Last Updated: 20 August 2026
Baker Hughes is halfway through turning itself from an oilfield services company into an energy and industrial technology company. FY2025 revenue was $27,733m, roughly flat on the prior year, but the composition underneath moved sharply: Oilfield Services and Equipment shrank while Industrial and Energy Technology booked record orders. That shift accelerated on 16 July 2026 when the company completed its $13.6bn acquisition of Chart Industries, which becomes a third reporting segment from Q3 2026. Remaining performance obligations reached an all-time high of $40.1bn at 30 June 2026, 92.5 per cent of it in the industrial and energy franchise, and the company is now selling gas turbines into data centres as well as into liquefied natural gas plants. This report sets out what the filings say, with no analyst opinions and no price targets.
1. Company Snapshot
| Field | Value |
|---|---|
| Exchange and ticker | Nasdaq, BKR (Class A common stock) |
| Sector | Energy — energy equipment and services, increasingly industrial and power technology |
| Headquarters | Dual-headquartered in Houston, Texas and London, United Kingdom; operations in over 120 countries |
| Employees | Approximately 56,000 at 31 December 2025 per the FY2025 Form 10-K, of whom more than 45,000 are outside the United States. This excludes Chart Industries, added 16 July 2026 |
| CEO / Leadership | Lorenzo Simonelli, Chairman, President and Chief Executive Officer since the 2017 combination of GE Oil & Gas with Baker Hughes Incorporated. CFO Ahmed Farhan Moghal, appointed February 2025 |
| Market cap | Approximately $64.0bn (992.7 million Class A shares at the $64.48 close on 19 August 2026) |
| Revenue (FY2025) | $27,733m, down 0.3 per cent on FY2024 |
| GAAP net income (FY2025) | $2,588m attributable to Baker Hughes, GAAP diluted EPS $2.60 |
| Adjusted EBITDA (FY2025) | $4,825m, a record, at a 17.4 per cent margin |
| Total orders (FY2025) | $29,585m, of which Industrial and Energy Technology booked a record $14,871m |
| Remaining performance obligations | $40.1bn at 30 June 2026, an all-time high, with $37.1bn in Industrial and Energy Technology |
| Dividend | $0.23 per Class A share per quarter, unchanged for six consecutive quarters. Last declared 26 July 2026 and paid 17 August 2026 |
Live price action for BKR and the wider energy complex is on the ChartsView Live Charts page.
2. Bull and Bear Case
Bull Case
- A record and increasingly non-cyclical backlog: remaining performance obligations hit $40.1bn at 30 June 2026, up $4.0bn in a single quarter, with Industrial and Energy Technology at $37.1bn. Q2 2026 book-to-bill was 1.6 times for the group and 2.2 times for that segment, which has booked over $20bn of orders in the last four quarters.
- The aftermarket annuity is larger than the equipment book: Gas Technology Services remaining performance obligations were $16.7bn at 30 June 2026, against $15.0bn for Gas Technology Equipment. Every turbine sold today extends a twenty to thirty year stream of parts, upgrades and contractual service agreements at higher margin.
- Power generation is a genuine second market, and it is being quantified: Q2 2026 Power Systems orders were $2.6bn including 2.7 GW of generation capacity, with named data-centre awards from Dynamis Power Solutions for 76 NovaLT16 turbines totalling about 1.3 GW and from Kodiak Gas Services for an initial 1 GW within a framework for up to 1.8 GW. New capacity coming online by 2029 could support roughly $5bn of annual Power Systems revenue at full utilisation, a three to four fold increase on 2025.
- Guidance is moving up, not down: on 27 July 2026 management raised FY2026 Industrial and Energy Technology order guidance to $17.5bn to $19.5bn, raised the 2026 to 2028 cumulative order target above $45bn, and lifted the full-year revenue and adjusted EBITDA midpoints to about $27.35bn and $4.85bn. Q2 2026 adjusted EBITDA of $1,231m came in above the top of guidance at a record 18.3 per cent margin.
- Portfolio pruning is real and is being executed: the Precision Sensors and Instrumentation sale to Crane closed 5 January 2026 for $1.15bn, the Surface Pressure Control joint venture with Cactus closed 2 January 2026 for $344.5m, and the Waygate Technologies sale to Hexagon for about $1.45bn was agreed 13 April 2026. That is roughly $2.9bn of disposal value recycled into the Chart acquisition.
Bear Case
- The oilfield half is shrinking: Oilfield Services and Equipment revenue fell 8 per cent to $14,324m in FY2025 with segment EBITDA down 9 per cent, and Q2 2026 revenue of $3,451m was down 5 per cent year on year with margin down 120 basis points on inflation. Management expects global upstream spending to decline modestly in 2026.
- Extreme concentration in one segment and a handful of projects: 92.5 per cent of the record backlog sits in one segment, and Q2 2026's $1.8bn of liquefaction equipment orders came from just three projects. Management has said longer equipment cycle times mean a meaningful portion of that order mix converts to revenue beyond 2027, and some awards are contingent on customers reaching final investment decision.
- The balance sheet has been remade to buy Chart: total debt rose from $6,087m at 31 December 2025 to $16,253m at 30 June 2026, and $13.6bn of enterprise value was paid in cash sixteen days after that balance-sheet date. Buybacks have been suspended for the whole of 2026 against $384m in FY2025, and management concedes leverage will temporarily increase before returning to a 1.0 to 1.5 times target within 24 months.
- The lower-carbon order book just delivered a near-zero quarter: Climate Technology Solutions orders collapsed to $54m in Q2 2026 from $1,257m in Q1 2026 and $923m in Q2 2025. The data-centre thesis rests on hyperscaler capital expenditure roughly doubling by 2028, and new turbine capacity landing in 2029 is a fixed commitment against a demand curve nobody controls.
3. Business Segments
Baker Hughes reported two segments in the Q2 2026 Form 10-Q. Chart Industries becomes a third reporting segment from Q3 2026, led by senior vice president Jim Apostolides. FY2025 figures below are from the FY2025 results release.
| Segment | % of revenue | What it is |
|---|---|---|
| Oilfield Services & Equipment — $14,324m | 51.6% | Drilling, evaluation, completions and production for oil and gas operators, across four product lines: Well Construction; Completions, Intervention and Measurements; Production Solutions including electric submersible pumps and artificial lift; and Subsea and Surface Pressure Systems. FY2025 orders $14,714m, segment EBITDA $2,618m at an 18.3 per cent margin. |
| Industrial & Energy Technology — $13,409m | 48.4% | Turbomachinery and industrial technology. Gas Technology Equipment supplies liquefaction compression trains and gas turbines; Gas Technology Services sells the aftermarket on that installed base; Industrial Products and Industrial Solutions cover condition monitoring, pumps, valves and software; Climate Technology Solutions covers carbon capture, hydrogen and emissions. FY2025 orders a record $14,871m, segment EBITDA $2,482m at an 18.5 per cent margin. |
| Chart Industries — third segment from Q3 2026 | Not yet reported | Cryogenic and gas-processing equipment acquired for $210.00 per share in cash on 16 July 2026, an enterprise value of about $13.6bn. Chart had roughly $4.3bn of FY2025 revenue across more than 50 countries. Baker Hughes targets $325m of annualised cost synergies by year three, phased $95m, $230m, $325m. |
Within Industrial and Energy Technology, the company publishes only quarterly product-line detail. On the Q2 2026 split, Gas Technology was 71.6 per cent of segment revenue at $2,355m, Industrial Technology 22.2 per cent at $731m and Climate Technology Solutions 6.2 per cent at $205m. The Q4 2025 split was almost identical at 71.7, 22.3 and 6.0 per cent.
4. Business Model and Moat
How it makes money. Two engines with very different cycle lengths. Oilfield Services and Equipment sells services and hardware into upstream operating and capital budgets: shorter cycle, more transactional, more geographically spread. Industrial and Energy Technology sells long-lead capital equipment, principally liquefaction compression trains, gas turbines, compressors and generators, and then earns higher-margin aftermarket revenue on that installed base for two to three decades through parts, upgrades, contractual service agreements and digital monitoring.
The installed base is the moat, and it is measurable. The clearest single proof is that the aftermarket order book is now bigger than the equipment order book: Gas Technology Services remaining performance obligations of $16.7bn at 30 June 2026 against Gas Technology Equipment's $15.0bn. Management frames it directly, saying equipment orders secured today expand the installed base and create a longer runway for higher-margin services, upgrades and digital solutions. The pricing evidence is in the margin: segment EBITDA margin reached 20.6 per cent in Q2 2026, up 280 basis points year on year, which management attributed to favourable backlog pricing.
Liquefied natural gas is a narrow supplier market. Baker Hughes is one of a very small number of companies able to supply main refrigerant compression trains for large-scale liquefaction. Q2 2026 alone booked about $1.8bn of liquefaction equipment orders across Venture Global, Cheniere and Bechtel's Sabine Pass Train 7 with associated fleet upgrades, and Golar's fourth floating liquefaction vessel to use Baker Hughes technology. Management's stated market view is installed nameplate capacity approaching 800 million tonnes per annum by 2030 and about 950 by 2035.
The same turbines now sell into power. The strategic pivot is that the gas turbine and generator product lines built for energy customers address data-centre and behind-the-meter power. Management sizes the Power Systems addressable market at about $100bn by 2030 with more than half behind the meter, and cites hyperscaler capital expenditure rising from roughly $370bn in 2025 to roughly $750bn in 2028. The concrete evidence in the order book is $2.6bn of Power Systems orders and 2.7 GW in Q2 2026 alone.
5. Financial Health
All figures below come from Baker Hughes results releases and Form 10-K and 10-Q filings, with balance-sheet and cash-flow items independently re-derived from the SEC XBRL companyfacts dataset.
| Fiscal Year | Revenue ($m) | YoY % | GAAP EPS | Adjusted EPS | Dividend/share | Long-term debt (YE) |
|---|---|---|---|---|---|---|
| FY2021 | 20,502 | -1.0% | $(0.27) | Not disclosed† | $0.72 | $6,687m |
| FY2022 | 21,156 | +3.2% | $(0.61) | $0.91 | $0.73 | $5,980m |
| FY2023 | 25,506 | +20.6% | $1.91 | $1.60 | $0.78 | $5,872m |
| FY2024 | 27,829 | +9.1% | $2.98 | $2.35 | $0.84 | $5,970m |
| FY2025 | 27,733 | -0.3% | $2.60 | $2.60 | $0.92 | $5,398m |
† Baker Hughes did not publish a twelve-month adjusted diluted EPS in its FY2021 results release, which presented adjusted EPS only quarterly. Q4 2021 adjusted diluted EPS was $0.25. The FY2022 comparative of $0.91 first appeared in the FY2023 release. Long-term debt is the non-current balance from the XBRL tag LongTermDebtAndCapitalLeaseObligations, excluding the current portion, which was $689m at 31 December 2025.
| Quarter / Half | Revenue ($m) | Adjusted EPS | GAAP EPS |
|---|---|---|---|
| Q2 2026 (reported 26 Jul 2026) | 6,742 | $0.64 | $0.68 |
| Q1 2026 (reported 23 Apr 2026) | 6,587 | $0.58 | $0.93 |
| Q4 2025 (reported 25 Jan 2026) | 7,386 | $0.78 | $0.88 |
| Q3 2025 (reported 23 Oct 2025) | 7,010 | $0.68 | $0.61 |
| Q2 2025 (reported 22 Jul 2025) | 6,910 | $0.63 | $0.71 |
| FY2025 total | 27,733 | $2.60 | $2.60 |
Q1 2026 GAAP EPS of $0.93 sits above adjusted EPS of $0.58 because the quarter carried a $721m gain on business dispositions from the Precision Sensors and Instrumentation sale and the Surface Pressure Control joint venture. It is not a run-rate figure. On cash flow, FY2025 operating cash flow was $3,810m against capital expenditure of $1,273m and disposal proceeds of $195m, giving company-defined free cash flow of $2,732m, a record. Depreciation and amortisation was $1,188m, tying exactly to depreciation of $938m plus intangible amortisation of $250m. For the first half of 2026, operating cash flow was $1,845m and free cash flow $1,319m. At 30 June 2026 cash stood at $15,727m against total debt of $16,253m, so net debt was only $526m and management stated net leverage of 0.1 times. That is a pre-funding artefact: the March 2026 issue of $6.5bn of dollar notes and €3.0bn of euro notes, plus two $1.0bn term loans signed 15 July 2026, were raised to pay for Chart Industries, which closed on 16 July 2026.
6. Valuation Metrics
Raw metrics, August 2026. Not opinions on whether the stock is cheap or expensive.
| Metric | Value |
|---|---|
| Market cap | Approximately $64.0bn (992.7 million Class A shares at the $64.48 close on 19 August 2026) |
| Trailing P/E (GAAP) | Approximately 20.8x ($64.48 / TTM GAAP diluted EPS of $3.10, being $0.61 + $0.88 + $0.93 + $0.68 for the four quarters to 30 June 2026). On TTM adjusted EPS of $2.68 the multiple is approximately 24.1x. The GAAP figure is the lower of the two only because of the $721m Q1 2026 disposal gain. |
| P/E (forward) | Approximately 20.4x on the next-twelve-month consensus adjusted EPS of $3.16 carried by market data feeds. Baker Hughes gives no EPS guidance; its FY2026 guidance is a revenue midpoint of about $27.35bn and adjusted EBITDA of about $4.85bn, and is explicitly stated on a standalone basis excluding Chart Industries. |
| P/S (TTM) | Approximately 2.3x ($64.0bn / TTM revenue of $27,725m, being $7,010m + $7,386m + $6,587m + $6,742m). |
| EV/EBITDA (TTM) | Approximately 13.0x (EV ~$64.5bn / TTM adjusted EBITDA of $4,964m, summed from the four reported quarters: $1,238m + $1,337m + $1,158m + $1,231m). GAAP EBITDA is distorted this period by the $721m Q1 2026 disposal gain, so the company-adjusted figure is used; the FY2025 GAAP build of operating income $3,557m plus depreciation and amortisation $1,188m gives $4,745m, within 2 per cent of the adjusted number. On a post-Chart pro-forma enterprise value of roughly $78bn, and before crediting any Chart EBITDA, the multiple would be nearer 15.7x. |
| Enterprise value | Approximately $64.5bn (market cap ~$64.0bn + total debt $16,253m − cash and equivalents $15,727m, per the 30 June 2026 balance sheet). This understates the forward position: roughly $13.6bn of that cash was pre-funding for Chart Industries, which closed on 16 July 2026, so pro-forma enterprise value is nearer $78bn. |
| P/FCF | Approximately 19.1x ($64.0bn / TTM free cash flow of $3,359m, being $699m + $1,341m + $210m + $1,109m). On FY2025 free cash flow of $2,732m, itself operating cash flow $3,810m less capital expenditure $1,273m plus disposal proceeds $195m, the multiple is approximately 23.4x. |
| 52-week high | $70.41 intraday; $69.18 on a closing basis |
| 52-week low | $42.68 intraday; $42.19 on a closing basis |
| Short interest (% of float) | 2.83 per cent of float, being 24,573,989 shares on the 31 July 2026 settlement date. Low, and falling on the prior period. |
| Days to cover | Approximately 2.4 days on the short ratio carried in market data feeds; MarketBeat computed 2.6 days on the earlier 30 June 2026 settlement. |
7. What Are They Building
Chart Industries integration. The largest thing under construction is not a product but an organisation. Chart closed on 16 July 2026 at $210.00 per share in cash, an enterprise value of about $13.6bn, after the European Commission cleared it subject to conditions on 10 July 2026. Baker Hughes has eighteen integration workstreams and almost 300 identified initiatives targeting $325m of annualised cost synergies by year three, phased $95m in year one and $230m in year two. Chart becomes the third reporting segment from Q3 2026 and management has committed to giving combined guidance ahead of that call.
Power generation capacity. Baker Hughes is physically expanding gas turbine and generator manufacturing capacity, due online by 2029, which management says could support roughly $5bn of annual Power Systems revenue at full utilisation, three to four times the 2025 level. The order book is already being built against it: 76 NovaLT16 turbines for Dynamis Power Solutions at about 1.3 GW announced 29 July 2026; an initial 1 GW for Kodiak Gas Services within a framework for up to 1.8 GW; 31 firm BRUSH DAX 7 generators totalling 1.3 GW for Boom Supersonic's commitment to Crusoe, announced 24 February 2026; and 10 Frame 5 turbines up to 250 MW for Twenty20 Energy's Georgia and Texas data centres, announced 11 February 2026.
Software and artificial intelligence on the installed base. The Cordant and iCenter platforms extend the aftermarket into monitoring and optimisation, and on 24 March 2026 Baker Hughes announced a collaboration with Google Cloud on artificial-intelligence-enabled power optimisation and sustainability solutions for data centres. The Kuwait Oil Company Ahmadi Innovation Valley contract of 11 August 2026 applies the same idea upstream, naming Baker Hughes a key technology collaborator for production optimisation and flow assurance.
Subsea, still. The 10 August 2026 Kutei Northern Hub award from the Eni and PETRONAS joint venture in Indonesia covers 17 deepwater horizontal tree systems plus manifolds, connections, controls and distribution for the Geng North and Gehem fields, a reminder that the oilfield equipment franchise still wins large deepwater work even as the segment's revenue contracts.
8. Competitive Landscape
Market capitalisations below were re-checked live at the close on 19 August 2026 rather than taken from earlier in the year.
| Peer | Market cap (Aug 2026) | Key 2025 metric |
|---|---|---|
| GE Vernova (GEV) | $263.0bn | Q2 2026 revenue $11.1bn, up 22 per cent, with organic orders up 88 per cent to $24.2bn and backlog of $176bn. Power orders rose 134 per cent organically to $16.7bn and FY2026 revenue guidance was raised to $45.5bn to $46.5bn. |
| SLB (Schlumberger) | $79.5bn | Q2 2026 revenue $8.97bn, up 5 per cent year on year and 3 per cent sequentially, with net income attributable of $786m and GAAP EPS of $0.52. The largest pure oilfield services company by revenue. |
| TechnipFMC (FTI) | $30.2bn | Q2 2026 revenue $2,763.1m with total inbound orders of $2,726.6m, of which Subsea was $2,507.1m. FY2026 Subsea inbound target about $10bn and FY2026 adjusted EBITDA guidance raised to about $2.19bn. |
| Halliburton (HAL) | $29.3bn | Q2 2026 revenue $5.714bn, up 4 per cent year on year, with diluted EPS of $0.64 and Drilling and Evaluation up 7 per cent. North America exposure is materially higher than Baker Hughes. |
| NOV Inc (NOV) | $7.4bn | Q2 2026 revenue $2.13bn, down 2 per cent, with diluted EPS of $0.31. Capital equipment backlog was $4.08bn on a book-to-bill of 74 per cent, the weakest order momentum in the peer group. |
| Weatherford (WFRD) | $6.6bn | Q2 2026 revenue $1,105m, down 8 per cent year on year and 4 per cent sequentially, with adjusted EBITDA of $223m and net income of $39m. |
The read-across is that Baker Hughes now sits in two different competitive cohorts. Its industrial and energy order momentum, a 2.2 times book-to-bill in Q2 2026, places it alongside GE Vernova and Siemens Energy, which reported record quarterly orders of €17.9bn and a 1.57 book-to-bill in its April to June quarter on a €162bn backlog. Its oilfield segment, down 5 per cent in Q2 2026, is underperforming Halliburton at plus 4 per cent and SLB at plus 5 per cent, though the Surface Pressure Control and Precision Sensors disposals account for part of that gap.
9. Insider Activity
Lorenzo Simonelli has been Chairman, President and Chief Executive Officer since the 2017 combination that created the company, and chief financial officer Ahmed Farhan Moghal was appointed in February 2025. Across the six months to 20 August 2026 there were no open-market purchases by any officer or director. Every open-market transaction was a sale, totalling roughly 1,204,000 shares for about $71.9m, of which Simonelli accounted for 908,009 shares and about $54.8m across four transactions, several of them under a Rule 10b5-1 plan adopted 11 March 2026 and funded by option exercises at $35.55 and $35.70.
| Name | Date | Type | Shares | Price | Value | Plan Type |
|---|---|---|---|---|---|---|
| Maria C. Borras (Chief Growth & Experience Officer) | 01 Jul 2026 | Open-market sale | 72,000 | $55.05 | $3,963,600 | Not stated on the filing summary |
| Lorenzo Simonelli (Chairman, President & CEO) | 22 Jun 2026 | Open-market sale | 181,411 | $58.43 | $10,599,845 | Rule 10b5-1, plan adopted 11 Mar 2026 |
| Ahmed Farhan Moghal (EVP & CFO) | 15 Jun 2026 | Open-market sale | 23,392 | $62.38 | $1,459,193 | Rule 10b5-1, pre-arranged plan |
| Lorenzo Simonelli (Chairman, President & CEO) | 12 Jun 2026 | Open-market sale | 181,411 | $63.36 | $11,494,201 | Rule 10b5-1 |
| James E. Apostolides (SVP, now leading the Chart segment) | 19 May 2026 | Open-market sale | 12,261 | $66.42 | $814,376 | Not stated on the filing summary |
| Lorenzo Simonelli (Chairman, President & CEO) | 11 Mar 2026 | Open-market sale | 272,594 | $58.79 | $16,025,801 | Not stated on the filing summary |
| Lorenzo Simonelli (Chairman, President & CEO) | 04 Mar 2026 | Open-market sale | 272,593 | $61.13 | $16,663,610 | Not stated on the filing summary |
Directors received annual equity awards of 2,749 units each on 19 May 2026 and none transacted in the open market. Simonelli's last reported direct holding was 703,444 shares at 22 June 2026. The selling is broad, sizeable and concentrated in the $54 to $66 price band, and there is no offsetting buying anywhere in the register.
10. Key Risks
- Upstream spending is falling even as rig counts rise: management said on 27 July 2026 that it expects global upstream spending to decline modestly in 2026, with growth in Latin America, offshore Africa and North America land more than offset by Europe and the Middle East. Baker Hughes' own North America rotary rig count reached 812 on 14 August 2026, up 90 year on year, yet Oilfield Services and Equipment revenue fell 5 per cent in Q2 2026. Activity is up while spend intensity and pricing are down.
- Backlog concentration and final-investment-decision timing: $37.1bn of the $40.1bn backlog sits in one segment, and Gas Technology Equipment's $15.0bn is long-cycle work whose conversion depends on customer decisions. Management has said a meaningful portion of the equipment order mix extends beyond 2027, that liquefaction markets will take time to normalise, and some awards such as the Alaska LNG selection convert only once final investment decision is reached.
- Middle East disruption is already in the numbers: oilfield revenue in the Middle East fell 1 per cent sequentially in Q2 2026 and is down 10 per cent from Q4 2025, with the Middle East and Asia region down 13 per cent year on year and Europe, CIS and sub-Saharan Africa also down 13 per cent. Industrial and Energy Technology carries a stated 1 to 2 per cent revenue headwind for the rest of 2026, and the whole FY2026 guide is conditional on Middle East activity being broadly unchanged through year end.
- Customer concentration and national oil company exposure: the order book is dominated by a small number of very large counterparties including Aramco, ADNOC, Kuwait Oil Company, Petroleum Development Oman, ONGC, Petrobras, Equinor, Venture Global, Cheniere and Nigeria LNG. A single budget reset or a sanctions event at one counterparty is material, and the FY2025 10-K separately flags expropriation risk and residual complexity from Russia and Ukraine sanctions without quantifying the exposure.
- Integration and execution risk on an unusually full plate: the company is simultaneously executing a record $40.1bn backlog, building new turbine and generator capacity for 2029, and integrating a $13.6bn acquisition across eighteen workstreams. Its own risk factors cite the ability to execute on orders in accordance with agreed specifications and convert them to revenue and cash, and the Chart announcement warns that integration may prove more difficult, time-consuming or costly than expected and that retaining key Chart employees may be difficult.
- Leverage, tariffs and input costs: total debt rose from $6,087m to $16,253m in six months and buybacks are suspended, with roughly $1.3bn of authorisation unused. The Q2 2026 risk factors explicitly name tariffs and changes in global trade policy as a threat to supply chain costs, pricing and customer demand, and oilfield margin fell 120 basis points year on year on inflationary costs. Deleveraging to 1.0 to 1.5 times depends on the Waygate sale closing and on synergy delivery.
- Durability of the data-centre power thesis: the second growth engine rests on hyperscaler capital expenditure roughly doubling to about $750bn by 2028 and data-centre power demand compounding at 18 per cent to roughly 1,850 TWh by 2030. Climate Technology Solutions orders of $54m in Q2 2026, against $1,257m the prior quarter, show how lumpy this order book can be, and the new manufacturing capacity landing in 2029 is a fixed-cost commitment.
11. Recent Developments
- 02 Jan 2026 and 05 Jan 2026 — Two portfolio disposals close in the same week. The Surface Pressure Control joint venture with Cactus completed on 2 January, Cactus holding 65 per cent and Baker Hughes 35 per cent, for $344.5m of cash proceeds. The Precision Sensors and Instrumentation sale to Crane Company completed on 5 January for $1.15bn, covering Druck, Panametrics and Reuter-Stokes and about 1,600 employees.
- 25 Jan 2026 — FY2025 results. Orders of $29.6bn including record Industrial and Energy Technology orders of $14.9bn, revenue $27.7bn, record adjusted EBITDA of $4,825m, record free cash flow of $2.7bn and record remaining performance obligations of $35.9bn.
- 11 Feb 2026 — Twenty20 Energy data-centre award. Ten Frame 5 gas turbines and generators, up to 250 MW, for projects in Georgia and Texas with initial deliveries in 2027, described as a step toward a multi-gigawatt collaboration.
- 24 Feb 2026 — Boom Supersonic generator order. Twenty-five BRUSH DAX 7 generators supporting Boom's 1.21 GW commitment to Crusoe for artificial-intelligence data centres, taking the total to 31 firm generators and 1.3 GW with deliveries from mid-2026 to 2028.
- 11 Mar 2026 — $6.5bn of dollar notes and €3.0bn of euro notes issued. The proceeds pre-funded the Chart acquisition and allowed the bridge facility to be terminated, with $43m of unamortised lending fees charged to Q1 interest.
- 24 Mar 2026 — Google Cloud collaboration announced. Artificial-intelligence-enabled power optimisation and sustainability solutions for data centres.
- 13 Apr 2026 — Waygate Technologies agreed for sale to Hexagon. About $1.45bn in cash for the non-destructive testing business, expected to close in the second half of 2026, with $492m of goodwill reclassified as held for sale.
- 10 Jul 2026 — European Commission clears the Chart acquisition subject to conditions. The final substantive regulatory hurdle.
- 16 Jul 2026 — Chart Industries acquisition completes. At $210.00 per share in cash and an enterprise value of about $13.6bn, Chart becomes the third reporting segment under senior vice president Jim Apostolides, with a $325m synergy target by year three.
- 26 Jul 2026 and 27 Jul 2026 — Q2 2026 results and raised guidance. Record Industrial and Energy Technology orders of $7,088m, record remaining performance obligations of $40.1bn, adjusted EBITDA of $1,231m above the top of guidance at a record 18.3 per cent margin, and free cash flow of $1,109m. Full-year Industrial and Energy Technology order guidance was raised to $17.5bn to $19.5bn and the 2026 to 2028 cumulative order target lifted above $45bn. A $0.23 dividend was declared.
- 29 Jul 2026 — Dynamis Power Solutions award. Seventy-six NovaLT16 gas turbines with gearboxes and generators, about 1.3 GW of hypermobile power for data centre and oil and gas applications in North America.
- 10 Aug 2026 — Kutei Northern Hub subsea award, Indonesia. Seventeen deepwater horizontal tree systems plus manifolds, connections, controls and distribution for the Geng North and Gehem fields, from the Eni and PETRONAS joint venture.
- 11 Aug 2026 — Kuwait Oil Company multi-year contract. Baker Hughes named a key technology collaborator on the Ahmadi Innovation Valley project for upstream artificial intelligence, production optimisation and flow assurance.
- 17 Aug 2026 — Quarterly dividend of $0.23 per share paid. Record date 7 August 2026. The rate has now been unchanged for six consecutive quarters.
No corporate press release was issued on 18, 19 or 20 August 2026. The most recent Baker Hughes data release was its own North America rig count, which added eight rigs week on week to 812. Scheduled macro events are tracked on the ChartsView Economic Calendar.
12. Key Dates to Watch
- Expected Sep 2026 — press release confirming the Q3 2026 earnings date. The equivalent 2025 notice was issued on 24 September 2025.
- Expected Oct 2026 — Q3 2026 results. Not confirmed; the company's pattern is a Thursday evening release with the call the following morning, and the Q3 2025 release was 23 October 2025.
- Expected Oct 2026 — updated combined Baker Hughes and Chart Industries guidance. Management committed on 27 July 2026 to providing this ahead of the Q3 call. It will be the first time Chart is quantified in guidance and is the single most important scheduled catalyst.
- Expected Oct 2026 — next quarterly dividend declaration, expected at $0.23 per share unless raised, alongside Q3 results.
- Expected Dec 2026 — completion of the Waygate Technologies sale to Hexagon for about $1.45bn. FY2026 segment guidance explicitly assumes the divestiture closes at year end.
- Expected Jan 2027 — Q4 and FY2026 results, on the pattern of the 25 January 2026 release.
- Expected Feb 2027 — FY2026 Form 10-K, on the pattern of the 5 February 2026 filing.
- Expected May 2027 — annual general meeting, inferred from the 19 May 2026 director award date.
- TBC — return to the stated 1.0 to 1.5 times net debt to adjusted EBITDA target, which management framed as within 24 months of the 16 July 2026 Chart close.
Longer-dated company targets include more than $45bn of cumulative Industrial and Energy Technology orders across 2026 to 2028, and new turbine and generator capacity online by 2029 supporting roughly $5bn of annual Power Systems revenue at full utilisation. No investor day has been announced. Discussion of the energy and power complex continues on the ChartsView Forum.
Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.
Last Updated: 24 September 2026
American Electric Power Company (Nasdaq: AEP) is one of the largest regulated electric utilities in the United States. It serves about 5.6 million customers in 11 states and owns the country's largest electricity transmission system. AEP earns an allowed return on the power plants, transmission lines and distribution networks that state commissions and the federal regulator (FERC) let it put into its rate base. Its growth story is now tied to data centres and heavy industry: at the Q2 2026 results on 30 July AEP said it had 69 GW of contracted new load by 2030. It raised 2026 operating EPS guidance to $6.25–6.55 and is working through a $78bn five-year capital plan. The shares have fallen back from their 52-week high of $140.58 to about $118. This refresh uses AEP's own earnings releases and SEC filings. It contains no analyst opinions and no price targets.
1. Company Snapshot
| Field | Value |
|---|---|
| Legal name | American Electric Power Company, Inc. |
| Exchange / ticker | Nasdaq: AEP |
| Sector | Utilities — regulated electric utility (generation, transmission and distribution) |
| Headquarters | 1 Riverside Plaza, Columbus, Ohio |
| CEO / Leadership | William J. (Bill) Fehrman, Chairman, President and Chief Executive Officer. CFO Trevor I. Mihalik |
| Employees | 17,581 at 31 December 2025 (2025 Form 10-K) |
| Revenue (FY2025) | $21,876m, up 10.9%. H1 2026: $11,465m |
| Net income (FY2025) | GAAP EPS $6.70 basic ($6.66 diluted); operating (non-GAAP) EPS $5.97 |
| Market cap | ~$64.5bn at $118.40 on 23 September 2026 (544.4m shares) |
| Network | About 40,000 line miles of transmission, including more than 2,100 miles of 765 kV, and about 252,000 miles of distribution lines |
| Generation | About 33,000 MW owned and contracted (Q2 2026 release) |
| Dividend | $0.95 per quarter ($3.80 annualised) |
2. Bull Case and Bear Case
Bull Case
- Contracted load growth: contracted new load rose to 69 GW by 2030 at the Q2 2026 results, from 63 GW at Q1 and 56 GW at Q4 2025. Virginia became the fifth state to approve a large-load tariff, and three more are pending.
- Guidance raised: 2026 operating EPS guidance was raised to $6.25–6.55 from $6.15–6.45, and management reaffirmed 7–9% annual operating EPS growth through 2030, with an expected compound rate above 9%.
- Largest rate-base build in its history: the capital plan was raised to $78bn for 2026–2030, with rate base expected to grow about 11% a year. Management cites line of sight to more than $10bn of additional projects.
- Equity need largely pre-funded: forward equity sales of about $2.94bn in May 2026 cover all currently planned marketed growth equity for the plan, according to AEP's September 2026 investor handout.
- Cheaper financing for Texas: AEP Texas secured a Department of Energy loan of up to $3.3bn for about 100 transmission projects, which the company says will save customers about $685m in interest.
Bear Case
- Debt keeps climbing: total long-term debt rose from $33.5bn at the end of 2021 to $47.3bn at the end of 2025 and $49.6bn at 31 March 2026. Construction spending of $8.45bn in 2025 exceeded operating cash flow of $6.94bn.
- Dilution continues: on top of the forward sales, AEP sold $665m of at-the-market equity in H1 2026 and plans about $1bn a year of at-the-market issuance through 2030.
- Affordability and rate-case pushback: Ohio's distribution case settled with a net $59m annual decrease, and Indiana Michigan Power has proposed a three-year residential rate freeze. Several rate cases in Oklahoma, Texas and Virginia are still pending.
- Data-centre concentration: much of the growth story rests on a small number of very large customers, such as the 4.25 GW initial supply AEP Ohio is positioned to provide to the SB Energy/OpenAI PORTS-Pike campus. A slowdown in AI infrastructure spending would hit the load forecast.
3. Revenue Segments
AEP reports four operating segments. The table shows each segment's FY2025 revenue from external customers as a share of consolidated revenue of $21,876m, from the segment note in the 2025 Form 10-K. AEP Transmission Holdco's total segment revenue was $2,377m, but most of it is billed to AEP's own operating companies, so only $493m is external.
| Segment | % of revenue | What it is |
|---|---|---|
| Vertically Integrated Utilities — $12,556m | 57.4% | State-regulated utilities that own generation as well as wires: Appalachian Power, Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma (PSO), Southwestern Electric Power Company (SWEPCO) and Wheeling Power. FY2025 segment earnings $1,605m |
| Transmission & Distribution Utilities — $6,097m | 27.9% | Wires-only utilities in the deregulated Ohio and Texas markets (AEP Ohio and AEP Texas). FY2025 segment earnings $816m |
| Generation & Marketing — $2,697m | 12.3% | Competitive wholesale generation, retail and wholesale power marketing and trading. FY2025 segment earnings $287m |
| AEP Transmission Holdco — $493m external | 2.3% | FERC-regulated transmission companies and joint ventures, earning formula-rate returns on transmission investment. FY2025 segment earnings $1,161m |
Corporate and other items accounted for the remaining 0.2% of external revenue and a segment loss of $289m in FY2025.
4. Business Model & Moat
How it makes money. Regulators approve a rate base, which is the depreciated value of the capital AEP has invested, along with an equity share of that capital and an allowed return on equity. Recent awards include 9.84% in Ohio, 9.75% in Kentucky and West Virginia and 9.65% in Arkansas. Customers' bills are set to cover operating costs, depreciation, taxes and that return. Fuel and purchased power are largely passed through. Earnings therefore grow roughly in line with the rate base, adjusted for regulatory lag, weather and financing costs.
What protects it. AEP holds state franchises that give it a legal monopoly on distribution in its territories. Its transmission network carries FERC formula rates that update annually. A competing network of this scale could not be built in any realistic timeframe, so the moat is regulatory and physical rather than technological.
How growth is funded. Operating cash flow of $6.94bn in 2025 covered the dividend and part of the $8.45bn of construction spending. The rest came from new debt, equity (forward sales and at-the-market programmes) and asset sales. In June 2025 AEP sold a 19.9% minority stake in its Ohio and Indiana/Michigan transmission companies to KKR and PSP for about $2.8bn. AEP targets funds from operations to debt of 14–15%; its 10-K identifies 13% as the downgrade threshold at S&P and Moody's.
Large-load contracting. AEP negotiates large-load tariffs with minimum-demand charges and collateral, so existing customers do not bear the cost of grid upgrades built for data centres. Five states had approved such tariffs by 30 July 2026, and three were pending.
5. Financial Health
Revenue, GAAP EPS, dividends and debt come from AEP's Form 10-K XBRL data at SEC EDGAR. Operating EPS comes from AEP's fourth-quarter earnings releases. Figures are in US dollars. Long-term debt is non-current long-term debt from the balance sheet.
| Fiscal Year | Revenue ($m) | YoY % | GAAP EPS | Adjusted EPS | Dividend/share | Long-term debt (YE) |
|---|---|---|---|---|---|---|
| FY2021 | 16,792 | +12.6% | $4.96 | $4.74† | $3.00 | $31,301m |
| FY2022 | 19,640 | +17.0% | $4.49 | $5.09† | $3.17 | $34,315m |
| FY2023 | 18,982 | -3.3% | $4.24 | $5.25† | $3.37 | $37,653m |
| FY2024 | 19,721 | +3.9% | $5.58 | $5.62† | $3.57 | $39,308m |
| FY2025 | 21,876 | +10.9% | $6.66 | $5.97† | $3.74 | $44,128m |
† Adjusted EPS is AEP's operating earnings per share, a non-GAAP measure that excludes items such as mark-to-market effects, asset impairments, regulatory disallowances and gains on sales. GAAP EPS is diluted. The FY2021 YoY figure is against FY2020 revenue of $14,919m. Dividends are dividends declared per share in each calendar year. Current maturities of long-term debt were a further $3,194m at the end of 2025.
The quarterly table runs most recent quarter first, with the FY2025 total in bold. Quarterly GAAP EPS is basic, as reported in AEP's releases.
| Quarter / Half | Revenue | Adjusted EPS | GAAP EPS |
|---|---|---|---|
| Q2 2026 (to 30 Jun 2026) | $5,445m | $1.36 | $1.31 |
| Q1 2026 (to 31 Mar 2026) | $6,020m | $1.64 | $1.61 |
| Q4 2025 (derived)‡ | $5,315m | $1.19 | $1.09 |
| Q3 2025 | $6,010m | $1.80 | $1.82 |
| Q2 2025 | $5,087m | $1.43 | $2.29 |
| Q1 2025 | $5,463m | $1.54 | $1.50 |
| FY2025 total | $21,876m | $5.97 | $6.70 |
‡ Q4 2025 revenue is derived by subtracting nine-month revenue from the full year; EPS is as reported in the Q4 2025 release. The gap between GAAP and operating EPS in Q2 2025 reflects items AEP excludes from operating earnings.
Profitability. FY2025 operating income was $5,319m (FY2024: $4,304m). Depreciation and amortisation was $3,380m on the income-statement utility measure; the narrower depreciation, depletion and amortisation tag was $3,325m. In Q2 2026 operating EPS fell to $1.36 from $1.43. AEP attributed the fall to the minority-stake sale and the timing of tax items.
Cash flow, FY2025. Net cash from operating activities was $6,944m (FY2024: $6,804m). Construction expenditures were $8,453m, so operating cash flow less capex was about negative $1,509m. AEP also spent $3,453m acquiring productive assets, including generation facilities.
Balance sheet. At 31 December 2025 long-term debt was $47,322m, made up of $44,128m non-current and $3,194m due within one year. Short-term borrowings were $1,508m and cash and cash equivalents $197m. By 31 March 2026 total long-term debt had risen to $49,554m. The December 2025 ratings sheet shows the parent at Baa2 / BBB / BBB, all with stable outlooks. FFO to debt was 15.2% on S&P's measure and 13.9% on Moody's.
Guidance.
- 2026 operating EPS: $6.25–6.55, raised on 30 July 2026; the GAAP equivalent is $6.16–6.46.
- Longer-term growth: 7–9% a year in operating EPS through 2030.
- Capital plan: $78bn for 2026–2030. AEP said the plan would be rolled forward to include 2031 in the third quarter.
Follow the shares against these figures on the ChartsView Live Charts page.
6. Valuation Metrics
Raw metrics, September 2026. Not opinions on whether the stock is cheap or expensive.
| Metric | Value |
|---|---|
| Share price | $118.40 at the close on 23 September 2026 (previous close $120.27) |
| Market cap | ~$64.5bn ($118.40 × 544.4m shares outstanding) |
| Trailing P/E (GAAP) | ~20.3x on TTM basic GAAP EPS of $5.83 (FY2025 $6.70 less H1 2025 $3.79 plus H1 2026 $2.92). On TTM operating EPS of $6.00 ($5.97 less $2.97 plus $3.00) the multiple is ~19.7x |
| P/E (forward) | ~18.5x on the midpoint ($6.40) of AEP's 2026 operating EPS guidance of $6.25–6.55 |
| P/S (TTM) | ~2.8x (market cap ~$64.5bn / TTM revenue $22,791m, being FY2025 $21,876m less H1 2025 $10,550m plus H1 2026 $11,465m) |
| Enterprise value | ~$111.6bn (market cap ~$64.5bn + total debt $47.3bn − cash $0.2bn per the 31 December 2025 balance sheet; total debt = current portion of long-term debt $3,194m + non-current long-term debt $44,128m). Including $1.5bn of short-term borrowings, about $113.1bn |
| EV/EBITDA (TTM) | ~12.8x (EV ~$111.6bn / FY2025 EBITDA $8,699m; EBITDA = operating income $5,319m + depreciation and amortisation $3,380m, using the wider income-statement D&A figure) |
| P/FCF | n/m — free cash flow is negative. FY2025 FCF was about −$1,509m (operating cash flow $6,944m − construction expenditures $8,453m per the FY2025 cash flow statement), which is normal for a utility in a heavy build phase |
| 52-week high | $140.58 |
| 52-week low | $106.78 |
| Short interest (% of float) | ~4.5% of float (24.34m shares short at the 31 August 2026 settlement; Nasdaq and Finviz), down from 36.01m shares at 30 June 2026 |
| Days to cover | ~7.2 days (Nasdaq, 31 August 2026 settlement, on average daily volume of 3.36m shares); Finviz shows 5.7 days on its own volume measure |
| Dividend / yield | ~3.2% ($3.80 annualised / $118.40) |
7. What Are They Building
A $78bn five-year plan. AEP raised its 2026–2030 capital plan from $72bn to $78bn on 5 May 2026. Transmission accounts for about $33bn, or 42%. Management said the plan would be rolled forward to include 2031 in the third quarter, and it cites line of sight to more than $10bn of further investment, including fuel cells in Wyoming, the Piketon transmission project in Ohio and additional generation.
765 kV backbone. In Q1 2026 AEP won new 765 kV transmission projects: about 315 miles in the SPP region, about 330 miles in PJM across Ohio and Indiana, and a roughly 200-mile MISO project in Wisconsin. AEP already operates more than 2,100 miles of 765 kV line.
Generation for large loads. AEP has secured about 13 GW of gas turbines and is evaluating up to 10 GW more. Oklahoma approved 1.3 GW of new generation for PSO. A January 2026 agreement to buy Bloom Energy fuel cells, a commitment of about $2.65bn, supports a planned Wyoming offtake. The deadline for that offtake's conditions has been extended to December 2026.
Ohio data-centre campus. On 17 August 2026 NVIDIA agreed to backstop up to $105bn of financing for the SB Energy/OpenAI PORTS-Pike campus in Ohio. AEP Ohio is positioned to supply the initial 4.25 GW, supported by a $4.2bn grid upgrade that SB Energy will fund.
Market structure. In May 2026 AEP said it was weighing leaving the PJM and SPP regional grid operators over slow generator interconnection. PJM approved resource-adequacy reforms in July.
8. Peer Comparison
| Peer | Market cap (September 2026) | Key 2025 metric |
|---|---|---|
| American Electric Power (AEP) | ~$64.5bn (Finviz, 23 Sep 2026) | FY2025 revenue $21,876m; diluted EPS $6.66 (AEP 10-K) |
| NextEra Energy (NEE) | ~$160.7bn (Finviz, 23 Sep 2026) | FY2025 operating revenue $27,412m; diluted EPS $3.30 (NEE 10-K XBRL) |
| Southern Company (SO) | ~$96.0bn (Finviz, 23 Sep 2026) | FY2025 revenue $29,553m; diluted EPS $3.92 (SO 10-K XBRL) |
| Duke Energy (DUK) | ~$89.0bn (Finviz, 23 Sep 2026) | FY2025 operating revenue $32,237m; diluted EPS $6.31 (DUK 10-K XBRL) |
| Dominion Energy (D) | ~$53.8bn (Finviz, 23 Sep 2026) | FY2025 revenue $16,506m; diluted EPS $3.45 (D 10-K XBRL) |
| Xcel Energy (XEL) | ~$44.1bn (Finviz, 23 Sep 2026) | FY2025 operating revenue $14,669m; diluted EPS $3.42 (XEL 10-K XBRL) |
| Exelon (EXC) | ~$42.0bn (Finviz, 23 Sep 2026) | FY2025 revenue $24,258m (EXC 10-K XBRL) |
US electric utilities do not compete for customers inside their franchised territories. They compete for capital, for favourable regulatory outcomes and, increasingly, for large data-centre and industrial loads. Dominion, in northern Virginia, is the utility most directly comparable on data-centre exposure. AEP stands out for the size of its transmission network.
9. Insider Activity
Chairman and CEO Bill Fehrman made no open-market purchases or sales in 2026. His Form 4 filings show only a grant of 26,105 restricted stock units on 17 February 2026 and shares withheld to pay tax on vesting awards. He held 133,539 shares after 1 August 2026. No officer or director made an open-market purchase in 2026. The table lists 2026 open-market sales plus Fehrman's filings, from SEC Form 4s.
| Name | Date | Type | Shares | Price | Value | Plan Type |
|---|---|---|---|---|---|---|
| Kate Dixon (Controller & Chief Accounting Officer) | 08 Sep 2026 | Sale | 2,000 | $125.00 | ~$250,000 | Rule 10b5-1 plan adopted 5 Jun 2026 |
| Bill Fehrman (Chairman, President & CEO) | 01 Aug 2026 | Tax withholding | 6,283 | $128.32 | ~$806,200 | Shares withheld on vesting (code F) |
| Phillip Ulrich (EVP) | 27 Feb 2026 | Sale | 4,106 | $132.08 | ~$542,300 | Rule 10b5-1 plan adopted 7 Aug 2025 |
| Kelly Ferneau (EVP) | 24 Feb 2026 | Sale | 1,351 | $131.46 | ~$177,600 | Rule 10b5-1 plan (Form 144 cites plan dated 15 May 2025) |
| Bill Fehrman (Chairman, President & CEO) | 17 Feb 2026 | Award | 26,105 RSUs | Nil cost | Nil | Long-term incentive grant |
Carl Icahn's 13F filing showed he had cut his AEP holding by about 64%, to 434,710 shares, at 30 June 2026.
10. Key Risks
- Cost recovery on a record capital plan (Regulatory): $78bn of investment only earns a return if commissions approve it in rate base. Pending cases include PSO in Oklahoma ($299m request, on interim rates since 1 July 2026), SWEPCO in Texas ($95m) and Appalachian Power in Virginia ($61.4m, with a decision due by 15 January 2027).
- Dependence on data-centre demand (Commercial): the 69 GW of contracted load and the 11% annual rate-base growth assume that hyperscaler and AI infrastructure spending continues. The 10-K lists reliance on large-load growth as a risk factor.
- Balance sheet and dilution (Financial): long-term debt reached $49.6bn at 31 March 2026. Funding also depends on forward equity settlements and about $1bn a year of at-the-market issuance. FFO to debt is targeted at 14–15%, against a 13% downgrade threshold.
- Affordability politics (Regulatory): rising bills have already brought a net rate decrease in Ohio and a proposed rate freeze at Indiana Michigan Power. Regulatory disallowances, such as those tied to the Pirkey plant retirement and the AEP Texas tracker, have cut 2026 EPS by a few cents each.
- Execution and supply chain (Operational): the 10-K flags execution and supply-chain risk, including tariffs, on a build programme that includes about 13 GW of gas turbines and hundreds of miles of new 765 kV line. Delays push back the point at which capital starts earning a return.
- Grid-operator and interest-rate exposure (Market): AEP depends on PJM, SPP and ERCOT rules for interconnection and capacity, and has openly considered leaving PJM and SPP. As with other long-duration utility shares, higher long-term interest rates tend to compress the valuation.
11. Recent Developments
- 09 Sep 2026 — Investor handout: equity largely covered. AEP said about $3bn of forward equity executed in May covers all currently planned marketed growth equity for the $78bn plan, alongside about $1bn a year of at-the-market issuance through 2030.
- 08 Sep 2026 — Chief accounting officer sale. Kate Dixon sold 2,000 shares at $125.00 under a Rule 10b5-1 plan.
- 26 Aug 2026 — Indiana bill reductions proposed. Indiana Michigan Power proposed about $59m of Indiana bill reductions in 2027 and a three-year residential rate freeze.
- 17 Aug 2026 — NVIDIA backs Ohio mega-campus. NVIDIA agreed to backstop up to $105bn of financing for the SB Energy/OpenAI PORTS-Pike campus, for which AEP Ohio is positioned to supply the initial 4.25 GW.
- 30 Jul 2026 — Q2 2026 results and guidance raise. Operating EPS $1.36 (Q2 2025: $1.43) and GAAP EPS $1.31. 2026 operating guidance raised to $6.25–6.55, with contracted load up to 69 GW. Virginia approved a large-load tariff and Oklahoma approved 1.3 GW of new generation.
- 21 Jul 2026 — Two directors join the board. David Marriott, chairman of Marriott International, and Charles Meyers, executive chairman of Equinix.
- 20 Jul 2026 — Dividend declared. A quarterly dividend of $0.95 was declared, went ex-dividend on 10 August and was paid on 10 September.
- 08 Jul 2026 — DOE loan for AEP Texas. A federal loan of up to $3.3bn for about 100 transmission projects, which AEP says will save customers about $685m.
Rates and inflation data move utility valuations; check the ChartsView Economic Calendar for upcoming releases.
12. Key Dates to Watch
- Expected Oct 2026 — next quarterly dividend declaration. Last year's was declared on 22 October 2025, with an ex-dividend date of 10 November and payment on 10 December; no 2026 dates have been announced
- Expected 4 Nov 2026 — Q3 2026 earnings, including the capital plan rolled forward to 2031. Nasdaq's estimated date; AEP has not yet confirmed it (Q3 2025 was reported on 29 October 2025)
- 08 Nov 2026 — the 61st EEI Financial Conference opens in Phoenix and runs to 10 November; AEP attended in 2025
- 31 Dec 2026 — deadline for Texas SB6 large-load interconnection rules, and the extended deadline for the Wyoming fuel-cell offtake conditions
- 15 Jan 2027 — statutory deadline for the Virginia SCC ruling on Appalachian Power's $61.4m base-rate request
Discuss AEP and the utility sector in the ChartsView Forum.
Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.
Last Updated: 24 August 2026
Constellation Energy Corporation is the largest competitive power generator in the United States and the operator of the country's biggest nuclear fleet. Spun out of Exelon on 1 February 2022, it sells electricity into wholesale markets and directly to roughly two and a half million retail customer accounts. On 7 January 2026 it closed a roughly $21.8bn acquisition of Calpine, adding around 23 GW of predominantly natural-gas, geothermal, battery and solar capacity and a large competitive retail platform, taking group capacity to about 55 GW. This report sets out what the company reported, what it is building, and what the raw numbers look like as at August 2026. It contains no analyst opinions, ratings or price targets.
1. Company Snapshot
| Field | Value |
|---|---|
| Ticker / exchange | CEG, Nasdaq Global Select Market |
| Headquarters | Baltimore, Maryland, United States |
| Sector | Utilities — independent power producer and competitive retail energy supplier |
| CEO / Leadership | Joseph Dominguez, President and Chief Executive Officer; elected Chairman of the Board effective 4 August 2026. Charles L. Harrington serves as Lead Independent Director. |
| Employees | Approximately 15,291 (headcount reported for the year ended 31 December 2025, before the Calpine acquisition added roughly 2,500 people) |
| Revenue (FY2025) | $25,533m; trailing twelve months to 30 June 2026 $31,270m |
| Net income (FY2025) | $2,319m attributable to common shareholders |
| GAAP diluted EPS (FY2025) | $7.40 |
| Adjusted operating earnings (FY2025) | $9.39 per share |
| Share price | $272.88 (24 August 2026) |
| Market capitalisation | Approximately $96.7bn |
| Shares outstanding | Approximately 354.3m common shares |
| Dividend | $0.4265 per share declared 4 August 2026, payable 4 September 2026 (annualised rate approximately $1.71) |
| Corporate history | Separated from Exelon Corporation on 1 February 2022. No stock split has occurred since separation. |
| Generation capacity | Approximately 55 GW following the Calpine acquisition, including the largest nuclear fleet in the United States |
Constellation's charts are available on the ChartsView Live Charts page, and macro releases that move power and gas markets are listed on the Economic Calendar.
2. Bull and Bear Case
Bull Case
- Scarce dispatchable capacity into a demand upcycle: Constellation owns the largest nuclear fleet in the United States and, post-Calpine, roughly 55 GW of total capacity at a moment when data-centre load growth is straining regional grids, and it signed an incremental 920 MW of long-term nuclear power purchase agreements in the second quarter of 2026 alone.
- Guidance raised twice on the year: management lifted full-year 2026 adjusted operating earnings guidance to $11.50–$12.50 per share on 5 August 2026, up from the prior $11.00–$12.00 range, and adjusted operating earnings per share rose to $2.55 in the second quarter from $1.91 a year earlier.
- Downside protection from the nuclear production tax credit: the Section 45U credit establishes an effective revenue floor of $43.75 per MWh on existing nuclear output, paying out only when market prices are weak, so the fleet retains full upside when power prices are strong.
- Contracted long-dated demand: twenty-year agreements with Microsoft at the Crane Clean Energy Center, with Meta at Clinton and a 176 MW agreement with Walmart at Dresden convert merchant megawatt-hours into contracted, investment-grade cash flows starting later this decade.
- Improving credit and a growing distribution: Moody's upgraded Constellation to Baa1 with a stable outlook, and the quarterly dividend has risen from $0.141 per share in 2022 to $0.4265 per share declared in August 2026.
Bear Case
- Free cash flow has been consumed by growth: on a trailing twelve-month basis to 30 June 2026 operating cash flow of $4,206m was almost entirely absorbed by capital expenditure of $3,897m, leaving roughly $309m of free cash flow against a market capitalisation near $96.7bn.
- Balance sheet materially more levered: non-current long-term debt rose from $7,250m at 31 December 2025 to $19,111m at 30 June 2026 as Calpine was consolidated, so the equity story now carries integration and refinancing risk it did not carry a year ago.
- GAAP earnings are volatile and diverge from the adjusted measure: GAAP diluted EPS swung from $11.89 in 2024 to $7.40 in 2025, and second-quarter 2026 GAAP EPS fell to $1.42 from $2.67 a year earlier even as adjusted operating earnings rose, because unrealised mark-to-market movements on hedges pass through the income statement.
- Regulatory uncertainty over co-located data-centre load: the Federal Energy Regulatory Commission ruled in December 2025 that PJM's tariff was unjust and unreasonable for lack of clarity on generators serving co-located data-centre load, and the compliance process directly touches the economics of Constellation's hyperscaler strategy.
- Execution risk on the restart and uprate programme: the Crane Clean Energy Center still requires a final Nuclear Regulatory Commission operating-licence decision expected in May 2027, and the roughly $3.9bn uprate programme delivers capacity in stages out to 2029.
3. Business Segments
Following the Calpine acquisition Constellation reports six reportable segments. Five are geographic and reflect the footprints of the regional transmission organisations in which the legacy business operates; Calpine is reported separately because the chief operating decision maker reviews it on a standalone basis. The percentages below are calculated from reportable-segment operating revenues of $7,244m for the three months ended 30 June 2026, the first full quarter with Calpine consolidated.
| Segment | % of revenue | What it is |
|---|---|---|
| Calpine | 29.6% ($2,147m) | Operations acquired on 7 January 2026, spanning CAISO, ERCOT, PJM, ISO-NE, NYISO, MISO, SERC, Arizona, Oregon and Canada. Predominantly natural gas, geothermal, battery storage and solar, plus a competitive retail platform. |
| Midwest | 21.6% ($1,568m) | The western half of PJM and the United States footprint of MISO, excluding MISO's Southern Region. Home to the Illinois nuclear fleet including Clinton, Byron, Braidwood and Dresden. |
| Mid-Atlantic | 21.5% ($1,555m) | The eastern half of PJM — New Jersey, Maryland, Virginia, West Virginia, Delaware, the District of Columbia and parts of Pennsylvania and North Carolina. |
| Other Power Regions | 13.3% ($964m) | New England (ISO-NE), South (FRCC, MISO Southern Region and the remainder of SERC), West (WECC including CAISO) and Canada (AESO, OIESO and the Canadian portion of MISO). |
| New York | 7.8% ($564m) | Operations within NYISO, including the Nine Mile Point, Ginna and FitzPatrick nuclear stations. |
| ERCOT | 6.2% ($446m) | Legacy operations within the Electricity Reliability Council of Texas, covering the majority of the state. |
Segment performance is measured on realised net fuel margin, defined as operating revenues net of purchased power and fuel expense, rather than on operating income. Wholesale and retail natural gas sales outside Calpine, energy-related sales in the United Kingdom, unrealised hedging gains and losses and certain acquisition-related intangible amortisation sit outside the reportable segment totals, which is why segment revenues of $7,244m do not sum to consolidated second-quarter revenue of $7,504m.
4. Business Model and Moat
How it makes money. Constellation earns revenue in two linked ways. It generates electricity from an owned fleet and sells it into wholesale power markets, and it buys and resells energy to end customers through a competitive retail supply business serving roughly 2.5 million customer accounts, including a large share of the Fortune 100. Because the generation fleet and the retail book sit inside the same company, the retail load acts as a natural hedge for a portion of the generation output.
Hedging and why GAAP earnings move around. The company layers forward sales and bilateral power purchase agreements across multiple years to reduce exposure to spot prices. Those derivative positions are carried at fair value, so unrealised gains and losses flow through the income statement each quarter and are then removed in the reconciliation to adjusted operating earnings. In the second quarter of 2026 the unrealised fair-value adjustment alone accounted for $0.94 per share of the gap between the GAAP and adjusted figures. This is why GAAP diluted EPS and adjusted operating earnings per share can move in opposite directions in the same quarter.
The nuclear production tax credit floor. Section 45U of the Internal Revenue Code provides a credit on existing nuclear generation that functions as a price floor. When gross receipts are at or below 2.5 cents per kilowatt-hour the credit is a flat 0.3 cents per kilowatt-hour; above that point the credit phases down at 16% of the excess and disappears entirely once gross receipts reach $43.75 per MWh. The practical effect is asymmetric: the fleet is protected in weak power markets but keeps the full benefit of strong ones.
What the moat actually is. The barrier is physical and regulatory rather than commercial. Twenty-three operating nuclear units cannot be replicated; new nuclear build in the United States has repeatedly run over time and budget, and licensing alone takes years. Capacity payments through PJM and other capacity auctions compensate dispatchable plant for availability regardless of dispatch, which adds a second revenue stream that intermittent generation cannot access on the same terms. The Calpine addition extends this into fast-ramping gas in ERCOT and CAISO, where the scarcity value of flexible capacity is rising.
5. Financial Health
Figures below are taken from Constellation's Form 10-K and Form 10-Q filings and quarterly earnings press releases. Fiscal years end 31 December. Note that fiscal 2021 predates the separation from Exelon and was presented on a combined carve-out basis.
| Fiscal Year | Revenue ($m) | YoY % | GAAP EPS | Adjusted EPS | Dividend/share | Long-term debt (YE) |
|---|---|---|---|---|---|---|
| FY2021 | 19,649 | — | n/m† | n/m† | Nil | $4,575m |
| FY2022 | 24,440 | +24.4% | $(0.49) | Not disclosed‡ | $0.564 | $4,466m |
| FY2023 | 24,918 | +2.0% | $5.01 | $6.28 | $1.128 | $7,496m |
| FY2024 | 23,568 | −5.4% | $11.89 | $8.67 | $1.410 | $7,384m |
| FY2025 | 25,533 | +8.3% | $7.40 | $9.39 | $1.5512 | $7,250m |
† Constellation separated from Exelon on 1 February 2022. There was no CEG common stock outstanding for the fiscal 2021 period, so per-share figures are not meaningful. ‡ Adjusted operating earnings per share for fiscal 2022 could not be confirmed from a primary filing during this review; the fiscal 2023 comparative of $6.28 per share is taken from the fiscal 2024 results release. Long-term debt is the non-current balance at each fiscal year end per the balance sheet. Dividends are the sum of the four quarterly rates declared in each year.
| Quarter / Half | Revenue | Adjusted EPS | GAAP EPS |
|---|---|---|---|
| Q2 2026 | $7,504m | $2.55 | $1.42 |
| Q1 2026 | $11,122m | $2.74 | $4.49 |
| Q4 2025 | $6,074m | $2.30 | $1.38 |
| Q3 2025 | $6,570m | $3.04 | $2.97 |
| Q2 2025 | $6,101m | $1.91 | $2.67 |
| FY2025 total | $25,533m | $9.39 | $7.40 |
Two things stand out. First, first-quarter 2026 revenue of $11,122m is not a like-for-like number: it is the first quarter with Calpine consolidated and it includes a winter period in ERCOT and the Northeast. Second, the balance sheet changed shape completely. Non-current long-term debt was $7,250m at 31 December 2025 and $19,111m at 30 June 2026, with a further $363m in the current portion, while total assets rose from $57,249m to $98,253m and shareholders' equity from $14,517m to $31,977m over the same period. Cash and cash equivalents stood at $697m at 30 June 2026. Operating cash flow for the trailing twelve months to 30 June 2026 was $4,206m, capital expenditure was $3,897m and depreciation, amortisation and accretion was $3,669m.
6. Valuation Metrics
Raw metrics, August 2026. Not opinions on whether the stock is cheap or expensive.
| Metric | Value |
|---|---|
| Market cap | Approximately $96.7bn (share price $272.88 on 24 August 2026 across approximately 354.3m shares outstanding) |
| Trailing P/E (GAAP) | 26.7x on trailing twelve-month GAAP diluted EPS of $10.23. On the company's adjusted operating earnings measure the trailing twelve-month figure is $10.63 per share, which puts the same share price on roughly 25.7x adjusted earnings. |
| P/E (forward) | 22.7x, derived from management's own full-year 2026 adjusted operating earnings guidance midpoint of $12.00 per share (range $11.50–$12.50, raised 5 August 2026) |
| P/S (TTM) | 3.09x (market cap approximately $96.7bn / trailing twelve-month revenue $31,270m) |
| EV/EBITDA (TTM) | 14.0x (enterprise value approximately $115.5bn / EBITDA approximately $8,265m). EBITDA is trailing twelve-month operating income of $4,596m plus depreciation, amortisation and accretion of $3,669m, using the wider cash-flow-statement figure rather than the narrower depreciation-only line. Note the trailing period blends six months without Calpine and six months with it, so this multiple is not a clean run-rate. |
| P/FCF | Approximately 313x (market cap approximately $96.7bn / free cash flow approximately $309m; free cash flow = trailing twelve-month operating cash flow $4,206m − capital expenditure $3,897m). This ratio is distorted by the current investment cycle: on fiscal 2025 alone, operating cash flow of $4,237m less capital expenditure of $2,949m gives $1,288m of free cash flow, or roughly 75x. |
| Enterprise value | Approximately $115.5bn (market cap approximately $96.7bn + total debt approximately $19,474m, being $19,111m non-current plus $363m current at 30 June 2026, − cash of $697m). On a broader debt definition that includes finance leases and other obligations the figure is nearer $121bn. |
| Price/book | 3.03x (book value approximately $90.00 per share) |
| 52-week high | $412.70 |
| 52-week low | $228.63 |
| Short interest (% of float) | 3.29% (approximately 10.43m shares short against a free float of approximately 353.1m shares, settlement date 31 July 2026) |
| Days to cover | 3.28 days |
7. What Are They Building
Crane Clean Energy Center. The restart of the former Three Mile Island Unit 1 in Pennsylvania is the single most visible project. The Nuclear Regulatory Commission approved a fuel licence amendment, disclosed alongside second-quarter 2026 results in August 2026. In June 2026 the Federal Energy Regulatory Commission granted a waiver transferring 760 MW of capacity interconnection rights from the retired Eddystone units to Crane. A draft environmental assessment finding no significant impact went out for a 30-day public comment period that closed on 8 July 2026, with a final environmental determination expected in September 2026 and the operating-licence decision expected in May 2027. The project is underpinned by a twenty-year power purchase agreement with Microsoft for 835 MW and supported by a $1bn Department of Energy loan against an estimated $1.6bn restart cost.
Nuclear uprates. Constellation has outlined roughly 1 GW of uprate capacity across the existing fleet over about a decade, of which approximately 900 MW is customer-supported, at a capital cost cited at around $3.9bn. Work at Byron began in March 2026 for completion in 2028; Braidwood starts in spring 2027 for completion in 2029, with the two sites together adding 158 MW. A 30 MW uprate at Clinton is tied to the Meta agreement and completes in 2029, and a 30 MW expansion at Dresden sits behind the Walmart agreement.
Long-term contracted load. In the second quarter of 2026 the company signed an incremental 920 MW of long-term nuclear power purchase agreements with terms of fifteen to twenty years beginning between 2029 and 2032. That includes the Walmart agreement announced on 23 June 2026 for 176 MW at Dresden across two fifteen-year terms starting in 2029 and 2030.
Small modular reactors. Constellation Technology Ventures made its first investment in a small modular reactor developer, backing Blue Energy, which is pursuing a gas-to-nuclear siting strategy and raised $380m in April 2026 ahead of a final investment decision targeted for 2027.
Licence renewals and Calpine integration. On 26 June 2026 the company filed licence renewal applications for Ginna and Nine Mile Point Unit 1 to extend operations to 2049. Separately, the regulatory conditions attached to the Calpine transaction require divestitures to LS Power; the sale of the 606 MW Brazos Valley Energy Center in ERCOT for $860m before closing adjustments, announced in August 2026, was described as the last required disposal and is expected to complete by the end of 2026.
8. Competitive Position and Peers
Constellation competes with other large independent power producers for merchant generation margin and with regulated and hybrid utilities for large-load contracts. Market capitalisations below were re-checked on 24 August 2026.
| Peer | Market cap (August 2026) | Key 2025 metric |
|---|---|---|
| Vistra Corp (VST) | Approximately $45.7bn | Trailing twelve-month revenue of approximately $19.2bn and trailing EBITDA of approximately $6.6bn; the closest direct comparator on nuclear plus gas merchant generation. |
| Dominion Energy (D) | Approximately $58.6bn | Trailing twelve-month revenue of approximately $18.1bn and trailing EBITDA of approximately $8.3bn; a regulated utility with large Virginia data-centre load growth. |
| Public Service Enterprise Group (PEG) | Approximately $36.2bn | Trailing twelve-month revenue of approximately $12.5bn and trailing EBITDA of approximately $4.5bn; owns nuclear capacity in New Jersey within a regulated structure. |
| NRG Energy (NRG) | Approximately $23.8bn | Trailing twelve-month revenue of approximately $33.1bn and trailing EBITDA of approximately $3.3bn; larger revenue base but far thinner margin, weighted to retail and gas. |
| Talen Energy (TLN) | Approximately $15.1bn | Trailing twelve-month revenue of approximately $3.7bn; the pure-play nuclear-and-gas comparator following its own data-centre contracting at Susquehanna. |
The structural point is that Constellation's roughly 22 GW of nuclear capacity is several times the nuclear exposure of any listed competitive peer, which is why it has captured the largest share of announced long-term hyperscaler nuclear contracts.
9. Insider Activity
Joseph Dominguez is President and Chief Executive Officer and was elected Chairman of the Board effective 4 August 2026. Section 16 filings identified during this review for 2026 are set out below. The notable item is an open-market purchase by a newly appointed independent director within days of joining the board; the remaining entries are routine equity compensation rather than discretionary trades.
| Name | Date | Type | Shares | Price | Value | Plan Type |
|---|---|---|---|---|---|---|
| Roger W. Crandall (Director) | 11 Aug 2026 | Open-market purchase | 1,500 | Approximately $278.62 | Approximately $417,931 | Not disclosed as a Rule 10b5-1 plan |
| Charles L. Harrington (Director) | 28 Apr 2026 | Restricted stock unit grant | 556 | Grant, no purchase price | Compensation award | Board compensation plan; vests in full 28 Apr 2027 |
| Bradley M. Halverson (Director) | Apr 2026 | Deferred stock unit grant | 556 | Reference price approximately $305.71 | Compensation award | Board deferred compensation plan |
| Joseph Dominguez (President and CEO) | 9 Feb 2026 | Form 4 filed; transaction type not confirmed during this review | Not confirmed | Not confirmed | Not confirmed | Not confirmed |
No open-market sales by Section 16 officers were identified during this review. Readers should verify current filings directly against SEC Form 4 records rather than relying on this summary.
10. Key Risks
- Integration and leverage: non-current long-term debt roughly tripled between December 2025 and June 2026 to $19,111m as Calpine was consolidated, and the $21.8bn transaction must now deliver its operating and commercial benefits while the enlarged group refinances that debt through the rate cycle.
- Regulatory treatment of co-located load: the Federal Energy Regulatory Commission's December 2025 finding that PJM's tariff was unjust and unreasonable in respect of generators serving co-located data-centre load left the rules for that model unsettled, and the compliance outcome bears directly on how the hyperscaler contracts are priced and interconnected.
- Nuclear operating risk: earnings depend on high fleet capacity factors, and management explicitly attributed part of the second-quarter 2026 result to unfavourable nuclear outages. An extended unplanned outage at a large unit removes contracted output that must then be replaced at market prices.
- Power price and commodity exposure: the fleet is merchant. Hedging shifts the timing of that exposure rather than removing it, and unrealised fair-value movements on those hedges make GAAP results volatile quarter to quarter, as the divergence between $1.42 GAAP and $2.55 adjusted earnings per share in the second quarter of 2026 illustrates.
- Policy dependence: the Section 45U nuclear production tax credit materially underpins the downside case for the fleet. Any future change to the credit's level, duration or eligibility would alter the floor beneath a large share of group output.
- Project execution: the Crane restart still needs a final operating-licence decision expected in May 2027, and the uprate programme delivers capacity in stages through 2029. Slippage defers contracted revenue that customers have already been promised.
- Free cash flow conversion: trailing twelve-month free cash flow of roughly $309m is thin relative to the dividend and the equity valuation, and depends on capital expenditure moderating once the current build programme passes its peak.
11. Recent Developments
- 11 Aug 2026 — New director buys shares in the open market. Roger W. Crandall purchased 1,500 shares for approximately $417,931, at around $278.62 per share, within a week of joining the board.
- 5–6 Aug 2026 — Second-quarter results and a guidance raise. Revenue of $7,504m against $6,101m a year earlier; adjusted operating earnings of $2.55 per share against $1.91; GAAP diluted EPS of $1.42 against $2.67. Full-year 2026 adjusted operating earnings guidance was raised to $11.50–$12.50 per share from $11.00–$12.00. The company also confirmed Nuclear Regulatory Commission approval of the Crane fuel licence amendment, 920 MW of incremental long-term nuclear agreements signed in the quarter, and an agreement to sell the Brazos Valley Energy Center to LS Power for $860m.
- 4–5 Aug 2026 — Board changes. Joseph Dominguez was elected Chairman of the Board effective 4 August 2026. Roger Crandall, Chairman and Chief Executive of MassMutual, joined as an independent director effective 5 August 2026, and Charles L. Harrington became Lead Independent Director.
- 4 Aug 2026 — Quarterly dividend declared. The board declared $0.4265 per share, payable 4 September 2026 to holders of record at the close of business on 18 August 2026.
- 8 Jul 2026 — Crane environmental review comment period closes. The Nuclear Regulatory Commission's draft environmental assessment, which found no significant impact, completed its 30-day public comment period, with a final determination expected in September 2026.
- 26 Jun 2026 — Licence renewal applications filed. Applications were submitted for the Ginna and Nine Mile Point Unit 1 stations in New York to extend operations to 2049.
- 23 Jun 2026 — Walmart power purchase agreement. A long-term agreement for 176 MW from Dresden in Illinois across two fifteen-year terms beginning in 2029 and 2030, including a 30 MW capacity expansion at the site.
- 1 Jun 2026 — FERC waiver granted for Crane. The commission approved the transfer of 760 MW of capacity interconnection rights from Eddystone Units 3 and 4 to the Crane Clean Energy Center.
- 7 May 2026 — First small modular reactor investment. Constellation Technology Ventures backed Blue Energy, a developer pursuing modular light-water reactors, which raised $380m in April 2026.
- 7 Jan 2026 — Calpine acquisition completed. Constellation acquired 100% of Calpine's equity for a purchase price of approximately $21.8bn, adding roughly 23 GW of predominantly gas, geothermal, battery and solar capacity and a retail platform serving around 62 TWh of load annually, taking group capacity to approximately 55 GW.
12. Key Dates to Watch
- 4 Sep 2026 — Payment date for the $0.4265 per share quarterly dividend declared on 4 August 2026, to holders of record at 18 August 2026.
- Expected Sep 2026 — Final Nuclear Regulatory Commission environmental determination for the Crane Clean Energy Center restart, following the draft environmental assessment.
- Expected Nov 2026 — Third-quarter 2026 results. The company has reported third-quarter results in the first week of November in each of the past three years but has not yet issued a dated announcement for 2026.
- Expected Dec 2026 — Completion of the $860m sale of the Brazos Valley Energy Center to LS Power, described as the final divestiture required under the Calpine regulatory commitments.
- Expected Jan 2027 — Initiation of full-year 2027 adjusted operating earnings guidance, consistent with the company's practice of issuing guidance in early January.
- Expected May 2027 — Nuclear Regulatory Commission decision on the Crane Clean Energy Center operating licence, the gating item for restart.
- Expected 2028 — Completion of the Byron uprate, with the Braidwood uprate and the Clinton uprate completing in 2029.
Discussion of Constellation and the wider power and nuclear complex takes place on the ChartsView Forum.
Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.