NextEra Energy Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 24 July 2026: press release. Guidance figures: 2 new, 4 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Adjusted EPS rose 9.5 percent: Adjusted EPS was $1.15 for the quarter, against $1.05 a year earlier, an increase of 9.5% as stated by management. Adjusted earnings were $2.407 billion. Source
• Regulatory capital grew 9.3 percent: FPL regulatory capital employed grew about 9.3% year over year. FPL capital expenditures were about $2.8 billion in the second quarter. Source
• Origination added 3.6 GW: Origination added 3.6 GW to the backlog, of which 2 GW was battery storage, according to management. Source
• 21 GW of large-load interest: FPL reports about 21 GW of large-load interest, with advanced discussions on 12 GW, part of which could start service as soon as 2028. Source
• State merger filings made July 15: Merger applications went to Virginia, North Carolina and South Carolina regulators on July 15. The Virginia filing started a six-month statutory review. Source
• Federal filings with FERC and NRC: Merger approval applications were also filed with the Federal Energy Regulatory Commission and the Nuclear Regulatory Commission. Source

“NextEra Energy delivered a strong second quarter, with adjusted earnings per share increasing by 9.5% year-over-year, reflecting continued operational and financial execution across both FPL and NextEra Energy Resources”

John Ketchum, chairman, president and chief executive officer

Guidance

What changed from last quarter

• Guidance kept: Management said long-term financial expectations remain unchanged. Source
• New: Merger approval applications were filed with state and federal agencies in July, after the combination was announced on May 18. Source
• New: FPL reports roughly 21 GW of large-load interest, with advanced discussions on 12 GW; the April release did not report this figure. Source
• New: NextEra Energy Resources closed the purchase of the final 30% minority interest in Duane Arnold and is now the plant's sole owner. Source
• New: MISO selected NextEra Energy Transmission in a consortium to develop two 765-kV transmission projects in Illinois. Source

Second-quarter results and earnings

• Adjusted EPS rose 9.5 percent: Adjusted EPS was $1.15 for the quarter, against $1.05 a year earlier, an increase of 9.5% as stated by management. Adjusted earnings were $2.407 billion. Source
• GAAP EPS rose to $1.50: GAAP net income attributable to NextEra Energy was $3.144 billion, or $1.50 per share, against $0.98 a year earlier. Adjustments removed $862 million pretax of net gains on non-qualifying hedges. Source
• FPL earnings rose to $0.67: FPL net income was $1.412 billion, or $0.67 per share, against $1.275 billion, or $0.62 per share, a year earlier. Management attributed the growth primarily to capital investments. Source
• Corporate and Other mixed by basis: Adjusted Corporate and Other results decreased $0.04 per share from a year earlier. On a GAAP basis, the same segment increased $0.17 per share. Source

FPL growth, bills and customers

• Regulatory capital grew 9.3 percent: FPL regulatory capital employed grew about 9.3% year over year. FPL capital expenditures were about $2.8 billion in the second quarter. Source
• Residential bills stay below average: The typical FPL residential bill is about 30% below the national average and is projected to rise about 2% a year on average through the decade. Source
• Customer additions above 90,000: FPL added more than 90,000 customers in the second quarter, compared with the prior-year period. Source
• Operating cost and reliability benchmarks: Management cited non-fuel O&M more than 70% better than the industry average per megawatt-hour, and reliability more than 60% better than the national average. Source

“As power demand continues to accelerate, NextEra Energy is uniquely positioned to meet the power demand needs of our customers because we have the scale, financial strength, supply chain, development expertise and technology to build all forms of energy.”

John Ketchum, chairman, president and chief executive officer

NextEra Energy Resources origination and assets

• Origination added 3.6 GW: Origination added 3.6 GW to the backlog, of which 2 GW was battery storage, according to management. Source
• NEER adjusted EPS rose to $0.62: NextEra Energy Resources adjusted earnings were $1.291 billion, or $0.62 per share, against $1.091 billion, or $0.53 per share, a year earlier. Source
• New Mexico transmission line energized: A 137-mile, 345-kV line in New Mexico was energized. Management said it was finished ahead of schedule and on budget. Source
• Backlog reaches 35.1 GW: Backlog totals about 35.1 GW, after 1.1 GW of new projects were placed into service since the April call. Source

Large-load demand and FPL tariff

• 21 GW of large-load interest: FPL reports about 21 GW of large-load interest, with advanced discussions on 12 GW, part of which could start service as soon as 2028. Source
• Hyperscalers value speed and reliability: Management says hyperscalers and other large customers value speed to market, reliability and competitive power pricing, and that interest in FPL remains very high. Source
• Negotiations advancing under tariff: FPL is advancing negotiations with large-load customers under its tariff, as described in the guidance section. Source

Proposed Dominion Energy combination

• State merger filings made July 15: Merger applications went to Virginia, North Carolina and South Carolina regulators on July 15. The Virginia filing started a six-month statutory review. Source
• Federal filings with FERC and NRC: Merger approval applications were also filed with the Federal Energy Regulatory Commission and the Nuclear Regulatory Commission. Source
• Form S-4 effective July 23: The Form S-4 registration statement was filed July 9 and became effective the day before the release. Source

Capital, cash and balance sheet

• FPL capital spending rose to $5.8 billion: FPL capital expenditures were $5,780 million for the six months ended June 30, 2026, against $4,285 million a year earlier. Source
• Operating cash flow of $7.3 billion: Net cash from operating activities was $7,276 million for the six months, against $5,958 million a year earlier. Source
• NEER investment spending of $13.3 billion: NEER independent power and other investments totaled $13,338 million over the six months, against $9,056 million a year earlier. Source
• Common dividends paid of $2.6 billion: Common stock dividends were $2,599 million for the six months, against $2,332 million in the prior-year period. Source

Coming up, as management said on 24 July 2026

• Combination closing targeted for 2027: The transaction is expected to close in the second half of 2027, subject to customary closing conditions and approvals. Source
• Special shareholder meetings in September: Both companies are anticipating special shareholder meetings in early September. Source
• Proxy materials to be distributed: NextEra Energy expects to distribute proxy materials to shareholders in the near future, and expects Dominion Energy to do the same. Source

Figures management reported

Risks management discussed

• Regulatory: Merger approvals are still pending; Virginia's statutory review runs six months from the filing. Source

Earlier plans management reported on

• Ahead: Management said the New Mexico transmission project finished ahead of schedule and on budget. Source
• On track: Management said it remains on track to return the Duane Arnold plant to service no later than the first quarter of 2029. Source

Other quarters

• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 earnings call
• Q2 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.