NextEra Energy Q3 2026: FPL Growth, 36.7 GW Backlog

NextEra Energy is the parent company of Florida Power & Light. From its headquarters in Juno Beach in Palm Beach County, it runs two main businesses: Florida Power & Light Company, the regulated utility that serves about 12 million people in Florida, and NextEra Energy Resources, which develops and operates wind, solar, battery storage, nuclear and pipeline projects across the United States.

NextEra released its third-quarter 2026 results on October 21. The quarter included steady growth at FPL, another large addition to the renewables and storage backlog, new federal energy hub agreements tied to data center demand, and progress on the pending combination with Dominion Energy. This analysis covers each piece, with figures drawn from the company’s earnings release and SEC filing.

What did NextEra report for the third quarter of 2026?

On a GAAP basis, NextEra earned $4,775 million, or $2.28 per share, compared with $2,438 million, or $1.18 per share, a year earlier. GAAP results include items such as gains and losses on hedges and investments, which can swing widely from quarter to quarter.

Adjusted earnings, which exclude those items, were $2,592 million, or $1.24 per share, compared with $2,348 million, or $1.13 per share. That is a 9.7% increase in adjusted EPS. Chief Executive Officer John Ketchum said, “NextEra Energy delivered strong third-quarter results, with adjusted earnings per share increasing 9.7% year-over-year.” The adjusted result was above the $1.20 Zacks Consensus Estimate. Zacks reported quarterly revenue of $8.09 billion, below its consensus estimate.

Where did the earnings growth come from?

Breaking adjusted EPS into its parts shows that both main businesses contributed. FPL’s contribution rose $0.06 per share, from $0.71 to $0.77. NextEra Energy Resources’ adjusted contribution also rose $0.06, from $0.53 to $0.59. The Corporate and Other segment was down $0.01 per share on an adjusted basis, while on a GAAP basis it was up $0.95 per share, which accounts for much of the gap between GAAP and adjusted results this quarter.

Adjusted EPS by segment, Q3

Source: NextEra Energy Q3 2026 earnings release.

FPL contributed about 62% of NextEra’s third-quarter adjusted EPS and Energy Resources about 48%, with corporate costs and financing reducing the total. That balance means Florida’s regulated utility still provides the larger share of the company’s earnings, even as the national renewables and data center business draws more attention.

NextEra Energy Q3 2026 at a glance

Source: NextEra Energy Q3 2026 earnings release, October 21, 2026.

How did Florida Power & Light perform?

FPL earned $1,620 million, or $0.77 per share, in the third quarter, up from $1,463 million, or $0.71 per share, a year earlier. The utility’s growth is driven by investment: regulatory capital employed, the base on which FPL earns its allowed return, grew about 9.2% from a year earlier.

FPL invested about $2.4 billion in capital during the third quarter and expects to invest about $12 billion for all of 2026. Those dollars go into new generation, transmission, distribution and grid hardening across the state.

NextEra continues to highlight FPL’s cost position. According to the release, FPL’s typical residential bill is about 37% below the national average and is projected to rise about 2% a year on average through the end of the decade. The company says FPL’s non-fuel operating and maintenance costs are more than 70% below the industry average per megawatt-hour and that its reliability is more than 60% better than the national average.

Florida Power & Light by the numbers

Source: NextEra Energy Q3 2026 earnings release.

What does FPL’s investment mean for Florida customers?

The scale of FPL’s spending is large relative to the population it serves. About $12 billion of capital expenditures in 2026, spread across roughly 12 million people, works out to about $1,000 of investment per Floridian in FPL’s service area this year, based on the company’s figures.

That investment is what drives FPL’s earnings growth, since a regulated utility earns a return on the capital it puts into service. For customers, the company’s projection of average bill growth of about 2% a year through the end of the decade implies a cumulative increase of roughly 8% over four years, based on simple compounding. NextEra’s position is that FPL’s low operating costs allow it to keep bills about 37% below the national average while investing at this pace. Rate levels are ultimately set by the Florida Public Service Commission.

How did FPL handle storm restoration?

The release described FPL’s response to Hurricane Isaias, for which the utility mobilized about 17,000 restoration workers from 29 states and restored power to more than 97% of affected customers, according to the release. NextEra said its smart-grid technology avoided about 140,000 outages and that underground power lines performed about 14 times better than overhead lines during the event.

Those figures support the company’s case for its continuing investment in grid hardening and undergrounding, a significant part of FPL’s capital program.

Is FPL adding large new customers?

On the earnings call, FPL President and CEO Scott Bores said he expects to announce a large-load agreement before year-end, according to Zacks. Large-load customers typically include data centers and major industrial facilities. Bores acknowledged that complex negotiations and local community engagement take time.

NextEra also announced a $1.2 billion joint venture with Chesapeake Utilities to build a 97-mile intrastate natural gas pipeline in South Florida, adding to the state’s energy infrastructure.

How did NextEra Energy Resources perform?

NextEra Energy Resources, the competitive energy business, reported third-quarter GAAP net income of $1,491 million, or $0.71 per share, up from $1,275 million, or $0.62 per share. Adjusted earnings rose about 13% to $1,247 million, or $0.59 per share, from $1,102 million, or $0.53 per share. Zacks reported that new investments and better wind conditions helped results.

The business added 3.7 gigawatts of renewables and storage projects to its backlog during the quarter, including 2.4 gigawatts of battery storage. After placing 1.8 gigawatts in service since the July call, the backlog stands at about 36.7 gigawatts. Regulated and invested capital plus secured transmission capital expenditures rose about 25% to roughly $12.7 billion since December 2025.

NextEra Energy Resources highlights

What are NextEra’s federal energy hubs?

A newer part of NextEra’s strategy is developing large energy hubs to serve data centers and other major loads. The company has signed definitive agreements for three federal hubs, two in Texas and one in Pennsylvania, totaling about 16.5 gigawatts, with $5.7 billion of initial funding received so far this year. NextEra earns development, construction and operating fees on these hubs without committing its own project capital.

According to Zacks, management said the hubs could generate about half the adjusted earnings contribution of direct ownership over their first 20 operating years, with payments modest in 2026 and 2027 before rising through 2032. NextEra said it has 30 potential hubs in its pipeline and expects that number to reach 40 by year-end. A separate data center campus in Paducah could include up to 2 gigawatts of natural gas generation and up to 2.6 gigawatts of battery storage.

Nuclear is also part of the plan. NextEra expects to restart the Duane Arnold nuclear plant in Iowa no later than the first quarter of 2029, supported by a Department of Energy loan of up to $1.9 billion. It also signed a 20-year power purchase agreement for about 1 gigawatt from its Point Beach plant in Wisconsin, subject to approval by the Wisconsin Public Service Commission.

Where does the Dominion Energy combination stand?

NextEra’s pending combination with Dominion Energy cleared one milestone when shareholders of both companies approved the transaction on September 3. Regulatory approvals are next. Virginia hearings are scheduled for November and South Carolina hearings for December, with final orders expected in January 2027 in both states. North Carolina expert witness hearings begin in February 2027. NextEra expects the deal to close in the second half of 2027.

To address concerns in Virginia, NextEra has expanded its commitments. Residential bill credits were doubled to four years, the company added $100 million of shareholder-funded bill assistance through 2038 and $100 million for workforce development, and it proposed a Virginia supplier program of up to $5 billion over five years. NextEra also committed to 600 new jobs in Virginia, with letters of intent for at least 400 more, for a total of 1,000. Zacks reported that NextEra has proposed about $2 billion in Virginia rate credits and that Ketchum said compromise is possible during the proceedings.

NextEra-Dominion regulatory timeline

The combined company targets about 11% annual growth in regulatory capital employed through 2032 and adjusted EPS growth of more than 9% a year through 2032 and through 2035.

What risks did management flag?

Several assumptions underlie the guidance. Zacks reported that NextEra’s fourth-quarter outlook assumes wind generation at 90% to 95% of the long-term average because of El Niño conditions, which tend to affect wind patterns. Weaker wind would reduce output and earnings at Energy Resources.

Regulatory approval of the Dominion combination is the main deal risk, particularly in Virginia, where stakeholders have raised concerns about the conditions of the transaction. NextEra also described selling assets, known as capital recycling, as opportunistic rather than required, meaning the company does not need asset sales to fund its plan but will consider them when buyers offer strong valuations.

What is NextEra’s outlook?

NextEra reaffirmed its 2026 adjusted EPS range of $3.92 to $4.02 and said it is targeting the high end. Through the first nine months, adjusted EPS was $3.47, compared with $3.17 a year earlier, and FPL earned $4,493 million. Beyond 2026, the company expects adjusted EPS to grow at a compound annual rate of 8% or more through 2032, and at the same rate from 2032 through 2035, off a 2025 base of $3.71.

On dividends, NextEra expects growth of about 10% a year through 2026, off a 2024 base, then 6% a year from year-end 2026 through 2028. Chief Financial Officer Michael Dunne reaffirmed guidance on the call, and Zacks reported equity financing needs of about $12 billion to $17 billion through 2032. Ketchum said, “We believe NextEra Energy remains one of the best-positioned companies in the sector.”

NextEra guidance summary

Frequently Asked Questions

Where is NextEra Energy headquartered?

NextEra Energy is headquartered in Juno Beach, Florida, in Palm Beach County.

What were NextEra’s Q3 2026 earnings?

Adjusted EPS was $1.24, up 9.7% from $1.13. GAAP EPS was $2.28, compared with $1.18.

How much did FPL earn in Q3 2026?

FPL earned $1,620 million, or $0.77 per share, up from $1,463 million, or $0.71 per share.

How large is NextEra’s renewables backlog?

About 36.7 gigawatts, after adding 3.7 gigawatts in the quarter, including 2.4 gigawatts of battery storage.

When will the NextEra-Dominion deal close?

NextEra expects the combination to close in the second half of 2027, subject to regulatory approvals.

Sources and Further Reading

1. NextEra Energy, Third Quarter 2026 Financial Results, Form 8-K, October 21, 2026 – U.S. Securities and Exchange Commission
2. Zacks Investment Research, “NEE Q3 Earnings Call Highlights Growth and Merger Challenges,” October 2026