NextEra Energy (NEE) Q2 2026 earnings summary

Executive summary

• Q2 2026 delivered strong results with GAAP net income of $3.144B ($1.50/share) and adjusted EPS of $1.15, up 9.8% year-over-year for the first six months, with adjusted net earnings of $2.407B.

• FPL added over 90,000 customers, maintained bills ~30% below the national average, and achieved reliability 60% better than average.

• Energy Resources added 3.6 GW of renewables and storage to backlog, now totaling 35.1 GW, with battery storage as a key growth driver.

• Advanced merger process with Dominion Energy, targeting closure in H2 2027, expected to be immediately accretive and to double the U.S.'s largest generation fleet by 2032.

• Both FPL and NEER contributed to higher results, with FPL driven by plant investments and NEER by favorable hedge activity and new investments.

Financial highlights

• Q2 2026 adjusted EPS: $1.15, up from $1.05 in Q2 2025; GAAP EPS: $1.50, up from $0.98; adjusted net income: $2.407B, up from $2.164B.

• FPL Q2 2026 net income: $1.412B ($0.67/share), up from $1.275B ($0.62/share) in Q2 2025.

• NextEra Energy Resources Q2 2026 adjusted earnings: $1.291B ($0.62/share), up from $1.091B ($0.53/share) in Q2 2025.

• Operating revenues for Q2 2026 were $7.53B, up from $6.70B in Q2 2025.

• FPL's capital expenditures were $2.8B for Q2 2026; full-year CapEx expected between $12–$13B.

Outlook and guidance

• 2026 adjusted EPS expected at the high end of $3.92–$4.02, with 8%+ adjusted EPS CAGR targeted through 2032 and same through 2035 off a 2025 base of $3.71.

• Dividend per share growth targeted at 10% per year through 2026 (off 2024 base), then 6% per year through 2028.

• FPL's typical residential bill projected to rise only 2% annually through decade's end.

• Large load opportunity at FPL increased from 6 GW to 8 GW by 2032, with advanced discussions on 12 GW.

• Operating cash flow expected to grow at or above EPS growth rate.