Constellation Energy Beats Q3 Estimates by Wide Margin and Raises Full-Year Guidance on Wave of Nuclear Power Deals

Constellation Energy posted a blowout third quarter, reporting adjusted EPS of $5.06, a 66% year-over-year jump that beat the consensus estimate of $3.85 by $1.21. Revenue rose 45% year-over-year to $9.55 billion, topping estimates of $9.37 billion, while GAAP EPS came in at $5.19, up 75% from the same period in 2025. Nuclear capacity factor held at 97.2%, up 40 basis points year-over-year, and adjusted net income reached $1.835 billion against an estimate of $1.378 billion.

The company raised its full-year 2026 adjusted EPS guidance to a range of $12.50 to $12.80, above the prior consensus of $12.15, marking the second midpoint increase this year. Management credited favorable market and portfolio conditions and the addition of Calpine, partly offset by interest costs and nuclear production tax credit impacts.

Constellation also announced a series of large commercial deals and capital commitments. It signed a 20-year, 690 MW power purchase agreement with Amazon and a 20-year PPA with Google covering roughly 890 MW backed by more than $4.3 billion in investment across 11 units, plus a separate 15-year load-following agreement with Google for 2,700 MW in the PJM grid region. A 20-year, 270 MW agreement with Peak+ is set to begin in 2028. On the asset side, Constellation is acquiring the Rhode Island State Energy Center, a 609 MW gas plant, for $715 million, and plans to invest more than $3 billion to expand its Calvert Cliffs nuclear facility by 190 MW. The Department of Energy separately provided a loan guarantee of up to $5 billion over 30 years to support nuclear uprates. The deals collectively add more than 1,000 megawatts of new emissions-free generation.

Monday.com also delivered a strong quarter, with Q3 revenue rising 19% year-over-year to $377.5 million, beating estimates of $369 million. Adjusted EPS of $2.14 surged 84% year-over-year and beat the $1.37 estimate by $0.77, while non-GAAP operating income jumped 88% to $89.4 million against an estimate of $57.8 million. The company raised its full-year revenue guidance to $1.473 billion to $1.475 billion and lifted non-GAAP operating income guidance to $268 million to $270 million, well above the prior estimate of $232 million. AI annual recurring revenue reached $36 million, driven by more than 6 million agent interactions, and customers with more than $100,000 in ARR grew 33% year-over-year to 2,127. Q4 revenue guidance of $380 million to $382 million came in slightly below the $386 million estimate, though Q4 non-GAAP operating income guidance of $68 million to $70 million beat expectations of $64.8 million. The company repurchased $735 million of shares through the first nine months of the fiscal year.