Constellation Energy Forecasts Lower Profit, Boosts Buybacks

Constellation Energy, a major U.S. power company, has projected its adjusted profit for 2026 to fall below analyst expectations. This forecast was released on Tuesday, alongside the announcement that the company has increased its total share buyback authorization to $5 billion.

This development comes as U.S. power consumption is expected to continue its upward trend. Following a second consecutive record high in 2025, consumption is predicted to rise again this year and next. The U.S. Energy Information Administration highlighted this trend in its recent Short-Term Energy Outlook.

The significant increase in electricity demand is attributed to several factors. The rapid build-out of data centers supporting artificial intelligence services and cryptocurrency operations is a primary driver. Additionally, a growing shift by homes and businesses toward electric heating and transportation is contributing to the surge.

The Baltimore, Maryland-based Constellation Energy forecast an adjusted profit between $11 per share and $12 per share for 2026. The midpoint of this range is slightly lower than the consensus estimate of $11.6 per share from financial analysts.