NextEra Energy, Inc.
NEE · NYSE
Next quarter
Expected to report Jan 26, 2027 — estimated from last year’s reporting date.
Consensus is $0.59 EPS for Dec 2026 across 5 estimates, ranging $0.49 to $0.76.
NEE Sep 2026
- 3.33%
- $1.20
- $1.24
- —
- —
Highlights
- Adjusted earnings: Q3 adjusted EPS was $1.24, up 9.7% from $1.13 a year ago and 3.3% above the $1.20 consensus.
- GAAP results: Net income attributable to NextEra Energy nearly doubled to $4.775 billion from $2.438 billion; diluted EPS was $2.28 versus $1.18, amplified by large mark-to-market hedge gains.
- FPL: Net income rose 10.7% to $1.62 billion, or $0.77 per share; regulatory capital employed grew 9.2% year over year as quarterly capital spending reached approximately $2.4 billion.
- Resources backlog: NextEra Energy Resources added 3.7 GW of renewables and storage, including 2.4 GW of battery storage, bringing its backlog to approximately 36.7 GW after 1.8 GW entered service.
- Large-load opportunities: Resources has definitive agreements for three federal hub projects totaling approximately 16.5 GW and secured $5.7 billion in initial funding year to date; it expects to develop them for fees without investing capital.
- Dominion combination: Shareholders of both companies approved the pending combination in September; regulatory reviews continue, with a second-half 2027 closing expected.
- Guidance: NextEra Energy kept its 2026 adjusted EPS range at $3.92–$4.02 and is targeting the high end; nine-month adjusted EPS was $3.47.
Analysis
NextEra Energy delivered a modest adjusted-earnings beat, with Q3 adjusted EPS of $1.24 versus $1.20 consensus and $1.13 a year ago, as both FPL and NextEra Energy Resources grew. GAAP EPS of $2.28, up from $1.18, tells a much less representative story: net income attributable to the company increased to $4.775 billion from $2.438 billion, with results materially affected by non-qualifying hedge marks. Sequentially, reported GAAP EPS rose from $1.50 in Q2 to $2.28; the large move should be read in that context rather than as a comparable change in underlying earnings. Revenue increased 1.6% year over year to $8.09 billion, while operating income rose to $2.62 billion from $2.53 billion.
The operating story was steady regulated growth at FPL alongside continued development momentum at Resources. FPL’s net income advanced 10.7%, supported by capital investment and 9.2% growth in regulatory capital employed, while the company highlighted grid resilience during Hurricane Isaias. Resources added 3.7 GW to its renewables and storage backlog and advanced large-load, transmission and nuclear opportunities. The Dominion combination also moved forward after shareholder approval, though regulatory proceedings remain underway. Management left its 2026 adjusted EPS outlook unchanged at $3.92–$4.02, targeting the high end, and reiterated its long-term adjusted EPS growth targets.
Earnings and hedge effects
Adjusted EPS rose 9.7% year over year to $1.24, slightly above the $1.20 analyst consensus. FPL and Resources both contributed to the increase, while adjusted Corporate and Other results declined $0.01 per share. GAAP performance was far more volatile: net income attributable to NextEra Energy reached $4.775 billion, or $2.28 per diluted share, versus $2.438 billion and $1.18 a year earlier. A $3.005 billion pretax adjustment for non-qualifying hedge gains was excluded from adjusted earnings; interest-rate contract gains were a major source of the quarter’s GAAP volatility. Revenue was $8.09 billion and operating income $2.62 billion, compared with $7.97 billion and $2.53 billion in Q3 2025.
FPL investment and reliability
- Earnings and capital: FPL earned $1.62 billion, or $0.77 per share, compared with $1.463 billion, or $0.71, a year ago. Quarterly capital expenditures were approximately $2.4 billion; full-year investment is expected to be approximately $12 billion, supporting 9.2% year-over-year growth in regulatory capital employed.
- Affordability: FPL said its typical residential bill is approximately 37% below the national average and is projected to rise an average of 2% annually through decade-end. Non-fuel O&M per megawatt-hour is more than 70% below the industry average.
- Storm response: After Hurricane Isaias, FPL restored power to more than 97% of affected customers by Tuesday. Its early analysis found no failures among hardened transmission or distribution poles, underground neighborhood lines performed approximately 14 times better than overhead lines, and smart-grid technology avoided approximately 140,000 outages.
Resources growth pipeline
- Renewables and storage: Resources originated 3.7 GW of new backlog, including 2.4 GW of battery storage. Its backlog reached approximately 36.7 GW after 1.8 GW of projects entered service since the July Q2 update.
- Large-load projects: Definitive agreements cover three federal hubs in Texas and Pennsylvania totaling approximately 16.5 GW; $5.7 billion in initial funding has been secured year to date. Resources expects to develop, build and operate these projects for fees without investing capital. Separately, the Paducah data-center campus could require up to 2 GW of gas generation and 2.6 GW of battery storage; the company is discussing 30 potential hubs and expects that pipeline to reach 40 by year-end.
- Transmission and nuclear: Regulated and invested capital, together with secured electric and gas transmission capital expenditures, rose roughly 25% since December 2025 to approximately $12.7 billion. A joint venture will develop a $1.2 billion, 97-mile South Florida gas pipeline. Duane Arnold remains on track to return by Q1 2029, supported by a Department of Energy loan of up to $1.9 billion; a 20-year agreement for approximately 1 GW of Point Beach output would contract the plant’s full output into the 2050s, subject to state approval.
Dominion combination
Shareholders of both companies approved the proposed combination on September 3, satisfying an important closing condition. State and federal reviews are continuing: Virginia and South Carolina hearings are scheduled for November and December, with final orders expected in January 2027; North Carolina expert hearings are scheduled to begin in February 2027. The companies continue to expect closing in the second half of 2027. In Virginia, the enhanced benefits package includes four years of residential bill credits, an additional $100 million of shareholder-funded customer assistance through 2038, $100 million for workforce development, and a supplier program of up to $5 billion over five years. The company also committed to 600 new jobs and maintaining Virginia headcount for five years; supplier letters of intent could bring new jobs to 1,000 if the deal is approved. The proposed combined company targets approximately 11% annual growth in regulatory capital employed and 9%+ adjusted EPS growth through 2032.
Outlook and dividends
NextEra Energy maintained its 2026 adjusted EPS range of $3.92–$4.02 and said it is targeting the high end; adjusted EPS for the first nine months was $3.47. It reiterated adjusted EPS compound annual growth of 8% or more through 2032 and the same target from 2032 through 2035, both measured from the 2025 base of $3.71. The company also expects dividend-per-share growth of roughly 10% annually through 2026 from a 2024 base, followed by 6% annual growth from year-end 2026 through 2028.
