NextEra Energy reports third-quarter 2026 financial results

NextEra Energy reported third-quarter 2026 GAAP net income attributable to NextEra Energy of $4.775 billion, or $2.28 per share, and adjusted earnings of $2.592 billion, or $1.24 per share. Adjusted EPS increased 9.7% year-over-year from $1.13. Operating revenues were $8,090 million, compared with $7,966 million, while operating income was $2,624 million, compared with $2,527 million. The substantial difference between GAAP and adjusted earnings reflects excluded items that include non-qualifying hedges, nuclear decommissioning fund equity-security valuation changes and other than temporary impairments, XPLR Infrastructure investment gains, and merger-related expenses.

FPL reported third-quarter net income of $1.62 billion, or $0.77 per share, compared with $1.463 billion, or $0.71 per share. Management attributed growth primarily to disciplined capital investments. Third-quarter FPL capital expenditures were approximately $2.4 billion, regulatory capital employed increased by approximately 9.2% from the prior-year comparable quarter, and full-year capital investments are expected to be approximately $12 billion. FPL also cited a typical residential bill approximately 37% below the national average, non-fuel O&M more than 70% lower than the industry average on a dollar-per-megawatt-hour basis, and reliability more than 60% better than the national average.

NextEra Energy Resources generated third-quarter GAAP net income attributable to NextEra Energy of $1.491 billion, or $0.71 per share, and adjusted earnings of $1.247 billion, or $0.59 per share. The segment added 3.7 GW to its renewables and storage backlog, including 2.4 GW of battery storage originations, and reported a backlog of approximately 36.7 GW after 1.8 GW of projects were placed in service since the second-quarter results call. The segment is also pursuing large-load opportunities, including three definitive federal-hub agreements totaling approximately 16.5 GW and $5.7 billion in initial funding secured year-to-date.

Nine-month operating cash flow was $12,322 million, while net cash used in investing activities was $(26,986) million. FPL capital expenditures were $(8,160) million and NEER independent power and other investments were $(19,044) million. Financing activity included $18,232 million of long-term debt issuances, $(4,912) million of long-term debt retirements, $969 million of common stock/equity-unit issuances, $1,559 million of proceeds from sales of project minority interests, and $(3,907) million of common-stock dividends. Cash and cash equivalents were $5,579 million at September 30, 2026, and long-term debt was $97,125 million.

The 2026 adjusted EPS outlook remains $3.92 to $4.02, with management targeting the high end. Long-term adjusted EPS expectations remain an 8%+ compound annual growth rate through 2032 and the same target from 2032 through 2035, based on 2025 adjusted EPS of $3.71. The pending Dominion Energy combination is a central strategic item: shareholders approved the transaction on Sept. 3, regulatory reviews are in progress, and the companies continue to expect closing in the second half of 2027. The release also states that the combined company is expected to support approximately 11% annual growth in regulatory capital employed through 2032 and 9%+ adjusted EPS growth through 2032, with a 9%+ target through 2035, all off a 2025 base.