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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Steve Fleishman | Wolfe Research | 12 questions · 8% challenging |
| David Arcaro | Morgan Stanley | 11 questions · 0% challenging |
| Jeremy Tonet | JPMorgan | 8 questions · 0% challenging |
| Julien Dumoulin-Smith | Jefferies | 7 questions · 14% challenging |
| Angie Storozynski | Seaport Research Partners | 6 questions · 0% challenging |
| Shar Pourreza | Wells Fargo | 4 questions · 25% challenging |
| James West | Melius Research | 4 questions · 0% challenging |
| Sophie Karp | KeyBanc Capital Markets | 3 questions · 0% challenging |
| Nick Campanella | Barclays | 3 questions · 0% challenging |
| Andrew Weisel | Scotiabank | 2 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Wolfe Research | 1 analyst | 12 questions · 8% challenging |
| Morgan Stanley | 1 analyst | 11 questions · 0% challenging |
| Jefferies | 2 analysts | 9 questions · 11% challenging |
| JPMorgan | 1 analyst | 8 questions · 0% challenging |
| Wells Fargo | 2 analysts | 6 questions · 33% challenging |
| Seaport Research Partners | 1 analyst | 6 questions · 0% challenging |
| Melius Research | 1 analyst | 4 questions · 0% challenging |
| Barclays | 1 analyst | 3 questions · 0% challenging |
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.
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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 |
Calendar quarter Q1 2026Earnings call May 11, 2026
FY2026 Q1 in brief
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.
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
GAAP revenue YoY +63.9% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
Sources. Tellvest earnings-call sentiment score for Constellation Energy (CEG), FY2026 Q1: 8/10. Scores: Constellation Energy’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: CEG daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $5.38B | -7.1% | $2.71 | +2563.6% | 18.1% | 15.8% | $-1.75B |
| FY2025 Q1 | $6.79B | +10.2% | $0.38 | -86.3% | 6.6% | 1.7% | $-699M |
| FY2025 Q2 | $6.10B | +11.4% | $2.67 | +3.5% | 15.6% | 13.8% | $710M |
| FY2025 Q3 | $6.57B | +0.3% | $2.97 | -22.3% | 16.5% | 14.2% | $1.46B |
| FY2025 Q4 | $6.07B | +12.9% | — | — | 9.8% | 7.1% | $-181M |
| FY2026 Q1Selected | $11.12B | +63.8% | $4.49 | +1081.6% | 21.0% | 14.3% | $-850M |
| FY2026 Q2 | $7.50B | +23.0% | $1.42 | -46.8% | 7.7% | 6.8% | $-118M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What CEG said about other companies on its FY2026 Q1 call, and what other companies said about CEG on their calls covering the same calendar quarter (Q1 2026). Each company's own fiscal quarter is shown next to its name. Extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“We also purchased a 26-acre site from Constellation that will allow us to inject upwards of 2.4 thousand megawatts of power into the region.”
Eversource acquired a 26-acre generation-capable site from Constellation Energy to add up to 2,400 MW of regional power, an asset divestiture by Constellation.
“we did have Constellation come out in the last month or 2 and talk about a little bit of a pause from customers due to the kind of RBP uncertainty and some of the structural uncertainty”
An analyst notes competitor Constellation Energy flagged a customer pause tied to PJM regulatory uncertainty, a mildly negative signal on data-center contracting momentum.
“the first one with Microsoft, in fact. It was exactly that situation”
Management cites its original carbon-free energy (CFE) agreement with Microsoft as the template for how sophisticated data-center customers structure round-the-clock clean-power deals.
“our powered land deal with CyrusOne at the Freestone Energy Center”
Constellation received PUCT approval for the net metering agreement on its Powered Land data-center deal with CyrusOne, a positive signal for colocated projects.
“The Calpine business brings high quality visible earnings to Constellation, supporting our growth outlook and reinforces the value of bringing these two companies together”
Constellation's acquired Calpine business is contributing high-quality, visible earnings (~$2/share accretion) and adds natural gas, solar and battery development capabilities.
| Company | Score | Trend | Rev YoY | Headline |
|---|---|---|---|---|
| CEGConstellation Energy | 8 | +63.9% | 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 | |
| NRGNRG Energy | 7 | +20.0% | NRG Energy reported Q1 adjusted EPS of $1.49 with the LS Power acquisition integration underway, as mild Texas weather and Winter Storm Fern supply costs weighed on quarterly results | |
| OKLOOklo Inc. | 5 | n/a | Oklo remains a pre-revenue, development-stage nuclear company and reported a first-quarter net loss of $33.1 million, including a $51.2 million loss from operations, a wider loss year-over-year as it scales investment across power, fuel and isotopes | |
| VSTVistra Corp. | 8 | +9.1% | Record Q1 Adjusted EBITDA of $1.494 Billion |
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
NRG Energy reported Q1 adjusted EPS of $1.49 with the LS Power acquisition integration underway, as mild Texas weather and Winter Storm Fern supply costs weighed on quarterly results
Oklo remains a pre-revenue, development-stage nuclear company and reported a first-quarter net loss of $33.1 million, including a $51.2 million loss from operations, a wider loss year-over-year as it scales investment across power, fuel and isotopes
| Company | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|---|---|
| CEG | 6 | 8 | 7 | 7 | 7 | 8 |
| NRG | 6 | 9 | 6 | 8 | 6 | 7 |
| OKLO | 5 | 5 | 5 | 5 | 5 | 5 |
| VST | 8 | 8 | 8 | 6 | 4 | 8 |
Record Q1 Adjusted EBITDA of $1.494 Billion