NextEra Energy (NEE) Q2 2025 earnings summary

Executive summary

• Adjusted earnings per share rose 9.4% year-over-year in Q2 2025 to $1.05, with GAAP EPS at $0.98, reflecting strong performance at both FPL and Energy Resources.

• Net income attributable to shareholders increased to $2.03 billion for Q2 2025, up from $1.62 billion year-over-year.

• Renewables and storage origination added 3.2 GW to the backlog, bringing the total to nearly 30 GW, including significant projects for technology and data center customers.

• FPL grew regulatory capital employed by nearly 8% year-over-year, maintaining low customer bills and high reliability.

• The company began recovering $1.2 billion in storm costs related to 2024 hurricanes through a 12-month surcharge starting January 2025.

Financial highlights

• Q2 2025 adjusted net income was $2.164 billion ($1.05/share), up from $1.968 billion ($0.96/share) in Q2 2024.

• Q2 2025 operating revenues were $6.7 billion, up from $6.1 billion year-over-year; total assets as of June 30, 2025 were $198.8 billion.

• FPL Q2 2025 net income was $1.28 billion ($0.62/share), up from $1.23 billion; NextEra Energy Resources Q2 2025 net income was $983 million ($0.48/share), up from $552 million.

• FPL's capital expenditures were approximately $2 billion for the quarter, with full-year investments expected between $8 billion and $8.8 billion.

• Cash flow from operations for the first half of 2025 was $5.96 billion.

Outlook and guidance

• Maintains 2025 adjusted EPS guidance of $3.45–$3.70; 2026: $3.63–$4.00; 2027: $3.85–$4.32, with 6%–8% annual adjusted EPS growth expected through 2027.

• Dividend per share growth is targeted at roughly 10% per year through at least 2026, based on a 2024 base.

• FPL filed for a four-year base rate plan starting January 2026, seeking $1.55 billion and $927 million in base revenue increases in 2026 and 2027, with a final decision expected in Q4 2025.

• The plan includes mechanisms for solar and battery storage cost recovery and a commitment not to seek further general base rate increases before 2030 if approved.

• The company aims to deliver results at or near the top of adjusted EPS ranges through 2027 while maintaining strong balance sheet and credit ratings.