NextEra Energy Reports Higher Q2 2026 Earnings, Expands Renewable Energy Backlog by 3.6 GW

NextEra Energy reported higher second-quarter 2026 earnings, driven by strong operational performance across its regulated utility Florida Power & Light (FPL) and its renewable energy business, NextEra Energy Resources, while adding 3.6 GW of new renewable energy and battery storage projects to its development backlog.

The company reported GAAP net income of US$3.14 billion, or US$1.50 per share, for the second quarter ended June 30, 2026, compared with US$2.03 billion, or US$0.98 per share, in the same period last year. On an adjusted basis, earnings increased to US$2.41 billion, or US$1.15 per share, from US$2.16 billion, or US$1.05 per share a year earlier.

John Ketchum, Chairman, President and Chief Executive Officer of NextEra Energy, said the company delivered strong financial and operational results as growing electricity demand continues to create opportunities across its regulated and contracted businesses.

He added that the company remains on track to achieve adjusted earnings per share growth of more than 8% annually through 2032 and is targeting similar growth through 2035.

During the quarter, NextEra Energy Resources expanded its renewable energy and energy storage pipeline by 3.6 GW, including 2 GW of battery storage projects. The additions increased the company’s development backlog to approximately 35.1 GW, after accounting for 1.1 GW of projects placed into commercial operation since the first-quarter earnings update.

The company also confirmed that the Duane Arnold nuclear power plant remains on schedule to restart operations no later than the first quarter of 2029. During the quarter, NextEra Energy Resources completed the acquisition of the remaining 30% ownership stake in the facility, becoming its sole owner following approval from the Iowa Utilities Commission.

Florida Power & Light reported second-quarter net income of US$1.41 billion, up from US$1.28 billion in the prior-year period, supported by continued capital investment and customer growth. The utility invested approximately US$2.8 billion during the quarter and expects full-year capital expenditure of US$12 billion to US$13 billion. Regulatory capital employed increased by approximately 9.3% year on year.

FPL added more than 90,000 new customers during the quarter and said it continues to see strong demand from hyperscale data centre developers, with approximately 21 GW of large-load opportunities under evaluation, including 12 GW in advanced discussions.

NextEra Energy Transmission also expanded its grid infrastructure portfolio by energising a 137-mile, 345-kV transmission line in New Mexico ahead of schedule. The project is expected to improve grid reliability and reduce residential electricity bills. In addition, the Midcontinent Independent System Operator (MISO) selected the company as part of a consortium to develop two 765-kV transmission projects in Illinois.

Separately, NextEra Energy and Dominion Energy advanced their proposed merger by filing applications for regulatory approval with state and federal authorities. The companies expect the transaction to close in the second half of 2027, subject to shareholder and regulatory approvals.

Looking ahead, NextEra Energy reaffirmed its 2026 adjusted earnings per share guidance of US$3.92 to US$4.02, targeting the upper end of the range. The company also maintained its long-term objective of delivering annual adjusted EPS growth of more than 8% through 2032 while continuing its planned dividend growth trajectory.