CEG Constellation Energy (CEG) Q2 FY26 earnings call
Constellation Energy reported a strong second quarter, driven by commercial performance and the Calpine acquisition, leading to an upward revision of its full-year adjusted operating earnings guidance. The company made significant progress on regulatory clarity in PJM, securing new long-term nuclear contracts, and advancing the Crane restart. Capital allocation remains focused on accretive share repurchases, with a substantial portion of the authorization already deployed.
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CEG operating KPIs by quarter
| KPI | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | This call Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Nuclear fleet capacity factor | — | 96.8%During the third quarter, they once again hit that mark with a fleet-wide capacity factor of 96.8%.Source: earnings call transcript | 93%Our nuclear fleet delivered a 93% capacity factor and generated 40 terawatt hours of reliable, low-carbon electricity while completing 6 planned refueling outages.Source: earnings call transcript | -3.8 pt |
| Power dispatch match Natural Gas | 98.3%Our renewables and natural gas fleets were also ahead of plan for the quarter with renewable energy capture at 96.1% and power dispatch match 98.3%.Source: earnings call transcript | 95.5%Our renewable and natural gas fleets performed near plan during the quarter, with renewable energy capture at 96.8% and power dispatch match at 95.5%.Source: earnings call transcript | — | -2.8 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.