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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Steve Fleishman | Wolfe Research | 12 (8%) |
| David Arcaro | Morgan Stanley | 11 (0%) |
| Jeremy Tonet | JPMorgan | 8 (0%) |
| Julien Dumoulin-Smith | Jefferies | 7 (14%) |
| Angie Storozynski | Seaport Research Partners | 6 (0%) |
| Shar Pourreza | Wells Fargo | 4 (25%) |
| James West | Melius Research | 4 (0%) |
| Sophie Karp | KeyBanc Capital Markets | 3 (0%) |
| Nick Campanella | Barclays | 3 (0%) |
| Andrew Weisel | Scotiabank | 2 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Wolfe Research | 1 | 12 (8%) |
| Morgan Stanley | 1 | 11 (0%) |
| Jefferies | 2 | 9 (11%) |
| JPMorgan | 1 |
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 |
| 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% |
| 8 (0%) |
| Wells Fargo | 2 | 6 (33%) |
| Seaport Research Partners | 1 | 6 (0%) |
| Melius Research | 1 | 4 (0%) |
| Barclays | 1 | 3 (0%) |
| 13.8% |
| $710M |
| FY2025 Q3 | $7.18B | +9.7% | $2.97 | -22.3% | 21.4% | 12.9% | $1.46B |
| FY2025 Q4 | $5.46B | +1.4% | $1.38 | -49.1% | 2.7% | 7.9% | $-181M |
| FY2026 Q1 | $11.12B | +63.8% | $4.49 | +1081.6% | 20.8% | 14.4% | $-850M |
| FY2026 Q2 | $7.51B | +23.0% | $1.45 | -45.7% | 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 and other companies said about each other on FY2026 Q1 earnings calls — 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 read-through 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 2 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 |
|---|---|---|---|
CEG Constellation Energy | 8 | +63.9% | |
| GEV GE Vernova | 9 | +16.1% |