NextEra Energy, Inc. reported $2.592 billion in third-quarter adjusted profit, up from $2.348 billion a year earlier, as growth at its Florida utility accompanied an expanding renewable energy and storage project backlog.
Adjusted earnings per share rose to $1.24 from $1.13. In an earnings release furnished with an Oct. 21 SEC filing, the company reported revenue of $8.09 billion, compared with $7.97 billion in the year-earlier quarter.
GAAP net income attributable to NextEra Energy climbed to $4.775 billion from $2.438 billion. When calculating adjusted earnings, the company removed the effect of $3.005 billion in net pretax gains from non-qualifying hedges. Those gains had an after-tax effect of $2.246 billion, and other items also entered the reconciliation.
Florida Power & Light Company, NextEra's Florida utility, earned $1.62 billion, compared with $1.463 billion a year earlier. NextEra cited capital investment as the main reason for the increase. The utility's regulatory capital employed was about 9.2% higher than in the comparable quarter.
NextEra Energy Resources, LLC, its energy development business, posted adjusted earnings of $1.247 billion, up from $1.102 billion. During the quarter, the unit booked 3.7 gigawatts of renewable energy and storage projects. With 1.8 gigawatts of projects entering service since NextEra's July results call, its backlog stood at about 36.7 gigawatts.
NextEra kept its 2026 adjusted earnings outlook at $3.92 to $4.02 per share and aims for the top of that range. The outlook uses the company's adjusted measure rather than GAAP net income.
The company's proposed combination with Dominion Energy remains under regulatory review. NextEra said Virginia residential customers would receive longer bill credits under the proposal and described additional assistance funded by shareholders.
Hearings in Virginia and South Carolina are scheduled for November and December, respectively. The companies expect final orders in those states in January 2027 and continue to target a closing in the second half of 2027. Expert hearings in North Carolina are set to begin in February.
