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NextEra beats Q3 profit estimates as renewables backlog reaches 36.7 GW
Adjusted earnings rose to $1.24 a share, while 3.7 GW of new renewable and storage projects expanded the development backlog. The company kept its 2026 outlook unchanged.
NextEra Energy reported third-quarter adjusted earnings of $1.24 a share, above the $1.18 analyst consensus cited by Reuters. The company said adjusted earnings per share increased 9.7% from a year earlier as Florida Power & Light and NextEra Energy Resources both improved.
Energy Resources added 3.7 gigawatts of renewable generation and battery-storage projects to its backlog, taking the total to about 36.7 GW after 1.8 GW of projects entered service since July. Management kept its 2026 adjusted-EPS range at $3.92–$4.02 and said it is targeting the high end.
Adjusted earnings beat the consensus
Adjusted earnings were $2.592 billion, or $1.24 a share, compared with $2.348 billion, or $1.13 a share, a year earlier. Reuters said the latest per-share figure topped an LSEG analyst consensus of $1.18.
GAAP net income was $4.775 billion, or $2.28 a share, versus $2.438 billion, or $1.18 a share, in the prior-year quarter. The company excludes items such as non-qualifying hedges and merger costs from adjusted earnings, so the GAAP and adjusted figures should not be interchanged.
The project backlog grew to about 36.7 GW
NextEra Energy Resources originated 3.7 GW of new renewable and storage projects during the quarter, including 2.4 GW of battery storage. After subtracting 1.8 GW of projects placed into service since the July results call, the backlog stood at about 36.7 GW.
A backlog is a development pipeline, not the same thing as operating capacity. Projects remain exposed to permitting, construction, supply-chain, financing and customer-contract risks before they can contribute electricity and earnings.
Both major operating businesses earned more
Florida Power & Light reported quarterly net income of $1.620 billion, up from $1.463 billion a year earlier, as regulatory capital employed increased about 9.2%. The utility invested roughly $2.4 billion during the quarter and expects about $12 billion of capital investment for the full year.
Energy Resources reported GAAP net income of $1.491 billion, up from $1.275 billion. On an adjusted basis, the segment earned $1.247 billion, compared with $1.102 billion a year earlier.
The 2026 outlook did not change
NextEra continues to expect 2026 adjusted earnings of $3.92–$4.02 a share and is targeting the high end. It also maintained an 8%-plus annual adjusted-EPS growth expectation through 2032, with the same target from 2032 through 2035, both measured from the 2025 base.
Those figures are management forecasts rather than guaranteed results. The company lists weather, regulation, project execution, power demand, financing conditions and public-policy support among the variables that could change outcomes.
The Dominion transaction remains pending
Management said state and federal reviews of the proposed Dominion Energy combination are moving forward after shareholders of both companies approved the transaction in September. The companies still expect a close in the second half of 2027.
Reuters noted the $66.8 billion transaction has drawn regulatory and political scrutiny. Approval schedules and the target close date do not mean the deal is complete; final orders and other required clearances still matter.
