NextEra Energy, Inc.

NextEra Energy reported adjusted EPS of $1.15 in Q2 2026. Through the first six months of 2026, adjusted EPS increased 9.8% year over year. FPL Q2 EPS increased $0.05 year over year, driven in part by approximately 9.3% growth in regulatory capital employed; FPL capital expenditures were approximately $2.8 billion in the quarter and are expected to be between $12 billion and $13 billion for full-year 2026. Energy Resources adjusted earnings grew approximately 18% year over year. The company’s 2026 adjusted EPS outlook remains unchanged at $3.92 to $4.02, and management is targeting the high end. It continues to expect 8%+ adjusted EPS CAGR through 2032 and the same through 2035, all off the 2025 base of $3.71. FPL added more than 90,000 customers versus the prior-year quarter, and retail sales were up approximately 0.4% year over year, or roughly 0.6% on a weather-normalized basis. Energy Resources added 3.6 GW of renewables and storage to backlog, bringing backlog to approximately 35.1 GW after 1.1 GW of projects placed in service since the last call.

John Ketchum struck an upbeat tone, saying power demand is accelerating and NextEra is well positioned because of its scale, balance sheet, development capability, and vertically integrated platform. He emphasized FPL’s ability to serve rapid Florida growth while keeping bills low and reliability high, and he highlighted large-load, storage, gas, transmission, and potential nuclear opportunities as key growth lanes. On Dominion, he framed the deal as a ‘merger of addition’ that would improve affordability, create jobs, and extend NextEra’s operating model into new regions.

Mike Dunne focused on the quarter’s financial execution and the support behind the outlook. He said FPL’s quarter benefited from regulatory capital employed growth of about 9.3%, while Energy Resources saw approximately 18% adjusted earnings growth, driven mainly by new investments adding $0.09 per share year over year. He also noted an over $46 billion interest-rate hedging program, panel and storage supply secured through 2029, and reiterated that the company expects operating cash flow growth to be at or above EPS CAGR from 2025 to 2032, along with dividend growth of roughly 10% per year through 2026 and 6% annually from year-end 2026 through 2028.

Analysts pressed on why the S-4 internal forecast appears stronger than public guidance, and Dunne said the higher Energy Resources outlook mainly reflects better renewables and storage origination performance, not a material change in development assumptions. Management also said FPL’s large-load opportunity has strengthened, with John Ketchum and Scott Bores pointing to Florida’s low-cost execution, the new tariff framework, and strong customer interest as reasons the company raised its large-load estimate to 8 GW. On timing, management said important deals will be announced when ready rather than being held for a quarterly call, and they said the federal hub projects are progressing even if some approvals take longer than hoped.