Constellation Energy Corp

Constellation Energy Q2 FY26 — Guidance Raised on Strong Performance and Nuclear Deals

• Strength Delivered Q2 adjusted operating earnings of $2.55 per share, up $0.64 year-over-year.
• Watch Higher planned nuclear refueling outage days reduced the Q2 capacity factor by 1.8% compared to Q2 FY25.

Constellation Energy Q1 FY26 — >20% base earnings growth through 2029, full-year guidance affirmed

• Strength Q1 GAAP EPS of $4.49 and adjusted operating (non-GAAP) EPS of $2.74, up $0.60 vs Q1 FY25, driven mostly by ~$2/share of full-year Calpine accretion plus higher PJM capacity prices
• Watch More planned nuclear refueling outage days vs Q1 FY25, lower ZEC pricing across state programs, and higher cost to serve load from winter storm Fern partially offset the quarter's gains

Constellation Energy Corporation Q3 FY25 — Strong Operational Performance and Data Economy Momentum

• Strength Delivered Q3 adjusted operating earnings of $3.04 per share, $0.30 higher than last year.
• Watch Experienced nonrecurring O&M headwinds from stock compensation plans triggered by significant stock appreciation (over 50% YTD).

Constellation Q2 FY25 — Strong Operational Performance, Strategic Deals, and Policy Wins

• Strength Delivered Q2 GAAP earnings of $2.67 per share and adjusted operating earnings of $1.91 per share, improving on last year's performance.
• Watch Inability to be in the market buying back shares earlier in the quarter due to the Meta Clinton deal process.