| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | August 6, 2026 | 7/12 | 1 high, 5 medium flags | 1 | 0 | Call sheet → |
| Q1'26 | May 11, 2026 | 9/12 | 1 medium, 5 low flags | 4 | 1 | Call sheet → |
| Q4'25 | March 31, 2026 | 7/12 | 2 medium, 4 low flags | 4 | 1 | Call sheet → |
| Q3'25 | November 7, 2025 | 9/12 | 1 medium, 5 low flags | 3 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Pending | Expect clarity on PJM colocation and related rules by the end of the year Deadline (end of 2026) has not passed, but management's own updated target has slipped to Q1-Q2 2027 for the actual FERC order, a clear timeline revision worth tracking into Q3/Q4 calls. |
| Q2'26 | Delivered | FERC decision on Eddystone-to-Crane CIR transfer, facilitating a 2027 capacity credit FERC granted the waiver request this quarter, confirmed in prepared remarks. |
| Q2'26 | Pending | Affirmed FY2026 adjusted operating earnings guidance of $11.00-$12.00/share Fiscal year has not ended; guidance was revised upward to $11.50-$12.50/share this quarter, a raise, not a delivery or miss. |
| Q1'26 | Delivered | Investment grade balance sheet maintenance Moody's and S&P reaffirmed ratings, Calpine upgraded to investment grade |
| Q1'26 | Delivered | $2 per share Calpine EPS accretion Q1 results consistent with $2 full-year accretion target |
| Q1'26 | Delivered | 10% annual dividend growth Maintained in capital allocation framework |
| Q1'26 | Delivered | Base EPS growth of 20% CAGR through 2029 Maintained the 20% growth commitment with detailed modeling |
| Q1'26 | Pending | Continue to expect to start Crane unit in '27 Now hedging with 'working on that with PJM' and interconnection delay concerns |
| Q1'26 | Missed | Expected to be done with important transaction by business update call Explicitly said they're not ready to announce anything, blamed regulatory scrutiny and executive order |
| Q4'25 | Pending | Crane Clean Energy Center restart in 2027 Reaffirmed timeline despite PJM interconnection study delays, filing capacity transfer at FERC |
| Q4'25 | Delivered | Maintain investment-grade credit ratings S&P and Moody's affirmed ratings, Calpine upgraded to investment grade |
| Q4'25 | Exceeded | Demand response capability development Expanded from initial concept to 1,000MW target with Grid Beyond partnership |
| Q4'25 | Delivered | Continue nuclear uprates and license extensions 160MW Byron/Braidwood online, 900MW additional uprates identified |
| Q4'25 | Delivered | Calpine closing in Q4 2025 Transaction closed as promised, now providing combined guidance |
| Q4'25 | Missed | Far along on data economy transaction, past seventh-inning stretch Not only didn't close, but actively delayed due to regulatory complexity - timeline moved backward |
| Q3'25 | Delivered | Additional uprate engineering work completion 900 MW total pipeline confirmed with specific 190 MW at Calvert Cliffs identified |
| Q3'25 | Delivered | Asset sale process to commence for Calpine regulatory approval Actually delayed the process deliberately, feeling more confident about timeline |
| Q3'25 | Pending | Calpine close by end of year Still on track with DOJ as final approval, no impact seen from government issues |
| Q3'25 | Pending | 500 MW demand response under contract this year Target reiterated but no progress update on current contracts |
| Q3'25 | Delivered | Crane restart accelerated to second half of 2027 Confirmed on track with 70% staffing complete and major equipment secured |
| Q3'25 | Pending | One transaction 'past the seventh-inning stretch' to be completed Still claims same status but added hedging language about customer approval delays |
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