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Constellation Energy’s $11 To $12 EPS Guide: Can Calpine Keep Driving Upside?

Constellation Energy Corporation reported first quarter 2026 GAAP earnings of $4.49 per share and adjusted operating earnings of $2.74 per share, marking a $0.60 per share improvement year-over-year primarily driven by earnings accretion from its Calpine acquisition. The company affirmed its full-year adjusted operating earnings guidance range of $11 to $12 per share, reflecting confidence in ongoing operational performance and market conditions. The first quarter results benefitted from higher capacity prices in the PJM market and reduced stock-based compensation expenses but faced headwinds including additional planned nuclear refueling outages, lower zero-emission credit pricing, and elevated costs linked to serving customer load during Winter Storm Fern. Operationally, Constellation’s nuclear plants maintained a capacity factor of 92.3%, while its combined cycle and cogeneration fleet operated with a 47.1% capacity factor and a forced outage rate of 5.1%, demonstrating strong reliability as customer demand, notably from data centers, steadily increases.