Constellation Energy Corporation (CEG) raised its full-year 2026 adjusted operating earnings outlook to $11.50–$12.50 a share after a second quarter in which the Calpine combination first showed through in a full period of results.

The Baltimore-based utility, which closed the Calpine acquisition in January, had affirmed an $11.00–$12.00 a share range after the first quarter. Chief financial officer Shane Smith said the second-quarter results and the higher outlook “demonstrate the earnings power of our expanded platform, strong operational and commercial performance, and the disciplined execution of our capital allocation strategy.”

Adjusted (non-GAAP) operating earnings were $2.55 a share in the second quarter of 2026, up from $1.91 a share a year earlier. The increase primarily reflected the addition of Calpine and favorable market and portfolio conditions, partially offset by unfavorable nuclear outages.

GAAP net income was $1.42 a share, down from $2.67 a share a year earlier. Average diluted shares were 360 million. The GAAP-to-adjusted bridge included $0.94 a share of unrealized fair-value losses, $0.41 a share of Calpine commodity-contract amortization, and $0.23 a share of Calpine merger and integration costs.

Operating revenues were $7.504 billion in the three months ended June 30, 2026. Purchased power and fuel were $4.023 billion. Operating income was $580 million.

Total supply and sales were 89,815 gigawatt-hours, including 27,642 GWh from Calpine. Natural gas, oil, and renewables generation was 30,649 GWh, including 24,914 GWh from Calpine.

Nuclear generation was 44,160 GWh. Excluding Salem and South Texas Project, the nuclear fleet at ownership posted a 93.0% capacity factor, with 86 planned refueling outage days. Renewable capture for wind, solar, and run-of-river hydro was 96.0%. After the Calpine close, the company began reporting Equivalent Forced Outage Factor of 6.2% for its natural gas, oil, and pumped-storage hydro fleet.

President and CEO Joe Dominguez said the quarter reflected momentum across the business, from advancing the Crane Clean Energy Center restart to executing long-term agreements with corporate customers and extending the lives of two New York assets.

FERC granted a waiver to transfer Capacity Interconnection Rights from Eddystone Units 3 and 4 in Pennsylvania to Crane. The decision clears a critical regulatory hurdle, and the transfer is expected to expedite emissions-free power to the grid. The NRC approved a fuel license amendment for Crane, a step toward a 2027 restart. Constellation also filed NRC license renewal applications to extend Ginna and Nine Mile Point Unit 1 in upstate New York to 2049.

The company signed an additional 920 megawatts of 15-to-20-year long-term power purchase agreements for nuclear generation, set to begin 2029 through 2032. Among those deals, a 176 MW agreement with Walmart will enable a 30 MW capacity expansion at Dresden Clean Energy Center in Illinois.

In August 2026, Constellation agreed to sell the 606 MW Brazos Valley Energy Center, a natural gas plant in ERCOT, to LS Power for $860 million before closing adjustments. The sale is the last asset disposition required under regulatory commitments tied to the Calpine acquisition. Closing is subject to DOJ approval and other customary conditions; Constellation expects the transaction to close by year-end.

Smith said the company remains focused on integrating Calpine, capturing the value of the expanded fleet, and investing in opportunities that generate attractive returns.