Constellation Energy Corporation · CEG · Next earnings

Constellation Energy Corporation reports Monday, Nov 9, 2026

CEG reports before market open with consensus EPS at $3.73 and revenue at $9.21B. Last quarter: CEG Q1 2026: EPS Beats 8%, Revenue Up 31%, Guidance Reaffirmed on Nuclear and Calpine Synergies

Reports Before market open50 days awayDate estimated Utilities

What the street expects

Consensus for the coming report
Consensus EPS $3.73 Calendar consensus
Consensus revenue $9.21B Calendar consensus
Report date Nov 9, 2026 Monday, date estimated
Session Before market open 50 days away

Where CEG left off: FY2026 Q1

Full report

CEG Q1 2026: EPS Beats 8%, Revenue Up 31%, Guidance Reaffirmed on Nuclear and Calpine Synergies

EPS surprise +7.9% Reported $2.74 vs $2.54
Revenue surprise +31.5% Reported $11.12B vs $8.46B
Stock move -1.3% Event window
Subsequent drift -16.0% Up to 20 sessions

Full-year adjusted EPS guidance of $11-$12 was reaffirmed with no change. Management maintained the greater-than-20% base earnings CAGR outlook through 2029, with a 10% CAGR thereafter. Free cash flow trajectory of $11.5-$13B by 2029 was reiterated. The prior quarter's $3.9B growth capex plan for 2026-27 and $5B buyback authorization remain in place. Capex outlook was not specifically updated on this call.

What to watch on the call

Carried forward from the last transcript

Risks management flagged

  • Regulatory uncertainty in PJM and ERCOT could delay large-load data-center projects.
  • Planned nuclear refueling outages and lower ZEC pricing may pressure margins.
  • Higher cost-to-serve from events such as Winter Storm Fern.
  • Execution risk on new capital projects and timing of capital deployment.
  • Calpine lock-up expirations may affect share price dynamics and capital allocation flexibility.

Questions analysts left open

  • ERCOT power market weakness despite data-center pipeline.
  • State support and regulatory stance for data-center development in Pennsylvania.
  • Timeline for Crane capacity credit and FERC approval of CIR transfer.
  • Impact of Calpine lock-up expirations on share price and capital allocation.
  • Cash conversion from EBITDA to free cash flow through 2029.

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Recent CEG quarters

All CEG earnings
-1.3%FY2026 Q1

Sources

  1. FN2 corporate events calendar, resolved from the earnings calendar feed
  2. FN2 earnings calendar analyst consensus
  3. Earnings call transcript analysis, FY2026 Q1

Methodology

The report date comes from FN2's resolved corporate-events calendar and is marked estimated until the company confirms it. Consensus figures are the calendar's latest analyst estimates for the fiscal period and are not an FN2 forecast.

Risks and open questions are carried forward verbatim from FN2's structured analysis of the previous earnings call. Missing values stay missing and are never estimated.

By FN2 Research · Updated . For educational purposes only; not investment advice.