Constellation Energy Q3 Profit Nearly Doubles: Guidance Raised & Nuclear Deals
Constellation Energy nearly doubled quarterly profit to $1.84 billion and raised its 2026 outlook, backed by new Amazon and Google nuclear power deals.
Image: Wikimedia Commons / en:User:Jbs666, CC BY-SA 3.0
BALTIMORE, Nov. 10, 2026 — Constellation Energy on Monday reported third-quarter net income of $1.84 billion, nearly double the $930 million it earned a year earlier, as the largest operator of nuclear plants in the United States raised its full-year profit outlook for the second time this year.
The Baltimore company said adjusted operating earnings reached $5.06 per share, up from $3.04 a year earlier and above the roughly $3.89 Wall Street expected. Revenue rose 45.4 percent to $9.55 billion, helped by the Calpine business acquired in January.
Key Takeaways
- Net income nearly doubled to $1.84 billion; adjusted earnings rose 66 percent to $5.06 per share, beating the $3.89 consensus.
- Full-year 2026 adjusted earnings guidance raised to $12.50 to $12.80 per share, from $11.50 to $12.50.
- Amazon and Google nuclear deals now support more than 1,000 megawatts of additional capacity.
- A conditional $5 billion federal loan funds nuclear uprates; a 609-megawatt Rhode Island gas plant was agreed for $715 million.
How Much Did Constellation Energy Earn in Q3 2026? Revenue, Profit and Guidance
For the three months ended September 30, Constellation reported earnings of $5.19 per share on a GAAP basis, up from $2.97 a year earlier. Adjusted operating earnings rose to $1.79 billion from $952 million, helped by Calpine and favorable markets, partly offset by higher interest costs.
| Measure | Q3 2026 | Q3 2025 |
|---|---|---|
| Net income | $1.84 billion | $930 million |
| GAAP earnings per share | $5.19 | $2.97 |
| Adjusted operating earnings per share | $5.06 | $3.04 |
| Revenue | $9.55 billion | $6.57 billion |
The new range narrows and lifts the $11.50 to $12.50 range set in August. Chief Financial Officer Shane Smith said the strong quarter, planned uprates, Rhode Island deal and share buybacks support sustained earnings growth. Nuclear capacity factor: 97.2%.
What Are Constellation's Amazon and Google Nuclear Power Deals?
In September, Constellation signed a 20-year, 690-megawatt Amazon agreement at its Calvert Cliffs plant in Maryland, supporting more than $3 billion of investment and a 190-megawatt expansion due between 2030 and 2032. A separate 20-year Google agreement will support more than $4.3 billion of investment across 11 nuclear units in three states, adding about 890 megawatts to the PJM grid.
“This past quarter Constellation announced agreements that are helping meet one of the nation’s greatest challenges – powering a growing economy while protecting existing customers,” said Joe Dominguez, the company’s chairman, president and chief executive. “These agreements add more than 1,000 megawatts of new, emissions-free generation to the grid.”
The deals reflect surging power demand from data centres. CoreWeave reported third-quarter revenue up 168 percent to $3.66 billion, and TSMC's October revenue jumped 59.7 percent to a record. Google has bought a Wyoming data centre site for $17 billion.
How the $5 Billion Federal Loan and Rhode Island Deal Fit Constellation's Growth Plan
Constellation signed a conditional loan commitment with the U.S. Department of Energy that could guarantee up to $5 billion of Federal Financing Bank borrowing to fund the uprates. The loan stays conditional until technical, legal and financial conditions are met. It also agreed to buy the 609-megawatt Rhode Island State Energy Center gas plant from Shell Energy North America for $715 million, subject to regulatory approval, joining a 55-gigawatt generation portfolio.
It also signed its first Peak+ agreement, a 20-year deal covering 270 megawatts from 2028. It projects 2029 base earnings of $11.40 to $11.90 per share, excluding unsigned deals, with each extra gigawatt worth up to about $1 of annual earnings. Only 110 megawatts of the 1,165-megawatt uprate programme arrive by 2028.
Frequently Asked Questions
How much profit did Constellation Energy make in Q3 2026?
Third-quarter net income was $1.84 billion, nearly double the $930 million a year earlier. Adjusted operating earnings were $5.06 per share, up from $3.04.
What is Constellation Energy's earnings guidance for 2026?
Full-year 2026 adjusted operating earnings guidance was raised to $12.50 to $12.80 per share, from $11.50 to $12.50. It is the second midpoint raise this year.
What nuclear power deals has Constellation signed with Amazon and Google?
A 20-year, 690-megawatt Amazon agreement at Calvert Cliffs in Maryland, and a 20-year Google agreement worth more than $4.3 billion across 11 units. Together they support over 1,000 megawatts of capacity.
Is Constellation Energy building new nuclear power plants?
No. It is expanding output at existing plants through uprates, not building new reactors. The first Google-backed uprate is due in 2028.
The first Google-backed uprate is scheduled for 2028, and the Rhode Island acquisition still needs regulatory approval before it can close.
