Earnings jump as NextEra Energy (NYSE: NEE) grows renewables backlog
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
NextEra Energy reported strong first-quarter 2026 results, with GAAP net income of $2.182 billion, or $1.04 per share, up from $833 million, or $0.40 per share, a year earlier. Adjusted earnings rose to $2.275 billion, or $1.09 per share, compared with $2.038 billion, or $0.99 per share, a 10% increase in adjusted EPS.
Utility subsidiary FPL earned $1.462 billion, or $0.70 per share, versus $1.316 billion, or $0.64 per share, driven by roughly $3.2 billion of first-quarter capital spending and regulatory capital employed up about 8.8%. FPL added nearly 100,000 customers and now operates more than 8.5 GW of solar.
NextEra Energy Resources delivered GAAP net income of $1.019 billion, or $0.49 per share, versus $172 million, or $0.08 per share, and adjusted earnings of $1.038 billion, or $0.50 per share, up from $908 million, or $0.44 per share. It had a record quarter for renewables and storage origination, adding 4 GW, including 1.3 GW of battery storage, bringing its backlog to about 33 GW. The company reaffirmed its outlook for adjusted EPS of $3.92–$4.02 in 2026 and an 8%+ compound annual growth rate in adjusted EPS through 2032, with targeted 10% annual dividend growth through 2026 and 6% annually from year-end 2026 through 2028.
Positive
- Double-digit earnings growth: Adjusted first-quarter 2026 earnings rose to $2.275 billion, or $1.09 per share, up from $2.038 billion, or $0.99 per share, a 10% increase in adjusted EPS.
- Record clean-energy backlog: NextEra Energy Resources added 4 GW of new renewables and storage, including 1.3 GW of battery storage, bringing its development backlog to approximately 33 GW.
- Reaffirmed long-term growth and dividend plans: The company reiterated 2026 adjusted EPS guidance of $3.92–$4.02, targets an 8%+ adjusted EPS CAGR through 2032, and plans dividend per-share growth of roughly 10% annually through 2026 and 6% annually from year-end 2026 through 2028.
Negative
- None.
Insights
Q1 2026 shows double-digit earnings growth, a record clean‑energy backlog and reaffirmed long-term targets.
NextEra Energy delivered a strong quarter: GAAP EPS rose from $0.40 to $1.04, while adjusted EPS increased 10% to $1.09. Both FPL and NextEra Energy Resources contributed, with higher segment earnings and solid operating performance.
FPL invested about $3.2 billion in the quarter and grew regulatory capital employed by roughly 8.8%, while keeping bills about 30% below the national average. NextEra Energy Resources added 4 GW of new renewables and storage, including 1.3 GW of batteries, bringing its backlog to approximately 33 GW.
Management kept long-term guidance intact, expecting 2026 adjusted EPS of $3.92–$4.02 and at least 8% annual adjusted EPS growth through 2032, using $3.71 of 2025 adjusted EPS as the base. Planned dividend per-share growth of roughly 10% annually through 2026 and 6% annually from year-end 2026 through 2028 underscores a continued focus on shareholder returns.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 GAAP net income: $2.182 billion
Q1 2026 adjusted earnings: $2.275 billion; $1.09/share
FPL net income: $1.462 billion; $0.70/share
+5 more
8 metrics
Q1 2026 GAAP net income
$2.182 billion
Net income attributable to NextEra Energy, Inc.; EPS $1.04 vs $0.40 in Q1 2025
Q1 2026 adjusted earnings
$2.275 billion; $1.09/share
Adjusted earnings vs $2.038 billion; $0.99/share in Q1 2025 (10% EPS growth)
FPL net income
$1.462 billion; $0.70/share
First quarter 2026 vs $1.316 billion; $0.64/share in prior-year quarter
FPL capital expenditures
$3.2 billion
First quarter 2026 capex; full-year 2026 expected $12–$13 billion
NEER adjusted earnings
$1.038 billion; $0.50/share
Q1 2026 adjusted vs $908 million; $0.44/share in Q1 2025
Renewables and storage origination
4 GW total; 1.3 GW storage
Record Q1 2026 additions to NextEra Energy Resources’ development backlog
Development backlog
Approximately 33 GW
NextEra Energy Resources renewables and storage backlog after Q1 2026 additions
2026 adjusted EPS guidance
$3.92–$4.02
Company expects 2026 adjusted EPS in this range and targets high end
Key Terms
adjusted earnings, non-qualifying hedges, nuclear decommissioning funds, Ten-Year Site Plan, +2 more
6 terms
adjusted earnings financial
"On an adjusted basis, NextEra Energy's 2026 first-quarter earnings were $2.275 billion, or $1.09 per share"
Adjusted earnings are a company’s profit figure that has been altered to remove one-time, unusual or non-operational items so it better reflects the business’s regular performance. Think of it like looking at a household budget but ignoring a big, unusual expense or windfall to see what normal monthly cash flow looks like; investors use adjusted earnings to compare companies and trends, but should watch what is excluded because choices can change the picture.
non-qualifying hedges financial
"Adjusted earnings for the periods in this news release exclude the effects of non-qualifying hedges"
nuclear decommissioning funds financial
"change in unrealized gains and losses on equity securities held in NextEra Energy Resources' nuclear decommissioning funds"
Ten-Year Site Plan regulatory
"FPL filed its annual Ten-Year Site Plan, detailing its approach to reliably and cost-effectively meet the growing need for electricity"
asset retirement obligations financial
"Asset retirement obligations | 2,186 | | | 1,544 | | | — | | | 3,730"
Asset retirement obligations are a company’s recorded promise to pay for dismantling, cleaning up, or restoring property when a long-lived asset is retired — for example decommissioning a plant or removing equipment. Companies estimate the future cleanup cost today and book it as a liability (and add the cost to the asset), so it affects the balance sheet, reported profits over time, and future cash needs; investors watch it like a planned bill that can reduce cash available for returns.
compound annual growth rate financial
"we expect to grow adjusted earnings per share at a compound annual growth rate of 8%+ through 2032"
The compound annual growth rate (CAGR) shows how much an investment or value has grown, on average, each year over a specific period. It considers the effect of growth that compounds or builds upon itself, similar to how interest accumulates in a savings account. Investors use CAGR to compare different investments’ long-term performance and to understand how steady or consistent their growth has been over time.
Earnings Snapshot
GAAP net income: $2.182 billion; $1.04/share · Guidance included
Q1 2026
GAAP net income
$2.182 billion; $1.04/share
vs $833 million; $0.40/share in Q1 2025
Adjusted earnings
$2.275 billion; $1.09/share
vs $2.038 billion; $0.99/share in Q1 2025 (10% EPS increase)
FPL net income
$1.462 billion; $0.70/share
vs $1.316 billion; $0.64/share in Q1 2025
NEER adjusted earnings
$1.038 billion; $0.50/share
vs $908 million; $0.44/share in Q1 2025
Guidance
NextEra Energy expects 2026 adjusted EPS of $3.92–$4.02 and targets an 8%+ adjusted EPS compound annual growth rate through 2032, with planned dividend per-share growth of roughly 10% annually through 2026 and 6% annually from year-end 2026 through 2028.
 |  | ||||
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of earliest event reported: April 23, 2026
| Commission File Number | Exact name of registrants as specified in their charters, address of principal executive offices and registrants' telephone number | IRS Employer Identification Number | ||||||||||||
(561 ) 694-4000
State or other jurisdiction of incorporation or organization: Florida
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Registrants | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||||
| NextEra Energy, Inc. | ||||||||||||||||||||
| Florida Power & Light Company | None | |||||||||||||||||||
Indicate by check mark whether the registrants are an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
SECTION 2 - FINANCIAL INFORMATION
Item 2.02 Results of Operations and Financial Condition
On April 23, 2026, NextEra Energy, Inc. posted on its website a news release announcing first quarter financial results for NextEra Energy, Inc. and Florida Power & Light Company. A copy of the news release is attached as Exhibit 99, which is incorporated herein by reference.
SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
Exhibit 99 is being furnished pursuant to Item 2.02 herein.
| Exhibit Number | Description | NextEra Energy, Inc. | Florida Power & Light Company | |||||||||||||||||
| 99 | NextEra Energy, Inc. News Release dated April 23, 2026 | x | x | |||||||||||||||||
| 101 | Interactive data files for this Form 8-K formatted in Inline XBRL | x | x | |||||||||||||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | x | x | |||||||||||||||||
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.
Date: April 23, 2026
NEXTERA ENERGY, INC.
(Registrant)
| WILLIAM J. GOUGH | ||||||||
| William J. Gough Vice President, Controller and Chief Accounting Officer | ||||||||
FLORIDA POWER & LIGHT COMPANY
(Registrant)
AMIN A. MOHOMED | ||||||||
Amin A. Mohomed Vice President, FPL Accounting and Controller | ||||||||
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Exhibit 99
 | ||||||||
NextEra Energy, Inc. Media Line: 561-694-4442 April 23, 2026 FOR IMMEDIATE RELEASE | ||||||||
NextEra Energy reports first-quarter 2026 financial results
•NextEra Energy delivers strong first-quarter results
•FPL grows regulatory capital employed by approximately 8.8% year-over-year and continues to keep customer bills low while delivering highly reliable electricity
•NextEra Energy Resources achieves a record quarter for new renewables and storage origination, adding 4 gigawatts to its backlog, including another strong quarter of battery storage origination at 1.3 gigawatts
JUNO BEACH, Fla. - NextEra Energy, Inc. (NYSE: NEE) today reported 2026 first-quarter net income attributable to NextEra Energy on a GAAP basis of $2.182 billion, or $1.04 per share, compared to $833 million, or $0.40 per share, for the first quarter of 2025. On an adjusted basis, NextEra Energy's 2026 first-quarter earnings were $2.275 billion, or $1.09 per share, compared to $2.038 billion, or $0.99 per share, in the first quarter of 2025.
"NextEra Energy is off to a terrific start for the year, delivering strong first-quarter results, with adjusted earnings per share increasing by 10% year-over-year," said John Ketchum, chairman, president and chief executive officer. "These results reflect continued strong financial and operational performance across FPL and NextEra Energy Resources as America's electricity demand continues to increase. NextEra Energy builds all forms of energy infrastructure and has experience across the entire energy value chain at massive scale with a balance sheet to back it up. Our customers turn to us because they know we have an unmatched track record of building affordable and reliable energy infrastructure decade after decade. With a service area that spans 49 states and with more than 12 ways to grow, NextEra Energy was built for this seminal moment. Importantly, our forecasted growth is visible and balanced between our regulated and long-term contracted businesses, and we expect to grow adjusted earnings per share at a compound annual growth rate of 8%+ through 2032 and are targeting the same from 2032 through 2035, all off the 2025 base."
FPL
FPL reported first-quarter 2026 net income of $1.462 billion, or $0.70 per share, compared to $1.316 billion, or $0.64 per share, for the prior-year comparable quarter.
FPL's full-year growth primarily was driven by continued smart capital investments. FPL's capital expenditures were approximately $3.2 billion for the first quarter, and full-year capital investments are expected to be between $12 billion and $13 billion. Regulatory capital employed increased by approximately 8.8% over the same quarter last year.
By making smart capital investments that benefit customers and being industry-leading on costs, FPL continues to deliver its strong customer value proposition of high reliability, outstanding customer service and low bills. In the first quarter, FPL added nearly 100,000 customers, compared to the prior-year comparable period. In one of the fastest-growing states and the world's 15th largest economy, FPL is both creating value for its customers and diversifying its generation portfolio by adding cost-effective solar and storage to one of the nation's largest natural gas-fired fleets and four nuclear units that make up the backbone of its generation fleet. This quarter, FPL placed into service approximately 600 megawatts of new cost-effective solar, putting FPL's owned and operated solar portfolio at over 8.5 gigawatts (GW).
Earlier this month, FPL filed its annual Ten-Year Site Plan, detailing its approach to reliably and cost-effectively meet the growing need for electricity in Florida. The plan shows roughly 4 GW of new gas-fired generation complementing over 12 GW of solar and over 7 GW of storage solutions over the next 10 years, which would further diversify FPL's generation fleet. Even with this significant capital investment, FPL's bills are approximately 30%
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below the national average and only projected to grow, on average, about 2% annually through the end of the decade.
NextEra Energy Resources
NextEra Energy Resources reported first-quarter 2026 net income attributable to NextEra Energy on a GAAP basis of $1.019 billion, or $0.49 per share, compared to $172 million, or $0.08 per share, in the prior-year comparable quarter. On an adjusted basis, NextEra Energy Resources' earnings for the first quarter of 2026 were $1.038 billion, or $0.50 per share, compared to $908 million, or $0.44 per share, for the first quarter of 2025.
NextEra Energy Resources had a record quarter for new renewables and storage origination, adding 4 GW to its backlog, including another strong quarter of battery storage origination at 1.3 GW. With these additions, NextEra Energy Resources' backlog now totals approximately 33 GW after taking into account 0.3 GW of new projects placed into service since the fourth-quarter and full-year 2025 financial results call in January.
NextEra Energy Resources is also off to a terrific start executing against its data center hub strategy, which is built on the power of scale. Last month, the U.S. Department of Commerce selected NextEra Energy Resources to build 9.5 GW of new gas-fired generation to serve large load in Texas and Pennsylvania. The projects are in connection with Japan's $550 billion investment commitment to the U.S. as part of the U.S.-Japan trade deal. The U.S. and Japan would own the projects, while NextEra Energy Resources would develop, build and operate them. NextEra Energy Resources is actively developing both projects, advancing site development, procurement, permitting and commercial structuring as it works toward definitive agreements with the U.S. and Japan. The projects are drawn from the company's existing group of data center hubs – a group that totals over 30 hubs with a year-end goal to secure roughly 40.
Corporate and Other
In the first quarter of 2026 on a GAAP basis, Corporate and Other results increased $0.17 per share, compared to the prior-year comparable quarter. On an adjusted basis, Corporate and Other results for the first quarter of 2026 decreased $0.02 per share, compared to the prior-year comparable quarter.
Outlook
NextEra Energy's long-term financial expectations remain unchanged. NextEra Energy continues to expect 2026 adjusted earnings per share to be in the range of $3.92 to $4.02 and is targeting the high end of that range. NextEra Energy also continues to expect a compound annual growth rate in adjusted earnings per share of 8%+ annually through 2032 and is targeting the same from 2032 through 2035, all off the 2025 base of $3.71 adjusted earnings per share. NextEra Energy also continues to expect to grow its dividends per share at a roughly 10% rate per year through 2026, off a 2024 base, and 6% per year from year-end 2026 through 2028.
Conference call information
As previously announced, NextEra Energy's first-quarter 2026 financial results conference call is scheduled for 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/FinancialResults. The news release and slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/FinancialResults, beginning at 7:30 a.m. ET today. A replay will be available for 90 days by accessing the link listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is the largest electric power and energy infrastructure company in North America and is a leading provider of electricity to American homes and businesses. Headquartered in Juno Beach, Florida, NextEra Energy is a Fortune 200 company that owns Florida Power & Light Company, America's largest electric utility, which provides reliable electricity to approximately 12 million people across Florida. NextEra Energy also owns the largest energy infrastructure development company in the U.S., NextEra Energy Resources, LLC. NextEra Energy and its affiliated entities are meeting America's growing energy needs with a diverse mix of energy sources, including natural gas, nuclear, renewable energy and battery storage. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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Adjusted earnings for the periods in this news release exclude the effects of non-qualifying hedges; XPLR Infrastructure, LP net investment gains; change in unrealized gains and losses on equity securities held in NextEra Energy Resources' nuclear decommissioning funds and other than temporary impairments (OTTI).
NextEra Energy's management uses adjusted earnings, which is a non-GAAP financial measure, internally for financial planning, analysis of performance, reporting of results to the board of directors and as an input in determining performance-based compensation under the company's employee incentive compensation plans. NextEra Energy also uses earnings expressed in this fashion when communicating its financial results and earnings outlook to analysts and investors. NextEra Energy's
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management believes that adjusted earnings provide a more meaningful representation of NextEra Energy's fundamental earnings power. A reconciliation of historical adjusted earnings to net income attributable to NextEra Energy, which is the most directly comparable GAAP measure, is included in the attachments to this news release. Adjusted earnings does not represent a substitute for net income, as prepared in accordance with GAAP.
NextEra Energy does not provide a quantitative reconciliation of forward-looking adjusted earnings per share to earnings per share, the most directly comparable GAAP financial measure, because certain information needed to reconcile these measures is not available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying these measures. These items include, but are not limited to, the effects of non-qualifying hedges and unrealized gains and losses on equity securities held in NextEra Energy Resources, LLC's nuclear decommissioning funds and other than temporary impairments. These items could significantly impact GAAP earnings per share. Adjusted earnings expectations and other forward-looking statements assume, among other things, normal weather and operating conditions; positive macroeconomic conditions in the U.S. and Florida; supportive commodity markets; current forward curves; public policy support for wind, solar, and storage development and construction; market demand for generation development and capacity needs; market demand and policy support for transmission development and expansion; market demand for pipeline capacity; access to capital at reasonable cost and terms; rate case outcomes consistent with historical; no adverse litigation decisions; and no changes to governmental policies or incentives. Please see the accompanying cautionary statements for a list of the risk factors that may affect future results.
This news release should be read in conjunction with the attached unaudited financial information.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning adjusted earnings per share expectations and future operating performance, statements concerning future dividends and statements concerning growth strategies, capital investment opportunities and technology initiatives. In some cases, you can identify the forward-looking statements by words or phrases such as “will,” “may result,” “expect,” “anticipate,” “believe,” “intend,” “plan,” “seek,” “potential,” “projection,” “forecast,” “predict,” “goals,” “target,” “outlook,” “should,” “would” or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, those discussed in this news release and the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory, operational and economic factors on regulatory decisions important to NextEra Energy and FPL; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support clean energy of NextEra Energy and FPL and its affiliated entities or changes in or the imposition of additional tax laws, tariffs, duties, policies or other costs or assessments on clean energy or equipment necessary to generate, store or deliver it; impact of new or revised laws, regulations, executive orders, interpretations or constitutional ballot and regulatory initiatives on NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal, state and local government regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; impacts on NextEra Energy or FPL of allegations of violations of law; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, storage, transmission and distribution facilities, natural gas and oil production and transportation facilities and other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, construction, permitting, governmental approvals and the negotiation of project development agreements, as well as supply chain disruptions; risks involved in the operation and maintenance of electric generation, storage, transmission and distribution facilities, natural gas and oil production and transportation facilities, and other facilities; effect on NextEra Energy and FPL of a lack of growth, slower growth or a decline in the number of customers or in customer usage; planned productivity increases and competitive advantages through the use of artificial intelligence technologies may not be realized and the use of and reliance on artificial intelligence may present certain risks; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of geopolitical factors, terrorism and catastrophic events that could result from terrorism, cyberattacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low natural gas and oil prices, disrupted production or unsuccessful drilling efforts could impact NextEra Energy Resources, LLC’s (NextEra Energy Resources) natural gas and oil production operations and cause NextEra Energy Resources to delay or cancel certain natural gas and oil production projects and could result in certain assets becoming impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirements services; inability or failure to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the
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effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation operations on sale and delivery of power or natural gas by NextEra Energy, including FPL; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems, or implementation challenges; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in over-the-counter markets; impact of negative publicity; inability of FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; environmental, health and financial risks associated with NextEra Energy Resources’ and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses or planned license extensions; effect of disruptions, uncertainty or volatility in the credit and capital markets or actions by third parties in connection with project-specific or other financing arrangements on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; defaults or noncompliance related to project-specific, limited-recourse financing agreements; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; reduction of NextEra Energy's and FPL's liquidity from the inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's assets and investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends, make distributions or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock; and the ultimate severity and duration of public health crises, epidemics and pandemics, and its effects on NextEra Energy’s or FPL’s businesses. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2025 and other Securities and Exchange Commission (SEC) filings, and this news release should be read in conjunction with such SEC filings. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
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NextEra Energy, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)
| Preliminary | ||||||||||||||||||||||||||
| Three Months Ended March 31, 2026 | FPL | NEER | Corporate and Other(a) | NextEra Energy | ||||||||||||||||||||||
| Operating Revenues | $ | 4,271 | $ | 2,311 | $ | 119 | $ | 6,701 | ||||||||||||||||||
| Operating Expenses | ||||||||||||||||||||||||||
| Fuel, purchased power and interchange | 992 | 337 | — | 1,329 | ||||||||||||||||||||||
| Other operations and maintenance | 379 | 870 | 173 | 1,422 | ||||||||||||||||||||||
| Depreciation and amortization | 665 | 691 | 15 | 1,371 | ||||||||||||||||||||||
| Taxes other than income taxes and other – net | 506 | 120 | 2 | 628 | ||||||||||||||||||||||
| Total operating expenses – net | 2,542 | 2,018 | 190 | 4,750 | ||||||||||||||||||||||
| Gains (Losses) on Disposal of Businesses/Assets – Net | 1 | 263 | (7) | 257 | ||||||||||||||||||||||
| Operating Income (Loss) | 1,730 | 556 | (78) | 2,208 | ||||||||||||||||||||||
| Other Income (Deductions) | ||||||||||||||||||||||||||
| Interest expense | (338) | (501) | (448) | (1,287) | ||||||||||||||||||||||
| Equity in earnings (losses) of equity method investees | — | 170 | 1 | 171 | ||||||||||||||||||||||
| Allowance for equity funds used during construction | 50 | 2 | — | 52 | ||||||||||||||||||||||
| Gains (losses) on disposal of investments and other property – net | — | (1) | 1 | — | ||||||||||||||||||||||
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net | — | (60) | — | (60) | ||||||||||||||||||||||
| Other net periodic benefit income | — | — | 71 | 71 | ||||||||||||||||||||||
| Other – net | 2 | 12 | 30 | 44 | ||||||||||||||||||||||
| Total other income (deductions) – net | (286) | (378) | (345) | (1,009) | ||||||||||||||||||||||
| Income (Loss) before Income Taxes | 1,444 | 178 | (423) | 1,199 | ||||||||||||||||||||||
| Income Tax Expense (Benefit) | (18) | (347) | (124) | (489) | ||||||||||||||||||||||
| Net Income (Loss) | 1,462 | 525 | (299) | 1,688 | ||||||||||||||||||||||
| Net Loss Attributable to Noncontrolling Interests | — | 494 | — | 494 | ||||||||||||||||||||||
| Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 1,462 | $ | 1,019 | $ | (299) | $ | 2,182 | ||||||||||||||||||
| Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss): | ||||||||||||||||||||||||||
| Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 1,462 | $ | 1,019 | $ | (299) | $ | 2,182 | ||||||||||||||||||
Adjustments – Pretax:(b) | ||||||||||||||||||||||||||
| Net losses (gains) associated with non-qualifying hedges | — | (35) | 99 | 64 | ||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net | — | 60 | — | 60 | ||||||||||||||||||||||
| XPLR Infrastructure, LP investment gains – net | — | 9 | — | 9 | ||||||||||||||||||||||
Less related income tax benefit(c) | — | (15) | (25) | (40) | ||||||||||||||||||||||
| Adjusted Earnings (Loss) | $ | 1,462 | $ | 1,038 | $ | (225) | $ | 2,275 | ||||||||||||||||||
| Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution) | $ | 0.70 | $ | 0.49 | $ | (0.15) | $ | 1.04 | ||||||||||||||||||
Adjustments – Pretax:(b) | ||||||||||||||||||||||||||
| Net losses (gains) associated with non-qualifying hedges | — | (0.02) | 0.05 | 0.03 | ||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net | — | 0.03 | — | 0.03 | ||||||||||||||||||||||
| XPLR Infrastructure, LP investment gains – net | — | — | — | — | ||||||||||||||||||||||
Less related income tax benefit(c) | — | — | (0.01) | (0.01) | ||||||||||||||||||||||
| Adjusted Earnings (Loss) Per Share | $ | 0.70 | $ | 0.50 | $ | (0.11) | $ | 1.09 | ||||||||||||||||||
| Weighted-average shares outstanding (assuming dilution) | 2,092 | |||||||||||||||||||||||||
| ———————————— | |||||||||||||||||||||||||||||||||||||||||
| (a) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other. | ||||||||||||||||||||||||||||||||||||||||
| (b) | After tax impact is as follows: | NEER | Corporate and Other | NextEra Energy | |||||||||||||||||||||||||||||||||||||
| Adjusted Earnings | Adjusted EPS | Adjusted Earnings | Adjusted EPS | Adjusted Earnings | Adjusted EPS | ||||||||||||||||||||||||||||||||||||
| Net losses (gains) associated with non-qualifying hedges | $ | (30) | $ | (0.01) | $ | 74 | $ | 0.04 | $ | 44 | $ | 0.03 | |||||||||||||||||||||||||||||
| Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net | $ | 43 | $ | 0.02 | $ | — | $ | — | $ | 43 | $ | 0.02 | |||||||||||||||||||||||||||||
| XPLR Infrastructure, LP investment gains – net | $ | 6 | $ | — | $ | — | $ | — | $ | 6 | $ | — | |||||||||||||||||||||||||||||
| (c) | Includes the effects of rounding. | ||||||||||||||||||||||||||||||||||||||||
5
NextEra Energy, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)
| Preliminary | ||||||||||||||||||||||||||
| Three Months Ended March 31, 2025 | FPL | NEER | Corporate and Other(a) | NextEra Energy | ||||||||||||||||||||||
| Operating Revenues | $ | 3,997 | $ | 2,163 | $ | 87 | $ | 6,247 | ||||||||||||||||||
| Operating Expenses | ||||||||||||||||||||||||||
| Fuel, purchased power and interchange | 936 | 229 | — | 1,165 | ||||||||||||||||||||||
| Other operations and maintenance | 379 | 659 | 135 | 1,173 | ||||||||||||||||||||||
| Depreciation and amortization | 408 | 671 | 16 | 1,095 | ||||||||||||||||||||||
| Taxes other than income taxes and other – net | 475 | 119 | — | 594 | ||||||||||||||||||||||
| Total operating expenses – net | 2,198 | 1,678 | 151 | 4,027 | ||||||||||||||||||||||
| Gains (Losses) on Disposal of Businesses/Assets – Net | — | 40 | (4) | 36 | ||||||||||||||||||||||
| Operating Income (Loss) | 1,799 | 525 | (68) | 2,256 | ||||||||||||||||||||||
| Other Income (Deductions) | ||||||||||||||||||||||||||
| Interest expense | (317) | (548) | (909) | (1,774) | ||||||||||||||||||||||
| Equity in earnings (losses) of equity method investees | — | (646) | — | (646) | ||||||||||||||||||||||
| Allowance for equity funds used during construction | 37 | 1 | — | 38 | ||||||||||||||||||||||
| Gains (losses) on disposal of investments and other property – net | — | (2) | — | (2) | ||||||||||||||||||||||
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net | — | (68) | — | (68) | ||||||||||||||||||||||
| Other net periodic benefit income | — | — | 67 | 67 | ||||||||||||||||||||||
| Other – net | 12 | 26 | 34 | 72 | ||||||||||||||||||||||
| Total other income (deductions) – net | (268) | (1,237) | (808) | (2,313) | ||||||||||||||||||||||
| Income (Loss) before Income Taxes | 1,531 | (712) | (876) | (57) | ||||||||||||||||||||||
| Income Tax Expense (Benefit) | 215 | (515) | (221) | (521) | ||||||||||||||||||||||
| Net Income (Loss) | 1,316 | (197) | (655) | 464 | ||||||||||||||||||||||
| Net Loss Attributable to Noncontrolling Interests | — | 369 | — | 369 | ||||||||||||||||||||||
| Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 1,316 | $ | 172 | $ | (655) | $ | 833 | ||||||||||||||||||
| Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss): | ||||||||||||||||||||||||||
| Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 1,316 | $ | 172 | $ | (655) | $ | 833 | ||||||||||||||||||
Adjustments – Pretax:(b) | ||||||||||||||||||||||||||
| Net losses (gains) associated with non-qualifying hedges | — | 62 | 626 | 688 | ||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net | — | 68 | — | 68 | ||||||||||||||||||||||
| XPLR Infrastructure, LP investment gains – net | — | 855 | — | 855 | ||||||||||||||||||||||
Less related income tax benefit(c) | — | (249) | (157) | (406) | ||||||||||||||||||||||
| Adjusted Earnings (Loss) | $ | 1,316 | $ | 908 | $ | (186) | $ | 2,038 | ||||||||||||||||||
| Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution) | $ | 0.64 | $ | 0.08 | $ | (0.32) | $ | 0.40 | ||||||||||||||||||
Adjustments – Pretax:(b) | ||||||||||||||||||||||||||
| Net losses (gains) associated with non-qualifying hedges | — | 0.03 | 0.30 | 0.33 | ||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net | — | 0.03 | — | 0.03 | ||||||||||||||||||||||
| XPLR Infrastructure, LP investment gains – net | — | 0.42 | — | 0.42 | ||||||||||||||||||||||
Less related income tax benefit(c) | — | (0.12) | (0.07) | (0.19) | ||||||||||||||||||||||
| Adjusted Earnings (Loss) Per Share | $ | 0.64 | $ | 0.44 | $ | (0.09) | $ | 0.99 | ||||||||||||||||||
| Weighted-average shares outstanding (assuming dilution) | 2,061 | |||||||||||||||||||||||||
| ———————————— | |||||||||||||||||||||||||||||||||||||||||
| (a) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resource's subsidiaries. Residual corporate interest expense is included in Corporate and Other. | ||||||||||||||||||||||||||||||||||||||||
| (b) | After tax impact is as follows: | NEER | Corporate and Other | NextEra Energy | |||||||||||||||||||||||||||||||||||||
| Adjusted Earnings | Adjusted EPS | Adjusted Earnings | Adjusted EPS | Adjusted Earnings | Adjusted EPS | ||||||||||||||||||||||||||||||||||||
| Net losses (gains) associated with non-qualifying hedges | $ | 45 | $ | 0.03 | $ | 469 | $ | 0.23 | $ | 514 | $ | 0.26 | |||||||||||||||||||||||||||||
| Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net | $ | 49 | $ | 0.02 | $ | — | $ | — | $ | 49 | $ | 0.02 | |||||||||||||||||||||||||||||
| XPLR Infrastructure, LP investment gains – net | $ | 642 | $ | 0.31 | $ | — | $ | — | $ | 642 | $ | 0.31 | |||||||||||||||||||||||||||||
| (c) | Includes the effects of rounding. | ||||||||||||||||||||||||||||||||||||||||
6
| NextEra Energy, Inc. | ||||||||||||||||||||||||||
| Condensed Consolidated Balance Sheets | ||||||||||||||||||||||||||
| (millions) (unaudited) | ||||||||||||||||||||||||||
Preliminary | ||||||||||||||||||||||||||
| March 31, 2026 | FPL | NEER | Corporate and Other(a) | NextEra Energy | ||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||
| Current assets: | ||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 70 | $ | 1,435 | $ | 493 | $ | 1,998 | ||||||||||||||||||
| Customer receivables, net of allowances | 1,534 | 2,596 | 1 | 4,131 | ||||||||||||||||||||||
| Other receivables | 335 | 1,050 | 791 | 2,176 | ||||||||||||||||||||||
| Materials, supplies and fuel inventory | 1,412 | 1,145 | 20 | 2,577 | ||||||||||||||||||||||
| Regulatory assets | 420 | 28 | — | 448 | ||||||||||||||||||||||
| Derivatives | 28 | 1,197 | 12 | 1,237 | ||||||||||||||||||||||
| Other | 240 | 856 | 195 | 1,291 | ||||||||||||||||||||||
| Total current assets | 4,039 | 8,307 | 1,512 | 13,858 | ||||||||||||||||||||||
| Other assets: | ||||||||||||||||||||||||||
| Property, plant and equipment – net | 84,118 | 78,086 | 157 | 162,361 | ||||||||||||||||||||||
| Special use funds | 7,488 | 3,219 | — | 10,707 | ||||||||||||||||||||||
| Investment in equity method investees | — | 5,969 | 20 | 5,989 | ||||||||||||||||||||||
| Prepaid benefit costs | 2,101 | 5 | 816 | 2,922 | ||||||||||||||||||||||
| Regulatory assets | 6,988 | 199 | 12 | 7,199 | ||||||||||||||||||||||
| Derivatives | 1 | 1,745 | 74 | 1,820 | ||||||||||||||||||||||
| Goodwill | 2,965 | 2,174 | 11 | 5,150 | ||||||||||||||||||||||
| Other | 945 | 9,192 | 1,281 | 11,418 | ||||||||||||||||||||||
| Total other assets | 104,606 | 100,589 | 2,371 | 207,566 | ||||||||||||||||||||||
| TOTAL ASSETS | $ | 108,645 | $ | 108,896 | $ | 3,883 | $ | 221,424 | ||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||
| Current liabilities: | ||||||||||||||||||||||||||
| Commercial paper | $ | 2,439 | $ | — | $ | 2,921 | $ | 5,360 | ||||||||||||||||||
| Other short-term debt | — | 608 | 650 | 1,258 | ||||||||||||||||||||||
| Current portion of long-term debt | 500 | 995 | 2,342 | 3,837 | ||||||||||||||||||||||
| Accounts payable | 1,050 | 4,663 | 30 | 5,743 | ||||||||||||||||||||||
| Customer deposits | 691 | 40 | — | 731 | ||||||||||||||||||||||
| Accrued interest and taxes | 806 | 332 | 255 | 1,393 | ||||||||||||||||||||||
| Derivatives | 49 | 900 | 227 | 1,176 | ||||||||||||||||||||||
| Accrued construction-related expenditures | 1,099 | 1,826 | 2 | 2,927 | ||||||||||||||||||||||
| Regulatory liabilities | 272 | 22 | — | 294 | ||||||||||||||||||||||
| Other | 530 | 1,468 | 856 | 2,854 | ||||||||||||||||||||||
| Total current liabilities | 7,436 | 10,854 | 7,283 | 25,573 | ||||||||||||||||||||||
| Other liabilities and deferred credits: | ||||||||||||||||||||||||||
| Long-term debt | 28,045 | 16,094 | 49,809 | 93,948 | ||||||||||||||||||||||
| Asset retirement obligations | 2,186 | 1,544 | — | 3,730 | ||||||||||||||||||||||
| Deferred income taxes | 10,368 | 4,695 | (1,957) | 13,106 | ||||||||||||||||||||||
| Regulatory liabilities | 11,928 | 165 | 2 | 12,095 | ||||||||||||||||||||||
| Derivatives | 1 | 1,545 | 288 | 1,834 | ||||||||||||||||||||||
| Other | 332 | 2,924 | 1,250 | 4,506 | ||||||||||||||||||||||
| Total other liabilities and deferred credits | 52,860 | 26,967 | 49,392 | 129,219 | ||||||||||||||||||||||
| TOTAL LIABILITIES | 60,296 | 37,821 | 56,675 | 154,792 | ||||||||||||||||||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||||||||||||||||||||
| EQUITY | ||||||||||||||||||||||||||
| Common stock | 1,373 | — | (1,352) | 21 | ||||||||||||||||||||||
| Additional paid-in capital | 26,867 | 29,340 | (36,956) | 19,251 | ||||||||||||||||||||||
| Retained earnings | 20,109 | 30,408 | (14,533) | 35,984 | ||||||||||||||||||||||
| Accumulated other comprehensive income (loss) | — | (83) | 49 | (34) | ||||||||||||||||||||||
| Total common shareholders' equity | 48,349 | 59,665 | (52,792) | 55,222 | ||||||||||||||||||||||
| Noncontrolling interests | — | 11,410 | — | 11,410 | ||||||||||||||||||||||
| TOTAL EQUITY | 48,349 | 71,075 | (52,792) | 66,632 | ||||||||||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 108,645 | $ | 108,896 | $ | 3,883 | $ | 221,424 | ||||||||||||||||||
| ———————————— | |||||
| (a) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other. | ||||
7
| NextEra Energy, Inc. | ||||||||||||||||||||||||||
| Condensed Consolidated Balance Sheets | ||||||||||||||||||||||||||
(millions) (unaudited) | ||||||||||||||||||||||||||
Preliminary | ||||||||||||||||||||||||||
| December 31, 2025 | FPL | NEER | Corporate and Other(a) | NextEra Energy | ||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||
| Current assets: | ||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 42 | $ | 1,760 | $ | 1,010 | $ | 2,812 | ||||||||||||||||||
| Customer receivables, net of allowances | 1,667 | 2,337 | 14 | 4,018 | ||||||||||||||||||||||
| Other receivables | 413 | 979 | 341 | 1,733 | ||||||||||||||||||||||
| Materials, supplies and fuel inventory | 1,373 | 1,025 | 22 | 2,420 | ||||||||||||||||||||||
| Regulatory assets | 401 | 32 | — | 433 | ||||||||||||||||||||||
| Derivatives | 39 | 931 | 27 | 997 | ||||||||||||||||||||||
| Other | 216 | 782 | 173 | 1,171 | ||||||||||||||||||||||
| Total current assets | 4,151 | 7,846 | 1,587 | 13,584 | ||||||||||||||||||||||
| Other assets: | ||||||||||||||||||||||||||
| Property, plant and equipment – net | 81,755 | 74,287 | 155 | 156,197 | ||||||||||||||||||||||
| Special use funds | 7,684 | 3,270 | — | 10,954 | ||||||||||||||||||||||
| Investment in equity method investees | — | 5,509 | 19 | 5,528 | ||||||||||||||||||||||
| Prepaid benefit costs | 2,072 | 5 | 791 | 2,868 | ||||||||||||||||||||||
| Regulatory assets | 5,405 | 222 | 12 | 5,639 | ||||||||||||||||||||||
| Derivatives | 1 | 1,838 | 159 | 1,998 | ||||||||||||||||||||||
| Goodwill | 2,965 | 1,873 | 11 | 4,849 | ||||||||||||||||||||||
| Other | 1,125 | 8,678 | 1,301 | 11,104 | ||||||||||||||||||||||
| Total other assets | 101,007 | 95,682 | 2,448 | 199,137 | ||||||||||||||||||||||
| TOTAL ASSETS | $ | 105,158 | $ | 103,528 | $ | 4,035 | $ | 212,721 | ||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||
| Current liabilities: | ||||||||||||||||||||||||||
| Commercial paper | $ | 1,130 | $ | — | $ | 825 | $ | 1,955 | ||||||||||||||||||
| Other short-term debt | — | 608 | — | 608 | ||||||||||||||||||||||
| Current portion of long-term debt | 641 | 925 | 1,934 | 3,500 | ||||||||||||||||||||||
| Accounts payable | 1,084 | 6,498 | 1 | 7,583 | ||||||||||||||||||||||
| Customer deposits | 685 | 24 | — | 709 | ||||||||||||||||||||||
| Accrued interest and taxes | 470 | 341 | 374 | 1,185 | ||||||||||||||||||||||
| Derivatives | 15 | 802 | 296 | 1,113 | ||||||||||||||||||||||
| Accrued construction-related expenditures | 1,153 | 1,809 | 4 | 2,966 | ||||||||||||||||||||||
| Regulatory liabilities | 344 | 12 | — | 356 | ||||||||||||||||||||||
| Other | 672 | 1,552 | 618 | 2,842 | ||||||||||||||||||||||
| Total current liabilities | 6,194 | 12,571 | 4,052 | 22,817 | ||||||||||||||||||||||
| Other liabilities and deferred credits: | ||||||||||||||||||||||||||
| Long-term debt | 28,041 | 17,523 | 43,992 | 89,556 | ||||||||||||||||||||||
| Asset retirement obligations | 2,158 | 1,511 | — | 3,669 | ||||||||||||||||||||||
| Deferred income taxes | 10,156 | 4,155 | (1,952) | 12,359 | ||||||||||||||||||||||
| Regulatory liabilities | 11,280 | 193 | 1 | 11,474 | ||||||||||||||||||||||
| Derivatives | 1 | 1,949 | 198 | 2,148 | ||||||||||||||||||||||
| Other | 342 | 2,903 | 974 | 4,219 | ||||||||||||||||||||||
| Total other liabilities and deferred credits | 51,978 | 28,234 | 43,213 | 123,425 | ||||||||||||||||||||||
| TOTAL LIABILITIES | 58,172 | 40,805 | 47,265 | 146,242 | ||||||||||||||||||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||||||||||||||||||||
| EQUITY | ||||||||||||||||||||||||||
| Common stock | 1,373 | — | (1,352) | 21 | ||||||||||||||||||||||
| Additional paid-in capital | 26,866 | 21,536 | (28,908) | 19,494 | ||||||||||||||||||||||
| Retained earnings | 18,747 | 29,389 | (13,034) | 35,102 | ||||||||||||||||||||||
| Accumulated other comprehensive income (loss) | — | (73) | 64 | (9) | ||||||||||||||||||||||
| Total common shareholders' equity | 46,986 | 50,852 | (43,230) | 54,608 | ||||||||||||||||||||||
| Noncontrolling interests | — | 11,871 | — | 11,871 | ||||||||||||||||||||||
| TOTAL EQUITY | 46,986 | 62,723 | (43,230) | 66,479 | ||||||||||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 105,158 | $ | 103,528 | $ | 4,035 | $ | 212,721 | ||||||||||||||||||
| ———————————— | |||||
| (a) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resource's subsidiaries. Residual corporate interest expense is included in Corporate and Other. | ||||
8
NextEra Energy, Inc.
Condensed Consolidated Statements of Cash Flows
(millions)
(unaudited)
| Preliminary | ||||||||||||||||||||||||||
| Three Months Ended March 31, 2026 | FPL | NEER | Corporate and Other(a) | NextEra Energy | ||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||
| Net income (loss) | $ | 1,462 | $ | 525 | $ | (299) | $ | 1,688 | ||||||||||||||||||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||
| Depreciation and amortization | 665 | 691 | 15 | 1,371 | ||||||||||||||||||||||
| Nuclear fuel and other amortization | 42 | 41 | 8 | 91 | ||||||||||||||||||||||
| Unrealized losses (gains) on marked to market derivative contracts – net | — | (103) | 119 | 16 | ||||||||||||||||||||||
| Foreign currency transaction losses (gains) | — | 1 | (139) | (138) | ||||||||||||||||||||||
| Deferred income taxes | (29) | 367 | 71 | 409 | ||||||||||||||||||||||
| Cost recovery clauses and franchise fees | (201) | — | — | (201) | ||||||||||||||||||||||
| Equity in losses (earnings) of equity method investees | — | (170) | (1) | (171) | ||||||||||||||||||||||
| Distributions of earnings from equity method investees | — | 100 | — | 100 | ||||||||||||||||||||||
| Losses (gains) on disposal of businesses, assets and investments – net | (1) | (262) | 6 | (257) | ||||||||||||||||||||||
| Recoverable storm-related costs | (16) | — | — | (16) | ||||||||||||||||||||||
| Other – net | 16 | 275 | 21 | 312 | ||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||
| Current assets | 44 | (18) | (394) | (368) | ||||||||||||||||||||||
| Noncurrent assets | (44) | (36) | (34) | (114) | ||||||||||||||||||||||
| Current liabilities | 181 | (527) | 58 | (288) | ||||||||||||||||||||||
| Noncurrent liabilities | 1 | 12 | 167 | 180 | ||||||||||||||||||||||
Net cash provided by (used in) operating activities | 2,120 | 896 | (402) | 2,614 | ||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||
| Capital expenditures of FPL | (3,046) | — | — | (3,046) | ||||||||||||||||||||||
| Independent power and other investments of NEER | — | (7,868) | — | (7,868) | ||||||||||||||||||||||
| Nuclear fuel purchases | (116) | (28) | — | (144) | ||||||||||||||||||||||
| Other capital expenditures | — | — | (4) | (4) | ||||||||||||||||||||||
| Sale of independent power and other investments of NEER | — | 340 | — | 340 | ||||||||||||||||||||||
| Proceeds from sale or maturity of securities in special use funds and other investments | 914 | 399 | 193 | 1,506 | ||||||||||||||||||||||
| Purchases of securities in special use funds and other investments | (980) | (430) | (240) | (1,650) | ||||||||||||||||||||||
| Other – net | 74 | 41 | (70) | 45 | ||||||||||||||||||||||
| Net cash used in investing activities | (3,154) | (7,546) | (121) | (10,821) | ||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||
| Issuances of long-term debt, including premiums and discounts | — | 294 | 8,013 | 8,307 | ||||||||||||||||||||||
| Retirements of long-term debt | (142) | (1,358) | (1,600) | (3,100) | ||||||||||||||||||||||
| Net change in commercial paper | 1,309 | — | 2,096 | 3,405 | ||||||||||||||||||||||
| Proceeds from other short-term debt | — | — | 650 | 650 | ||||||||||||||||||||||
| Repayments of other short-term debt | — | — | — | — | ||||||||||||||||||||||
Cash repayments to related parties – net | — | (2) | — | (2) | ||||||||||||||||||||||
| Issuances of common stock/equity units | — | — | 23 | 23 | ||||||||||||||||||||||
| Dividends on common stock | — | — | (1,300) | (1,300) | ||||||||||||||||||||||
| Dividends & capital distributions from (to) parent – net | (100) | 7,838 | (7,738) | — | ||||||||||||||||||||||
| Other – net | (5) | (160) | (139) | (304) | ||||||||||||||||||||||
Net cash provided by financing activities | 1,062 | 6,612 | 5 | 7,679 | ||||||||||||||||||||||
| Effects of currency translation on cash, cash equivalents and restricted cash | — | (3) | — | (3) | ||||||||||||||||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 28 | (41) | (518) | (531) | ||||||||||||||||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 88 | 1,901 | 1,017 | 3,006 | ||||||||||||||||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 116 | $ | 1,860 | $ | 499 | $ | 2,475 | ||||||||||||||||||
| ———————————— | |||||
| (a) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other. | ||||
9
NextEra Energy, Inc.
Condensed Consolidated Statements of Cash Flows
(millions)
(unaudited)
| Preliminary | ||||||||||||||||||||||||||
| Three Months Ended March 31, 2025 | FPL | NEER | Corporate and Other(a) | NextEra Energy | ||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||
| Net income (loss) | $ | 1,316 | $ | (197) | $ | (655) | $ | 464 | ||||||||||||||||||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||
| Depreciation and amortization | 408 | 671 | 16 | 1,095 | ||||||||||||||||||||||
| Nuclear fuel and other amortization | 35 | 37 | 9 | 81 | ||||||||||||||||||||||
| Unrealized losses (gains) on marked to market derivative contracts – net | — | 218 | 746 | 964 | ||||||||||||||||||||||
| Foreign currency transaction losses (gains) | — | — | 8 | 8 | ||||||||||||||||||||||
| Deferred income taxes | 135 | (303) | (232) | (400) | ||||||||||||||||||||||
| Cost recovery clauses and franchise fees | (133) | — | — | (133) | ||||||||||||||||||||||
| Equity in losses (earnings) of equity method investees | — | 646 | — | 646 | ||||||||||||||||||||||
| Distributions of earnings from equity method investees | — | 123 | — | 123 | ||||||||||||||||||||||
| Losses (gains) on disposal of businesses, assets and investments – net | — | (38) | 4 | (34) | ||||||||||||||||||||||
| Recoverable storm-related costs | (177) | — | — | (177) | ||||||||||||||||||||||
| Other – net | 4 | 79 | 39 | 122 | ||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||
| Current assets | 23 | 47 | 152 | 222 | ||||||||||||||||||||||
| Noncurrent assets | (59) | 17 | (19) | (61) | ||||||||||||||||||||||
| Current liabilities | 363 | (416) | (206) | (259) | ||||||||||||||||||||||
| Noncurrent liabilities | (6) | 5 | 109 | 108 | ||||||||||||||||||||||
Net cash provided by (used in) operating activities | 1,909 | 889 | (29) | 2,769 | ||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||
| Capital expenditures of FPL | (2,341) | — | — | (2,341) | ||||||||||||||||||||||
| Independent power and other investments of NEER | — | (5,441) | — | (5,441) | ||||||||||||||||||||||
| Nuclear fuel purchases | (51) | (102) | — | (153) | ||||||||||||||||||||||
| Other capital expenditures | — | — | (7) | (7) | ||||||||||||||||||||||
| Sale of independent power and other investments of NEER | — | 238 | — | 238 | ||||||||||||||||||||||
| Proceeds from sale or maturity of securities in special use funds and other investments | 751 | 394 | 112 | 1,257 | ||||||||||||||||||||||
| Purchases of securities in special use funds and other investments | (792) | (331) | (169) | (1,292) | ||||||||||||||||||||||
| Other – net | 80 | 8 | (73) | 15 | ||||||||||||||||||||||
| Net cash used in investing activities | (2,353) | (5,234) | (137) | (7,724) | ||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||
| Issuances of long-term debt, including premiums and discounts | 1,996 | 350 | 7,494 | 9,840 | ||||||||||||||||||||||
| Retirements of long-term debt | (22) | (325) | (2,505) | (2,852) | ||||||||||||||||||||||
| Net change in commercial paper | (980) | — | 1,315 | 335 | ||||||||||||||||||||||
| Proceeds from other short-term debt | — | — | 850 | 850 | ||||||||||||||||||||||
| Repayments of other short-term debt | — | — | (850) | (850) | ||||||||||||||||||||||
Cash repayments to related parties – net | — | (45) | — | (45) | ||||||||||||||||||||||
| Issuances of common stock/equity units | — | — | 11 | 11 | ||||||||||||||||||||||
| Dividends on common stock | — | — | (1,166) | (1,166) | ||||||||||||||||||||||
| Dividends & capital distributions from (to) parent – net | (100) | 4,812 | (4,712) | — | ||||||||||||||||||||||
| Other – net | (31) | 97 | (86) | (20) | ||||||||||||||||||||||
Net cash provided by financing activities | 863 | 4,889 | 351 | 6,103 | ||||||||||||||||||||||
| Effects of currency translation on cash, cash equivalents and restricted cash | — | — | — | — | ||||||||||||||||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 419 | 544 | 185 | 1,148 | ||||||||||||||||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 133 | 1,008 | 261 | 1,402 | ||||||||||||||||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 552 | $ | 1,552 | $ | 446 | $ | 2,550 | ||||||||||||||||||
| ———————————— | |||||
| (a) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other. | ||||
10
NextEra Energy, Inc.
Earnings Per Share Contributions
(assuming dilution)
(unaudited)
| Preliminary | ||||||||
| First Quarter | ||||||||
| 2025 Earnings Per Share Attributable to NextEra Energy, Inc. | $ | 0.40 | ||||||
FPL – 2025 Earnings Per Share | $ | 0.64 | ||||||
| New investment growth | 0.04 | |||||||
| Other and share dilution | 0.02 | |||||||
FPL – 2026 Earnings Per Share | $ | 0.70 | ||||||
NEER – 2025 Earnings Per Share Attributable to NextEra Energy, Inc. | $ | 0.08 | ||||||
| New investments | 0.04 | |||||||
| Existing clean energy | 0.01 | |||||||
| NextEra Energy Transmission | 0.05 | |||||||
| Customer supply | (0.04) | |||||||
| Non-qualifying hedges impact | 0.04 | |||||||
| XPLR Infrastructure, LP investment gains – net | 0.31 | |||||||
| Other, including financing costs, corporate general and administrative expenses, asset recycling, state taxes, other investment income and share dilution | — | |||||||
NEER – 2026 Earnings Per Share Attributable to NextEra Energy, Inc. | $ | 0.49 | ||||||
Corporate and Other – 2025 Loss Per Share | $ | (0.32) | ||||||
| Non-qualifying hedges impact | 0.19 | |||||||
| Other, including interest expense and share dilution | (0.02) | |||||||
Corporate and Other – 2026 Loss Per Share | $ | (0.15) | ||||||
2026 Earnings Per Share Attributable to NextEra Energy, Inc. | $ | 1.04 | ||||||
| Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resource's subsidiaries. Residual corporate interest expense is included in Corporate and Other. | ||||||||
11
FAQ
How did NextEra Energy (NEE) perform financially in Q1 2026?
NextEra Energy reported Q1 2026 GAAP net income of $2.182 billion, or $1.04 per share. Adjusted earnings were $2.275 billion, or $1.09 per share, up from $0.99 per share in Q1 2025, reflecting a 10% increase in adjusted EPS.
What were Florida Power & Light’s Q1 2026 results within NextEra Energy?
Florida Power & Light generated Q1 2026 net income of $1.462 billion, or $0.70 per share, compared with $1.316 billion, or $0.64 per share, a year earlier. FPL invested about $3.2 billion in capital projects and grew regulatory capital employed roughly 8.8% year over year.
How did NextEra Energy Resources perform and how large is its backlog?
NextEra Energy Resources posted Q1 2026 GAAP net income of $1.019 billion, or $0.49 per share, and adjusted earnings of $1.038 billion, or $0.50 per share. It added 4 GW of new renewables and storage, lifting its development backlog to approximately 33 GW.
What long-term earnings guidance did NextEra Energy provide?
NextEra Energy continues to expect 2026 adjusted EPS of $3.92–$4.02 and targets the high end of that range. The company also expects an 8%+ compound annual growth rate in adjusted EPS through 2032, using $3.71 of 2025 adjusted EPS as the base.
What are NextEra Energy’s dividend growth plans after Q1 2026?
NextEra Energy plans to grow dividends per share at roughly 10% per year through 2026, off a 2024 base. From year-end 2026 through 2028, it expects dividends per share to increase about 6% annually, aligning payouts with projected earnings growth.
How much is FPL investing in its system, and how does this affect customers?
FPL expects full-year 2026 capital investments of $12–$13 billion, after spending about $3.2 billion in Q1. Despite this, FPL states its customer bills are approximately 30% below the national average and projected to grow about 2% annually through decade-end.
What generation expansion does FPL plan for the next decade?
In its latest Ten-Year Site Plan, FPL outlines roughly 4 GW of new gas-fired generation alongside more than 12 GW of solar and over 7 GW of storage over 10 years. This mix is intended to diversify its fleet while meeting Florida’s growing electricity demand.