NextEra Energy Q3 Adjusted EPS Beats at $1.24 but Revenue Misses as Net Income Nearly Doubles

NextEra Energy posted third-quarter 2026 adjusted earnings per share of $1.24, beating the $1.20 consensus estimate by $0.04, though operating revenue of $8.09 billion fell short of the $8.47-$8.50 billion analyst forecast. Net income surged 95.9% year over year to $4.775 billion, while operating income rose 3.8% to $2.624 billion. Operating expenses declined 1.3% to $5.510 billion, and combined first-half and third-quarter operating cash flow reached $12.322 billion, up 23.4% from the same period a year earlier.

The company's Florida Power and Light segment generated $5.421 billion in revenue, a 2.6% year-over-year increase, with FPL capital expenditures of approximately $2.4 billion in the quarter and regulatory capital employed growing roughly 9.2%. NextEra Energy Resources revenue slipped 1.9% to $2.52 billion. NEER added 3.7 gigawatts of renewables and storage to its project backlog in Q3, bringing the total backlog to approximately 36.7 GW. The unit also closed a Department of Energy loan of up to $1.9 billion to support the restart of the Duane Arnold nuclear plant, targeted for completion by the first quarter of 2029.

NextEra reaffirmed its full-year 2026 adjusted EPS guidance range of $3.92 to $4.02, saying it expects to finish at the high end. The company projects adjusted EPS compound annual growth of more than 8% annually through 2032, with the same growth target extending from 2032 to 2035, measured off a 2025 base of $3.71. Full-year FPL capital investment is expected to reach approximately $12 billion. On dividends, NextEra targets growth of roughly 10% per year through 2026 off a 2024 base, stepping down to 6% per year from year-end 2026 through 2028.