U.S.-based power producer NextEra Energy reported a 10.4% year-over-year increase in adjusted earnings to $2.59 billion for the third quarter (Q3) of 2026, compared with $2.35 billion in the corresponding quarter last year.

Operating revenue rose 1.6% to $8.09 billion from $7.97 billion, while adjusted earnings per share increased to $1.24 from $1.13.

NextEra Energy Resources added 3.7 GW of renewable energy and storage projects to its backlog during the quarter, including 2.4 GW of battery storage. The additions brought its total project backlog to approximately 36.7 GW.

John Ketchum, Chief Executive Officer, attributed the adjusted EPS growth to continued financial and operational performance at Florida Power & Light and NextEra Energy Resources.

9M FY2026

For the first nine months (9M) of 2026, operating revenue increased 6.8% YoY to $22.33 billion from $20.91 billion.

Adjusted earnings rose 11.1% to $7.27 billion from $6.55 billion, while adjusted EPS increased to $3.47 from $3.17.

Florida Power & Light

NextEra Energy’s regulated utility, Florida Power & Light (FPL), reported operating revenue of $5.42 billion in Q3 2026, a 2.6% YoY increase from $5.29 billion.

Adjusted earnings increased 10.7% YoY to $1.62 billion from $1.46 billion, while adjusted EPS rose to $0.77 from $0.71.

For the first nine months of 2026, FPL’s operating revenue increased 4.3% YoY to $14.59 billion from $13.99 billion.

Adjusted earnings for the nine-month period rose 10.8% to $4.49 billion from $4.05 billion, while adjusted EPS increased to $2.15 from $1.96.

FPL invested $2.4 billion during the quarter and expects capital investments of $12 billion for the full year.

The company said continued capital investments were the primary driver of its earnings growth. Regulatory capital employed increased approximately 9.2% YoY during the quarter.

FPL said its typical residential electricity bill remained about 37% below the national average and is projected to increase by an average of 2% annually through the end of the decade.

The utility’s non-fuel operation and maintenance expenses were more than 70% below the industry average on a dollar-per-megawatt-hour basis, while its reliability performance was more than 60% better than the national average.

FPL also reported progress in restoring electricity following Hurricane Isaias, which affected Northwest Florida in October.

The utility assembled approximately 17,000 restoration personnel from 29 states ahead of the storm. By October 13, it had restored power to more than 97% of affected customers.

NextEra Energy Resources

NextEra Energy Resources reported operating revenue of $2.52 billion in Q3 2026, a 1.9% year-over-year (YoY) decline from $2.57 billion. However, adjusted earnings increased 13.2% to $1.25 billion from $1.10 billion, while adjusted earnings per share (EPS) rose to $0.59 from $0.53.

For the first nine months of 2026, operating revenue increased 10.8% YoY to $7.36 billion from $6.64 billion. Adjusted earnings rose 15.3% to $3.58 billion from $3.10 billion, while adjusted EPS increased to $1.71 from $1.50.

Battery storage accounted for nearly 65% of the 3.7 GW of renewable energy and storage projects added to the company’s backlog during the quarter. Storage additions totaled 2.4 GW, bringing the overall project backlog to approximately 36.7 GW after accounting for 1.8 GW of projects placed into service since the Q2 2026 earnings call.

The company added about 15 GW to its backlog over the past 12 months, marking the fourth consecutive quarter it secured more than 3.5 GW of new projects. It needs another 17.6 GW of additions to reach the midpoint of its development expectations for 2026–2029.

Growing electricity demand from data centers and other large-load consumers is also creating opportunities for NextEra Energy Resources to expand its generation and storage portfolio.

During the quarter, the company signed definitive agreements for three federal hub projects, two in Texas and one in Pennsylvania, with a combined capacity of approximately 16.5 GW. It secured $5.7 billion in initial funding for these projects during the first nine months of 2026.

NextEra Energy Resources expects to develop, construct, and operate these projects for fees without committing its own capital.

The company is also advancing large-load projects that it plans to own and operate. In July, NextEra joined a coalition of energy, infrastructure, and utility companies to develop a data center campus at the U.S. Department of Energy’s Paducah Site in western Kentucky.

NextEra expects to develop and own dedicated generation resources for the campus, including up to 2 GW of natural gas generation and 2.6 GW of battery energy storage systems.

The company has identified 30 potential large-load development hubs and expects that number to increase to 40 by the end of 2026.

During the quarter, NextEra Energy Resources closed a loan agreement with the U.S. Department of Energy for up to $1.9 billion to support the restart.

The company also executed a 20-year power purchase agreement for approximately 1 GW of generation from its Point Beach nuclear facility in Wisconsin.

The agreement remains subject to approval by the Public Service Commission of Wisconsin. Following the agreement, the plant’s entire output is contracted into the 2050s.

NextEra Energy Resources’ renewable energy and nuclear recontracting volume reached nearly 2.4 GW during the first nine months of 2026.

Outlook

NextEra Energy expects total equity requirements of approximately $12 billion to $17 billion through 2032. The company has diversified its corporate funding sources across Europe, Australia, Canada, and the U.S.

The company also expects capital recycling opportunities of $7 billion to $12 billion but does not intend to rely on asset sales to meet its equity requirements. Management indicated that it would prefer to retain assets unless opportunities arise to sell them at valuations significantly higher than their assessed value.

NextEra Energy’s long-term financial expectations remain unchanged.

The company expects adjusted EPS for 2026 to range from $3.92 to $4.02, with a target at the higher end.

It expects adjusted EPS to grow at a compound annual rate of more than 8% through 2032, based on 2025 adjusted EPS of $3.71. The company is targeting the same annual growth rate from 2032 through 2035.

NextEra also expects dividends per share to grow by approximately 10% annually through 2026, based on 2024 levels, followed by approximately 6% annual growth from the end of 2026 through 2028.

NextEra Energy reported operating revenue of $7.53 billion in Q2 2026, a 12.4% YoY increase from $6.7 billion.