Největší AI kontrakt Constellation Energy s Meta Platforms začne platit až v červnu 2027, takže letošní výsledky z něj ještě nic nemají. Firma přesto ve 2. čtvrtletí zvýšila upravený provozní zisk na 2,55 USD na akcii.
In June of last year, Meta Platforms (META -0.53%) agreed to buy the clean energy attributes of Constellation Energy's (CEG +0.03%) Clinton Clean Energy Center in Illinois for 20 years. The agreement covers 1,121 megawatts of nuclear generation -- more output than Constellation has committed to any other artificial intelligence (AI) buyer. The next-biggest is the roughly 835-megawatt agreement that is restarting a Three Mile Island unit for Microsoft.
But the Meta contract doesn't commence until June 2027, nine months from now. And it means the results Constellation is reporting today, including the guidance it raised with last month's second-quarter report, don't include a dollar from the company's biggest AI agreement.
For investors who own the stock as a way to play AI's power demand, I think the calendar is worth getting straight. Shares go for about $299 as of this writing. Their high over the past year was $412.70. The growth the market is paying for arrives on a schedule.
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What exactly did Meta buy?The social media company is purchasing Clinton's clean energy attributes for two decades as part of its commitment to match 100% of its electricity use with clean and renewable energy. The plant's power itself keeps flowing onto the local grid.
The agreement also supported relicensing the facility, and regulators granted the renewal in December 2025, clearing Clinton to run through 2047. And plant upgrades will add 30 megawatts of output along the way.
The June 2027 start date isn't arbitrary. Clinton is supported today by Illinois's ratepayer-funded zero-emission credit program, and the Meta agreement begins when that program expires.
In other words, the plant is being paid right now. The deal changes who pays for Clinton's clean energy attributes, not whether anyone does.
More start dates aheadThe Meta contract is one item in a queue. Constellation's 20-year agreement with Microsoft begins when the Crane Clean Energy Center, the former Three Mile Island unit, comes back online.
Regulators have approved transferring interconnection rights to the site from two Pennsylvania fossil-fuel units Constellation had planned to retire, along with a fuel license amendment -- progress the company said moves the plant closer to restarting in 2027.
Constellation's second-quarter update also disclosed 920 megawatts of new long-term contracts to sell nuclear power, signed with investment-grade customers on 15-to-20-year terms with start dates from 2029 through 2032. Among them is a 176-megawatt deal with Walmart that will support a 30-megawatt capacity expansion at Constellation's Dresden plant in Illinois.
So the contracted demand arrives in stages -- Meta in June 2027, the Crane restart the same year, and the newest agreements from 2029 on. Not one of them adds anything to this year's results.
This year's growth doesn't need MetaThe queue matters because Constellation's earnings are climbing without it.
Constellation's non-GAAP (adjusted) operating earnings rose to $2.55 per share in the second quarter of 2026, about 34% higher than the $1.91 it earned a year earlier. The company credited the addition of Calpine, the natural gas and geothermal generator it acquired in January, along with favorable market and portfolio conditions, partially offset by nuclear outages. Constellation also lifted its guidance for the full year and now expects adjusted operating earnings of $11.50 to $12.50 per share in 2026. Showing how much growth is arriving before any AI contract kicks in, the midpoint of that range sits about 28% above the $9.39 per share the company earned last year.
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In short, the earnings the stock is priced against are moving higher on their own, with the contracted nuclear deals stacked on top starting in the middle of next year.
Shares trade at about 25 times earnings, measured against the midpoint of Constellation's 2026 guidance. It's a premium price for a power producer, but I'd argue it's attached to unusually visible growth: the customers are signed and the start dates are on paper.
Of course, contracted isn't the same as guaranteed. The plants have to run, the Crane restart could slip, and a 20-year agreement can't pull its start date forward.
But growth backed by signed contracts is arguably easier to count on than growth that depends on demand that may never show up. Constellation's biggest AI deal starts paying next June. Until then, the earnings carrying the stock don't need it.
Constellation Energy ve 2. čtvrtletí zvýšila tržby o 23 % na 7,50 mld. USD a upravený provozní zisk na akcii vzrostl o 33,5 % na 2,55 USD. Firma také podepsala téměř 920 MW dlouhodobých jaderných PPA.
Key Takeaways Constellation Energy's Q2 revenues rose 23% to $7.50B, while adjusted operating EPS increased 33.5%. CEG signed nearly 920 MW of long-term nuclear PPAs, averaging 18.5 years and fully ramping by 2032. CEG targets over 20% operating earnings growth through 2029 and over 10% EPS growth. Constellation Energy’s (CEG - Free Report) expanding revenues are helping offset higher costs, supported by stronger commercial performance and contributions from its broader generation portfolio. Revenue growth strengthens CEG’s financial performance by supporting cash generation and enhancing financial flexibility.
During the second quarter of 2026, operating revenues rose 23% year over year to $7.50 billion, driven partly by the Calpine acquisition, higher capacity revenues and stronger commercial performance. Adjusted operating earnings increased 33.5% to $2.55 per share, demonstrating that revenue growth can translate into stronger earnings when margins and portfolio performance improve.
Constellation signed nearly 920 megawatts (MW) of long-term nuclear power purchase agreements (PPAs), with an average duration of 18.5 years. The agreements begin between 2029 and 2031 and fully ramp up by 2032. CEG expects nearly 30% of its baseload clean-generation megawatt-hours to be covered by long-term agreements. This growing contracted portfolio should improve revenue visibility, provide greater earnings stability and support more predictable long-term growth. CEG projects 20%+ base-adjusted operating earnings growth through 2029, alongside a 10%+ long-term, rolling three-year base EPS growth target.
CEG filed license renewal applications for Ginna and Nine Mile Point Unit 1, targeting operations through 2049, while advancing the Crane Clean Energy Center restart following approvals from the Federal Energy Regulatory Commission and the Nuclear Regulatory Commission. Extending CEG’s nuclear fleet life could support revenue growth from additional generation and long-term PPAs.
Overall, stronger revenue growth could support CEG’s long-term earnings, provided it manages costs and converts contracted opportunities into sustainable margins.
Revenue Growth Helps Utilities Manage Rising CostsGrowing revenues are improving utilities’ top-line performance, helping offset higher fuel, supply and operating expenses. This strengthens overall performance and supports continued infrastructure investment and long-term earnings growth.
Clearway Energy (CWEN - Free Report) : Operating revenues rose 22.7% year over year to $481 million in the second quarter of 2026 from $392 million, while operating income increased 36.5% to $116 million from $85 million.
NRG Energy (NRG - Free Report) : Revenues increased 11% year over year to $7.48 billion in the second quarter of 2026 from $6.74 billion, while operating income improved to $976 million from zero in the year-ago quarter.
The Zacks Rundown on CEGCEG’s Earnings EstimatesThe Zacks Consensus Estimate for 2026 and 2027 EPS indicates an increase of 28.01% and 7.96%, respectively, year over year.
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CEG’s Returns on Equity (ROE)Constellation's trailing-12-month ROE is 14.89%, ahead of the industry average of 7.94%.
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CEG’s Stock Price PerformanceIn the past month, the company’s shares have risen 1.4% against the industry’s 2.7% fall.
Constellation Energy zvýšila celoroční výhled upraveného zisku na 11,50 až 12,50 USD na akcii po silném druhém čtvrtletí. Firma zároveň oznámila další dlouhodobé smlouvy na 920 megawattů.
Constellation Energy (CEG -1.52%) reached $412.70 within the past year. As of this writing, shares go for about $274 -- roughly a third below that record. My prediction: shares take the record back before 2030.
The climb that prediction requires is steep but, arguably, not wild. From about $274, returning to $412.70 by the end of 2029 works out to about 13% compound annual appreciation over the next three and a half years.
For scale, Constellation's net income across the trailing 12 months comes to $3.5 billion, on revenue of $31.3 billion. Constellation is also a company whose growth over the rest of the decade is spelled out in advance to an unusual degree.
Earnings growth alone could cover that, if the current trajectory holds.
Image source: Getty Images.
Earnings are climbing fastConstellation, the largest private-sector power producer in the world, earned $9.39 per share on a non-GAAP (adjusted) operating basis in 2025. This month, alongside second-quarter results, management raised its full-year 2026 guidance to a range of $11.50 to $12.50 per share. The $12 midpoint sits 28% above last year's figure.
The second quarter itself ran ahead of that pace. Adjusted operating earnings came in at $2.55 per share, up 34% year over year from $1.91. The company credited the addition of Calpine and favorable market and portfolio conditions.
Worth noting: the adjusted figure is the one guidance runs on, and it sets aside items the company treats as outside its operations. On a GAAP (generally accepted accounting principles) basis, second-quarter earnings were $1.42 per share, down from $2.67 a year earlier, largely on such items. And the operating trend is the one doing the climbing.
In other words, the guidance raise wasn't a rounding tweak. It reflects a business earning meaningfully more than it did a year ago, with half the year still to go.
Demand with signatures on itWhat makes the growth unusual for a power producer, I'd argue, is how much of it is already contracted, and with whom. The buyers include some of the biggest technology companies in the world.
The Crane Clean Energy Center, the Pennsylvania nuclear plant Constellation is restarting under a 20-year power purchase agreement with Microsoft, is expected to return 835 megawatts to the grid in 2027. Two regulatory approvals arrived in recent months. The Nuclear Regulatory Commission approved a fuel license amendment allowing the plant to receive new fuel, and a federal waiver cleared the way for the transfer of existing grid-connection rights to the site.
Meta Platforms, meanwhile, signed its own 20-year agreement in 2025, taking 1,121 megawatts from the Clinton plant in Illinois starting in June 2027 -- a deal that also supports the plant's relicensing and a 30-megawatt boost to its output.
And alongside the latest results, Constellation reported another 920 megawatts of newly signed long-term power purchase agreements, with terms of 15 to 20 years starting between 2029 and 2032.
Each of those contracts starts on a dated schedule. That is what makes the next few years of growth more visible than a power producer's growth usually is.
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The path back: 13% a yearAt about $274, shares trade at about 23 times the midpoint of this year's guidance. Hold the stock's valuation multiple steady, and reaching $412.70 by the end of 2029 requires about $18 of adjusted earnings per share that year. Getting to $18 from this year's $12 midpoint takes about 14% annual growth -- roughly half the rate management just guided to for 2026.
Between Crane's 835 megawatts arriving in 2027, Meta's contract starting the same year, and the new agreements phasing in from 2029, the growth drivers with dates on them stretch across the exact window the prediction covers.
Sure, the market could pay less per dollar of earnings than it does today. Shares have traded between $228.63 and $412.70 over the past year, so the market has already repriced this company sharply in both directions. And the adjusted results lean partly on market conditions that helped this quarter and may reverse. But the prediction doesn't need the price-to-earnings ratio to expand, and it doesn't need a single new contract to be signed. It needs the company to keep growing at about half this year's pace.
My prediction stands. With those contracts in place and the required rate running below the pace management is already delivering, I expect Constellation to be back at its record before 2030.
Constellation Energy ve 2. čtvrtletí zvýšila tržby na 7,5 miliardy USD a upravený zisk na akcii (EPS) na 2,55 USD. Cameco zároveň zvýšila výhled na rok 2026 pro uran i celkové tržby.
Nuclear power is experiencing a structural global renaissance, driven by rising data center and artificial intelligence (AI) demand, with companies needing stable, consistent energy.
Dozens of nations have committed to tripling global nuclear capacity by 2050, and nuclear power supply remains severely constrained relative to this long-term demand curve.
Constellation Energy (CEG +1.39%) and Cameco Corporation (CCJ -0.01%) are great ways to play the rising use of nuclear energy in the U.S., but for different reasons. Constellation is one of the largest providers of nuclear energy, while Cameco is one of the biggest providers of nuclear fuel.
Here's why each stock is a solid long-term purchase.
Image source: Getty Images.
Constellation is a pure-play way to play AI and data center growth
Constellation operates the largest nuclear fleet in the United States, producing more than 180 terawatt hours (TWh) of annual nuclear generation. Unlike solar or wind, nuclear provides nonstop carbon-free baseload power. Tech hyperscalers such as Microsoft, Meta Platforms, Amazon, and Alphabet, that are building AI-driven data centers, face strict zero-emissions targets and require constant, uninterrupted power.
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Constellation commands a distinct scarcity premium here, as evidenced by major multidecade agreements, including its landmark 20-year power purchase agreement (PPA) with Microsoft to restart the Crane Clean Energy Center (Three Mile Island Unit 1), and long-term nuclear PPAs with major corporate buyers such as Walmart.
The company recently received an important fuel license approval from the Nuclear Regulatory Commission for the Crane Clean Energy Center, and the Federal Energy Regulatory Commission (FERC) approved a waiver to transfer existing capacity interconnection rights (CIR) from its Eddystone Natural Gas Power Plant to Crane.
Constellation is seeing revenue growth
Nuclear power forms the absolute bedrock of Constellation's financial performance. In the second quarter, the company reported $7.5 billion in revenue, up 22.9% from the same quarter a year ago, while adjusted earnings per share (EPS) were $2.55, up 33.5% year over year.
The company signed an additional 920 megawatts (MW) of long-term power purchase agreements for nuclear generation with a diverse set of customers, providing transparent long-term revenue visibility.
Under the Inflation Reduction Act (IRA), Constellation benefits from the Nuclear Production Tax Credit (PTC). This creates a statutory revenue floor for nuclear power output, protecting top-line margins if wholesale power prices plunge, while leaving upside uncapped when market power prices (or premium data center PPAs) rally.
Cameco provides Western nations with dependable uranium
Cameco has 433 million pounds of proven and probable uranium reserves, including the world's highest-grade and lowest-cost uranium deposits in Saskatchewan's Athabasca Basin, mainly Cigar Lake and McArthur River/Key Lake. It also owns a mine in Kazakhstan.
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The mines' high ore grades mean Cameco can extract significantly more uranium per metric ton of rock than competitors, insulating its profit margins even during cyclical pullbacks. As Western nations aggressively phase out dependence on Russian nuclear fuel and processing, Cameco stands out as a safe, Western-aligned supplier with Tier-1 sovereign risk profiles. It has sales of 28 million pounds of uranium per year, contracted through 2030.
The company isn't just a uranium miner
Through its 49% joint venture ownership of Westinghouse Electric Company, alongside Brookfield Renewable Partners (BEP -1.36%), Cameco transformed from a commodity miner into a fully integrated nuclear services giant. Westinghouse tech is utilized in roughly 57% of operating nuclear reactors worldwide, providing recurring, high-margin revenue from maintenance, refueling, software, and replacement parts.
Westinghouse also provides direct exposure to the construction of new large-scale reactors, which gives Cameco cash flow streams across every phase of the nuclear lifecycle, including mining, fuel fabrication, and reactor servicing.
Uranium sales are lifting the company's finances
In some ways, Cameco's ownership of Westinghouse stock dragged down the company in the second quarter. Overall, EPS was $0.18, down 75% year over year. Revenue was $814 million, down 7% over the same period last year. However, much of that is due to the timing of customer requirements, which increase in the winter months.
However, the company's uranium segment reported revenue of $712 million, up 15% year over year, and adjusted EBITDA of $423 million, up 48% year over year. The company released encouraging guidance for 2026.
It said it expects the average realized price per pound for uranium to be between $91 and $96 per pound, up from $85 to $89, and expects uranium revenue to be between $2.7 billion and $2.91 billion, up from $2.54 billion to $2.73 billion. Cameco also increased its forecast for fuel services revenue to $610 million to $630 million, up from $590 million to $630 million. The company also predicts overall revenue to be between $3.32 billion and $3.75 billion, up from $3.13 billion to $3.37 billion.
CEG získala téměř 920 MW nových dlouhodobých jaderných PPA s průměrnou délkou 18,5 roku. Do roku 2032 má být asi 30 % její základní čisté výroby pod dlouhodobými smlouvami.
Key Takeaways CEG secured nearly 920 MW of new long-term nuclear PPAs averaging 18.5 years.CEG expects about 30% of baseload clean generation under long-term agreements by 2032.CEG is advancing license extensions, the Crane restart and about 1,100 MW of nuclear uprates. Constellation Energy’s (CEG - Free Report) nuclear fleet is benefiting from rising demand for reliable, carbon-free electricity. Growing customer interest in long-term nuclear contracts further supports revenue visibility.
In the second quarter of 2026, CEG’s nuclear fleet generated 44,160 gigawatt-hours (GWhs), while its owned nuclear plants, excluding Salem and South Texas Project, achieved a 93% capacity factor. Although the capacity factor declined from 94.8% a year earlier, non-refueling outage days improved to 20 from 22.
The company is also generating more value from its nuclear assets through long-term contracts. During the second quarter of 2026, CEG secured nearly 920 megawatts (MW) of new long-term nuclear PPAs with an average contract duration of 18.5 years. These agreements are expected to place roughly 30% of its baseload clean generation under long-term agreements by 2032, providing greater revenue visibility while serving growing electricity demand. CEG expects more than 20% base earnings per share (EPS) growth through 2029
CEG is further extending the productive life of its nuclear fleet. The company filed license renewal applications for Ginna and Nine Mile Point Unit 1, seeking to extend their operations to 2049. It continues to advance the restart of the Crane Clean Energy Center, with approvals from the Federal Energy Regulatory Commission and the Nuclear Regulatory Commission. Constellation Energy's fleet is positioned to add about 1,100 MWs of nuclear uprates.
Overall, nuclear fleet reliability, long-term contracts, license extensions and the Crane restart could support CEG’s growth.
Utilities Benefit From Improved Nuclear OperationsUtilities benefit when nuclear plants run more efficiently. Better maintenance and shorter refueling outages keep plants online longer. This improves electricity production and reliability. Higher capacity factors can also support steadier revenues and reduce the need for costly replacement power.
Duke Energy (DUK - Free Report) operates 11 nuclear units across six sites in North and South Carolina, with approximately 10,773 MW of combined nuclear generating capacity. Stronger plant reliability supports steady generation, grid reliability and lower customer costs.
Entergy Corp. (ETR - Free Report) operates and supports five nuclear units across four sites, with approximately 5,376 MW of carbon-free generating capacity. Reliable nuclear operations support electricity supply and financial performance.
The Zacks Rundown on CEGCEG’s Earnings EstimatesThe Zacks Consensus Estimate for 2026 and 2027 EPS indicates an increase of 26.62% and 9.43%, respectively, year over year.
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CEG’s Returns on Equity (ROE)Constellation Energy's trailing-12-month ROE is 14.89%, ahead of the industry average of 7.16%.
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CEG’s Stock Price PerformanceIn the past month, the company’s shares have risen 9% against the industry’s 1.1% fall.
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CEG’s Zacks RankCEG currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Společnost Constellation Energy ve 2. čtvrtletí uzavřela dlouhodobé smlouvy o odběru elektřiny (PPA) na 920 MW, včetně kontraktu s Walmartem na 176 MW jaderné energie. Průměrná délka smluv je 18,5 roku.
The world’s largest retailer, Walmart (WMT -0.57%) has signed Constellation Energy (CEG +2.54%) to buy 176 megawatts (MW) of nuclear power over two 15‑year terms, beginning in 2029 and 2030.
That’s just one of the big highlights from Constellation Energy’s latest quarterly earnings report, signaling how the rush for stable, reliable clean power is no longer just a hyperscale story.
Constellation’s latest long-term earnings growth forecast could make your jaw drop.
Image source: Getty Images.
The numbers don’t lieConstellation just revealed that it locked in 920 MW of long-term power purchase agreements (PPA), including the Walmart contract, in the second quarter. The average contract duration is 18.5 years, offering exceptional cash flow visibility.
Constellation is the world’s largest private-sector power producer and the largest producer of clean energy in the U.S. It owns 55 gigawatts of capacity across nuclear, natural gas, oil, geothermal, wind, solar, and hydropower, including the nation’s largest nuclear energy fleet.
That asset base alone can power nearly 27 million homes and provide 10% of the nation’s clean energy, giving Constellation near-unrivaled scale and advantage as demand for 24/7 baseload power explodes amid the artificial intelligence (AI) data center and electrification boom.
That structural advantage is showing up directly in Constellation’s numbers. It reported adjusted earnings of $2.55 per share for Q2, a significant improvement over the year-ago figure of $1.91 per share.
Constellation also provided two crucial updates in its latest earnings report.
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Huge progress on the Microsoft contract Constellation has applied for license renewals for two nuclear units in New York to extend their operational lives by 20 years, all the way out to 2049.
At the same time, the Nuclear Regulatory Commission (NRC) approved the fuel license amendment for the Crane Clean Energy Center, formerly known as the Three Mile Island Unit 1.
Paired with a critical Federal Energy Regulatory Commission (FERC) waiver that transfers existing grid connection rights from another plant to the Crane nuclear unit, Constellation just cleared major hurdles to bring the unit back online to deliver power to Microsoft (MSFT +0.22%) under a 20-year PPA.
What this means for Constellation Energy investorsWith big-ticket contracts steadily rolling in, Constellation projects adjusted earnings to grow at an annualized rate of 20% through 2029 off its guided 2026 base of $11.50–$12.50 per share.
Here’s the real kicker: That 20% projection does not include additional long-term contracts.
That simply means on top of the already impressive projected growth rate, every new PPA Constellation signs from here on out is pure upside on top of an already massive earnings baseline growth.
For investors, Constellation’s latest earnings report and PPAs, such as those with Walmart, are yet another reminder that this isn’t just a utility stock. It’s a potential compounder in the making amid the nuclear energy renaissance, fueled largely by the data center build-out.
Constellation prodá texaskou plynovou elektrárnu společnosti LS Power za 860 milionů USD a zvýšila celoroční výhled upraveného zisku na akcii na 11,50 až 12,50 USD.
CompaniesAug 6 (Reuters) - Power company Constellation Energy (CEG.O), opens new tab said on Thursday it will sell a gas plant in Texas to LS Power for $860 million, and also raised its current-year operating earnings forecast on the back of robust power demand.
Shares of the company were up 5% in premarket trading.
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The sale of Brazos Valley Energy Center plant to LS Power marks the last divestiture required by Constellation to complete its $16.4-billion acquisition of Calpine assets.
Constellation has been expanding beyond its nuclear-heavy fleet, with its Calpine acquisition adding a large gas-fired generation portfolio that gives it more flexibility in high-demand markets such as Texas.
"We're strengthening the nation's energy infrastructure and helping meet growing demand for reliable power," said CEO Joe Dominguez.
In a separate statement, LS Power said its deal for the Texas plant, expected to close by the end of this year, will bring its total capacity to 14,100 MW post completion and strengthen its presence in ERCOT, one of the fastest-growing power markets.
LIFTS FORECAST ON ROBUST POWER DEMANDConstellation, the largest nuclear power operator in the U.S., has been benefiting from robust power consumption in the country.
The company said on Thursday it has signed agreements to provide an additional 920 megawatts (MW) of nuclear power to a diverse set of investment-grade customers for 15 to 20 years, with supply set to begin from 2029 through 2032.
It has also filed applications with the Nuclear Regulatory Commission to extend the operating licenses of its Ginna Clean Energy Center and Nine Mile Point Unit 1 reactor in New York to 2049, a 20-year extension if approved.
The Baltimore, Maryland-based company posted operating earnings of $2.55 per share, beating the average of analysts' estimates of $2.28 per share, according to data compiled by LSEG.
The company raised its forecast for operating earnings to a range of $11.50 to $12.50 per share, from $11.00 to $12.00 per share earlier.
Reporting by Dharna Bafna in Bengaluru; Editing by Leroy Leo
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Constellation ve 2. čtvrtletí zvýšila upravený zisk na akcii na 2,55 USD z 1,91 USD a zvedla celoroční výhled na EPS. GAAP zisk na akcii klesl na 1,42 USD z 2,67 USD.
BALTIMORE--(BUSINESS WIRE)--Constellation Energy Corporation (Nasdaq: CEG) today reported its financial results for the second quarter of 2026.
“This quarter's accomplishments reflect the momentum we're building across our business,” said Joe Dominguez, president and CEO of Constellation. “From advancing the restart of the Crane Clean Energy Center, to executing long-term agreements with our corporate customers and extending the lives of two critical New York assets, we’re strengthening the nation's energy infrastructure and helping meet growing demand for reliable power.”
“Our second-quarter results and increased full-year EPS guidance demonstrate the earnings power of our expanded platform, strong operational and commercial performance, and the disciplined execution of our capital allocation strategy,” said Shane Smith, executive vice president and chief financial officer of Constellation. “We remain focused on integrating Calpine, capturing the value of our expanded fleet and investing in opportunities that generate attractive returns. With a strong balance sheet, a differentiated customer facing business, and a generation portfolio well positioned to serve increasing demand for reliable energy, we are well positioned to deliver on our growth commitments and create sustained value for our owners.”
Second Quarter 2026
Our GAAP Net Income for the second quarter of 2026 decreased to $1.42 per share from $2.67 per share in the second quarter of 2025. Adjusted (non-GAAP) Operating Earnings for the second quarter of 2026 increased to $2.55 per share from $1.91 per share in the second quarter of 2025. For the reconciliations of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings, refer to the GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation section below.
Adjusted (non-GAAP) Operating Earnings in the second quarter of 2026 primarily reflects:
The addition of Calpine and favorable market and portfolio conditions, partially offset by unfavorable nuclear outages Recent Developments and Second Quarter Highlights
Progress continues at Crane Clean Energy Center paving way for restart: FERC approved our waiver request to transfer CIRs from the dual fuel Eddystone Units 3 and 4 in Pennsylvania to the Crane Clean Energy Center. This decision clears a critical regulatory hurdle for the plant restart, we expect the transfer to expedite its ability to deliver reliable emissions-free power to the grid. Additionally, the NRC has approved a fuel license amendment request for the Crane Clean Energy Center — a major milestone moving us closer to restarting operations in 2027. Helping our customers meet their evolving energy needs: We have signed an additional 920 megawatts (MW) of long-term power purchase agreements (PPA) for clean, reliable nuclear generation with a diverse set of investment grade customers. These agreements are for 15-20 years in duration and are set to begin in 2029 through 2032. Among these PPAs, our 176 MW agreement with Walmart will enable a 30 MW capacity expansion at our Dresden Clean Energy Center in Illinois and facilitate additional investments to strengthen the local community by supporting jobs and enabling continued expansion of operations and workforce. Agreement to divest the Brazos Valley Energy Center: In August 2026, we entered into an agreement with LS Power to divest the Brazos Valley Energy Center (f/k/a Jack A. Fusco Energy Center), a 606 MW natural gas-fired plant in ERCOT for $860 million before closing adjustments, a key step in satisfying regulatory commitments related to our acquisition of Calpine earlier this year. This marks the last asset sale required by our regulatory commitments under the acquisition. Closing of the sale is subject to the receipt of approval by the DOJ, and other customary closing conditions. We expect the transaction to close by the end of this year. License renewal applications for two New York nuclear units: We have filed license renewal applications with the NRC to extend the operations of the Ginna Clean Energy Center and the Nine Mile Point Unit 1 reactor in upstate New York to 2049. If approved, the units' operating licenses would be extended 20 years, to 2049. Nine Mile Point Unit 2 is currently licensed to operate until 2046. Recognized for our culture: For the fourth year in a row we were Certified™ by Great Place to Work®. The designation is based on how our employees rate their experience working at Constellation. In a survey of about 5,000 of our employees, 83% of those who responded said it is a great place to work – about 26 points higher than the average U.S. company. Great Place to Work® is acknowledged worldwide as a global benchmark for workplace culture, employee experience and the leadership behaviors proven to deliver strong market performance, employee retention and increased innovation. For the second year in a row we were recognized as one of the Civic 50® and as the energy sector leader by Points of Light. The Civic 50® is a well-respected standard for corporate social impact, recognizing the most community-minded companies in the U.S. for how they show up through employee volunteerism, community investment and broader social impact efforts.
We were recognized as a World’s Top Disability Inclusive Business based on our performance on the Disability Index®, the leading benchmark for disability inclusion. This recognition signifies that we’re a leading performer in disability inclusion, accessibility and workplace practices. It's also a reflection of our commitment to fostering an environment where all employees can do their best work, advance their careers and feel a true sense of belonging.
Nuclear Operations: Our nuclear fleet, including our owned output from the Salem and South Texas Project (STP) Generating Stations, produced 44,160 gigawatt-hours (GWhs) in the second quarter of 2026, compared with 45,170 GWhs in the second quarter of 2025. Excluding Salem and STP, our nuclear plants at ownership achieved a 93.0% capacity factor for the second quarter of 2026, compared with 94.8% for the second quarter of 2025. There were 86 planned refueling outage days in the second quarter of 2026 and 41 in the second quarter of 2025 for sites we operate. There were 20 non-refueling outage days in the second quarter of 2026 and 22 in the second quarter of 2025 for sites we operate. Natural Gas, Oil, and Renewables Operations: As a result of our expanded fleet following the acquisition of Calpine in January 2026, we now consider Equivalent Forced Outage Factor (EFOF) to be a key operational metric beginning in 2026. EFOF represents the percentage for which a generating unit is not available due to forced outages and forced deratings in a given period. The EFOF of our natural gas, oil, and pumped-storage hydro fleet for the second quarter of 2026 is 6.2%. Renewable energy capture for our wind, solar and run-of-river hydro fleet was 96.0% in the second quarter of 2026, compared with 96.1% in the second quarter of 2025. GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation
The table below provides a reconciliation of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings. Adjusted (non-GAAP) Operating Earnings is not a standardized financial measure and may not be comparable to other companies’ presentations of similarly titled measures.
Unless otherwise noted, the income tax impact of each reconciling adjustment between GAAP Net Income (Loss) Attributable to Common Shareholders and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part, which may result in an effective tax rate that differs from the marginal rate. The marginal statutory income tax rate was 25.5% for the three months ended June 30, 2026 and 2025. The following table provides a reconciliation between GAAP Net Income (Loss) Attributable to Common Shareholders and Adjusted (non-GAAP) Operating Earnings for the three months ended June 30, 2026 compared to the same period in 2025.
Three Months Ended June 30,
2026
2025
(In millions, except per share data)
Earnings
Per Share(a)
Earnings
Per Share(a)
GAAP Net Income (Loss) Attributable to Common Shareholders
$
513
$
1.42
$
839
$
2.67
Unrealized (Gain) Loss on Fair Value Adjustments (net of taxes of $116 and $37, respectively)(b)
340
0.94
(121
)
(0.38
)
Decommissioning-Related Activities (net of taxes of $298 and $208, respectively)(c)
(221
)
(0.61
)
(144
)
(0.46
)
Amortization of Acquired Commodity Contracts (net of taxes of $51 and $—, respectively)(d)
149
0.41
—
—
Calpine Merger and Integration Costs (net of taxes of $17 and $3, respectively)(e)
84
0.23
9
0.03
Plant Retirements and Divestitures (net of taxes of $— and $2, respectively)
—
—
7
0.02
Pension & OPEB Non-Service (Credits) Costs (net of taxes of $7 and $3, respectively)
20
0.06
9
0.03
Change in Legal and Environmental Liabilities (net of taxes of $12 and $—, respectively)
35
0.10
—
—
Adjusted (non-GAAP) Operating Earnings
$
920
$
2.55
$
599
$
1.91
___________________
(a)
Amounts may not sum due to rounding. Earnings per share amount is based on average diluted common shares outstanding of 360 million and 314 million for the three months ended June 30, 2026 and 2025, respectively.
(b)
Includes unrealized gains and losses on economic hedges, interest rate swaps, and fair value adjustments related to gas imbalances and equity investments.
(c)
Reflects all gains and losses associated with NDTs, ARO accretion, ARC depreciation, ARO remeasurement, and impacts of contractual offset for Regulatory Agreement Units. The tax effects of Regulatory Agreement Units result in a 100% effective tax rate under contractual offset accounting. Additionally, the tax effects of NDT investment returns result in different effective tax rates depending on whether the underlying funds are held within qualified or non-qualified trusts.
(d)
In 2026, reflects the non-cash impacts of the amortization of certain commodity contracts recorded at fair value associated with the Calpine acquisition.
(e)
Reflects costs associated with the completion of the Calpine merger and subsequent integration of its operations. Certain of these transaction-related expenses are not tax deductible.
Webcast Information
We will discuss second quarter 2026 earnings in a conference call scheduled for today at 10:00 a.m. Eastern Time. The webcast and associated materials can be accessed at https://investors.constellationenergy.com.
About Constellation
Constellation Energy Corporation (Nasdaq: CEG), a Fortune 200 company headquartered in Baltimore, is the largest private-sector power producer in the world and the nation’s largest producer of clean and reliable energy. With 55 gigawatts of capacity from nuclear, natural gas, oil, geothermal, hydro, wind and solar facilities, our fleet has the generating capacity to power the equivalent of 27 million homes, providing about 10% of the nation’s clean energy and delivering the around-the-clock reliability needed to power America’s growing economy. We are also the largest nuclear energy company in the U.S. and a leading competitive retail supplier, serving approximately 2.5 million customer accounts nationwide, including 80% of the Fortune 100. We are committed to investing in innovation and new technologies to drive the transition to a reliable, sustainable and secure energy future. Follow Constellation on LinkedIn and X.
Non-GAAP Financial Measures
We utilize Adjusted (non-GAAP) Operating Earnings (and/or its per share equivalent) in our internal analysis, and in communications with investors and analysts, as a consistent measure for comparing our financial performance and discussing the factors and trends affecting our business. The presentation of Adjusted (non-GAAP) Operating Earnings is intended to complement and should not be considered an alternative to, nor more useful than, the presentation of GAAP Net Income (Loss).
The tables above provide a reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings. Adjusted (non-GAAP) Operating Earnings is not a standardized financial measure and may not be comparable to other companies’ presentations of similarly titled measures.
Due to the forward-looking nature of our Adjusted (non-GAAP) Operating Earnings guidance, we are unable to reconcile this non-GAAP financial measure to GAAP Net Income (Loss) given the inherent uncertainty required in projecting gains and losses associated with the various fair value adjustments required by GAAP. These adjustments include future changes in fair value impacting the derivative instruments utilized in our current business operations, as well as the debt and equity securities held within our nuclear decommissioning trusts, which may have a material impact on our future GAAP results.
Cautionary Statements Regarding Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the acquisition of Calpine Corporation, the pro forma combined company and its operations, strategies and plans, enhancements to investment-grade credit profile, synergies, opportunities and anticipated future performance and capital structure, and expected accretion to earnings per share and free cash flow. Information adjusted for the acquisition should not be considered a forecast of future results.
Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. The factors that could cause actual results to differ materially from the forward-looking statements made by Constellation Energy Corporation and Constellation Energy Generation, LLC, (the Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2025 Annual Report on Form 10-K in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18 — Commitments and Contingencies; (2) the Registrants' Second Quarter 2026 Quarterly Report on Form 10-Q (to be filed on August 6, 2026) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 15 — Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants.
Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. Neither Registrant undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.
Net income (loss) attributable to noncontrolling interests
(5
)
—
(6
)
1
(i)
Net income (loss) attributable to common shareholders
$
513
$
839
Effective tax rate
44.2
%
34.6
%
Earnings per average common share
Basic
$
1.42
$
2.67
Diluted
$
1.42
$
2.67
Average common shares outstanding
Basic
360
314
Diluted
360
314
___________________
(a)
Results reported in accordance with GAAP.
(b)
Adjustment for unrealized gains and losses on economic hedges, interest rate swaps, and fair value adjustments related to gas imbalances and equity investments.
(c)
Adjustment for all gains and losses associated with Nuclear Decommissioning Trusts (NDT), Asset Retirement Obligation (ARO) accretion, Asset Retirement Cost (ARC) Depreciation, ARO remeasurement, and any earnings neutral impacts of contractual offset for Regulatory Agreement Units.
(d)
In 2026, reflects the non-cash impacts of the amortization of certain commodity contracts at fair value associated with the Calpine acquisition.
(e)
Adjustment for costs associated with the completion of the Calpine merger and subsequent integration of its operations.
(f)
Adjustment for Pension and Other Postretirement Employee Benefits (OPEB) Non-Service credits.
(g)
Adjustments related to plant retirements and divestitures.
(h)
Adjustment for changes in legal and environmental liabilities.
(i)
Adjustment for elimination of the noncontrolling interest related to certain adjustments.
Equity in income (losses) of unconsolidated affiliates
14
—
—
—
Net income (loss)
2,111
962
Net income (loss) attributable to noncontrolling interests
8
3
(j)
5
3
(j)
Net income (loss) attributable to common shareholders
$
2,103
$
957
Effective tax rate
30.7
%
32.4
%
Earnings per average common share
Basic
$
5.89
$
3.05
Diluted
$
5.88
$
3.05
Average common shares outstanding
Basic
357
314
Diluted
357
314
___________________
(a)
Results reported in accordance with GAAP.
(b)
Adjustment for unrealized gains and losses on economic hedges interest rate swaps, and fair value adjustments related to gas imbalances and equity investments.
(c)
Adjustment for all gains and losses associated with NDTs, ARO accretion, ARC Depreciation, ARO remeasurement, and any earnings neutral impacts of contractual offset for Regulatory Agreement Units.
(d)
In 2026, reflects the non-cash impacts of the amortization of certain commodity contracts at fair value associated with the Calpine acquisition.
(e)
Adjustment for costs associated with the completion of the Calpine merger and subsequent integration of its operations.
(f)
Adjustment for Pension and OPEB Non-Service credits.
(g)
Adjustments related to plant retirements and divestitures.
(h)
Adjustment to deferred income taxes due to changes in forecasted apportionment.
(i)
Adjustment for changes in legal and environmental liabilities.
(j)
Adjustment for elimination of the noncontrolling interest related to certain adjustments.
Constellation Energy čeká za 2. čtvrtletí růst tržeb o 22,41 % na 7,47 miliardy USD a EPS o 23,56 % na 2,36 USD. Tahounem má být poptávka datových center.
Key Takeaways Constellation Energy's Q2 revenues and earnings are projected to rise more than 22% year over year.CEG may benefit from data-center demand, new solar and gas assets, Calpine and long-term power deals.CEG gained 8.5% in the past six months, but its net margin is lower than the industry. Constellation Energy Corporation (CEG - Free Report) is expected to report its second-quarter 2026 results on Aug. 6.
The Zacks Consensus Estimate for revenues is pinned at $7.47 billion, indicating an increase of 22.41% from the year-ago reported figure.
Image Source: Zacks Investment Research
The consensus mark for earnings is pegged at $2.36 per share, indicating year-over-year growth of 23.56%. The bottom-line estimate has gone up 2.61% over the past 60 days.
Image Source: Zacks Investment Research
CEG’s Earnings Surprise HistoryConstellation Energy’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, missed one, delivering an average surprise of 3.27%.
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What Our Quantitative Model PredictsOur proven model doesn’t predict a likely earnings beat for Constellation Energy this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here as you will see below.
Earnings ESP: The company’s Earnings ESP is -0.39%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Currently, Constellation Energy carries a Zacks Rank #4 (Sell).
Stocks Worth a LookSome companies in the same sector that have the right combination of the two factors for an earnings beat this season are National Energy Services Reunited Corp. (NESR - Free Report) , Calumet Inc. (CLMT - Free Report) and Sempra Energy (SRE - Free Report) . NESR, CLMT and SRE have an Earnings ESP of +7.80%, +169.57% and +0.79%, respectively. NESR currently sports a Zacks Rank #1, CLMT currently has a Zacks Rank #2 and SRE carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors Likely to Have Impacted CEG’s Q2 PerformanceConstellation Energy’s second-quarter earnings are expected to have benefited from rising electricity demand from data centers, supported by its highly efficient nuclear fleet and diversified power generation portfolio.
The company has been strengthening its renewable energy portfolio alongside the nuclear assets, enhancing the diversity of the generation mix and supporting long-term growth. The commercial launch of the 460-MW Pin Oak Creek Energy Center during the second quarter and the commissioning of the 105-MW Pastoria Solar Project in April are likely to have provided an incremental boost to earnings. Contribution from the acquired Calpine assets is also expected to have boosted second-quarter performance.
The company continues to benefit from long-term power purchase agreements with leading technology companies, providing a stable and predictable revenue stream. These agreements are expected to have supported bottom-line growth in the second quarter.
Additionally, the company's ongoing share repurchase program is expected to have boosted shareholder value and contributed to second-quarter earnings growth by reducing the number of shares outstanding at the end of the period.
CEG Stock’s Price PerformanceIn the past six months, the stock has gained 8.5% compared with the industry’s growth of 3.7%.
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CEG Stock Trading at a DiscountConstellation Energy is trading at a discount relative to the industry, with a forward 12-month price-to-earnings of 21.28X compared with the industry average of 23.09X.
Net Profit MarginNet profit margin measures how efficiently a company converts revenues into profit after all expenses, offering insight into its overall profitability and financial health.
CEG’s net profit margin is 10.86X lower than its industry peer level of 14.29X.
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Investment Consideration for CEGConstellation Energy’s extensive carbon-free generation fleet, combined with the integrated energy supply and risk management capabilities, positions it to capitalize on rising electricity demand, drive revenue growth and support the transition to a cleaner energy future.
The company’s continued investments in customer-centric energy solutions, including carbon-free and renewable energy certificates, are expected to have generated solid returns, enhanced stakeholder value and helped customers achieve emissions reduction targets while optimizing energy costs.
Additionally, Constellation Energy’s strategic investments and the expansion of its generation portfolio through new natural gas and solar assets are expected to have supported earnings growth, with this positive momentum likely continuing into the second quarter.
Summing UpConstellation Energy's second-quarter earnings are likely to have benefited from rising data center power demand, supported by its efficient nuclear fleet and diversified generation portfolio.
However, given CEG’s net margin is lower than industry peers, prospective investors may be better off waiting for a more attractive entry point before initiating a position.
Constellation Energy Corporation schválila čtvrtletní dividendu ve výši 0,4265 USD na akcii kmenových akcií. Vyplacena bude 4. září 2026 akcionářům zapsaným k 18. srpnu 2026.
BALTIMORE--(BUSINESS WIRE)--The Board of Directors of Constellation Energy Corporation (Nasdaq: CEG) declared a quarterly dividend of $0.4265 per share on Constellation’s common stock. The dividend is payable on Sept. 4, 2026, to shareholders of record as of 5 p.m. Eastern time on Aug. 18, 2026.
About Constellation
Constellation Energy Corporation (Nasdaq: CEG), a Fortune 200 company headquartered in Baltimore, is the largest private-sector power producer in the world and the nation's largest producer of clean and reliable energy. With 55 gigawatts of capacity from nuclear, natural gas, oil, geothermal, hydro, wind and solar facilities, our fleet has the generating capacity to power the equivalent of 27 million homes, providing about 10% of the nation's clean energy and delivering the around-the-clock reliability needed to power America's growing economy. We are also the largest nuclear energy company in the U.S. and a leading competitive retail supplier, serving approximately 2.5 million customer accounts nationwide, including 80% of the Fortune 100. We are committed to investing in innovation and new technologies to drive the transition to a reliable, sustainable and secure energy future. Follow Constellation on LinkedIn and X.
The market expects Constellation Energy Corporation (CEG - Free Report) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on August 6, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus EstimateThis company is expected to post quarterly earnings of $2.35 per share in its upcoming report, which represents a year-over-year change of +23%.
Revenues are expected to be $7.47 billion, up 22.4% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 6.96% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Constellation Energy Corporation?For Constellation Energy Corporation, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -0.93%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that Constellation Energy Corporation will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Constellation Energy Corporation would post earnings of $2.56 per share when it actually produced earnings of $2.74, delivering a surprise of +7.03%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Constellation Energy Corporation doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
An Industry Player's Expected ResultsClearway Energy (CWEN - Free Report) , another stock in the Zacks Alternative Energy - Other industry, is expected to report earnings per share of $0.24 for the quarter ended June 2026. This estimate points to a year-over-year change of -14.3%. Revenues for the quarter are expected to be $480.49 million, up 22.6% from the year-ago quarter.
The consensus EPS estimate for Clearway Energy has been revised 8.1% lower over the last 30 days to the current level. However, a higher Most Accurate Estimate has resulted in an Earnings ESP of +39.43%.
When combined with a Zacks Rank of #5 (Strong Sell), this Earnings ESP makes it difficult to conclusively predict that Clearway Energy will beat the consensus EPS estimate. Over the last four quarters, the company surpassed EPS estimates just once.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Constellation Energy zvýšila oprávnění ke zpětnému odkupu na 5 miliard USD a v prvním čtvrtletí odkoupila asi 1,2 milionu akcií. Zároveň plánuje kapitálové výdaje ve výši 5,7 miliardy USD v roce 2026 a 4,7 miliardy USD v roce 2027.
Key Takeaways Constellation Energy raised its repurchase authorization to $5 billion and bought 1.2 million shares. CEG plans $5.7 billion and $4.7 billion in capital spending for 2026 and 2027 to meet rising demand. The Calpine acquisition expanded CEG's clean power portfolio, while strong free cash flow supports growth. Constellation Energy (CEG - Free Report) , through its disciplined capital allocation strategy, deploys cash toward growth investments while increasing shareholder value through dividends and share repurchases. The company is strategically investing capital in high-return growth projects to expand earnings, strengthen cash flow and create long-term shareholder value.
CEG increased its share repurchase authorization to $5 billion and repurchased approximately 1.2 million shares during the first quarter, reflecting management's confidence in its long-term earnings and cash flow generation. Share repurchases reduce outstanding shares, improve earnings per share (EPS) and support long-term shareholder value. The company has deployed nearly $2.7 billion to repurchase 18.5 million shares since its separation from Exelon.
By acquiring Calpine, Constellation Energy expanded its clean power generation portfolio. The company also highlighted strong free cash flow to support strategic growth investments and disciplined capital allocation.
Constellation Energy plans to make capital expenditures of nearly $5.7 billion and $4.7 billion in 2026 and 2027, respectively. These investments are expected to support rising electricity demand, particularly from AI-driven data centers, while strengthening long-term cash flow.
Overall, Constellation Energy's balanced approach of investing in growth while returning excess cash to shareholders enhances earnings visibility, strengthens competitive positioning and supports long-term shareholder value creation.
Capital Allocation Fuels Shareholder ReturnsCapital allocation enhances shareholder returns by balancing strategic growth investments with disciplined cash deployment. Utilities invest in grid modernization while returning excess cash through dividends and share repurchases. This balanced approach supports earnings growth, increases per-share value and creates long-term shareholder value.
NRG Energy, Inc. (NRG - Free Report) balances shareholder returns with growth investments through its disciplined capital allocation strategy, targeting approximately $1.4 billion in share repurchases and dividends alongside about $310 million of growth investments in 2026.
Vistra (VST - Free Report) returned about $600 million to shareholders through dividends and share repurchases by May 1, 2026. Since 2021, it has repurchased $6.3 billion of shares, lowering its outstanding share count by 30%, while retaining $1.5 billion under its repurchase authorization through 2027
The Zacks Rundown on CEGCEG’s Earnings EstimatesThe Zacks Consensus Estimate for 2026 and 2027 EPS indicates an increase of 25.03% and 16.02%, respectively, year over year.
Image Source: Zacks Investment Research
CEG’s Returns on Equity (ROE)Constellation Energy's trailing-12-month ROE is 16.81%, ahead of the industry average of 7.15%.
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CEG’s Stock Price PerformanceIn the past three months, the company’s shares have plunged 12.8% compared with the industry’s 13.6% fall.
Constellation Energy prostřednictvím své venture divize poprvé investovala do amerického vývojáře pokročilých malých modulárních reaktorů Blue Energy. Transakce má urychlit komercializaci SMR a podpořit projekt GE Vernova Hitachi BWRX-300.
Constellation Energy’s (CEG) venture arm has taken a stake in a reactor development company that is working around a gas-to-nuclear deployment model in coordination with GE Vernova (GEV). The transaction marks Constellation’s first equity investment in a U.S. nuclear developer focused on advanced small modular reactors (SMRs).
Key Takeaways Constellation Technology Ventures completed its first equity stake in a U.S. advanced SMR developer via Blue Energy. Blue Energy previously raised $380 million to develop multi-gigawatt gas-to-nuclear projects with GE Vernova. Financial advisors can access exposure to both Constellation Energy and GE Vernova through the Range Nuclear Renaissance ETF (NUKZ). Accelerating the Deployment of Small Modular Reactors (SMRs) Constellation’s venture arm has made a strategic equity investment in prefabricated nuclear power plant developer Blue Energy. As the operator behind the largest nuclear reactor fleet in the U.S., Constellation expects the deal to accelerate commercialization. According to a company statement, Constellation’s investment will help Blue Energy meet growing national power demands by making nuclear development predictable, rapidly scalable, and project-financeable.
Furthermore, Constellation said the investment in Blue Energy reinforces its deployment plans for GE Vernova Hitachi’s small modular reactor (SMR), the BWRX-300. The technology provides a proven, scalable path toward next-generation nuclear infrastructure across domestic markets.
See more: Advanced Nuclear Power Projects: Commercial SMR Deals Boost NUKZ
Gas-to-Nuclear Infrastructure Gains Traction The deal follows significant momentum for Blue Energy earlier this year. The firm previously secured $380 million in capital and established a strategic alliance with GE Vernova to construct multi-gigawatt gas-to-nuclear projects.
This energy generation deployment method has attracted strong interest. Power becomes available on-site almost immediately from gas turbines while SMRs are built in the background. Once the reactors are operational, the gas turbines are removed from the site and the load operates only on the clean nuclear power source.
Accessing Nuclear Supply Chains via NUKZ Investors tracking the sector can find direct exposure to these market leaders through nuclear ETFs. Both GE Vernova and Constellation Energy are holdings in the Range Nuclear Renaissance Index ETF (NUKZ). GE Vernova represents the fund’s second-largest position, accounting for 4.3% of total portfolio assets as of July 20.
NUKZ tracks the VettaFi Nuclear Renaissance Index, which provides exposure to companies across the nuclear energy ecosystem, including hardware providers and fuel suppliers.
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vettafi.com is owned by VettaFi LLC (“VettaFi”). VettaFi is the index provider for NUKZ, for which it receives an index licensing fee. However, NUKZ is not issued, sponsored, endorsed, or sold by VettaFi. VettaFi has no obligation or liability in connection with the issuance, administration, marketing, or trading of NUKZ.
Akcie Constellation Energy ve středu vzrostly o 4,66 % po zprávách o 30leté jaderné dohodě o spolupráci mezi USA a Saúdskou Arábií a o plánu vlády podpořit výstavbu elektráren za 200 milionů USD.
Constellation Energy (CEG +4.66%) stock was true to its name on Wednesday, as investors energetically traded it almost 5% higher. This was part of a broader rally in nuclear stocks, on the back of a splashy deal signed between the U.S. government and a key ally, plus reports of a new top-down initiative to spur power plant build-outs in this country.
The Saudi deal The Trump administration announced Wednesday that it had signed a long-term deal to help develop nuclear technology with Saudi Arabia. The 30-year pact formalizes nuclear cooperation between the two nations and pushes several U.S. energy companies into leading roles in build-outs in the strategic Middle Eastern country.
Image source: Getty Images.
It's important to note that Constellation isn't likely to be one of the main companies involved in the work, as its concentration is on domestic energy generation. Yet as the No. 1 operator of American nuclear plants, it could serve in an advisory or training capacity.
Besides, the government's striking this deal is yet another strong indication of its desire to promote and support the nuclear power industry.
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Continued domestic push Separately, Bloomberg reported that the administration is also planning to launch a new, $200 million program to support the construction of power plants within our borders. A key goal of this initiative, not surprisingly, is to satisfy the considerable power needs of artificial intelligence (AI)-ready data centers.
As nuclear plants produce considerable clean power, they are considered ideal facilities for such a push.
The Bloomberg article, which cited a document its reporters had seen, mentioned small modluar reactor (SMR) specialists Oklo and X-Energy as participants on the energy industry side, and Microsoft and Nvidia as partners from the tech sector.
Constellation was not mentioned in the article, as it operates full-scale nuclear facilities and not SMRs. Even if it doesn't end up playing a role in the program, it's sure to benefit from this latest top-down effort to boost the nation's power-generating capacity.
Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Constellation Energy, Microsoft, and Nvidia. The Motley Fool has a disclosure policy.
Constellation Energy je podle článku lepší volbou pro expozici vůči rostoucí poptávce po jaderné energii díky své rozsáhlé provozované flotile a již uzavřeným kontraktům s Microsoftem a Meta Platforms.
Nuclear energy demand is on the rise, driven by the massive power needs of artificial intelligence (AI) data centers. Because nuclear power possesses high power density and provides reliable, 24/7 baseload energy, it is increasingly becoming a top choice among major hyperscalers.
In the nuclear energy industry, innovative companies like NuScale Power (SMR -0.57%) have the potential to reimagine nuclear energy deployment with their small modular reactors. Meanwhile, established utilities such as Constellation Energy (CEG +4.66%), with their extensive nuclear fleet, stand ready to meet today's power challenges.
If you're looking to diversify your portfolio with nuclear energy stocks, there are a few key things you need to consider when considering an investment between NuScale Power and Constellation Energy right now.
Image source: Getty Images.
Next-generation data centers need nuclear power Modern data centers require massive amounts of energy. Training large language models requires running thousands of high-performance graphical processing units (GPUs) for months on end, while AI queries provide steady demand for AI-generated answers. The emergence of autonomous AI agents is another massive driver of non-stop loops that require continuous, reliable operation of AI data centers.
To meet growing AI demand, data center chips are packed into compact clusters that handle parallel computing across billions of variables. Because servers generate significant heat, they also require large liquid-cooling systems that consume substantial energy.
According to Goldman Sachs, U.S. data center power demand could spike to 66 GW and account for up to 8.5% of U.S. peak summer demand by 2027. Bank of America analysts forecast that over the next five years, data centers could add 125 GW of new U.S. electric load, representing a compound annual growth rate of electricity demand of 4.1%.
Hyperscalers like Alphabet, Amazon, Meta Platforms, and Microsoft need reliable energy while also meeting their long-term carbon-reduction goals. These data centers can't afford interruptions, which means intermittent wind and solar power need an extra boost, which is where nuclear energy comes into play.
Over the last couple of years, hyperscalers have invested in small modular reactors (SMRs) and nuclear plant restarts to meet these massive future energy demands.
NuScale's small modular reactors could change how nuclear energy is deployed NuScale Power is uniquely positioned in the SMR space, as it is the only company with a Standard Design Approval (SDA) from the Nuclear Regulatory Commission for its SMR technology. The company has an SDA for its 50-megawatt (MW) and 77 MW modules, giving it a crucial first-mover advantage in the advanced nuclear reactor space, where NRC approval can be a long and drawn-out process.
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The company has one approved project in Romania, where it will look to install 462 MWe using six modules at a former coal plant site. The company received a Final Investment Decision from shareholders and the Romanian government. As part of the deal, NuScale will install one 77 MW module to ensure it is functional, with the remaining five modules contingent on the module proving operational. Operations for this power plant are planned to start in 2033.
Beyond this, NuScale hopes to deploy a massive 6 GW of its power modules with the Tennessee Valley Authority (TVA). The company is working closely with ENTRA1 to secure a firm power purchase agreement and hopes to finalize a deal by the end of the year.
Constellation Energy operates the biggest nuclear energy fleet in the U.S. While NuScale is an up-and-coming nuclear energy company with a long timeline until its plants begin operations, Constellation Energy is an established utility company with a massive nuclear energy fleet. Constellation controls 22 GW of U.S. nuclear generation capacity and operates 21 commercial reactors at 12 locations.
Constellation has secured major deals over the past few years. In 2024, the company announced a 20-year power purchase agreement (PPA) with Microsoft, which involves the launch of the Crane Clean Energy Center and the restart of Three Mile Island Unit 1. The Crane Clean Energy Center will come online in 2028.
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In June of last year, Constellation signed a 20-year power purchase agreement with Meta Platforms to provide 1,121 MW of nuclear energy, beginning in June 2027. As part of this agreement, Constellation will relicense and expand its Clinton nuclear facility located in Illinois.
The company also continues to build on its massive energy platform. On July 16, Constellation's venture capital arm, Constellation Technology Ventures, invested in Blue Energy, which builds prefabricated modular nuclear power plant structures off-site and ships them to their final location. The company uses phased delivery, meaning it deploys gas turbines first, which will eventually transition to nuclear plants when reactor installations are completed.
Which stock is a better buy today? NuScale Power has a first-mover advantage with its NRC-approved SMRs. However, the company faces risks from the Department of Energy's Reactor Pilot Program, in which the DOE is leveraging its authority to reduce red tape and fast-track the testing and licensing of new reactor technologies by competitors.
For investors seeking explosive upside potential, NuScale could be an appealing buy, but it also carries massive risk, as it needs to secure additional contracts and prove it can successfully deploy and commercialize its SMR technology over the coming decade.
In contrast, Constellation Energy has an established fleet of nuclear capacity and is well positioned to benefit from booming energy demand in the near term, making it the better stock for investors looking to gain exposure to the growing nuclear energy industry right now.
Constellation Energy po akvizici Calpine provozuje flotilu o výkonu 55 GW a plánuje téměř 10 GW nové kapacity. Znovu také spouští závod Crane o výkonu 835 MW kvůli poptávce Microsoftu po AI.
Key Takeaways Constellation Energy operates a 55-GW fleet spanning nuclear, gas, geothermal, hydro, wind and solar. CEG plans nearly 10 GW of new capacity and will restart the 835-MW Crane plant for Microsoft's AI demand. CEG plans $5.7B in 2026 and $4.7B in 2027 capex to upgrade plants and support earnings growth. Constellation Energy (CEG - Free Report) benefits from its diversified power generation fleets, which enable it to deliver reliable electricity under changing market conditions. Its balanced generation mix supports the clean energy transition and meets rising electricity demand.
Following its acquisition of Calpine, CEG operates a diversified 55-gigawatt (GW) generation fleet spanning nuclear, natural gas, oil, geothermal, hydro, wind and solar, enough to power approximately 27 million homes. It produces nearly 10% of the nation's clean electricity, plans nearly 10 GW of new capacity and will restart the 835-megawatt (MW) Crane plant, supporting Microsoft's AI-driven demand and long-term growth.
The company is also expanding its generation portfolio to capture growing power demand. CEG’s Calpine unit completed a 25-MW expansion at The Geysers geothermal facility, strengthening its clean energy generation portfolio. It completed the 105-MW Pastoria Solar Project and the 460-MW Pin Oak Creek Energy Center, increasing its renewable and natural gas generation capacity. The company has also submitted nearly 5,000 MW of new nuclear uprates, natural gas and battery storage projects into PJM's interconnection queue, positioning it to benefit from increasing data center electricity demand.
The company plans capital expenditures of $5.7 billion in 2026 and $4.7 billion in 2027 to upgrade plants, extend asset life and support long-term earnings growth. Overall, CEG's diversified generation fleet and expansion projects support long-term earnings growth by meeting rising clean electricity demand.
Utilities Benefit From Diverse Power Generation PortfolioAn integrated energy portfolio combining renewable energy, natural gas, nuclear and energy storage helps diversify revenues, improve reliability and reduce fuel-price risks. It also enables companies to meet growing electricity demand and support long-term earnings growth.
NRG Energy (NRG - Free Report) operates a diversified 25 GW generation portfolio of natural gas, coal and renewable assets. Its integrated fleet enhances operational flexibility and supports growing electricity demand.
Vistra Corp. (VST - Free Report) operates a diversified portfolio of nearly 44 GW of generation assets, including natural gas, coal, nuclear, solar and battery energy storage. Its balanced fleet provides operational flexibility and supports rising electricity demand.
The Zacks Rundown on CEGCEG’s Earnings EstimatesThe Zacks Consensus Estimate for 2026 and 2027 EPS indicates an increase of 25.03% and 16.02%, respectively, year over year.
Image Source: Zacks Investment Research
CEG’s Returns on Equity (ROE)Constellation Energy's trailing-12-month ROE is 16.81%, ahead of the industry average of 7.15%.
Image Source: Zacks Investment Research
CEG’s Stock Price PerformanceIn the past month, the company’s shares have plunged 6% compared with the industry’s 12.1% fall.
Constellation Energy investuje do Blue Energy, startupu vyvíjejícího prefabrikované jaderné elektrárny využívající loděnice. Cílem je zkrátit výstavbu na tři roky a využít rostoucí poptávku datacenter po stabilní energii.
Trying to connect the dots? You and I may not be able to, but Constellation Energy (CEG +0.25%) is doing just that with its latest power move.
Constellation, the largest nuclear energy company in the U.S., has invested an undisclosed sum in Blue Energy, a start-up specializing in prefabricated nuclear power plants. The real kicker isn’t the tech – how this newcomer builds those plants is where the disruption lies, and exactly why Constellation decided it’s worth the bet.
Image source: Getty Images.
Playing the nuclear energy boomConstellation Energy is the undisputed clean energy leader in the U.S., operating the nation’s largest nuclear fleet. That dominance has thrown the company straight into the spotlight of the artificial intelligence (AI) infrastructure boom.
Data centers consume staggering amounts of electricity, and they require uninterrupted, 24/7 power to keep their servers and cooling systems running. While solar and wind are intermittent, nuclear isn’t.
The macro tailwinds are stronger than ever, with the U.S. government planning to quadruple domestic nuclear capacity by 2050. The problem is execution. Building a traditional nuclear reactor can easily take over a decade and tens of billions of dollars.
Blue Energy directly tackles the industry's two biggest bottlenecks: speed and financing. Their solution? Shipyards.
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Why CEG thinks a shipyard can fit the nuclear equationThe biggest budget-killer in a nuclear power plant isn’t the reactor itself. It is the buildings, structures, pipes, and cooling systems that can cause the maximum delays and cost overruns.
Shipyards already have mass assembly-line manufacturing processes in place. They also have the indoor, weather-controlled spaces, high-capacity cranes, and automated robotic set-ups designed for steel ships and offshore oil rigs.
Blue Energy plugs its design right into this existing infrastructure to weld and prefabricate nuclear plants at speed, and then transports them to the installation site on barges. It can get a plant up and running in just three years.
To top that, while traditional nuclear relies on government loan guarantees, Blue Energy can monetize the asset quickly. It can start a plant on natural gas within three years and generate revenue while it finishes installation and approvals.
Blue Energy’s proprietary plant design can house regulatory-approved Light Water Reactors (LWRs), such as GE Vernova (GEV +2.09%)-Hitachi BWRX-300 SMR (small modular reactor). Blue Energy and GE Vernova are already collaborating to build a power plant using BWRX-300 at Blue Energy’s first planned site in Texas, with GE Vernova scheduled to deliver two gas turbines by 2029 to kickstart the plant.
Why this matters for Constellation Energy investorsThis isn't a speculative bet. Constellation has signed monumental, long-term power purchase agreements, including 20-year deals with Meta (META 2.79%) and Microsoft (MSFT 1.67%) each. Demand is so high that Constellation expects to generate $11.5 billion and $13 billion in free cash flow (before growth spending ) in 2028 and 2029 versus $8.4 billion in 2026-2027.
Constellation can’t bank on traditional nuclear reactors to deliver new baseload capacity, and is trying to position itself at the front of the line for the first wave of rapidly deployable, bankable SMR tech.
If Blue Energy’s shipyard model delivers on its three-year timeline, Constellation could secure a repeatable blueprint to capture the surging hyperscale demand long before traditional nuclear competitors can even break ground.
Blue Energy získala strategickou kapitálovou investici od Constellation Technology Ventures na urychlení výstavby prefabrikovaných jaderných elektráren. Investice podpoří nasazení technologie GE Vernova Hitachi BWRX-300.
, /PRNewswire/ -- Blue Energy, a developer of financeable, prefabricated nuclear power plants, today announced a strategic equity investment from Constellation Technology Ventures, the venture arm of Constellation (Nasdaq: CEG), the nation's largest producer of clean energy and operator of the largest fleet of nuclear power plants in the United States. The investment reflects a growing confidence in Blue Energy's strategy to utilize shipyard manufacturing and project financing to deploy proven reactor technology that has the potential to accelerate new nuclear development – making it predictable, faster and more affordable. It also marks the first investment by Constellation Technology Ventures in a U.S. nuclear developer advancing small modular reactors.
"With demand for near-term power rising, Constellation's investment will help Blue Energy meet America's need by making new nuclear development predictable, rapidly scalable, and project financeable for the first time in history. This relationship helps us leverage an established operator, proven technology, and innovative, project-financeable deployment models to expand access to nuclear energy," said Jake Jurewicz, Blue Energy CEO and Co-Founder. "Together, we're demonstrating that the future of nuclear energy isn't a decade away and doesn't take a leap of faith on technology or construction execution, it's being built right now."
"Constellation is committed to exploring innovative pathways that can help accelerate the deployment of advanced nuclear technologies in the United States and allocate risk appropriately," said David Dardis, Constellation Senior Executive Vice President and Chief External Affairs and Growth Officer. "The Constellation Technology Ventures investment in Blue Energy supports its deployment plans for the GE Vernova Hitachi's BWRX-300, a proven technology with a potential path to scale for the next generation of nuclear energy."
Blue Energy's model is designed to address one of the biggest challenges facing the nuclear industry: how to finance and deploy new nuclear generation at the speed required to meet growing demand. By utilizing proven nuclear technology and employing an innovative large-format robotic prefabrication and assembly method inspired by offshore oil & gas and LNG projects, the company plans to unlock project financing for the first time in the nuclear sector and accelerate deployment timelines.
Earlier this year, Blue Energy announced it raised $380 million and forged a strategic partnership with GE Vernova to develop a multi-gigawatt gas-to-nuclear project utilizing GE Vernova gas turbines and BWRX-300 small modular reactors. The company also recently secured a key U.S. Nuclear Regulatory Commission licensing milestone that supports its goal of delivering reliable power in 48 months or less through its phased gas-to-nuclear deployment strategy. Blue Energy could begin early site works on its first planned project in Texas in 2026, to support a final investment decision in 2027.
About Blue Energy
Founded in 2023, Blue Energy develops financeable, turnkey nuclear power plants compatible with leading reactor technology. Our proprietary lower cost of capital solution and offsite pre-fabrication accelerates new nuclear deployment – making it predictable, faster and more affordable. We will deliver baseload power competitive with fossil fuels and renewables to meet unprecedented global demand. Blue Energy's world-class team has extensive experience in nuclear construction, licensing, engineering, and development. We stem from MIT's Nuclear Science & Engineering Department and are backed by VXI Capital, Engine Ventures, At One Ventures and Tamarack Global. Visit www.blueenergy.co or follow us on LinkedIn.
Constellation Energy uzavřela 20letou smlouvu na dodávky jaderné energie s Metou a další dohodu s Walmartem. Těží z rostoucí poptávky po elektřině i z napjaté situace kolem kapacity pro AI.
Constellation Energy (CEG +0.26%) is an independent power producer. That said, it is also one of the largest nuclear power providers in the United States. When nuclear power was all the rage among investors, the stock's price rallied, and its price-to-earnings ratio skyrocketed to nearly 50x. That wasn't a realistic valuation for the business, but the subsequent stock decline has changed the math. Here's what you need to know.
Constellation Energy gets better and cheaper The big story with Constellation Energy is that it sells power outside of the regulated framework. That means it can ink deals directly with customers at market rates. Notably, it recently agreed to sell nuclear power to Meta (META +6.16%) under a 20-year contract, helping to support that technology giant's AI ambitions. However, it also just penned a nuclear power deal with Walmart (WMT +1.51%), supporting the world's largest retailer's goal of increasing its use of clean energy.
Image source: Getty Images.
The Meta deal came during a period when anything related to nuclear power was a hot commodity on Wall Street. But that enthusiasm has waned, leading to a deep price decline. Constellation Energy's P/E ratio is now a far more reasonable 21x. Only the Walmart deal shows that AI isn't the only growth driver, a fact further supported by the company's purchase of Calpine, which expanded its footprint in the natural gas power space.
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At this point, Constellation Energy is helping to solve the AI power crunch and doing a whole lot more, as well. What's important to recall is that AI's power demand is part of what is driving overall electricity demand. Notably, electricity demand increased by 10% between 2005 and 2025 and is expected to increase by 60% between 2025 and 2045. This isn't an industry-specific event, and Constellation Energy has created a business that can benefit from the big picture changes taking shape, not just artificial intelligence.
Not cheap, but still attractive To be fair, with a 21x P/E ratio, it would be hard to call Constellation Energy cheap. That said, the average utility stock has a P/E ratio of about 20x, so Constellation isn't exactly expensive, either. And its ability to sign long-term contracts at market rates, unlike regulated utilities, gives it more growth appeal. If you are looking for a way to benefit from AI's demand crunch, now is the time to give Constellation Energy a second look.
Reuben Gregg Brewer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Constellation Energy, Meta Platforms, and Walmart. The Motley Fool has a disclosure policy.
AI roste i díky energii: Constellation Energy uzavřela 20leté smlouvy na dodávky elektřiny pro datová centra Microsoftu, Meta Platforms a CyrusOne. Její jaderné zdroje jsou připravené dodávat výkon hned.
Whether you use large language models like OpenAI's ChatGPT or you're familiar with artificial intelligence (AI) tools like Siri from Apple and Copilot from Microsoft -- or you lean on AI found in various apps and platforms to complete everyday tasks, you're likely well aware of how dominant AI has become in our daily lives.
Most investors familiar with the burgeoning field of AI will point to semiconductor companies as pivotal to the industry's growth.
But investors who only recognize semiconductor stocks as AI investment opportunities are missing out. In fact, there's another stock that's critical for AI growth.
Image source: Getty Images.
Semiconductor stalwarts often steal the spotlight It goes without saying that semiconductor specialist Nvidia attracts the attention of AI investors. The company's consistent innovation and development of chips -- specifically, graphics processing units (GPUs) -- used in data centers has played a vital role in the industry's accelerating growth.
Nvidia's not alone. Other semiconductor companies, such as Micron Technology, which designs memory and storage solutions, are also benefiting from the growth of the AI industry. The company's high-bandwidth memory products, for example, support faster inference and scaling of agentic AI workflows.
While these two companies receive the majority of attention, numerous companies are nipping at their heels. Investors may recognize some of these competitors, but one company is playing an equally -- if not more -- important role in the AI industry's growth, and it represents a different industry altogether.
AI is aiming for the stars with this energy company Data center operators may use extraordinarily advanced GPUs to provide the computing infrastructure for AI applications, but it means little if there's inadequate power to keep the chips humming. That's where Constellation Energy (CEG +1.26%) come in.
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AI computing demands significant amounts of power. To meet this demand, many data center operators are turning to nuclear energy companies, from advanced nuclear reactor companies to established nuclear energy leaders like Constellation Energy.
In 2024, Constellation Energy announced it plans to restart operations at Three Mile Island after signing a 20-year power purchase agreement with Microsoft, which will purchase energy from the nuclear plant to support its data centers in the region.
Building on its partnership with Microsoft, Constellation signed a 20-year power purchase agreement with Meta Platforms in June 2025 for nuclear power generated at the Clinton Clean Energy Center in Illinois. Operations at the nuclear facility are expected to resume in 2027, at which point Meta will use the power to support its AI data centers.
More recently, Constellation announced that its recently acquired unit, Calpine, signed a 380-megawatt (MW) agreement with CyrusOne, a leading global data center developer and operator, to connect and serve a new data center adjacent to the Freestone Energy Center, a natural gas power plant located in Texas. This complements a 400-MW power purchase agreement the two companies inked last year for a new data center CyrusOne is developing in Bosque County, Texas.
Constellation is benefiting now from AI power demand Advanced nuclear reactor companies have gained interest among AI companies, but they require regulatory approval before they can commence operations. Constellation, conversely, doesn't have to wait. Its nuclear assets are ready to provide much-needed power to data center operators right now, making Constellation stock an alluring option for AI-focused investors.
Scott Levine has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Apple, Constellation Energy, Meta Platforms, Micron Technology, Microsoft, and Nvidia. The Motley Fool has a disclosure policy.
Constellation uzavřela dlouhodobou PPA s Walmartem na téměř 176 MW bezemisní elektřiny z Dresdenu ve dvou 15letých smlouvách začínajících v letech 2029 a 2030. Dříve podepsala 20letou smlouvu s Meta na 1 121 MW z Clintonu.
Key Takeaways Constellation's nuclear PPAs with Walmart and Meta highlight rising demand for clean power. CEG will supply Walmart nearly 176 MW from Dresden under two 15-year contracts starting in 2029. Constellation's Meta deal supports Clinton operations, adds 30 MW and generates $13.5M in annual taxes. Constellation Energy Corporation (CEG - Free Report) benefits from increasing demand for dependable, carbon-free energy from commercial and industrial customers. Its large-scale nuclear fleet, proven operational expertise and ability to structure customized long-term power purchase agreements (PPA) create a durable competitive advantage.
On June 23, 2026, the company announced that it had entered into a long-term PPA with Walmart to provide nearly 176 megawatts (MW) of emissions-free electricity from the Dresden Clean Energy Center in Illinois under two 15-year contracts starting in 2029 and 2030. The agreement highlights the increasing value of existing nuclear assets as businesses seek reliable, carbon-free electricity through long-term power agreements.
Earlier, in June 2025, Constellation signed a 20-year agreement to supply Meta with 1,121 MW of emissions-free nuclear power from the Clinton Clean Energy Center starting in 2027. The deal supports the plant's continued operations, funds upgrades that add 30 MW of capacity and generates $13.5 million in annual tax revenues.
The company's long-term PPA agreements with Meta and Walmart demonstrate the rising importance of its nuclear fleet in meeting growing clean energy demand. Constellation is well-positioned to secure more long-term power agreements as companies accelerate their carbon reduction efforts.
Constellation, by improving the performance of its existing nuclear plants and making strategic investments, will be able to accommodate more PPAs with customers in the long run, which in turn will boost earnings and cash flow.
Long-Term PPAs Drive Future GrowthLong-term PPAs provide stable, predictable revenues, shield companies from wholesale electricity price volatility and facilitate investment in new power generation projects. They also strengthen customer relationships and create opportunities for capacity expansion, ultimately supporting long-term earnings growth and shareholder value.
On Feb. 24, 2026, AES Corporation (AES - Free Report) stated that it has entered into a 20-year PPA with Google to develop co-located energy projects for a new data center in Texas.
On Feb. 9, 2026, TotalEnergies (TTE - Free Report) announced it has entered into two 15-year power purchase agreements with Google to supply 1 gigawatt of solar power from projects under development in Texas.
CEG’s Earnings EstimatesThe Zacks Consensus Estimate for 2026 and 2027 EPS indicates an increase of 25.03% and 16.02%, respectively, year over year.
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CEG’s Returns on Equity (ROE)Constellation's trailing-12-month ROE is 16.81%, ahead of the industry average of 7.15%.
Image Source: Zacks Investment Research
CEG’s Stock Price PerformanceIn the past month, the company’s shares have plunged 0.6% against the industry’s 1% growth.
CEG plánuje v roce 2026 kapitálové výdaje ve výši 5,7 mld. USD na zásoby paliva, zvýšení výkonu, prodloužení licencí a modernizaci elektráren. Po akvizici Calpine dál posiluje čistou energetiku, hlavně jadernou, plynovou a geotermální.
Key Takeaways CEG's clean-energy platform is anchored by nuclear power, with renewables and gas supporting growth. Calpine added gas and geothermal assets, plus solar and geothermal projects, boosting capacity.CEG plans $5.7B in 2026 capex to support fuel inventory, uprates and plant upgrades. Constellation Energy Corporation (CEG - Free Report) presently operates an integrated clean-energy platform anchored by zero-carbon nuclear generation, supported by a large fleet of flexible natural gas-fired plants and renewable energy assets. At the end of 2025, CEG's generation portfolio totaled 31,676 megawatts (MW). Currently, nearly 85% of its generation comes from nuclear energy.
Although the company relies heavily on nuclear energy and natural gas to produce clean electricity for its customers, CEG is steadily expanding its renewable generation capacity, further strengthening its clean-energy portfolio. CEG’s strategic investments in solar, wind, geothermal and battery storage projects position it to meet growing carbon-free electricity demands from data centers and commercial customers. Renewable expansion advances decarbonization efforts and positions CEG to capitalize on favorable tax incentives and accelerating electrification trends.
At the end of 2025, CEG's generation consisted of roughly 2,561 MW of renewable capacity. The Calpine acquisition, completed in January 2026, was significant as it added efficient natural gas and geothermal facilities to its generation portfolio, strengthening its generation mix and expanding its clean electricity generation platform.
Calpine, a wholly owned subsidiary of Constellation Energy, completed the 105-MW Pastoria Solar Project, which will assist in decarbonizing the State Water Project. Recently, Calpine expanded the power-generating capacity of The Geysers Geothermal Complex by 25 MW, capable of powering more than 25,000 homes across California. This enhances grid reliability, supports rising electricity demand across California and creates opportunities for long-term revenue growth.
CEG expects capital expenditures of approximately $5.7 billion in 2026 and $4.7 billion in 2027, supporting nuclear fuel inventory buildup and growth investments in uprates, license renewals and plant upgrades.
Renewable energy also offers significant economic benefits, as resources such as wind, solar and geothermal are not exposed to volatile fuel prices. Technological progress in recent years has driven cost efficiencies, supported revenue growth and strengthened the company's competitive position.
Clean Fuel Focus: Companies Benefit From the TransitionA clear transition is evident in the utility space and the operators are gradually shifting toward clean energy resources to produce electricity. Courtesy of its technological developments, utility-scale renewable plants are becoming cost-effective and are providing support to the grid.
NextEra Energy, Inc. (NEE - Free Report) plans to expand its renewable generation portfolio by approximately 76.6-107.6 gigawatt (GW) through 2032 and currently maintains a development backlog of more than 33 GW. Of the expected additions, solar, wind and gas projects are expected to add 31.5-41.5 GW, 8.5-14.5 GW and 4-8 GW, respectively.
The Southern Company (SO - Free Report) plans to expand its renewable generation portfolio by approximately 20,000 MW by mid-2030 and expects to invest $1 billion in renewable generation in 2030.
CEG’s Earnings EstimatesThe Zacks Consensus Estimate for 2026 and 2027 EPS indicates an increase of 24.92% and 16.62%, respectively, year over year.
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CEG’s Returns on Equity (ROE)Constellation Energy's trailing-12 months ROE is 16.81%, ahead of the industry average of 7.08%.
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CEG’s Stock Price PerformanceIn the past month, the company’s shares have plunged 7.1% compared with the industry’s 0.6% decline.
Constellation a Walmart uzavřely dlouhodobou 15letou smlouvu na bezemisní elektřinu z jaderné elektrárny Dresden v Illinois. Dohoda zahrnuje přibližně 176 MW dodávek a 30 MW nové kapacity.
Agreement supports Walmart’s expansion in the state and includes uprates at the Dresden Clean Energy Center
BALTIMORE & BENTONVILLE, Ark.--(BUSINESS WIRE)--Constellation (Nasdaq: CEG) and Walmart (Nasdaq: WMT) today announced a long-term nuclear power purchase agreement (PPA) for emissions-free electricity from Constellation’s Dresden Clean Energy Center in Illinois. The agreement includes approximately 176 MW of wholesale supply, including 30 MW of expanded generating capacity.
Walmart will purchase energy, environmental attributes and capacity through two 15‑year terms beginning in 2029 and 2030. This agreement supports reliable nuclear energy in the region and enables planned uprates — efficiency upgrades that increase output from existing nuclear units without the need to build a new facility. The agreement is expected to help Walmart access cleaner energy and strengthen local energy infrastructure — while continuing to serve customers with everyday low prices.
“This agreement reflects long‑term stewardship of critical infrastructure, the communities it serves, and the energy system that powers American growth,” said Jim McHugh, Senior Executive Vice President and Chief Commercial Officer, Constellation. “Walmart’s commitment enables meaningful investment in the Dresden Clean Energy Center — bolstering reliability, sustaining local jobs and economic activity, and putting more dependable, emissions-free energy onto the Illinois power grid.”
Through uprates at the Dresden Clean Energy Center, this agreement will provide enough new power to the grid to support Walmart’s previously announced high-tech perishable distribution center, currently in development in Belvidere, Ill. Together, these investments strengthen the local community by supporting jobs and enabling continued expansion of Walmart’s supply chain operations and workforce.
“Walmart has a long history of investing in energy solutions that support our business and the communities where we operate, and this agreement builds on that work,” said Shayne Wahlmeier, SVP Energy – Walmart US. “Working with Constellation allows us to support new operations in Illinois while advancing our strategy in a way that prioritizes affordable, reliable, and clean energy for our business and the communities we serve. We’re constantly evaluating new capabilities and energy solutions that help ensure the electricity we rely on is dependable, responsibly produced, and built to support long-term growth.”
This agreement marks Walmart’s first nuclear PPA and is among the first of its kind between a large retailer and a nuclear energy facility in the United States. The agreement follows Constellation’s December 2025 license renewal announcement for Dresden and supports continued investment in Dresden’s long‑term reliability and performance. Licensed to operate through 2049 and 2051, the Dresden Clean Energy Center provides baseload, reliable carbon-free electricity for the region and supports more than 1,100 family-sustaining jobs.
Constellation and Walmart have both maintained a longstanding presence in Illinois. Constellation’s generation footprint produces enough energy to power more than eight million homes, and Walmart’s retail operations total approximately 175 stores and clubs with more than 55,000 associates in the state. Both companies view the PPA as an extension of their shared, long-term commitment to the communities where they operate.
About Constellation
Constellation Energy Corporation (Nasdaq: CEG), a Fortune 200 company headquartered in Baltimore, is the largest private-sector power producer in the world and the nation’s largest producer of clean and reliable energy. With 55 gigawatts of capacity from nuclear, natural gas, geothermal, hydro, wind and solar facilities, our fleet has the generating capacity to power the equivalent of 27 million homes, providing about 10% of the nation’s clean energy and delivering the around-the-clock reliability needed to power America’s growing economy. We are also the largest nuclear energy company in the U.S. and a leading competitive retail supplier, serving approximately 2.5 million customer accounts nationwide, including 80% of the Fortune 100. We are committed to investing in innovation and new technologies to drive the transition to a reliable, sustainable and secure energy future. Follow Constellation on LinkedIn and X.
About Walmart
Walmart Inc. (Nasdaq: WMT) is a people-led, tech-powered omnichannel retailer helping people save money and live better - anytime and anywhere - in stores, online, and through their mobile devices. Each week, approximately 280 million customers and members visit more than 10,900 stores and numerous eCommerce websites in 19 countries. With fiscal year 2026 revenue of $713 billion, Walmart employs approximately 2.1 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy, and employment opportunity. Additional information about Walmart can be found by visiting corporate.walmart.com, on Facebook at facebook.com/walmart, on X (formerly known as Twitter) at twitter.com/walmart, and on LinkedIn at linkedin.com/company/walmart.
