Overview
NextEra Energy
NEE · NYSEQ3 2026Electric Utilities · Renewable Energy
Since the Report + 5.0%
Revenue grew 1.6% year over year, EPS beat the estimate by 5.1%; the stock fell 0.7% in its first reaction.
- RevenueQ3
- $8.09B
- Estimate $8.87B · 8.8% Miss
- EPSAdjusted
- $1.24
- Estimate $1.18 · 5.1% Beat
Verdict
HOLDNextEra Energy beat adjusted earnings estimates by 5%, but revenue came in about 9% below expectations and full-year guidance was held rather than raised. The stock opened higher and slipped slightly lower by midday; the Dominion merger approval process and recent price-target cuts are weighing on it. The next thing to watch is the Florida data-center deal promised by year-end.
Close on Report DayOct 21
$78.28▼ 0.7%Report-Day Move
- Market Cap(Today)
- ≈ $172 B
- 1Y Return(At Report)
- − 6%
- P/E(At Today's Price · $4.02 · Trailing 12M)
- 20.5
- PEG(Company Guidance 2026)
- 2.92
- Net Margin(Trailing 12M)
- 40.4%
Earnings Summary
In 30 Seconds- Adjusted EPS of $1.24 beat estimates by 5.1%, while revenue came in 8.8% below expectations.
- Full-year EPS guidance of $3.92-4.02 was held; the company is targeting the high end.
- The stock opened higher, then slipped lower under the shadow of Dominion approvals and target cuts.
The Numbers
FPL Net Income
$1.62B
▲ 10.7% YoY
NEER Adjusted Earnings
$1.25B
▲ 13.2% YoY
New Backlog (Quarter)
3.7 GW
2.4 GW Storage · Total ~36.7 GW
Stock Reaction
▼ 0.7%
Close to Close · Oct 21
Quarterly Revenue ($ Billion)
7.97
Q3 25 · $7.97 B
6.50
Q4 25 · $6.50 B · QoQ − 18.4%
6.70
Q1 26 · $6.70 B · QoQ + 3.1%
7.53
Q2 26 · $7.53 B · QoQ + 12.4%
8.09
Q3 26 · $8.09 B · QoQ + 7.4% · YoY + 1.6%
- Q3 25
- Q4 25
- Q1 26
- Q2 26
- Q3 26
Q4 2026 Company Guidance
- 2026 Adjusted EPS3.92 – 4.02 $3.92 $4.02 $
Midpoint 3.97 · Estimate 4.03 · Targeting High EndIn Line ✓
- Long-Term EPS Growth8%
8%+ · CAGR Through 2032 · Off 2025 Base
- EPS Growth With Dominion9%
9%+ · Post-Merger Through 2032
- Dividend Growth 2027-286%
~10% a Year Through 2026
How to Read the Chart
The blue band is the company's low-high range; its length shows how much room the company left itself. The black triangle and the line beneath it mark where the market expected, and the notch in the band is the range's midpoint. The triangle appears only where a market expectation is known. When the company gave a single number rather than a range and no market expectation is known, that row gets no band at all: there is no length to measure and no position to compare. Axis is ±1.7% around the midpoint.
Segment and KPI Data
Revenue by Segment
- Florida Power & Light$5.42 BShare 68.3%▲ 2.6% YoY
Regulated electric utility
- NextEra Energy Resources$2.52 BShare 31.7%▼ 1.9% YoY
Renewables, storage and nuclear
Key Metrics
FPL Net Income
$1.62 B
▲ 10.7% YoYPress Release
NEER Adjusted Earnings
$1.25 B
▲ 13.2% YoYPress Release
Quarterly Backlog Additions
3.70 GW
Press Release
Shares are computed over the segment total: $7.94 B. The segment total differs from consolidated revenue ($8.09 B); the company's eliminations and other lines are not in this table. Source: Press Release.
Metrics come only from the company's own filings; each one names the document it was taken from.
“NextEra Energy delivered strong third-quarter results, with adjusted earnings per share increasing 9.7% year-over-year, reflecting continued strong financial and operational performance at both FPL and NextEra Energy Resources.”
- Florida Large-load Target 8 GW
- Data-center Deal by Year-end
- Federal Energy Hubs
Summary and Review
Summary
NextEra Energy reported third-quarter operating revenues of $8.09 billion. That is up 1.6% year over year. Revenue came in 8.8% below the $8.87 billion market expectation, so that gate is closed. Adjusted EPS of $1.24 beat the estimate by 5.1%. It rose 9.7% year over year, and the earnings gate is open. The company held its 2026 EPS guidance at $3.92-4.02. The midpoint is 1.5% below the $4.03 estimate, leaving the guidance gate in line.
The stock rose about 1% before the open, then turned lower. The stock closed at $78.28, down 0.7% close to close. For an electric utility, revenue moves with fuel costs and matters less than earnings. That is why the revenue miss drew a muted response. The real pressure on the stock is the approval process for the Dominion merger. Two brokers cut their price targets in recent days. The stock trades near its 52-week low.
Score 56, verdict hold. The earnings side was strong: FPL net income rose 10.7% and NEER adjusted earnings 13.2%. The company added 3.7 GW of new renewables and storage to its backlog in the quarter. But revenue fell clearly short of expectations. Annual guidance was held, not raised; the company only said it is targeting the high end. The long-term 8%+ growth target was also unchanged. One gate is open, one is in line and one is closed.
Full Review
FPL keeps growing steadily.
Florida Power & Light (FPL) net income was $1.62 billion. That is up 10.7% year over year. FPL's per-share contribution rose from 71 cents to 77 cents. Operating revenues rose 2.6% to $5.42 billion. Regulatory capital employed grew about 9.2%. For a utility, that base is the main driver of earnings. On the earnings call, the Florida large-load target for 2032 was raised from 6 GW to 8 GW. FPL management cited a pipeline of interest exceeding 20 GW. The company said it is confident of announcing a large-load or data-center deal by year-end. That would mean a new growth leg for FPL. Data-center demand is opening a new growth area for an established utility.
NEER's backlog keeps building.
NextEra Energy Resources (NEER) adjusted earnings were $1.25 billion. That is up 13.2% year over year. The per-share contribution rose from 53 cents to 59 cents. The segment's operating revenues, however, fell 1.9% to $2.52 billion. The company added 3.7 GW to its backlog in the quarter, of which 2.4 GW is storage. Since the July call, 1.8 GW of projects have been placed in service. The total backlog is about 36.7 GW. On the nuclear side, a 20-year power purchase agreement for about 1 GW was signed for the Point Beach plant. It awaits approval from the Wisconsin regulator. A federal loan of up to $1.9 billion for the Duane Arnold plant closed in the quarter. The plant is set to restart no later than the first quarter of 2029. Nuclear and renewables recontracting has reached nearly 2.4 GW year to date.
Why GAAP earnings doubled.
GAAP net income rose from $2.44 billion to $4.78 billion. That is an increase of 96%. GAAP EPS climbed from $1.18 to $2.28. The jump did not come from operations. Gains on derivatives that do not qualify as hedges for accounting purposes totaled $2.25 billion after tax. That item is worth $1.07 per share. Adjusted net income rose 10.4% to $2.59 billion. Nine-month adjusted EPS rose 9.5%, from $3.17 to $3.47. Interest rate moves change the value of these derivatives. That is why GAAP earnings swing sharply from quarter to quarter. Adjusted earnings are the right gauge for tracking the company's growth. This quarter, that gauge shows growth of about 10%. Corporate and other items had a per-share impact of minus 12 cents.
Federal hubs and the Dominion merger.
The company signed definitive agreements for three federal energy hub projects. Two are in Texas and one in Pennsylvania, totaling about 16.5 GW. These projects have received $5.7 billion of initial funding year to date. The number of potential hubs stands at 30 and is expected to reach 40 by year-end. In South Florida, a $1.2 billion gas pipeline joint venture was formed with Chesapeake Utilities. Shareholders approved the Dominion merger on September 3. Virginia and South Carolina hearings take place in November and December. Final orders are expected in January 2027. North Carolina hearings begin in February 2027. Closing is expected in the second half of 2027. With the merger, the EPS growth target rises to 9%+ a year through 2032. Any delay in the approval timeline could weigh on the stock.
Next quarter, watch one line.
The company is targeting the high end of its 2026 range, $4.02 of EPS. It earned $3.47 in the first nine months. Reaching the high end requires at least 55 cents in the fourth quarter. Adjusted EPS in last year's fourth quarter was 54 cents. If the fourth quarter comes in above 55 cents, the 8%+ growth story is running at full speed. If it falls short, the company lands at the middle of the range and misses the $4.03 market expectation. The second gauge is the Florida large-load deal promised by year-end. Without it, FPL's new growth leg is delayed. The third gauge is whether quarterly backlog additions stay above 3 GW. For a general method, see our guide on how to read earnings day.
Looking Ahead
Strengths and Risks
5 Strengths · 5 RisksStrengths
5- Adjusted EPS rose 9.7% year over year to $1.24, beating estimates by 5.1%.
- FPL net income rose 10.7% year over year and NEER adjusted earnings 13.2%.
- The company added 3.7 GW of backlog in the quarter, including 2.4 GW of storage.
- The Florida large-load target for 2032 was raised from 6 GW to 8 GW.
- Definitive agreements were signed for three federal energy hub projects totaling about 16.5 GW.
Risks
5- Operating revenues came in 8.8% below the $8.87 billion market expectation.
- Annual EPS guidance was not raisedThe midpoint is 1.5% below the market expectation.
- The Dominion merger depends on regulatory approvals in four states.
- NEER operating revenues fell 1.9% year over year.
- Two brokers cut their price targets in the past week.
What to Watch
4- Dominion merger hearings in Virginia and South Carolina take place in November and December.
- The company expects to announce a Florida large-load or data-center deal by year-end.
- Final orders on the Dominion merger in Virginia and South Carolina are expected in January 2027.
- Fourth-quarter results are expected in late January 2027.
Upcoming Earnings
To Understand This