NextEra Energy, Inc.

NextEra Energy reported adjusted EPS of $1.15 in Q2 2026, and adjusted EPS for the first six months increased 9.8% year over year. FPL EPS increased $0.05 year over year, helped by approximately 9.3% regulatory capital employed growth; Energy Resources adjusted earnings growth was approximately 18% year over year. FPL quarterly capital expenditures were approximately $2.8 billion, and full-year FPL capital investments are expected to be between $12 billion and $13 billion. NextEra reiterated 2026 adjusted EPS guidance of $3.92 to $4.02 and said it is targeting the high end of that range; it also reaffirmed 8%+ adjusted EPS CAGR through 2032 and 6% annual dividend growth from year-end 2026 through 2028. FPL’s 12-month reported ROE through June 2026 is expected to be approximately 11.7%, and the rate stabilization mechanism balance was about $1.3 billion after a $110 million reversal.

John Ketchum emphasized that NextEra is benefiting from accelerating power demand and said the company is uniquely positioned because it can build across renewables, storage, gas, transmission and potentially nuclear. He repeatedly framed the business as “ahead of schedule,” citing strong FPL execution, a growing large-load opportunity set, and continued progress on the company’s data-center hub strategy. On Dominion, he described the deal as a “merger of addition, not subtraction,” arguing that scale and local operating strength would support affordability, reliability and job creation.

Mike Dunne said FPL’s quarter was driven by about 9.3% growth in regulatory capital employed and noted that FPL capex was approximately $2.8 billion in the quarter, with full-year FPL capital investments expected at $12 billion to $13 billion. He highlighted Energy Resources’ roughly 18% adjusted earnings growth, the over $46 billion interest-rate hedging program, and supply secured through 2029 for panels and battery storage. He also pointed to Energy Resources backlog of approximately 35.1 GW, including 3.6 GW added in the quarter, and reaffirmed the company’s unchanged 2026 EPS range of $3.92 to $4.02 with a target of the high end.

Analysts pressed on why the S-4 appeared to imply stronger long-term earnings than prior guidance, and management said the main driver was better-than-expected renewables and storage origination performance, especially within Energy Resources, while reiterating that official earnings expectations were unchanged. They also asked about delays in federal hub projects; management said the business is ahead of schedule overall and that government-related negotiations can take time, but it does not change the underlying timing outlook. On FPL data centers, management said Florida’s legislation, low-cost execution and baseload-heavy fleet are helping attract customers, and on timing of announcements they said material developments would be shared when important, not merely to fill a quarterly call.