Constellation Energy Earnings Call Transcripts
Fiscal Year 2026
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Q2 adjusted operating EPS rose $0.64 year-over-year to $2.55, driven by Calpine accretion, higher PJM capacity prices, and commercial optimization. Guidance was raised to $11.50–$12.50 per share, with 920 MW of new long-term nuclear contracts signed and $2.2B in share repurchases YTD.
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Q1 adjusted EPS rose $0.60 year-over-year, driven by Calpine accretion and higher PJM prices. Full-year guidance of $11–$12 EPS was affirmed, with strong free cash flow growth projected through 2029 and major new generation projects delivered.
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Strong financial results, a major acquisition, and increased dividends marked the year. Shareholders approved all board and compensation proposals, but rejected a call for more DEI program scrutiny. Integration with Calpine is progressing smoothly.
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Management outlined a 20% CAGR base earnings growth target through 2029, supported by strong demand for clean energy, a robust contract pipeline, and strategic investments post-Calpine integration. Regulatory clarity and disciplined capital allocation are expected to drive further upside.
Fiscal Year 2025
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Third quarter results showed strong earnings growth, operational excellence, and robust demand for nuclear and clean energy solutions. The Calpine acquisition remains on track, with significant liquidity and disciplined capital allocation supporting future growth.
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Q2 saw strong financial and operational results, with EPS up year-over-year, robust nuclear fleet performance, and major long-term clean energy contracts secured. The Calpine acquisition is progressing, and new legislation provides significant tax and policy support.
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Q1 adjusted EPS rose $0.32 year-over-year to $2.14, with strong commercial and nuclear performance. Full-year EPS guidance is reaffirmed, Calpine integration is on track, and robust demand from data centers is expected to drive double-digit earnings growth through the decade.
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The acquisition creates the largest, cleanest U.S. power fleet, combining nuclear, gas, and geothermal assets for coast-to-coast reach. The $26.6B deal is highly accretive, expands geographic and product diversity, and is expected to close in Q4 2025, pending regulatory approvals.
Fiscal Year 2024
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Q3 adjusted operating earnings rose to $2.74/share, prompting a guidance increase to $8.20/share midpoint for the year. Strong nuclear and commercial performance, robust demand from the data economy, and ongoing regulatory developments support a 13% EPS growth outlook through 2030.
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Restarting the Crane Clean Energy Center will add 835 MW of nuclear power to the grid by 2028 under a 20-year PPA with Microsoft, boosting annual EPS growth to at least 13% through 2030. The project is fully funded, with robust risk management and strong regulatory progress.
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Q2 results exceeded expectations, prompting a guidance raise and reflecting strong commercial and nuclear fleet performance. Share buybacks reached $1B YTD, and data center opportunities continue to drive growth, supported by favorable PJM market dynamics.