Constellation Energy Corporation earnings overview

CEG FY2026 Q1 · Calendar Q2 2026

Constellation Energy Corporation

Constellation Energy delivered a strong Q1 FY2026 beat, with adjusted EPS of $2.74 exceeding consensus by roughly 8% and revenue of $11.12B surpassing estimates by about 31%. Management reaffirmed full-year adjusted EPS guidance of $11-$12 and maintained its greater-than-20% earnings CAGR outlook through 2029, underpinned by nuclear production tax credits, long-term contracted revenue, and Calpine integration synergies. Free cash flow is projected to reach $11.5-$13B by 2029, supporting continued share buybacks and growth investment. Despite the fundamental strength, the market reaction was negative: the stock showed a -1.5% abnormal move on the report day and has drifted approximately -16% since, even as analyst consensus targets remain well above the current price. This disconnect suggests investors may be weighing regulatory risk in PJM and ERCOT, Calpine lock-up dynamics, or…