NextEra Energy Q3 Adjusted EPS Rises 9.7% as Backlog Reaches 36.7 GW

NextEra Energy (NEE ) on Oct. 21, 2026, reported third-quarter net income attributable to the company on a GAAP basis of $4.775 billion, or $2.28 per share, compared with $2.438 billion, or $1.18 per share, in the third quarter of 2025. On an adjusted basis, earnings were $2.592 billion, or $1.24 per share, compared with $2.348 billion, or $1.13 per share, a year earlier, according to the company’s third-quarter 2026 earnings release.

Chairman, President and Chief Executive Officer John Ketchum said adjusted earnings per share increased 9.7% year-over-year, “reflecting continued strong financial and operational performance at both FPL and NextEra Energy Resources.” Operating revenues for the quarter were $8.090 billion, compared with $7.966 billion in the prior-year quarter, per the unaudited condensed consolidated statements attached to the release. The largest reconciling item between the GAAP and adjusted figures was a $3.005 billion pretax reduction for net gains associated with non-qualifying hedges, including $2.623 billion recorded in Corporate and Other. Adjusted earnings exclude the effects of non-qualifying hedges, XPLR Infrastructure, LP (XIFR ) net investment gains, changes in unrealized gains and losses on equity securities held in NextEra Energy Resources’ nuclear decommissioning funds and other-than-temporary impairments, and merger-related expenses, which totaled $19 million in the quarter.

FPL Results and Hurricane Isaias Restoration

Florida Power & Light reported third-quarter 2026 net income of $1.62 billion, or $0.77 per share, compared with $1.463 billion, or $0.71 per share, in the prior-year quarter. The release attributes FPL’s growth primarily to continued capital investment: quarterly capital expenditures were approximately $2.4 billion, full-year capital investments are expected to reach approximately $12 billion, and regulatory capital employed increased approximately 9.2% from the prior-year quarter. The company states that FPL’s typical residential bill is approximately 37% below the national average and is projected to increase only 2% annually, on average, through the end of the decade; that its non-fuel operations and maintenance cost is more than 70% lower than the industry average on a dollar-per-megawatt-hour basis; and that its reliability is more than 60% better than the national average.

The release also detailed FPL’s response to Hurricane Isaias, which exited the utility’s service area early Saturday morning, Oct. 10, 2026. FPL assembled a restoration workforce of approximately 17,000 from 29 states and restored power to more than 97% of affected customers by the following Tuesday. Citing early forensic analysis, the company said no hardened transmission or distribution pole failed during the storm, underground neighborhood power lines performed approximately 14 times better than overhead lines, and smart-grid technology avoided approximately 140,000 outages.

Energy Resources Segment and Nuclear Developments

NextEra Energy Resources reported third-quarter GAAP net income attributable to NextEra Energy of $1.491 billion, or $0.71 per share, compared with $1.275 billion, or $0.62 per share, a year earlier. Adjusted earnings were $1.247 billion, or $0.59 per share, compared with $1.102 billion, or $0.53 per share. The segment added 3.7 gigawatts of renewables and storage to its backlog during the quarter, including 2.4 GW of battery storage, bringing the backlog to approximately 36.7 GW after accounting for 1.8 GW of projects placed into service since the second-quarter 2026 results call in July.

The segment’s regulated and invested capital, along with secured capital expenditures across electric and gas transmission, has increased roughly 25% to approximately $12.7 billion since December 2025. During the quarter, it formed a joint venture with Chesapeake Utilities Corporation (CPK ) to build a $1.2 billion, 97-mile intrastate natural gas pipeline in South Florida. It also signed definitive agreements for three federal hub projects, two in Texas and one in Pennsylvania, totaling approximately 16.5 GW, and has secured $5.7 billion in initial funding year-to-date; for those projects, the company expects to develop, build and operate for fees without investing capital. Separately, NextEra Energy in July joined a coalition partnership to develop a data center campus at the U.S. Department of Energy’s Paducah Site in Western Kentucky, where it expects to build and own up to 2 GW of natural gas generation and up to 2.6 GW of battery storage. Its development pipeline of 30 potential hubs is expected to rise to 40 by year-end, the company said.

On nuclear, the Duane Arnold plant in Iowa remains on track to reenter service no later than the first quarter of 2029, and the company closed a U.S. Department of Energy loan of up to $1.9 billion during the quarter to support the restart. The segment also executed a 20-year power purchase agreement for approximately 1 GW of output from its Point Beach nuclear plant in Wisconsin, subject to approval by the Public Service Commission of Wisconsin; the company said the plant’s full output is now contracted into the 2050s, and its year-to-date renewables and nuclear recontracting total is nearly 2.4 GW.

Corporate and Other results increased $0.95 per share on a GAAP basis and decreased $0.01 per share on an adjusted basis compared with the prior-year quarter.

Dominion Combination Status and Outlook

NextEra Energy and Dominion Energy (D ) continue to advance their pending combination. Shareholders of both companies approved the transaction on Sept. 3, 2026, satisfying a closing condition. Procedural schedules in Virginia and South Carolina set hearings for November and December, respectively, with final orders expected in January 2027; the North Carolina Utilities Commission scheduled expert witness hearings beginning in February 2027, and federal reviews are underway. The companies continue to expect the combination to close in the second half of 2027.

In September 2026, NextEra Energy announced an enhanced Virginia benefits package that doubled residential bill credits from two years to four, added $100 million of shareholder-funded support for Dominion Energy’s customer bill assistance program through 2038, provided $100 million for workforce development, and created a Virginia supplier program of up to $5 billion through spending commitments over five years. The company also committed to 600 new jobs in Virginia working from a new shareholder-funded co-headquarters tower in downtown Richmond and said it has secured letters of intent for at least 400 additional jobs, bringing the total to 1,000. As announced in May, the combined company is expected to support approximately 11% annual growth in regulatory capital employed through 2032 and adjusted earnings per share growth of 9% or more through 2032, with the same target through 2035, all off a 2025 base.

NextEra Energy left its long-term financial expectations unchanged. It continues to expect 2026 adjusted earnings per share of $3.92 to $4.02 and is targeting the high end of that range, and it continues to expect compound annual adjusted EPS growth of 8% or more through 2032, targeting the same rate from 2032 through 2035, off the 2025 base of $3.71. It also continues to expect dividends per share to grow roughly 10% per year through 2026 off a 2024 base and 6% per year from year-end 2026 through 2028.

For the first nine months of 2026, GAAP net income attributable to NextEra Energy was $10.102 billion, or $4.82 per share, compared with $5.300 billion, or $2.57 per share, a year earlier; adjusted earnings were $7.274 billion, or $3.47 per share, compared with $6.549 billion, or $3.17 per share. Nine-month operating cash flow was $12.322 billion, compared with $9.986 billion in the prior-year period, and total assets stood at $245.052 billion at Sept. 30, 2026, compared with $212.721 billion at Dec. 31, 2025, according to the attached statements. The results were posted on the company’s newsroom with materials available from 7:30 a.m. ET, and the earnings conference call was scheduled for 9 a.m. ET on Oct. 21, 2026, with a replay available for 90 days.