Constellation Q3 2026: revenue up 45.4%, adjusted EPS up 66.4%, guidance raised
Constellation's third quarter was a step change rather than a nudge: revenue rose 45.4% to $9.55 billion and adjusted operating earnings reached $5.06 per share, and management raised the midpoint of full-year guidance for the second time this year. The gains lean on the Calpine acquisition and higher PJM power prices, so read the quarter as scale plus price rather than pure organic growth.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS was $5.19 versus $2.97, and adjusted operating EPS was $5.06 versus $3.04, an increase of 66.4%. The narrow gap between the two this quarter came from unrealized hedge gains and a $108 million deferred tax adjustment. Diluted shares averaged 354 million versus 313 million, so the per-share gain happened despite a larger share count, not because of a smaller one.
Revenue of $9.55 billion was 45.4% above the $6.57 billion reported a year earlier, and the biggest single reason is the Calpine fleet, which contributed 38,387 GWh of natural gas, oil and renewables output this quarter. Prices helped too: PJM West reference prices averaged $69.97 per MWh against $46.77 a year ago. Gross margin came in at 53.9%, leaving $4.40 billion of purchased power and fuel costs.
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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 2026-11-09
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