Constellation Q2 2026: adjusted EPS $2.55, guidance range raised
Constellation beat on adjusted earnings and raised full-year guidance, but the quarter's GAAP profit fell sharply and cash flow turned negative. Adjusted operating earnings of $2.55 per share came in 10.7% above the $2.3045 consensus, while GAAP net income dropped to $1.42 per share from $2.67. Read the quarter as a Calpine-integration story: bigger fleet, heavier debt, and a wide gap between adjusted and reported profit.
1 · Expected vs. Actual
Free preview belowGAAP net income fell to $1.42 per share from $2.67 a year earlier, a 46.8% decline. Adjusted operating earnings rose to $2.55 per share from $1.91 and topped the $2.3045 consensus by 10.7%. The $1.13 gap between the two is mostly non-cash: $0.94 per share of unrealized fair value losses, $0.41 of acquired-contract amortization and $0.23 of Calpine merger and integration costs, partly offset by a $0.61 decommissioning-related gain.
The structured data shows second-quarter revenue of $5.843 billion, down 4.2% from the $6.101 billion prior-year figure in the same dataset. The press release income statement reports $7.504 billion of operating revenues for the same quarter, and FinDog flags that the extracted revenue and the XBRL tag do not agree. The 31.1% gross margin given here is consistent with the $5.843 billion figure, so that is the revenue number used throughout this note.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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