Constellation Energy Corporation (CEG), the largest U.S. nuclear energy company, reported adjusted operating earnings of $5.06 a share for the third quarter of 2026, up from $3.04 a year earlier, and raised the midpoint of its full-year adjusted earnings range for a second time this year.

GAAP net income was $5.19 a share, compared with $2.97 a year earlier. Operating revenues were $9.55 billion, and operating income was $2.49 billion.

The company said adjusted operating earnings in the quarter primarily reflected favorable market and portfolio conditions and the addition of Calpine, partially offset by unfavorable interest and the nuclear PTC portfolio. Calpine closed in January 2026. Average diluted shares were 354 million, versus 313 million a year earlier.

Full-year adjusted operating earnings guidance is now $12.50 to $12.80 a share, after $11.50 to $12.50 following the second quarter and $11.00 to $12.00 after the first. Chief financial officer Shane Smith said the third-quarter result allowed the company to raise the midpoint of the range for the second time this year.

Nuclear generation was 46,677 gigawatt-hours, including owned output from Salem and South Texas Project. Excluding those two plants, the company said its nuclear fleet at ownership achieved a 97.2% capacity factor. Natural gas, oil, and renewables generation was 44,982 gigawatt-hours, including 38,387 gigawatt-hours from Calpine, versus 6,174 gigawatt-hours a year earlier.

PJM West electricity reference prices were $69.97 a megawatt-hour, versus $46.77 a year earlier. PJM Eastern Mid-Atlantic capacity reference prices were $329.17 a megawatt-day.

Chairman, president and chief executive officer Joe Dominguez said the quarter’s agreements add more than 1,000 megawatts of new, emissions-free generation, the equivalent of a new large-scale nuclear plant, with no costs borne by existing customers.

Constellation agreed to acquire Rhode Island State Energy Center, a 609-megawatt natural gas combined-cycle plant, from Shell Energy North America for $715 million, subject to customary adjustments and regulatory approvals. The facility sells electricity and capacity into ISO New England and is expected to join the merchant generation portfolio.

A 20-year, 690-megawatt power purchase agreement with Amazon, announced in September 2026, is tied to more than $3 billion of investment at Calvert Cliffs Clean Energy Center, including a 190-megawatt expansion expected between 2030 and 2032. In October, a 20-year Google PPA was announced to support more than $4.3 billion of investment across 11 nuclear units in Illinois, Pennsylvania, and New Jersey, adding about 890 megawatts, with a first uprate expected in 2028. Constellation also entered a 15-year, 2,700-megawatt PJM financial energy load-following agreement with Google.

The company signed a conditional Department of Energy loan commitment of up to $5.0 billion to support nuclear uprates, with a 30-year term and interest fixed at a spread of 0.375% above U.S. Treasuries of comparable maturity upon each advance. It also signed its first Peak+ transaction: a 20-year, 270-megawatt agreement for energy, capacity, and nuclear attributes from existing nuclear units, set to begin in 2028.

Smith said disciplined capital allocation, including nuclear uprates, the Rhode Island acquisition, and share repurchases, positions the company to deliver sustained earnings growth.