Constellation Lifts 2026 Outlook as Adjusted Q3 Earnings Jump 66%

Constellation Energy raised its 2026 adjusted earnings outlook after third-quarter adjusted operating earnings climbed 66% year over year to $5.06 per share, strengthening its full-year profit target.

The company now expects adjusted earnings of $12.50 to $12.80 per share this year, up from its prior range of $11.50 to $12.50. It has raised the midpoint of its outlook twice this year. Third-quarter revenue was about $9.55 billion, up roughly 45% from a year earlier. Adjusted operating earnings were $3.04 per share in the year-ago quarter.

Constellation also confirmed a 20-year power purchase agreement with Google tied to 11 nuclear reactors. The agreement is linked to more than $4.3 billion in investment and is expected to add about 890 megawatts of capacity to the PJM grid. The first capacity increase is expected in 2028.

Shares rose in premarket trading Monday, Nov. 9, after the results were released. They had closed Friday up 4.3%, following a 9.8% decline over the preceding week. The results come amid demand for electricity from AI data centers.