NextEra Energy (NEE) Q3 2026 earnings summary

Executive summary

• Q3 adjusted EPS rose 9.7% YoY to $1.24; adjusted earnings were $2.592B vs. $2.348B. Nine-month adjusted EPS rose 9.5% to $3.47.

• Q3 GAAP net income attributable to shareholders was $4.775B vs. $2.438B; diluted EPS was $2.28 vs. $1.18, with favorable non-qualifying hedge activity materially lifting reported results.

• Growth priorities include regulated infrastructure, renewables and storage, nuclear generation, large-load projects and federal hubs.

Financial highlights

• Q3 operating revenue was $8.090B vs. $7.966B and operating income was $2.624B vs. $2.527B; nine-month revenue was $22.325B vs. $20.912B.

• Nine-month GAAP net income was $10.102B vs. $5.300B; diluted EPS was $4.82 vs. $2.57.

• Nine-month net cash from operating activities was $12.322B vs. $9.986B; investing cash outflow was $26.986B vs. $18.653B.

• Nine-month adjusted earnings were $7.274B vs. $6.549B, and adjusted EPS was $3.47 vs. $3.17.

Outlook and guidance

• FY 2026 adjusted EPS guidance remains $3.92–$4.02, with management targeting the high end; adjusted EPS CAGR target is 8%+ through 2032 and from 2032–2035, based on 2025 adjusted EPS of $3.71.

• Average annual operating cash flow growth from 2025–2032 is expected to meet or exceed the adjusted EPS CAGR range; dividend growth targets are ~10% annually through 2026 and 6% annually through 2028.

• FPL expects ~$12B of 2026 capital investments; Florida large-load expectations rose to 8 GW by 2032, with a transaction targeted by year-end.

• 2026–2029 renewables, nuclear and storage development expectations are 44.6–61.6 GW; Federal Hubs and Paducah could add 15–30% battery-storage upside to development expectations.

• Dominion combination closing is expected in H2 2027, subject to approvals; the combined business is expected to deliver 11% annual regulatory capital employed growth through 2032.