Constellation Energy to supply nuclear power to Walmart facility under 15-year deal

Constellation Energy has secured a 15-year nuclear power purchase agreement with Walmart, continuing its run of high-profile corporate clean energy deals following its prior agreements with Microsoft and others. CEG reported FY2025 revenue of $25.5B (+8.3% YoY) with a 9.1% net margin, and long-duration PPAs with creditworthy counterparties like Walmart directly underpin earnings visibility. The deal size has not been publicly disclosed, which limits the ability to size the revenue impact precisely.

The second-order setup is whether this accelerates re-rating of CEG as the dominant nuclear PPA counterparty for large corporates — a scarce-asset story in a tight clean baseload market. Watch for deal size disclosure, any analyst price-target revisions, and whether WMT signals broader nuclear procurement ambitions that could benefit CEG's remaining uncontracted capacity.