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Sentiment · FY2026 Q1
| Analyst | Firm | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Steve Fleishman | Wolfe Research | 11 | 9% |
| Dave Arcaro | Morgan Stanley | 10 | 0% |
| Jeremy Tonet | JPMorgan | 7 | 0% |
| Angie Storozynski | Seaport Research Partners | 6 | 0% |
| Julien Dumoulin-Smith | Jefferies | 6 | 0% |
| Shar Pourreza | Wells Fargo | 4 | 0% |
| Jim West | Melius Research | 3 | 0% |
| Sophie Karp | KeyBanc Capital Markets | 2 | 0% |
| Nick Campanella | Barclays | 2 | 0% |
| Paul Zimbardo | Jefferies | 2 | 0% |
| Firm | Analysts | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Wolfe Research | 1 | 11 | 9% |
| Morgan Stanley | 1 | 10 | 0% |
| Jefferies | 2 | 8 | 0% |
| JPMorgan | 1 |
| 7 |
| 0% |
| Wells Fargo | 2 | 6 | 17% |
| Seaport Research Partners | 1 | 6 | 0% |
| Melius Research | 1 | 3 | 0% |
| Scotiabank | 1 | 2 | 0% |
Constellation delivered Q1 adjusted operating earnings of $2.74 per share, $0.60 better than the prior year, driven by Calpine integration and strong commercial execution. GAAP EPS of $4.49 reflected favorable mark-to-market positions. The company affirmed full-year 2026 guidance of $11-$12 per share and highlighted free cash flow before growth of $8.4 billion across 2026-2027. PJM regulatory clarity was accelerating, and customer margin expansion continued across platforms.
Demand | Regulation Policy | Pricing | Capex Investment | Competitive Dynamics | Capital Allocation | Cloud & AI | Innovation & R&D | |
|---|---|---|---|---|---|---|---|---|
| 2025Q1 | 4 | 4 | 3 | 1 | 3 | |||
| 2025Q2 | 5 | 4 | 1 | 1 | 1 | 1 | 2 | 1 |
| 2025Q3 | 4 | 1 | 4 | 5 | 6 | 1 | 1 | 2 |
| 2025Q4 | 5 | 2 | 2 | 1 | 2 | 4 | 1 | 1 |
| 2026Q1 | 6 | 6 | 2 | 4 | 3 |
| '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|
| Demand | 4 | 5 | 4 | 5 | 6 |
| Regulation Policy | 4 | 4 | 1 | 2 | 6 |
| Pricing | 3 | 1 | 4 | 2 | 2 |
| Capex Investment | 1 | 5 | 1 | 4 | |
| Competitive Dynamics | 1 | 1 | 6 | 2 | |
| Capital Allocation | 1 | 1 | 4 | 3 | |
| Cloud & AI | 3 | 2 | 1 | 1 | |
| Innovation & R&D | 1 | 2 | 1 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
CEG Constellation Energy | 6 | -10.5% | |
| GEV GE Vernova | 9 | +16.1% |