Constellation Energy stock raises outlook after Q3 earnings
Published on 11/11/2026 at 16:41 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSHigher guidance and nuclear expansion
- Calpine, favorable market conditions and higher capacity prices supported third-quarter earnings.
- Long-term agreements with Amazon and Google support additional nuclear capacity and future revenue visibility.
- Management plans to update 2027 and 2028 guidance during the year-end earnings call.
Constellation Energy raised its full-year earnings outlook after reporting stronger third-quarter results on Monday, November 9, 2026. The company said adjusted operating earnings reached 5.06 US dollars per share, compared with 3.04 US dollars a year earlier. The company release attributed the performance mainly to favorable market and portfolio conditions and the addition of Calpine, partly offset by higher interest costs and lower nuclear production tax credit effects.
Guidance moves higher
Constellation narrowed its 2026 adjusted operating earnings guidance to 12.50 to 12.80 US dollars per share. The company said the latest increase lifted the midpoint for the second time this year. Its reported GAAP earnings were 5.19 US dollars per share, up from 2.97 US dollars in the year-earlier quarter.
Management plans to update its 2027 and 2028 guidance and provide a refreshed growth outlook through 2030 during the year-end earnings call. That timetable gives investors a defined next checkpoint for assessing whether the recent earnings momentum can continue.
Contracts support nuclear growth
Long-term agreements remain central to the investment case. A 20-year agreement with Amazon is expected to support more than 3 billion US dollars of investment at Calvert Cliffs, including a 190-megawatt expansion expected between 2030 and 2032. A separate agreement with Google is intended to support more than 4.3 billion US dollars of investment across 11 nuclear units and approximately 890 megawatts of additional generation capacity.
Constellation also signed a 20-year Peak+ agreement covering 270 megawatts from its existing nuclear fleet, beginning in 2028. The company said a conditional Department of Energy commitment could support up to 5 billion US dollars of borrowing for nuclear uprates, subject to a final loan agreement.
Stock comparison since November report
The latest comparable in-house report on Thursday, November 5, cited a price of 210.63 euros. Constellation Energy stock traded at 239.30 euros on Lang & Schwarz at 16:31 CET on Tuesday, November 10, 2026. That is 13.64% above the earlier quote. No Xetra comparison is included here.
Constellation Energy Corporation
- ISIN: US21037T1097
- Ticker: CEG
- Primary exchange: Nasdaq
- Lang & Schwarz quote: 239.30 euros at 16:31 CET on November 10, 2026
- Third-quarter adjusted operating earnings: 5.06 US dollars per share
- 2026 adjusted operating earnings guidance: 12.50 to 12.80 US dollars per share
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