Constellation Energy reported adjusted operating earnings of $5.06 per share for the third quarter of 2026, compared with $3.04 a year earlier. In its November 9 earnings announcement, the electricity producer also raised its full-year guidance, disclosed an agreement to acquire a Rhode Island natural gas facility for $715 million and detailed long-term nuclear power agreements involving Amazon, Google and other commercial customers.
Key Takeaways
- Constellation Energy’s adjusted operating earnings increased to $5.06 per share from $3.04 in the third quarter of 2025
- Full-year 2026 adjusted operating earnings guidance increased to a range of $12.50–$12.80 per share
- The company agreed to acquire the 609-megawatt Rhode Island State Energy Center for $715 million
- A new 20-year agreement covers 270 megawatts of energy, capacity and nuclear attributes beginning in 2028
- Nuclear power agreements with Amazon and Google are expected to support investments in existing generation facilities and additional capacity
Constellation Energy Reports Higher Third-Quarter Earnings
Constellation Energy reported GAAP net income of $5.19 per share for the third quarter of 2026, compared with $2.97 per share in the same period of 2025. Adjusted operating earnings, a non-GAAP financial measure, increased by $2.02 per share to $5.06.
The company attributed its adjusted quarterly performance primarily to favorable market and portfolio conditions and the addition of Calpine, which it acquired in January 2026. Those benefits were partially offset by unfavorable interest and nuclear production tax credit impacts.
GAAP net income and adjusted operating earnings use different accounting measures. The adjusted figure excludes certain items included in the company’s GAAP results and is not necessarily comparable with similarly named measures reported by other companies.
The earnings announcement also included developments involving electricity generation assets, nuclear facility upgrades and commercial supply contracts. These activities represent separate elements of Constellation’s financial and operational plans.
Full-Year 2026 Earnings Guidance Moves Higher
Constellation raised the midpoint and narrowed its full-year 2026 adjusted operating earnings guidance to $12.50–$12.80 per share.
The revision marked the company’s second increase to its guidance midpoint in 2026. It reflects management’s updated expectations for annual adjusted operating earnings following its third-quarter results.
The guidance applies to adjusted operating earnings rather than GAAP net income. It remains a forward-looking estimate and should be distinguished from the company’s completed quarterly financial results.
Constellation’s revised outlook also comes as it integrates Calpine into its generation portfolio and pursues additional electricity generation projects and commercial agreements.
$715 Million Acquisition Would Add Natural Gas Generation Capacity
Constellation agreed to acquire the Rhode Island State Energy Center from Shell Energy North America for $715 million, subject to customary purchase price adjustments.
The facility is a 609-megawatt natural gas-fired combined-cycle power plant that sells electricity and capacity into the ISO New England wholesale market. If completed, the acquisition would add the facility to Constellation’s merchant generation portfolio.
The transaction remains subject to regulatory approvals and other customary closing conditions. The announced purchase price therefore represents an agreed transaction value rather than confirmation that ownership has transferred.
The proposed acquisition would expand Constellation’s generation assets through the purchase of an existing power plant. That approach differs from its nuclear power agreements, which involve contracted electricity supply and planned upgrades to current facilities.
Twenty-Year Nuclear Energy Agreement Covers 270 Megawatts
Constellation also announced a 20-year agreement covering 270 megawatts of unit-contingent energy, capacity and nuclear attributes from its existing nuclear fleet.
The agreement is scheduled to begin in 2028 and represents the company’s first transaction under Peak+, its integrated commercial energy offering.
Because the arrangement uses output from existing nuclear facilities, the contracted 270 megawatts should not be interpreted as 270 megawatts of newly constructed generation capacity. The agreement establishes supply commitments involving operating assets rather than announcing construction of a new nuclear plant.
Long-term electricity contracts also form part of a broader industry response to utility planning for data centers, where large commercial customers may require additional generation and transmission infrastructure.
Constellation’s Peak+ arrangement combines energy products with access to additional capacity solutions, including generation and demand response. The company did not identify the customer for the 270-megawatt agreement in its November 9 announcement.
Amazon and Google Agreements Support Nuclear Power Expansion
Constellation’s earnings announcement also detailed previously announced agreements with Amazon and Google involving long-term electricity supply and planned nuclear generation upgrades.
In September 2026, Constellation announced a 20-year, 690-megawatt power purchase agreement with Amazon, together with a related retail supply agreement supporting Amazon’s operations in the PJM electricity market.
Constellation said the arrangement would enable more than $3 billion in infrastructure spending at its Calvert Cliffs Clean Energy Center. The plans include facility improvements and a 190-megawatt capacity expansion expected to become operational between 2030 and 2032.
In October, the company announced a separate 20-year power purchase agreement with Google. According to Constellation, the collaboration would enable more than $4.3 billion in investments across 11 nuclear units in Illinois, Pennsylvania and New Jersey.
The planned upgrades are expected to add approximately 890 megawatts of generation capacity to the PJM electricity market, with the first upgrade scheduled for 2028. Constellation also entered into a separate 15-year, 2,700-megawatt financial energy load-following agreement with Google.
These arrangements are occurring as increased demand from computing facilities contributes to concerns about electricity costs for manufacturers in the PJM region. Capacity prices, available generation and infrastructure requirements remain important considerations for commercial electricity customers.
The Amazon and Google agreements concern long-term supply commitments and planned upgrades. Their associated investment figures describe anticipated infrastructure spending rather than amounts already spent, and the additional generation capacity is subject to the announced project schedules.
Frequently Asked Questions
How much did Constellation Energy earn in the third quarter of 2026?
Constellation Energy reported adjusted operating earnings of $5.06 per share, compared with $3.04 a year earlier. GAAP net income was $5.19 per share, up from $2.97 in the third quarter of 2025.
What is Constellation Energy’s updated 2026 earnings guidance?
The company raised the midpoint and narrowed its full-year adjusted operating earnings guidance to $12.50–$12.80 per share.
How much is Constellation paying for the Rhode Island State Energy Center?
Constellation agreed to acquire the 609-megawatt natural gas facility for $715 million, subject to purchase price adjustments, regulatory approvals and other closing conditions.
What does Constellation’s 20-year nuclear agreement cover?
The agreement covers 270 megawatts of energy, capacity and nuclear attributes from existing nuclear facilities. It is scheduled to begin in 2028 under the company’s Peak+ offering.
What nuclear power agreements does Constellation have with Amazon and Google?
Constellation announced a 20-year, 690-megawatt agreement with Amazon supporting more than $3 billion in planned infrastructure spending at Calvert Cliffs. Its separate agreement with Google is expected to support more than $4.3 billion in investment across 11 nuclear units, with approximately 890 megawatts of additional generation capacity planned.
