Constellation Energy shares jumped more than 10 per cent on Monday, 9 November 2026, after the largest nuclear power producer in the United States reported third-quarter earnings well ahead of expectations and raised its full-year outlook for the second time this year.

The stock closed at $276.09, up $26.14, or 10.5 per cent, from its $249.95 close on Friday, making it one of the standout large-cap movers on a day when Wall Street rallied broadly.

Earnings beat forecasts by about 30 per cent

Constellation reported adjusted operating earnings of $5.06 per share for the third quarter, up from $3.04 a year earlier and well above the analyst consensus of about $3.89. Revenue rose about 45 per cent to $9.55 billion, beating expectations of $9.35 billion.

On a reported basis, net income attributable to shareholders reached about $1.84 billion, or $5.19 per share, compared with $930 million, or $2.97 per share, a year earlier.

The company said the Calpine fleet it acquired in January contributed about $3.38 billion of third-quarter operating revenue, alongside strong commercial performance and higher capacity prices. Its nuclear fleet achieved a 97.2 per cent capacity factor during the quarter.

Guidance raised as data centre deals grow

Management raised and narrowed its full-year 2026 adjusted operating earnings guidance to $12.50 to $12.80 per share, up from the previous range of $11.50 to $12.50, lifting the midpoint from $12.00 to $12.65.

The company has now signed more than 8,500 megawatts of long-term power agreements this year, including about 4,560 megawatts with three customers during the third quarter. Major arrangements with Google and Amazon are supporting more than $7 billion of infrastructure spending tied to about 1,080 megawatts of additional nuclear capacity.

Constellation has also secured a conditional commitment linked to up to $5 billion of federal financing for nuclear plant upgrades, which would add further capacity to its existing fleet.

Relief after AI infrastructure sell-off

The results offered reassurance to investors after a difficult week for power and artificial intelligence infrastructure stocks, when worries that the US midterm election results could slow data centre construction weighed on the sector.

The strong quarter and higher guidance suggest demand for electricity from data centres remains firm, with long-term contracts continuing to be signed despite the political uncertainty. Even after Monday's jump, the shares remained about 28 per cent below their 52-week high, leaving room for further recovery if the outlook holds.

Investors will now watch whether other power producers report similar strength, and whether the Federal Reserve's next moves on interest rates affect funding costs for the large infrastructure projects now under way. This article is for information only and is not investment advice. Sources: Seeking Alpha and TIKR.