Constellation Energy Corp. (Constellation Energy (CEG)) shares were climbing in premarket trading Thursday after the power giant delivered a mixed bag of second-quarter results. Adjusted earnings came in ahead of Wall Street's expectations, even as revenue fell short, and the company lifted its full-year 2026 profit outlook above what analysts had penciled in.

Q2 Numbers: Earnings Beat, Revenue Miss

The company reported second-quarter revenue of $7.5 billion, missing the analyst consensus estimate of $7.83 billion. But adjusted earnings rose to $2.55 per share from $1.91 a year earlier, beating analysts' expectations of $2.28 per share.

CEO Joe Dominguez highlighted progress on restarting the Crane Clean Energy Center, securing new long-term customer agreements, and extending the operating lives of nuclear assets to meet growing demand for reliable power.

New Contracts and Strategic Moves

Constellation signed an additional 920 megawatts of long-term power purchase agreements with investment-grade customers for nuclear generation. These contracts have terms of 15 to 20 years and are scheduled to begin between 2029 and 2032.

The company also received approval from the Federal Energy Regulatory Commission to transfer existing Capacity Interconnection Rights to the Crane Clean Energy Center, plus approval from the Nuclear Regulatory Commission for its fuel license.

In a separate move, Constellation agreed to sell the 606-megawatt Brazos Valley Energy Center in ERCOT to LS Power for $860 million, before closing adjustments. This sale is the final required asset divestiture tied to regulatory commitments from the Calpine acquisition and is expected to close by year-end, subject to customary approvals.

Fleet Performance: A Mixed Picture

Constellation's nuclear fleet generated 44,160 gigawatt-hours during the quarter, down from 45,170 gigawatt-hours a year earlier. Excluding the Salem and STP plants, the owned nuclear fleet posted a 93.0% capacity factor, with 86 planned refueling outage days and 20 non-refueling outage days.

Following the Calpine acquisition, Constellation began reporting the Equivalent Forced Outage Factor for its expanded natural gas, oil, and pumped-storage fleet, which came in at 6.2% for the quarter. Renewable energy capture was 96.0%, compared with 96.1% a year earlier.

Guidance Raised, Growth Ahead

Constellation raised its full-year 2026 adjusted earnings guidance to a range of $11.50 to $12.50 per share, up from its prior forecast of $11.00 to $12.00. The midpoint of the new range sits above the analyst consensus estimate of $11.63.

Chief Financial Officer Shane Smith said the stronger guidance reflects the benefits of the expanded platform, operational execution, and disciplined capital allocation.

The company expects base earnings per share to grow more than 20% between 2026 and 2029, supported by its nuclear, natural gas, and geothermal generation portfolio. That outlook excludes potential upside from monetizing available nuclear generation, securing additional natural gas contracts, and capital allocation opportunities.

Constellation also reaffirmed its long-term target of more than 10% rolling three-year base EPS growth.

CEG Price Action: Constellation Energy shares were up 6.56% at $282.50 during premarket trading on Thursday, according to market data.