U.S.-based power producer NextEra Energy reported operating revenue of $7.53 billion for the second quarter (Q2) of 2026, a 12.4% year-over-year (YoY) increase from $6.7 billion. Revenue missed analysts’ expectations by approximately $640 million.

NextEra’s adjusted earnings increased 11.2% YoY to $2.40 billion from $2.16 billion.

The company’s adjusted earnings per share (EPS) stood at $1.15, compared to $1.05 in Q2 2025. The adjusted EPS beat analysts’ expectations by $0.04.

1H FY2026

For the first half (1H) of 2026, operating revenue increased 9.9% YoY to $14.23 billion from $12.94 billion.

Adjusted earnings rose 11.5% to $4.68 billion from $4.20 billion, while adjusted EPS increased to $2.24 from $2.04.

Florida Power & Light

The company’s regulated utility, Florida Power & Light (FPL), reported operating revenue of $4.8 billion in Q2 2026, a 4% increase from $4.7 billion in the corresponding quarter last year.

FPL’s operating revenue increased 5.3% YoY to $9.16 billion from $8.70 billion.

The company invested approximately $2.8 billion during the quarter and expects capital investments of between $12 billion and $13 billion for the full year.

Michael Dunne, NextEra Energy’s Chief Financial Officer and Executive Vice President of Finance, said regulatory capital employed increased by approximately 9.3% YoY and was a significant driver of FPL’s earnings growth during the quarter.

He said FPL’s reported return on equity for regulatory purposes was approximately 11.7% for the 12 months ended June 2026. The utility reversed approximately $110 million under its rate stabilization mechanism during the quarter, leaving an after-tax balance of approximately $1.3 billion.

FPL added more than 90,000 customers compared to the corresponding period last year.

Dunne said retail electricity sales increased approximately 0.4% YoY, while weather-normalized sales rose roughly 0.6%, driven primarily by continued population growth.

John Ketchum, Chairman and Chief Executive Officer, said FPL placed four solar projects into service during the quarter. The utility remained on track to install approximately 900 MW of solar and more than 1.4 GW of battery storage during 2026.

FPL said its typical residential electricity bill remained approximately 30% below the national average and is projected to increase by an average of about 2% annually through the end of the decade.

Its non-fuel operation and maintenance performance was more than 70% better than the industry average on a dollar-per-megawatt-hour basis. Reliability was more than 60% better than the national average.

FPL reported approximately 21 GW of potential demand from hyperscalers and other large-load customers. The utility is in advanced discussions concerning 12 GW, a portion of which it could begin serving as early as 2028.

The company expects to announce at least one large-load transaction under FPL’s tariff by the end of 2026.

Ketchum said each gigawatt of large-load demand served under FPL’s approved tariff would require approximately $2 billion in capital expenditure and earn the same return on equity as the utility’s other regulated investments.

NextEra Energy Resources

NextEra Energy Resources reported operating revenue of $2.53 billion in Q2 2026, a 32.3% increase from $1.91 billion in the corresponding quarter last year.

The segment’s adjusted earnings increased approximately 18% YoY to $1.29 billion, or $0.62 per share, from $1.09 billion, or $0.53 per share.

Dunne said contributions from new investments increased Energy Resources’ adjusted EPS by $0.09 YoY, primarily reflecting continued growth in the company’s power generation portfolio. The remaining drivers were broadly flat as one-time items and timing effects offset each other.

During 1H 2026, operating revenue increased 18.8% YoY to $4.84 billion from $4.07 billion.

Adjusted earnings for the six-month period rose 16.5% to $2.32 billion from $1.99 billion. Adjusted EPS increased to $1.11 from $0.97.

NextEra Energy Resources added 3.6 GW of renewable energy and battery storage projects to its backlog during the quarter. Battery storage accounted for 2 GW of the additions.

Ketchum said the additions represented Energy Resources’ second-largest quarterly origination volume, following the record 4 GW added in Q1 2026.

The segment’s backlog reached approximately 35.1 GW after accounting for 1.1 GW of projects placed into service since the company’s previous earnings call.

Dunne said the 2026 to 2029 backlog represented approximately two-thirds of the midpoint of Energy Resources’ development expectations through 2029. The company has approximately two years to add 18.6 GW to reach that midpoint.

Ketchum said NextEra’s standalone and co-located battery storage development pipeline exceeds 110 GW, excluding opportunities to expand existing four-hour storage projects to eight-hour duration.

The company recontracted more than 500 MW of existing projects since its previous earnings call, taking its year-to-date renewable energy recontracting volume to over 1.1 GW.

He said the Q2 recontracted projects secured prices averaging approximately $20/MWh above their recent realized prices and had an average contract duration of approximately 15 years.

Ketchum said NextEra Energy Resources has up to 6 GW of renewable energy and 1.5 GW of nuclear recontracting opportunities through 2032.

Dunne said NextEra has secured solar modules and competitively priced domestic battery storage supply through 2029. He added that the company has sufficient wind sites with expected federal permits to support its development expectations through 2029 and enough transformer capacity to meet its construction forecast through the end of the decade.

NextEra Energy Resources remains on track to restart the Duane Arnold nuclear power plant by the first quarter of 2029.

The Iowa Utilities Commission approved a generating certificate for the facility. The company also acquired the remaining 30% minority interest held by two cooperative partners, making it the plant’s sole owner.

Ketchum said the company is evaluating small modular reactor technologies and has identified 6 GW of potential co-location opportunities for small modular reactors at its existing nuclear sites. He said any new nuclear project would require appropriate commercial terms and risk-sharing arrangements that limit NextEra’s exposure to construction and cost-overrun risks.

Ketchum said NextEra is advancing up to 9.5 GW of gas-fired generation projects in Texas and Pennsylvania. Discussions on definitive agreements with the U.S. and Japanese governments are continuing.

The company has identified 30 potential data center hubs and expects this number to increase to 40 by the end of 2026. NextEra is targeting 15 GW of new generation capacity to serve large loads by 2035 under its base case, with an upside case of 30 GW or more.

Outlook

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 $6.7 billion in Q1 2026, a 7.3% YoY increase from $6.25 billion in Q1 2025.