Key Highlights

● Constellation reported adjusted Earnings of $5.06 a share versus $3.85 expected.

● Constellation Revenue of $9.55 billion topped the $9.37 billion estimate.

● NRG reported adjusted earnings of $4.68 a share.

● NRG agreed to sell gas plants in a $4 billion deal.

Most of Monday's market narrative centered on AI chips and falling oil. But the clearest earnings wins of the day came from a less glamorous corner: power generation. Before the open on Monday, November 9, 2026, Constellation Energy (NASDAQ:CEG) and NRG Energy (NYSE:NRG) both blew past Wall Street's forecasts.

Constellation reported adjusted earnings of $5.06 a share, far above the $3.85 analysts expected, according to its 8-K filing. Revenue of $9.55 billion topped the $9.37 billion estimate. NRG reported adjusted earnings of $4.68 a share against expectations of $3.33, with adjusted EBITDA of $2.013 billion.

Market data said Constellation's shares soared after the summer quarter's profit and revenue beat expectations, and the stock was among the session's standout large-cap gainers.

Guidance and a $4 billion sale

The details made the beats more convincing. Constellation raised its full-year 2026 guidance to $12.50 to $12.80 a share, above the roughly $12.15 Wall Street had expected, reports said. Not every line was perfect: adjusted Operating Income of $1.792 billion fell short of the $2.164 billion estimate. But investors focused on the higher outlook.

NRG paired its results with a portfolio move. The company agreed to sell six gas-fired plants, totaling 4.9 gigawatts, to LS Power for $4 billion in cash, according to news reports. NRG shares climbed. The deal hands NRG a sizable sum at a time when investors are intensely focused on power Supply for data centers.

Why power is an AI story

Investors increasingly treat electricity producers as part of the AI trade. Data centers consume enormous amounts of power, and reports noted that Constellation is benefiting from deals to supply Big Tech data centers. That link is why the sector was hit hard after the November 3 midterms, when investors feared the new Democratic majorities in Congress could restrict data-center construction, and why it bounced so sharply on Monday.

Peers joined in. Vistra (NYSE:VST) climbed and Bloom Energy (NYSE:BE) soared, according to market coverage. Kodiak Gas Services (NYSE:KGS), which provides Natural Gas compression, jumped after record third-quarter results and a higher 2026 adjusted EBITDA target of $840 million to $860 million, reports said.

The wider earnings picture

Monday's power beats stood out in a season where surprises have been frequent but small. Market data reports that the aggregate earnings beat across the S&P 500 is only about a third of the five-year average, which made Constellation's wide Margin all the more striking. Blended earnings growth for the index is running at nearly a third from a year earlier, reports said.

The market overall had a stellar session. The S&P 500 jumped 173.08 points to 7,549.94, its best day since April 8, with industrials leading all 11 sectors higher. Oil's slide, with Brent Crude down $5.75 to $92.57, helped calm Inflation worries, though it left the energy sector as the day's laggard.

Power Demand Meets Politics

For NRG, investors will follow the timing of the LS Power sale. For Constellation, the focus will be on new data-center supply agreements and how its higher guidance holds up. The broader power group will take cues from this week's AI-cloud reports from CoreWeave and Nebius, and from Nvidia's results on November 17. Politics remain a risk: voters blame data centers for higher power bills, an issue the new Congress may take up. Tuesday's October Consumer Price Index will also matter for rate-sensitive utilities.