EarningsQ3 2026 Earnings Report
DE:FP3 Q3 2026 EPS Results
Actual EPS€1.11
Consensus EPS€1.07
Beat/MissBeat by +€0.04
One Year Ago EPS€1.01
DE:FP3 Q3 2026 Revenue Results
Actual Revenue€7.52B
Expected Revenue€7.60B
Beat/MissMissed by -€80.56M
YoY Revenue Growth+15.79%
Earnings Announcement Details
QuarterQ3 2026
Date10/21/2026
TimeBefore Open
Conference CallWednesday, October 21, 2026
DE:FP3 Upcoming Earnings
NextEra Energy's next earnings date is estimated for January 26, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:FP3 Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly constructive, with 2026 adjusted earnings guidance maintained at $3.92 to $4.02 per share and management targeting the high end, solid year-over-year earnings growth at both FPL and Energy Resources, significant renewables, storage, transmission, and large-load execution, and multiple long-term growth initiatives. The principal challenges were Hurricane Isaias' community impact, expected fourth-quarter wind-generation headwinds, modest initial federal-hub payments, lower customer-supply and corporate contributions, and ongoing regulatory and approval requirements for the Dominion combination and other projects. Highlights significantly outweighed the lowlights.Company Guidance
Strong Third-Quarter and Year-to-Date Earnings Growth
Adjusted earnings per share increased 9.7% year over year in the third quarter and 9.5% year over year through the first nine months of 2026. Management said strong financial and operational performance at FPL and Energy Resources positions the company to meet its objectives for the year.
FPL Earnings, Capital Growth, and Sales Performance
FPL's third-quarter earnings per share increased by $0.06 year over year, driven principally by approximately 9.2% year-over-year growth in regulatory capital employed. FPL's third-quarter retail sales increased 2.8% year over year, or 1.4% on a weather-normalized basis, due to customer growth. FPL's quarterly capital expenditures were approximately $2.4 billion, with full-year capital investments expected to be approximately $12 billion.
FPL Affordability, Reliability, and Customer Service
FPL's typical residential bill is approximately 37% below the national average and is projected to increase 2% annually on average through the end of the decade. FPL's non-fuel O&M is more than 70% lower than the industry average on a dollar-per-megawatt-hour basis, reliability is more than 60% better than the national average, and customer service ranks in the top decile nationally while maintaining the lowest billing cost per customer.
Northwest Florida Customer Value
After adjusting for inflation, FPL's typical residential bill in Northwest Florida is approximately 25% lower than it was in 2018 before the acquisition of Gulf Power. FPL has also implemented a large-load framework intended to serve new demand while protecting existing customers from incremental costs, with key protections and provisions largely codified into Florida law.
Storm Restoration and Grid Resilience
FPL assembled approximately 17,000 restoration workers from 29 states ahead of Hurricane Isaias and restored power to more than 97% of affected customers by Tuesday after the storm exited the service area. Early analysis showed that no hardened transmission or distribution poles failed, underground neighborhood power lines performed approximately 14 times better than overhead lines, and smart-grid technology avoided approximately 140,000 outages.
Florida Large-Load Opportunity
FPL raised its large-load expectations from 6 gigawatts to 8 gigawatts by 2032 and remains confident it can announce a large-load transaction by the end of 2026. Management said the company has a pipeline of more than 20 gigawatts of interest and expects the first couple of gigawatts of large load can be served primarily with battery storage alongside its existing gas and nuclear fleet.
Energy Resources Earnings and Investment Growth
Energy Resources reported approximately 13% year-over-year adjusted earnings growth, with adjusted earnings per share increasing by $0.06. Contributions from new investments increased $0.09 per share, primarily from continued power-generation portfolio growth and initial federal-hub contributions, while existing energy-portfolio contributions increased $0.05 per share, primarily reflecting more normalized wind resources.
Transmission and Gas Infrastructure Expansion
Energy Resources' regulated and invested capital, together with secured capital expenditures across electric and gas transmission, increased roughly 25% to approximately $12.7 billion since December 2025. The company received approval for portions of two new transmission lines in North Central Texas, was selected for two 765 kV transmission projects in Illinois, and formed a joint venture for a $1.2 billion, 97-mile intrastate gas pipeline in South Florida.
Renewables and Storage Backlog Growth
Energy Resources added 3.7 gigawatts of renewables and storage projects to its backlog during the quarter, including 2.4 gigawatts of battery storage origination. The backlog totaled nearly 36.7 gigawatts after more than 1.8 gigawatts of projects entered service since the prior earnings call, marking the fourth consecutive quarter with more than 3.5 gigawatts added. The company added approximately 15 gigawatts to its backlog over the last 12 months and has achieved greater than two-thirds of the midpoint of its 2026-through-2029 development expectations.
Multiple Battery Storage Development Avenues
Energy Resources develops standalone battery storage, co-located storage, storage as a grid solution, and expansions from four hours to eight hours at existing projects. The company said potential battery storage supporting federal-hub data-center load could represent an incremental 6 to 11 gigawatts, or approximately 15% to 30% potential upside to its storage development expectations.
Large-Load and Federal-Hub Progress
NextEra has advanced more than 20 gigawatts of large-load projects, including more than 18 gigawatts of gas-fired generation. It signed definitive agreements for three federal-hub projects in Texas and Pennsylvania totaling approximately 16.5 gigawatts, secured $5.7 billion in initial funding year to date, and expects to serve significant load as early as 2028 and 2029 before ramping to full campus requirements from 2030 through 2032. The federal hubs are expected to generate approximately 50% of the adjusted earnings per share Energy Resources would receive if it owned the projects over the first 20 years of operation.
Owned Large-Load Development Pipeline
At the U.S. Department of Energy's Paducah site, NextEra expects to build and own dedicated generation including up to 2 gigawatts of natural gas and up to 2.6 gigawatts of battery storage. The company also has a pipeline of 30 potential hubs under discussion with the market and expects that number to rise to 40 by year-end.
Nuclear Fleet and Advanced Nuclear Opportunities
The Duane Arnold nuclear plant remains on track to be recommissioned no later than the first quarter of 2029, supported by a Department of Energy loan of up to $1.9 billion. NextEra is evaluating advanced nuclear technologies, has 6 gigawatts of small modular reactor co-location opportunities at its nuclear sites, and is working to develop new greenfield sites subject to appropriate commercial terms and risk-sharing mechanisms.
Successful Nuclear and Renewable Recontracting
NextEra executed a 20-year power purchase agreement for approximately 1 gigawatt of its Point Beach Nuclear asset, subject to approval by the Public Service Commission of Wisconsin, putting the plant's full output under contract into the 2050s. The company also recontracted more than 250 megawatts of existing renewable projects during the quarter, bringing year-to-date renewable recontracting to nearly 1,400 megawatts at an average premium of roughly $20 per megawatt-hour above recent realized pricing. Total year-to-date recontracting reached nearly 2,400 megawatts.
Dominion Combination Milestones and Strategic Benefits
Shareholders of both NextEra and Dominion approved the pending combination on September 3, satisfying an important closing condition. Regulatory reviews are progressing, with final orders expected in Virginia and South Carolina in January 2027 and expert-witness hearings in North Carolina beginning in February 2027; the company continues to expect closing in the second half of 2027. Management said the combination would add local utility assets and relationships to NextEra's scale, balance sheet, development platform, renewables, storage, nuclear, gas-generation, and transmission capabilities.
Virginia Customer, Jobs, and Supplier Commitments
NextEra doubled proposed residential bill credits in Virginia from two to four years, added $100 million of shareholder-funded support for Dominion's customer bill assistance program through 2038, committed $100 million to workforce development, and created up to a $5 billion Virginia supplier program over five years. The company also committed to 600 new NextEra jobs in Virginia, maintaining Virginia employee headcount for five years, and said supplier letters of intent could support at least 400 additional jobs, for a total of 1,000 new Virginia jobs.
Interest-Rate and Financing Position
NextEra has more than $48 billion in forward-starting interest-rate hedges with an average rate of approximately 4% and an average tenor of approximately nine years. Debt has a weighted-average maturity of approximately 15 years with a well-staggered profile, and management said a 50-basis-point rate move would have a $0.01-$0.03 per-share impact in 2028, or less than 1% of expected 2028 adjusted earnings per share. The company continues to expect roughly $12 billion-$17 billion of total equity needs through 2032 and said it has access to multiple global and project-level financing sources.
Maintained Earnings, Growth, Cash Flow, and Dividend Outlook
The 2026 adjusted earnings per share expectation remains $3.92 to $4.02, with management targeting the high end of the range. NextEra expects adjusted earnings per share to grow at a compound annual growth rate of 8%+ through 2032 and at the same rate from 2032 through 2035, based on the 2025 adjusted earnings per share base of $3.71. Operating cash flow is expected to grow at or above the adjusted earnings per share CAGR from 2025 to 2032, while dividends per share are expected to grow roughly 10% per year through 2026 and 6% per year from year-end 2026 through 2028.
Competitive Position in Solar and Renewables
Management said customer demand for solar remains strong, solar pricing is compelling relative to alternative technologies, and NextEra's supply-chain position provides a competitive advantage. Combining solar with four- to eight-hour storage increases the appeal of the offering. Management also said customer demand is currently focused on capacity, with a shift toward energy products expected in coming quarters.
Transmission Growth Outlook
NextEra continues to target approximately 20% to 25% compound annual growth in transmission rate base from 2025 through 2032. Management said gas transmission, including demand associated with bring-your-own-generation projects and broader gas-value-chain needs, could provide an opportunity to exceed expectations, while noting that the existing growth expectations are already in the 20%-plus range.
Permitting Reform Opportunity
Management said the proposed permitting reform legislation contains promising provisions for new linear infrastructure, including electric and gas transmission, and could help address the need to move power to where it is required as U.S. power demand increases.
Ability to Manage Capital Recycling and Renewable Economics
Management said the base plan does not rely on capital recycling to meet equity needs and that NextEra intends to hold attractive assets through their lives unless another party values an asset materially more than the company does. The company also said it can lock in interest rates when signing power purchase agreements and pass through interest-rate effects because customers need power, alternatives are higher cost or less reliable from an execution perspective, and wind and solar tax credits reduce costs.
DE:FP3 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed