Analyst Consensus ?
ConsensusBuy21 ratings
Bullish1571.4%
Neutral628.6%
Bearish00.0%
Constellation Energy Corporation · CEG · FY2026 Q2 · Calendar Q3 2026
Constellation raises guidance as nuclear contracts and co-location advance
The quarter strengthens the case that contracted nuclear demand, regulatory progress, and disciplined use of existing capacity can support Constellation's growth trajectory. The thesis remains dependent on contract economics, regulatory execution, outage timing, and ERCOT conditions.
Reported Before market openNASDAQUtilities
$94.12B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.55
Consensus $2.29
EPS surprise
+11.4%
Reported versus consensus
Reported revenue
$7.50B
Consensus $7.73B
Revenue surprise
-2.9%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-1.5%
Event window
SPY move
-0.2%
Same window
Abnormal move
-1.4%
Stock minus SPY
Volume
1.8×
Versus trailing sessions
Subsequent drift
+9.2%
Up to 20 sessions
CEGSPY benchmark
Ask FN2 about CEG FY2026 Q2
Transcript, numbers and history already loaded
Why did CEG fall 1.5% after beating EPS estimates in FY2026 Q2?What changed in CEG's guidance and outlook in FY2026 Q2?Give me the bull and bear case for CEG after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, guidance moved from maintained at $11-$12 per share to raised at $11.50-$12.50 per share. The company also highlighted approximately 920 MW of new long-term nuclear contracts, NRC approval supporting the Crane restart, and additional strategic transactions including the Brazos Valley divestiture.
Guidance delta
Management raised full-year guidance to $11.50-$12.50 per share from the prior quarter's maintained outlook of $11-$12 per share.
Key takeaways
- Q2 results beat expectations and management raised full-year guidance to $11.50-$12.50 per share.
- Approximately 920 MW of long-term nuclear contracts were signed, covering about 30% of clean baseload output.
- NRC approval for Crane and progress on FERC/PJM actions improve the path for future capacity and contracting opportunities.
- The company is integrating Calpine, sold Brazos Valley Energy Center, and reported about $2.2 billion of share repurchases.
- Management is focused on existing-capacity utilization, nuclear contract expansion, and data-center co-location.
Management priorities
- Restart Crane nuclear plant in the second half of 2027.
- Continue filing license renewals for Ginna and Nine Mile Point.
- Pursue co-location solutions for large-load customers.
- Explore new nuclear development opportunities in New York.
- Maintain opportunistic share repurchases and integrate Calpine assets.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$263.38Current
$69Low
$304.57Average
$460High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 22, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Morgan Stanley | Overweight | Overweight | Maintain | Sep 18, 2026 |
| Argus Research | Buy | Buy | Maintain | Aug 11, 2026 |
| UBS | Buy | Buy | Maintain | Jul 28, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 28, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jul 27, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jul 27, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Jul 1, 2026 |
| Goldman Sachs | Neutral | Buy | Downgrade | Jun 18, 2026 |
| Mizuho | Neutral | Neutral | Maintain | May 12, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Apr 29, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Apr 2, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Apr 1, 2026 |
| B of A Securities | Buy | Buy | Maintain | Mar 27, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Mar 19, 2026 |
| Seaport Global | Buy | Neutral | Upgrade | Oct 8, 2025 |
| Jefferies | Hold | Hold | Maintain | Sep 9, 2025 |
| Raymond James | Outperform | Outperform | Maintain | Aug 11, 2025 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jan 3, 2025 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Oct 3, 2024 |
| Guggenheim | Buy | Buy | Maintain | Apr 24, 2023 |
| Credit Suisse | Neutral | Outperform | Downgrade | Feb 22, 2023 |
Named analyst price targets
Upside is calculated against the persisted current price $263.38. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Morgan Stanley | Analyst unavailable | $369 | $258.04 | +40.1% | Sep 18, 2026 |
| BNP Paribas | Analyst unavailable | $374 | $271.24 | +42.0% | Aug 19, 2026 |
| Argus Research | John Eade | $325 | $270.43 | +23.4% | Aug 11, 2026 |
| BMO Capital | James Thalacker | $379 | $261.1 | +43.9% | Aug 7, 2026 |
| BMO Capital | James Thalacker | $376 | $273.71 | +42.8% | Aug 4, 2026 |
| UBS | Analyst unavailable | $380 | $265.28 | +44.3% | Jul 28, 2026 |
| Barclays | Analyst unavailable | $324 | $270 | +23.0% | Jul 28, 2026 |
| Wells Fargo | Analyst unavailable | $362 | $274.35 | +37.4% | Jul 27, 2026 |
| Morgan Stanley | Analyst unavailable | $366 | $271.4 | +39.0% | Jul 22, 2026 |
| Morgan Stanley | Analyst unavailable | $364 | $272.25 | +38.2% | Jun 24, 2026 |
| Goldman Sachs | Analyst unavailable | $305 | $267.17 | +15.8% | Jun 18, 2026 |
| Bernstein | Analyst unavailable | $296 | $268 | +12.4% | Jun 16, 2026 |
| Morgan Stanley | Analyst unavailable | $359 | $285.62 | +36.3% | May 21, 2026 |
| Mizuho Securities | Anthony Crowdell | $310 | $299.69 | +17.7% | May 12, 2026 |
| Morgan Stanley | Analyst unavailable | $361 | $315.12 | +37.1% | May 1, 2026 |
| Scotiabank | Andrew Weisel | $441 | $299.26 | +67.4% | Apr 29, 2026 |
| Barclays | Nicholas Campanella | $358 | $315.17 | +35.9% | Apr 28, 2026 |
| Raymond James | Analyst unavailable | $392 | $310.18 | +48.8% | Apr 27, 2026 |
| Morgan Stanley | Analyst unavailable | $360 | $279.68 | +36.7% | Apr 21, 2026 |
| Wells Fargo | Shahriar Pourreza | $460 | $307.71 | +74.7% | Jan 20, 2026 |
| UBS | Analyst unavailable | $420 | $365.62 | +59.5% | Dec 17, 2025 |
| Wells Fargo | Analyst unavailable | $478 | $391.15 | +81.5% | Oct 27, 2025 |
| Mizuho Securities | Anthony Crowdell | $390 | $390.9 | +48.1% | Oct 27, 2025 |
| KeyBanc | Sophie Karp | $417 | $389.56 | +58.3% | Oct 15, 2025 |
| Seaport Global | Angie Storozynski | $407 | $358.16 | +54.5% | Oct 8, 2025 |
| Scotiabank | Andrew Weisel | $401 | $347.12 | +52.3% | Sep 22, 2025 |
| Argus Research | John Eade | $375 | $334.22 | +42.4% | Aug 12, 2025 |
| BMO Capital | James Thalacker | $375 | $330.54 | +42.4% | Aug 11, 2025 |
| UBS | William Appicelli | $320 | $273.82 | +21.5% | May 7, 2025 |
| Evercore ISI | Durgesh Chopra | $258 | $242.6 | -2.0% | Jan 2, 2025 |
| Jefferies | Paul Zimbardo | $234 | $232.93 | -11.2% | Nov 6, 2024 |
| Mizuho Securities | Paul Fremont | $235 | $233.75 | -10.8% | Nov 5, 2024 |
| Citigroup | Ryan Levine | $284 | $271.74 | +7.8% | Oct 15, 2024 |
| BMO Capital | James Thalacker | $278 | $257.12 | +5.6% | Sep 24, 2024 |
| Bank of America Securities | Paul Zimbardo | $263 | $257.12 | -0.1% | Sep 24, 2024 |
| Barclays | Nicholas Campanella | $280 | $257.95 | +6.3% | Sep 23, 2024 |
| Mizuho Securities | Paul Fremont | $255 | $267.04 | -3.2% | Sep 23, 2024 |
| Wells Fargo | Neil Kalton | $300 | $254.98 | +13.9% | Sep 23, 2024 |
| Morgan Stanley | Dave Arcaro | $313 | $257.12 | +18.8% | Sep 23, 2024 |
| Jefferies | Paul Zimbardo | $256 | $254.98 | -2.8% | Sep 23, 2024 |
| KeyBanc | Sophie Karp | $265 | $269.22 | +0.6% | Sep 23, 2024 |
| Jefferies | Julien Dumoulin-Smith | $186 | $189.93 | -29.4% | Sep 12, 2024 |
| Jefferies | Paul Zimbardo | $183 | $189.93 | -30.5% | Sep 12, 2024 |
| BMO Capital | James Thalacker | $246 | $183.49 | -6.6% | Aug 8, 2024 |
| Barclays | Nicholas Campanella | $211 | $179.66 | -19.9% | Aug 8, 2024 |
| UBS | Ross Fowler | $249 | $220.41 | -5.5% | Jun 18, 2024 |
| RBC Capital | Shelby Tucker | $218 | $216.28 | -17.2% | Jun 12, 2024 |
| BMO Capital | James Thalacker | $248 | $212.84 | -5.8% | Jun 10, 2024 |
| Morgan Stanley | David Arcaro | $237 | $230.8 | -10.0% | May 28, 2024 |
| KeyBanc | Sophie Karp | $230 | $213.11 | -12.7% | May 20, 2024 |
| BMO Capital | James Thalacker | $247 | $213.78 | -6.2% | May 13, 2024 |
| RBC Capital | Shelby Tucker | $211 | $197.7 | -19.9% | May 7, 2024 |
| Mizuho Securities | Anthony Crowdell | $116 | $113.69 | -56.0% | Oct 13, 2023 |
| Morgan Stanley | Analyst unavailable | $99 | $89.97 | -62.4% | Dec 15, 2022 |
| Morgan Stanley | Analyst unavailable | $97 | $94.58 | -63.2% | Nov 11, 2022 |
| Mizuho Securities | Paul Fremont | $54 | $66.1 | -79.5% | Jul 31, 2022 |
| Evercore ISI | Vijay Kumar | $69 | $53.47 | -73.8% | May 13, 2022 |
| Barclays | Eric Beaumont | $72 | $63.31 | -72.7% | Apr 18, 2022 |
Track every rating change on CEG the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationConstellation Energy Corporation operates as a U.S.-based firm dedicated to producing and distributing electricity. Its activities are organized across five primary geographical segments: the Mid-Atlantic, Midwest, New York, ERCOT, and various other power markets. In addition to electrical power, the company supplies natural gas, sustainable energy solutions, and an array of associated energy products and services. Possessing a significant generation capability of 32,400 megawatts, its power portfolio incorporates diverse sources such as nuclear, wind, solar, natural gas, and hydroelectric facilities. The company serves a wide spectrum of clients, including utility distributors, local government bodies, cooperatives, along with commercial, industrial, public sector, and household consumers. Founded in 2021, its corporate headquarters are situated in Baltimore, Maryland. Constellation Energy Corporation previously operated as a subsidiary of Exelon Corporation.
Historical context
All CEG earningsLatest beats and misses
Who reports nextBeat on EPS
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
- CASYFY2027 Q1 · September 8, 2026+8.7% EPS-14.2% move
Get the CEG recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-08-06T19:14:17.797441+00:00
- FN2 earnings calendar · 2026-09-11T01:23:15.000588+00:00
- Polygon adjusted daily market bars · 2026-09-22T12:56:11.185301+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-22T12:56:11.182527+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-22. For educational purposes only; not investment advice.