NextEra Energy (NEE) Q1 2025 earnings summary

Executive summary

• Adjusted earnings per share rose nearly 9% year-over-year in Q1 2025, reaching $0.99 compared to $0.91 in Q1 2024, driven by strong performance at FPL and Energy Resources.

• Adjusted net income increased to $2,038 million from $1,873 million year-over-year, while GAAP net income fell to $833 million due to non-recurring items and a major impairment at NEER.

• FPL's net income rose to $1,316 million, supported by customer growth and continued investments in plant and property.

• NEER's results declined sharply, impacted by a $0.7 billion impairment charge on its XPLR investment and non-qualifying hedge losses.

• Leadership transitions were announced, with Brian Bolster becoming President and CEO of Energy Resources and Mike Dunne promoted to CFO.

Financial highlights

• FPL's earnings per share increased $0.07 year-over-year, with net income up to $1,316 million (EPS $0.64) from $1,172 million (EPS $0.57).

• Energy Resources reported adjusted earnings growth of nearly 10% year-over-year, with new investments contributing $0.12 per share.

• GAAP EPS for Q1 2025 was $0.40, down from $1.10 in Q1 2024, due to non-recurring items.

• FPL's capital expenditures for the quarter were $2.4 billion, with full-year investments expected between $8 billion and $8.8 billion.

• Operating revenues increased to $6,247 million in Q1 2025 from $5,731 million in Q1 2024.

Outlook and guidance

• Expects 6–8% annual adjusted EPS growth through 2027, off the 2024 base of $3.23–$3.43, with 2025 guidance at $3.45–$3.70.

• Dividend per share growth is targeted at roughly 10% per year through at least 2026.

• FPL expects to add roughly 335,000 customer accounts through 2029 and invest nearly $50 billion from 2025 to 2029.

• FPL projects to increase its solar mix from 9% in 2024 to 35% in 2034.

• Management aims to deliver results at or near the top of adjusted EPS guidance through 2027.