NextEra Energy (NEE) Q4 2024 earnings summary

Executive summary

• Delivered full-year 2024 adjusted EPS of $3.43, up 8.2% year-over-year, at the high end of guidance, with a compound annual growth rate in adjusted EPS of over 10% since 2021 and ~10% over the past decade.

• Placed into service approximately 8.7 GW of new renewables and storage projects in 2024, with a record origination of over 12 GW added to the backlog, now exceeding 25 GW.

• Announced major framework agreements for up to 15 GW of renewables and storage with Fortune 50 companies and Entergy, and a new framework agreement with GE Vernova for joint gas-fired and renewables development.

• Maintained a strong balance sheet and credit ratings while executing the capital plan.

• FPL grew regulatory capital employed by ~10% and maintained customer bills nearly 40% below the national average.

Financial highlights

• 2024 adjusted earnings: $7.063B ($3.43/share) vs. $6.441B ($3.17/share) in 2023; GAAP net income: $6.946B ($3.37/share) vs. $7.310B ($3.60/share) in 2023.

• FPL adjusted EPS: $2.21 (2024) vs $2.09 (2023); Energy Resources adjusted EPS: $1.51 (2024) vs $1.36 (2023).

• Energy Resources full-year adjusted earnings grew over 13% year-over-year.

• FPL's capital expenditures totaled $8.2 billion for 2024.

• Consolidated cash flow from operations grew by more than 17% in 2024, reaching $13.26B.

Outlook and guidance

• 2025 adjusted EPS expected at $3.45–$3.70; 2026 at $3.63–$4.32; 2027 at $3.85–$4.32, targeting 6–8% annual adjusted EPS growth through 2027.

• Dividend per share growth expected at roughly 10% per year through at least 2026 off a 2024 base.

• Plans to invest roughly $120 billion over the next four years, targeting a combined fleet of 121 GW.

• FPL's proposed base rate adjustments: ~$1.6B in 2026, ~$0.9B in 2027, with an ROE midpoint of 11.9%.

• Typical residential bill projected to grow at ~2.5% annually from 2025–2029, remaining below national average.