Constellation Energy Corporation (CEG)
NASDAQ:CEG
Earnings Data
Report Date
May 11, 2026TBA (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
2.56Last Year’s EPS
2.14Same Quarter Last Year
Strong Buy
Based on 12 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong strategic and financial momentum following the Calpine acquisition: a visible 20% base EPS CAGR to 2029, large contracting optionality (48M MWh under contract for 2030 and ~147M MWh available), enlarged scale and a solid balance sheet (credit affirmations, $5B buyback authorization, $13.6B deployable over 2026–2027). Management also acknowledged near-term headwinds tied to regulatory uncertainty (PJM/executive order), required asset divestitures, higher noncash depreciation from purchase accounting, and project/interconnection timing risks (e.g., Crane). Overall, the positives (visible growth runway, strong cash generation, investment-grade credit access, substantial uncontracted clean megawatts and a disciplined capital allocation framework) materially outweigh the listed near-term challenges, which are primarily execution and timing risks rather than structural business failures.Company Guidance
Ambitious Base EPS Growth Target
Management forecasted base earnings to grow at a 20% CAGR through 2029, with base EPS rising from $6.65 (2026 base framework) to $11.40–$11.90 in 2029. They also target a minimum rolling 3-year base EPS growth of ~10% thereafter.
2026 Adjusted Operating EPS Guidance and 2025 Beat
2026 adjusted operating EPS guidance set at $11.00–$12.00 per share (consistent with $2 of accretion from Calpine). 2025 adjusted operating EPS was $9.39, marking four consecutive years of beating the guidance midpoint.
Significant Contracting and Market Optionality
Long-term contracted clean energy for 2030 increased from 12 million MWh to 48 million MWh (added 36 million MWh), representing ~25% of available clean firm output. Management states ~147 million MWh of clean firm output remains available to contract.
Balance Sheet Strength and Return of Capital
Board increased share repurchase authorization to $5.0 billion. Management expects $13.6 billion deployable over 2026–2027 (including after-tax proceeds from asset sales), earmarking $3.9 billion for growth projects (targeting ≥10% unlevered IRR), $3.4 billion to delever Calpine debt, and continuing a dividend growth target of ~10% p.a.
Credit Affirmations and Access to Capital
Moody's and S&P reaffirmed Constellation's ratings; Calpine upgraded to investment grade post-close. Constellation issued $2.75 billion of debt including a unique 40-year tranche at a 5.75% coupon and received a $1 billion DOE loan for Crane restart—signaling strong fixed-income investor and federal support.
Scale, Low Carbon Intensity and Operational Performance
Constellation now produces nearly 300 million MWh annually, with ~2/3 carbon-free. The company produces >35% more carbon-free firm power than the next largest producer and claims nuclear fleet outperformance (≈4 percentage points above industry average capacity factor) translating to ~8 million MWh of incremental generation annually.
Commercial Momentum and Product Demand
Commercial wins span hyperscalers, C&I, government and states; 300% year-over-year increase in carbon-free product placements vs. 2024. Enhanced earnings expected to represent ~40% of total EPS in 2026 (declining to ~30–35% over time as base EPS grows).
Grid Capability and Deployment Optionality
Recent and planned additions include 750 MW of batteries/renewables/geothermal placed into service last year, 400 MW of new gas coming online this year, 1,400 MW of idled turbines, 1,100 MW of uprates, potential deployment of ~9,600 MW of batteries and ~1,000 MW of demand response—providing multiple avenues to pair capacity with clean nuclear energy.
CEG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
CEG Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 24, 2026 | $293.41 | $312.22 | +6.41% |
Nov 07, 2025 | $350.43 | $357.50 | +2.02% |
Aug 07, 2025 | $337.21 | $335.17 | -0.61% |
May 06, 2025 | $247.02 | $272.44 | +10.29% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Constellation Energy Corporation (CEG) report earnings?
Constellation Energy Corporation (CEG) is schdueled to report earning on May 11, 2026, TBA (Confirmed).
What is Constellation Energy Corporation (CEG) earnings time?
Constellation Energy Corporation (CEG) earnings time is at May 11, 2026, TBA (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CEG EPS forecast?
CEG EPS forecast for the fiscal quarter 2026 (Q1) is 2.56.