NextEra Energy delivered a strong second quarter with adjusted earnings per share of $1.15, reflecting continued operational and financial execution across both FPL and Energy Resources. Through the first six months of the year, our adjusted earnings per share increased 9.8% year-over-year. NextEra Energy continues to be well-positioned to deliver on its growth opportunities and its regulated and long-term contracted businesses in 2026 and beyond. NextEra Energy is uniquely positioned to meet the power demand needs of our customers because we have the scale, financial strength, supply chain, development expertise, and technology to build all forms of energy.
States shouldn't have to choose between economic growth and affordable electric bills. We believe FPL continues to be one of the best examples of how to serve rapid growth while keeping customer bills low and reliability high. That growth translates directly into electricity demand across our service area, including the Space Coast, and FPL is uniquely positioned to meet it. What differentiates FPL is that we don't choose between affordability, reliability, and serving growth.
Today, FPL's typical residential bill remains approximately 30% below the national average and is only projected to increase 2% annually on average through the end of the decade. In fact, during the quarter, FPL placed into service four new cost-effective solar sites to support Florida's growth. We remain on track to meet our full-year expectations to install approximately 900 MW of solar and over 1.4 GW of battery storage. Initially, we expect every gigawatt of large load under FPL's approved tariff to be equivalent to roughly $2 billion of CapEx and to earn the same return on equity as other FPL investments.
| Metric | Period | Current guidance |
|---|---|---|
| Adjusted EPS | FY2026 | $3.92-$4.02 unchanged; now targeting the high end |
| Adjusted EPS CAGR | through 2032 and 2032-2035 | 8%+ reaffirmed for both periods off the 2025 base of $3.71 |
| Dividends per share | through 2026 / 2026-2028 | ~10%/yr through 2026 (off 2024 base), then ~6%/yr from year-end 2026 through 2028 |
| FPL capital investment | FY2026 | $12B-$13B for the full year (~$2.8B spent in Q2) |
| FPL large-load expectations | by 2032 | 8 GW (12 GW in advanced discussions of ~21 GW of interest; at least one tariff transaction expected by year-end) |
| Energy Resources large-load generation | by 2035 | Base case of 15 GW, upside case of 30 GW+; federal hubs being raised from 30 to 40 by year-end |
| Metric | YoY | Note |
|---|---|---|
| Adjusted EPS (consolidated) | $1.15; H1 up 9.8% | Continued execution at both FPL and Energy Resources; on track for the high end of the full-year range. |
| Revenue (GAAP) | +12.4% to $7.53B | Regulated rate-base growth at FPL and expansion of the Energy Resources generation portfolio. |
| GAAP diluted EPS | $1.50 | Reported net income per share (above adjusted EPS of $1.15, reflecting mark-to-market and other items management excludes from adjusted results). |
| FPL EPS contribution | +$0.05 | ~9.3% growth in regulatory capital employed and a ~11.7% trailing-12-month regulatory ROE. |
| Energy Resources adjusted earnings | +~18% | New investment contributions up $0.09/share on power-generation growth; other drivers roughly flat net of one-time and timing items. |
| Renewables & storage backlog | 35.1 GW | 3.6 GW added in the quarter (2 GW storage) net of 1.1 GW placed in service; represents ~two-thirds of 2026-2029 development midpoint. |
| Recontracting pricing | +~$20/MWh premium, ~15-yr terms | Over 1,100 MW recontracted YTD in a tight supply-demand market, lifting portfolio terminal value. |
| FPL customer growth | +90,000 customers | Florida remains #1 in GDP growth and net migration; retail sales +0.4% (0.6% weather-normalized). |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| Large-load / data-center demand | 6 GW at FPL; hub strategy forming | FPL raised its large-load target to 8 GW by 2032 with ~21 GW of interest and 12 GW in advanced discussions (each GW ~$2B of CapEx at standard ROE); Energy Resources now has 30 potential hubs (rising to 40 by year-end) feeding a 15 GW base / 30 GW+ upside goal by 2035. | — |
| Dominion Energy merger | Announced May 2026 | Local conversations going well on a customer-first pitch (FPL bills 30%+ below national average, top-decile reliability); management still targets a second-half 2027 close and will look to accelerate where possible. | — |
| Battery storage optionality | Growth driver | Standalone/co-located pipeline exceeds 110 GW before expansions; storage can be built standalone, co-located on renewable sites, as grid solutions, or expanded from four- to eight-hour, and every gas-fired hub also enables behind-the-meter storage for reliability. | — |
| Vertical integration as a moat | Building capabilities | Renewables, storage, gas generation, potential nuclear, transmission, gas pipelines/laterals, retail energy and power/gas marketing (Symmetry acquisition makes NextEra the #3 U.S. gas marketer) combine into a full-suite offering few competitors can match, supporting a first-mover advantage in bring-your-own-generation. | — |
| Nuclear development | SMR work underway | Duane Arnold recommissioning is progressing well; any new nuclear (including SMRs) must use a commercial structure — an 'insurance tower' spreading risk across developer, customer, U.S. government, OEM and EPC — so NextEra does not bear cost-overrun risk. | — |
| Gas pipeline expansion | Limited greenfield since Mountain Valley | A senior hire from Energy Transfer now leads a renewed gas-pipeline push, with a substantial opportunity set around Southeast large-load demand and MVP expansions; NextEra will not participate in LNG, focusing on customer solutions instead. | — |
| Guidance conservatism vs S-4 | — | The Dominion S-4 shows Energy Resources adjusted EBITDA ~$4B higher in 2032 than the December investor conference, driven by better-than-forecast renewables/storage origination returns; management is not changing its 8%+ growth expectations and stands by them as best forecasts. | — |