NextEra Energy (NEE) Q4 2025 earnings summary

Executive summary

• Achieved adjusted EPS of $3.71 for 2025, up 8.2% year-over-year and above the top end of guidance.

• FPL's 2025 rate agreement approved, providing four years of regulatory certainty and supporting low customer bills.

• Record origination of new generation and storage at Energy Resources, with 13.5 GW added to backlog in 2025, expanding total backlog to ~30 GW.

• Strategic acquisitions and investments, including Symmetry Energy Solutions and increased stake in Mountain Valley Pipeline, enhanced growth prospects.

• Strategic partnerships, including with Google Cloud, to drive AI transformation and cost savings.

Financial highlights

• Adjusted EPS rose to $3.71 in 2025 from $3.43 in 2024; GAAP EPS was $3.30 in 2025 versus $3.37 in 2024.

• FPL full-year net income increased to $5,012M ($2.42/share) from $4,543M ($2.21/share) year-over-year.

• Energy Resources full-year adjusted net income grew to $3,523M ($1.70/share) from $3,118M ($1.51/share); GAAP results include -$0.6B after-tax charges on XPLR Infrastructure investment.

• FPL's full-year capital investments totaled $8.9 billion; Q4 capex was $2.1 billion.

• 3- and 5-year CAGR in operating cash flow exceeded 14% and 9%, respectively.

Outlook and guidance

• 2026 adjusted EPS guidance is $3.92–$4.02, targeting the high end.

• Targeting 8%+ compound annual growth in adjusted EPS through 2032, with similar growth through 2035, off the 2025 base of $3.71.

• Dividend per share growth expected at ~10% per year through 2026, then 6% per year from 2026–2028.

• FPL expects typical residential bills to rise only ~2% annually from 2025–2029, below inflation.

• Operating cash flow expected to meet or exceed EPS growth rate.