Constellation Energy (NASDAQ: CEG) reported first-quarter 2026 revenue of $11.12 billion, demolishing the Wall Street consensus estimate of $8.71 billion by more than $2.4 billion.
Adjusted earnings per share of $2.74 beat analyst forecasts by 5.79%, driven by rising power demand and contributions from the recently acquired Calpine assets.
The Calpine deal added approximately 23 gigawatts of capacity and expanded CEG’s footprint into Texas and California power markets, and is projected to drive 20% EPS growth across full-year 2026.
Chief Financial Officer Shane Smith said the results reflect continued operational excellence across the company’s entire generation fleet.
Constellation is pursuing 1 gigawatt of nuclear uprates over the next decade, including 135 megawatts at the Braidwood and Byron Clean Energy Centers in Illinois.
The company has secured long-term power purchase agreements with hyperscalers including Microsoft and Meta to supply carbon-free baseload electricity for AI data centers.
CEG reaffirmed its 2026 capital spending plan of $3.9 billion and raised its share buyback authorisation to $5 billion, both explicitly tied to meeting growing demand for clean electricity.
The company declared a quarterly dividend of $0.4265 per share payable on June 5, 2026, to shareholders of record as of May 15.
Morgan Stanley maintained its Buy rating but trimmed its CEG price target slightly to $359 from $361, while Wells Fargo also reiterated its Buy rating, reflecting broad analyst confidence in the nuclear energy buildout thesis.
