Q2 2026 results
| Metric | Result | Change |
|---|---|---|
| GAAP earnings per share | $1.42 | Not stated |
| Adjusted operating earnings per share | $2.55 | $0.64 higher than second quarter last year |
| Nuclear capacity factor | 93% | 1.8% lower than second quarter of 2025 |
| Illinois ZEC bank credits | $85 million | Compared with $200 million last year |
Guidance and outlook
- We are raising our full year adjusted operating earnings guidance range to $11.50 per share to $12.50 per share, up from our prior range of $11 to $12 per share.
How management sounded
Positive (+7 on our -10 to +10 scale). Management raised full-year guidance by $0.50 and highlighted strong operational performance and progress on long-term nuclear agreements. Management sounded more upbeat than on 48% of the 190 calls we cover; most companies sound positive on their own calls, so the comparison says more than the label.
Q&A summary
Nuclear deal details
Asked: An analyst asked if the new long-term nuclear deal is with a hyperscaler or traditional C&I and if it is incremental to the Walmart deal.
Answer: Management declined to specify the customer but confirmed the deal is consistent with their view of long-term value for the nuclear fleet.
PJM bilateral process
Asked: An analyst asked about the bilateral process in PJM and if hybrid deals are in play.
Answer: Management stated that all opportunities to add megawatts are being discussed with customers and that hybrid solutions mixing new capacity, existing generation, and batteries are part of the strategy.
ERCOT market
Asked: An analyst asked about the outlook for power prices and spark spreads in ERCOT and the impact of battery storage.
Answer: Management noted that battery storage arrived on the grid earlier than load, but expects the market to tighten as data centers currently under construction come online.
Co-location process
Asked: An analyst asked about the next steps and timing for the co-location process in PJM.
Answer: Management expects rule clarity in the first to second quarter of 2027 and anticipates a response from PJM in the November time frame.
What to watch before the next call
- PJM and FERC regulatory decisions regarding reliability backstop procurement and co-location rules.
- The outcome of the bilateral matchmaking process for the 6.8 gigawatt reliability backstop procurement target.
- Progress on the restart of the Crane facility, which is slated for the second half of 2027.
