cutoff 7 November 2026, 09:00 ET
The forecast for Constellation Energy: the next two quarters line by line, three years of sales and EPS, a low and a high case. Next report: Q3 2026 on 9 November before the open.
Sales and earnings outlook
Next quarter · Q3 2026
Sales$9.1B+39% on Q3 2025
Adjusted EPS$3.74+23% on Q3 2025
Investment and cash generation
Base case
Capital spending$1.55B
Free cash flow$850M
Free cash flow: operating cash flow less capital spending.
Fuel and plant improvements support existing output; Crane spending prepares a later restart, not this quarter's sales. Summer earnings and collections drive cash, with collateral timing a major uncertainty. Base cash capital spending is $1.6B and free cash flow is $850M. Free cash flow means operating cash flow less all capital spending, unlike the company's adjusted before-growth measure. Category allocations are analyst estimates.2 of 7
- Analyst EBase quarterly pacing of Crane, uprates and co-location infrastructure; my estimate rather than a company quarterly allocation.
- Analyst GThe form asks for operating cash flow less all capital spending, not the company's collateral-adjusted, before-growth measure.
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- Three years of sales and earnings per share, each with its low and high case, the seven analysts' own numbers and the story
- The forecast after the call, the same day
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