Constellation Q2 2026 earnings: Adjusted EPS rises despite lower GAAP profit

Constellation Energy’s Q2 2026 revenue rose 23.0% to $7.504 billion, but GAAP diluted EPS fell to $1.42 from $2.67 as operating costs, fair-value losses and Calpine-related items weighed on reported profit. Adjusted operating EPS increased 33.5% to $2.55, supported by Calpine and favorable market and portfolio conditions despite more nuclear outage days. The company raised full-year adjusted operating EPS guidance to $11.50-$12.50 and added 920 MW of long-term nuclear power purchase agreements. Investors will be monitoring integration execution, outage performance and the planned Brazos Valley divestiture.