TLDR
Constellation Energy (CEG) posted Q3 adjusted operating earnings of $5.06 per share, up 66% from a year ago.
Revenue hit about $9.55 billion, up roughly 45% and ahead of forecasts.
Full-year guidance moved up to $12.50 to $12.80 per share from $11.50 to $12.50.
The report confirmed a 20-year Google power deal tied to 11 nuclear reactors.
Morgan Stanley kept an Overweight rating and a $391 price target.
Constellation Energy (CEG) stock moved higher in premarket trading on Monday after a strong third-quarter report . Quotes ranged from $256.40 to $262.97, depending on the source and the time. The stock had already closed up 4.3% on Friday.
Constellation Energy Corporation, CEG
The company posted adjusted operating earnings of $5.06 per share. That compares with $3.04 a year earlier, a jump of 66%. Analysts had expected roughly $3.88 to $3.91.
Revenue came in at about $9.55 billion, up roughly 45% from last year. That also topped Wall Street estimates. Not a bad day at the office.
CONSTELLATION ENERGY $CEG Q3’26 EARNINGS HIGHLIGHTS
Revenue: $9.55B (Est. $9.37B) ; +45% YoY
Adj. EPS: $5.06 (Est. $3.85) ; +66% YoY
GAAP EPS: $5.19; +75% YoY
Nuclear Capacity Factor: 97.2%; +40 bps YoY
Raises FY26 Guide:
Adj. EPS: $12.50-$12.80 (Est. $12.15)… pic.twitter.com/s8BY8nx2aM
— Wall St Engine (@wallstengine) November 9, 2026
Management then lifted its full-year adjusted earnings guidance to $12.50 to $12.80 per share. The old range was $11.50 to $12.50. Analysts had been looking for $12.17.
This is the second time this year the company has raised the midpoint of its outlook. The new range sits above the Street’s number at both ends.
A Big Tech Deal Takes Center Stage
The earnings release also confirmed a 20-year power purchase agreement with Google . It unlocks more than $4.3 billion in investment across 11 nuclear reactors. The plan adds about 890 megawatts of new capacity to the PJM grid.
The first uprate is expected in 2028. Constellation signed the deal during the quarter.
There was more news in the release. The company cited a conditional $5 billion loan commitment from the U.S. Department of Energy. The money would help finance nuclear uprates.
Constellation also announced a new 270-megawatt, 20-year Peak+ nuclear attributes agreement. It plans to buy the Rhode Island State Energy Center as well. The Calpine deal, which closed in January 2026, added to the quarter’s earnings base.
CEO Joe Dominguez said the company signed agreements that help meet “one of the nation’s greatest challenges.” He described that challenge as powering a growing economy while protecting existing customers.
Midterm Worries Set the Backdrop
The timing matters for the stock. Constellation fell 9.8% last week as the AI trade came under pressure. Investors worried about data-center moratoriums in Texas and possible federal rules after Democratic wins in the midterms.
The stock was down 29% for the year as of Friday. It also sits well below its 52-week high of $380.78.
KeyBanc’s Sophie Karp downgraded Vistra to Sector Weight from Overweight and dropped her price target. She said a Democratic governor in Texas would be a negative surprise and that both Vistra and Constellation face policy uncertainty.
Morgan Stanley took a different view. Its analysts called the selloff an overreaction. They said the likely effect is some projects slipping from 2028 to 2029.
The firm said it has “high conviction” in CEG after the midterms. It prefers PJM exposure, where Constellation operates, because of a steadier regulatory backdrop. Its price target stands at $391, raised from $378 just days earlier.
Vistra (VST) rose about 1% to $126.01 in premarket trading on Monday. That followed a gain of more than 10% on Friday.
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