NextEra Energy, Inc. (NEE) Earnings

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Sep 2026upcoming

Next quarter

Expected to report Oct 27, 2026 — estimated from last year’s reporting date.

Consensus is $1.24 EPS for Sep 2026 across 4 estimates, ranging $1.12 to $1.40.

NEE Jun 2026

Reported Jul 24, 2026

: 5.50%
: -1.06%

: $1.09
: $1.15
: —
: —

Highlights

Earnings beat: Second-quarter adjusted EPS was $1.15, ahead of the $1.09 consensus by 5.5%, while GAAP EPS was $1.50 versus $0.98 a year earlier.
Year-over-year growth: Revenue increased 12.4% to $7.53 billion, operating income rose 17.1% to $2.24 billion, and adjusted EPS grew 9.5% from $1.05.
FPL execution: Florida Power & Light net income rose 10.7% to $1.412 billion as regulatory capital employed increased approximately 9.3% year over year; quarterly capital expenditures were approximately $2.8 billion.
Large-load demand: FPL has approximately 21 GW of hyperscaler and other large-load interest, including 12 GW in advanced discussions, with some potential service beginning as soon as 2028.
Renewables and storage backlog: NextEra Energy Resources added 3.6 GW to its backlog, including 2 GW of battery storage, lifting total backlog to approximately 35.1 GW after 1.1 GW of projects entered service.
Merger progress: NextEra and Dominion filed merger applications with Virginia, North Carolina, South Carolina, FERC and the NRC; shareholder meetings are expected in early September and closing is targeted for the second half of 2027.
Guidance maintained: NextEra continues to expect 2026 adjusted EPS of $3.92-$4.02 and is targeting the high end, with adjusted EPS growth of 8% or more annually through 2032 and the same target through 2035.
Capital intensity: Six-month operating cash flow was $7.28 billion versus $5.96 billion a year earlier, while investing outflows increased to $19.11 billion from $13.55 billion, including $5.78 billion of FPL capital expenditures and $13.34 billion of NEER investments.

Analysis

NextEra Energy delivered a solid second quarter, with adjusted EPS of $1.15 beating the $1.09 consensus by 5.5%. Revenue rose to $7.53 billion from $6.70 billion a year earlier and $6.10 billion in the first quarter, while operating income increased to $2.24 billion from $1.91 billion in the prior-year quarter and $2.21 billion in Q1. GAAP net income attributable to NextEra was $3.144 billion, or $1.50 per share, versus $2.028 billion, or $0.98, a year ago.

The print was defined by broad execution across the two operating platforms. FPL net income increased 10.7% to $1.412 billion, supported by capital investment and 9.3% growth in regulatory capital employed, while customer additions exceeded 90,000. NEER adjusted earnings rose to $1.291 billion from $1.091 billion, helped by new investment and a strong 3.6 GW renewables and storage origination quarter. The company also advanced the proposed Dominion combination into formal regulatory review. Despite heavier investment and financing needs, management left its 2026 EPS range unchanged at $3.92-$4.02 and continues to target at least 8% annual adjusted EPS growth through 2035.

Quarterly earnings

The quarter combined a clean adjusted beat with a much stronger GAAP result than the prior-year period. Revenue and operating income also improved sequentially from the first quarter, although earnings remain affected by volatile hedge and investment mark-to-market items.

Adjusted result: Adjusted earnings were $2.407 billion, or $1.15 per diluted share, up 9.5% from $1.05 in the second quarter of 2025 and ahead of the $1.09 consensus.
GAAP result: Net income attributable to NextEra was $3.144 billion, or $1.50 per share, compared with $2.028 billion, or $0.98, a year earlier. The quarter included gains from non-qualifying hedges and unrealized investment gains, while $32 million of merger-related expenses was excluded from adjusted earnings.
Sequential comparison: Revenue increased from $6.10 billion in Q1 2026 to $7.53 billion, operating income rose from $2.21 billion to $2.24 billion, and reported diluted EPS increased from $1.04 to $1.50.

FPL regulated growth

FPL remained the steadier earnings engine, with growth tied primarily to capital deployment rather than a change in the customer affordability proposition. The utility is investing heavily to serve Florida's population and emerging large-load demand while maintaining reliability and comparatively low bills.

Earnings and investment: FPL net income increased to $1.412 billion from $1.275 billion, while quarterly capital expenditures were approximately $2.8 billion. Full-year capital investments are expected at $12 billion-$13 billion.
Rate-base growth: Regulatory capital employed grew approximately 9.3% year over year. FPL added more than 90,000 customers during the quarter.
Customer economics: The typical residential bill remains approximately 30% below the national average, and FPL projects average bill increases of only 2% annually through the end of the decade. Non-fuel O&M is more than 70% better than the industry average per megawatt-hour, while reliability is more than 60% better than the national average.
Large-load pipeline: FPL has approximately 21 GW of large-load interest, with 12 GW in advanced discussions. Management expects to announce at least one large-load transaction under its tariff by year-end.

Renewables and storage

NEER's quarter showed continued demand for contracted clean energy and storage, with backlog expansion providing visibility into future development activity. The segment also advanced nuclear and transmission projects that broaden the platform beyond wind and solar.

Backlog expansion: NEER added 3.6 GW of new renewables and storage projects, including 2 GW of battery storage. Total backlog reached approximately 35.1 GW after 1.1 GW of projects were placed in service since the first-quarter results call.
Segment earnings: NEER adjusted earnings increased to $1.291 billion, or $0.62 per share, from $1.091 billion, or $0.53 per share. GAAP net income rose to $1.634 billion from $983 million.
Duane Arnold: The company completed the acquisition of the remaining 30% minority interest in the Duane Arnold nuclear plant, becoming its sole owner, and remains on track to return the facility to service no later than the first quarter of 2029.
Transmission: NextEra energized a 137-mile, 345-kV New Mexico transmission line ahead of schedule and on budget. It expects the project to reduce typical residential bills by approximately $13 per month in 2031 based on an independent study.

Dominion transaction

The proposed Dominion combination moved from announcement to regulatory review during the quarter. The transaction adds an important execution and approval process to an otherwise unchanged operating outlook.

Regulatory filings: On July 15, the companies filed for approval with the Virginia State Corporation Commission, the North Carolina Utilities Commission, the South Carolina commission, FERC and the NRC. Virginia's filing began the state's statutory six-month review.
Shareholder process: NextEra's Form S-4 became effective on July 23, and both companies expect to distribute proxy materials shortly. Special shareholder meetings are anticipated in early September.
Timing and targets: Closing remains expected in the second half of 2027, subject to approvals and customary conditions. The proposed combined company is expected to support approximately 11% annual growth in regulatory capital employed through 2032 and at least 9% adjusted EPS growth through 2032 and through 2035.
Customer benefits: If approved and completed, Dominion customers would receive $2.25 billion of shareholder-funded bill credits.

Outlook and funding

Management maintained its earnings and dividend framework while funding a larger investment program through a combination of operating cash flow and debt. The balance sheet reflects the scale of the buildout and the pending transaction.

Guidance: 2026 adjusted EPS remains $3.92-$4.02, with management targeting the high end. The company continues to target adjusted EPS growth of 8% or more annually through 2032 and from 2032 through 2035, based on the 2025 adjusted EPS base of $3.71.
Dividends: NextEra continues to expect approximately 10% annual dividend-per-share growth through 2026 from the 2024 base, followed by 6% annual growth from year-end 2026 through 2028. The quarterly dividend was $0.6232 per share.
Cash generation and investment: Six-month operating cash flow rose to $7.276 billion from $5.958 billion. Investing cash outflows increased to $19.113 billion, including $5.780 billion at FPL and $13.338 billion of NEER independent power and other investments.
Balance sheet: Total assets increased to $232.8 billion at June 30 from $212.7 billion at year-end 2025, while long-term debt including the current portion rose to $104.2 billion from $93.1 billion.

NextEra Energy, Inc.

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