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NextEra Energy Q3 Earnings Beat on FPL Strength, Revenues Miss
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Key Takeaways
NextEra Energy's Q3 adjusted EPS rose 9.7% to $1.24, beating estimates, while revenues missed expectations.
FPL's net income grew 10.7% to $1.62 billion, driven by capital investments and customer additions.
NEE added 3.7 GW to its renewables backlog, maintained 2026 EPS guidance and advanced its Dominion deal.
NextEra Energy, Inc. (NEE - Free Report) reported third-quarter 2026 adjusted earnings of $1.24 per share, up 9.7% from $1.13 a year ago. The figure beat the Zacks Consensus Estimate of $1.20 by 3.3%. Strong contributions from Florida Power & Light (“FPL”) and NextEra Energy Resources supported earnings growth.
GAAP earnings per share were $2.28 compared with $1.18 in the year-ago quarter.
Total Revenues
Total operating revenues increased 1.6% year over year to $8.09 billion but missed the Zacks Consensus Estimate of $9.08 billion by 10.9%.
NextEra Energy, Inc. Price, Consensus and EPS Surprise
Operating revenues increased from $7.97 billion in the third quarter of 2025 to $8.09 billion in the reported quarter, primarily supported by higher revenues at FPL.
By segment, FPL generated $5.42 billion in operating revenues, up 2.6% year over year. NextEra Energy Resources contributed $2.52 billion, down 1.9% from the prior-year quarter. Corporate and Other revenues totaled $153 million compared with $115 million a year ago.
NextEra Energy's FPL Benefits From Capital Investments
FPL reported third-quarter net income of $1.62 billion, up 10.7% from $1.46 billion in the year-ago quarter. Earnings per share increased to 77 cents from 71 cents. Growth was primarily driven by continued disciplined capital investments.
FPL's regulatory capital employed increased approximately 9.2% year over year. Capital expenditures totaled approximately $2.4 billion during the quarter, while full-year investments are expected to reach approximately $12 billion. The utility added more than 86,000 customers year over year and increased its large-load expectations from 6 gigawatts (“GW”) to 8 GW by 2032.
NEE's Energy Resources Expands Development Backlog
NextEra Energy Resources reported adjusted earnings of $1.25 billion compared with $1.10 billion a year ago. Adjusted earnings per share increased to 59 cents from 53 cents, benefiting from contributions from new investments and existing energy assets.
NextEra Energy Resources added 3.7 GW of renewables and storage to its development backlog. During the quarter, the segment added approximately 2.4 GW of battery storage, 0.7 GW of wind and 0.6 GW of solar projects to its backlog. The total development backlog reached approximately 36.7 GW after accounting for projects placed into service and other changes.
The segment also expanded its regulated transmission investments. Regulatory and invested capital, along with secured capital expenditures across electric and natural gas transmission, increased approximately 25% to $12.7 billion since December 2025.
NextEra Energy's Expenses Decline, Operating Income Rises
Total operating expenses were $5.51 billion, down 1.3% from $5.58 billion in the year-ago quarter. Lower depreciation and amortization expenses, which declined to $1.65 billion from $2.10 billion, supported the decrease.
However, fuel, purchased power and interchange expenses increased to $1.70 billion from $1.42 billion. Other operations and maintenance expenses increased to $1.43 billion from $1.41 billion. Operating income rose 3.8% year over year to $2.62 billion.
NEE's Financial Position Supports Investment Activity
As of Sept. 30, 2026, NextEra Energy reported cash and cash equivalents of $5.58 billion and total assets of $245.05 billion. Long-term debt stood at $97.13 billion, while total equity was $72.87 billion.
During the first nine months of 2026, net cash provided by operating activities totaled $12.32 billion compared with $9.99 billion in the year-ago period. Net cash used in investing activities was $26.99 billion, while financing activities provided $17.52 billion.
NextEra Energy Maintains Outlook, Advances Dominion Deal
NextEra Energy maintained its 2026 adjusted earnings per share guidance of $3.92-$4.02 and continues to target the high end of the range. The company expects adjusted earnings per share growth of at least 8% annually through 2032 and targets the same growth rate through 2035, using 2025 adjusted earnings of $3.71 per share as the base. The Zacks Consensus Estimate for 2026 EPS is currently pegged at $4.03.
The company also continues to advance its pending combination with Dominion Energy following shareholder approval in September. Subject to regulatory approvals, the transaction is expected to close in the second half of 2027. The combined company is expected to deliver adjusted earnings per share growth exceeding 9% annually through 2032.
Xcel Energy (XEL - Free Report) is set to release third-quarter 2026 results on Oct. 29. The Zacks Consensus Estimate for earnings per share is pegged at $1.35.
XEL’s long-term (three-to-five years) earnings growth rate is 7.29%. The Zacks Consensus Estimate for third-quarter earnings per share indicates year-over-year growth of 8.87%.
Dominion Energy (D - Free Report) is scheduled to announce third-quarter 2026 results on Oct. 30. The Zacks Consensus Estimate for earnings per share is pegged at $1.17.
The consensus estimate for third-quarter earnings per share indicates growth of 10.38% from the prior-year actual.
Exelon Corporation (EXC - Free Report) is scheduled to announce third-quarter 2026 results on Oct. 30. The Zacks Consensus Estimate for earnings is pegged at 80 cents per share.
Exelon’s long-term earnings growth rate is estimated at 6.39%. The Zacks Consensus Estimate for second-quarter earnings per share indicates a decline of 6.98% from the year-earlier level.
View the Zacks #1 Rank List
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NextEra Energy Q3 Earnings Beat on FPL Strength, Revenues Miss
Key Takeaways
NextEra Energy, Inc. (NEE - Free Report) reported third-quarter 2026 adjusted earnings of $1.24 per share, up 9.7% from $1.13 a year ago. The figure beat the Zacks Consensus Estimate of $1.20 by 3.3%. Strong contributions from Florida Power & Light (“FPL”) and NextEra Energy Resources supported earnings growth.
GAAP earnings per share were $2.28 compared with $1.18 in the year-ago quarter.
Total Revenues
Total operating revenues increased 1.6% year over year to $8.09 billion but missed the Zacks Consensus Estimate of $9.08 billion by 10.9%.
NextEra Energy, Inc. Price, Consensus and EPS Surprise
NextEra Energy, Inc. price-consensus-eps-surprise-chart | NextEra Energy, Inc. Quote
NEE's Revenue Mix Reflects Mixed Segment Performance
Operating revenues increased from $7.97 billion in the third quarter of 2025 to $8.09 billion in the reported quarter, primarily supported by higher revenues at FPL.
By segment, FPL generated $5.42 billion in operating revenues, up 2.6% year over year. NextEra Energy Resources contributed $2.52 billion, down 1.9% from the prior-year quarter. Corporate and Other revenues totaled $153 million compared with $115 million a year ago.
NextEra Energy's FPL Benefits From Capital Investments
FPL reported third-quarter net income of $1.62 billion, up 10.7% from $1.46 billion in the year-ago quarter. Earnings per share increased to 77 cents from 71 cents. Growth was primarily driven by continued disciplined capital investments.
FPL's regulatory capital employed increased approximately 9.2% year over year. Capital expenditures totaled approximately $2.4 billion during the quarter, while full-year investments are expected to reach approximately $12 billion. The utility added more than 86,000 customers year over year and increased its large-load expectations from 6 gigawatts (“GW”) to 8 GW by 2032.
NEE's Energy Resources Expands Development Backlog
NextEra Energy Resources reported adjusted earnings of $1.25 billion compared with $1.10 billion a year ago. Adjusted earnings per share increased to 59 cents from 53 cents, benefiting from contributions from new investments and existing energy assets.
NextEra Energy Resources added 3.7 GW of renewables and storage to its development backlog. During the quarter, the segment added approximately 2.4 GW of battery storage, 0.7 GW of wind and 0.6 GW of solar projects to its backlog. The total development backlog reached approximately 36.7 GW after accounting for projects placed into service and other changes.
The segment also expanded its regulated transmission investments. Regulatory and invested capital, along with secured capital expenditures across electric and natural gas transmission, increased approximately 25% to $12.7 billion since December 2025.
NextEra Energy's Expenses Decline, Operating Income Rises
Total operating expenses were $5.51 billion, down 1.3% from $5.58 billion in the year-ago quarter. Lower depreciation and amortization expenses, which declined to $1.65 billion from $2.10 billion, supported the decrease.
However, fuel, purchased power and interchange expenses increased to $1.70 billion from $1.42 billion. Other operations and maintenance expenses increased to $1.43 billion from $1.41 billion. Operating income rose 3.8% year over year to $2.62 billion.
NEE's Financial Position Supports Investment Activity
As of Sept. 30, 2026, NextEra Energy reported cash and cash equivalents of $5.58 billion and total assets of $245.05 billion. Long-term debt stood at $97.13 billion, while total equity was $72.87 billion.
During the first nine months of 2026, net cash provided by operating activities totaled $12.32 billion compared with $9.99 billion in the year-ago period. Net cash used in investing activities was $26.99 billion, while financing activities provided $17.52 billion.
NextEra Energy Maintains Outlook, Advances Dominion Deal
NextEra Energy maintained its 2026 adjusted earnings per share guidance of $3.92-$4.02 and continues to target the high end of the range. The company expects adjusted earnings per share growth of at least 8% annually through 2032 and targets the same growth rate through 2035, using 2025 adjusted earnings of $3.71 per share as the base. The Zacks Consensus Estimate for 2026 EPS is currently pegged at $4.03.
The company also continues to advance its pending combination with Dominion Energy following shareholder approval in September. Subject to regulatory approvals, the transaction is expected to close in the second half of 2027. The combined company is expected to deliver adjusted earnings per share growth exceeding 9% annually through 2032.
NEE’s Zacks Rank
NextEra Energy carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Xcel Energy (XEL - Free Report) is set to release third-quarter 2026 results on Oct. 29. The Zacks Consensus Estimate for earnings per share is pegged at $1.35.
XEL’s long-term (three-to-five years) earnings growth rate is 7.29%. The Zacks Consensus Estimate for third-quarter earnings per share indicates year-over-year growth of 8.87%.
Dominion Energy (D - Free Report) is scheduled to announce third-quarter 2026 results on Oct. 30. The Zacks Consensus Estimate for earnings per share is pegged at $1.17.
The consensus estimate for third-quarter earnings per share indicates growth of 10.38% from the prior-year actual.
Exelon Corporation (EXC - Free Report) is scheduled to announce third-quarter 2026 results on Oct. 30. The Zacks Consensus Estimate for earnings is pegged at 80 cents per share.
Exelon’s long-term earnings growth rate is estimated at 6.39%. The Zacks Consensus Estimate for second-quarter earnings per share indicates a decline of 6.98% from the year-earlier level.