Constellation Energy reaffirmed its 2026 guidance of $11.00 to $12.00 in adjusted operating earnings per share. The company projects $8.4 billion in free cash flow before growth investments for the 2026-2027 period.
This financial strength supports a $5 billion share buyback authorization. The company also committed to 10% annual dividend growth while prioritizing debt reduction and new growth projects.
The Calpine Corporation acquisition establishes Constellation as the largest competitive power generator in the U.S. The company is leveraging surging power demand from data centers through major agreements with Microsoft and CyrusOne. These partnerships provide large-scale, carbon-free energy to secure a long-term growth trajectory.