Renewable energy capture came in at 96.0%, compared to 96.1% a year earlier.
The company also received FERC approval to transfer Capacity Interconnection Rights to the Crane Clean Energy Center, plus NRC approval for its fuel license.
On the asset side, Constellation agreed to sell the 606-megawatt Brazos Valley Energy Center in ERCOT to LS Power for $860 million. The deal is the final required divestiture tied to regulatory commitments from the Calpine acquisition and is expected to close by year-end.
Ahead of earnings, BMO Capital and Bank of America had both trimmed their price targets on CEG, which had weighed on the stock. The earnings beat appears to have put that pressure on the back burner, at least for now.
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