Earnings Recap — Q2 FY2026
CY Q3 2026 · Reported July 24, 2026 · Beat 5 of last 6 quarters
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NextEra's results reinforce the accelerating demand for AI-driven electricity, with record backlog additions and a growing data center hub pipeline. The company's ability to deliver speed-to-market across renewables, storage, gas, and nuclear positions it as a key enabler of the AI infrastructure buildout, while the Dominion merger would further scale its regulated platform to meet hyperscale demand.
NextEra Energy reported Q2 adjusted EPS of $1.15, with first-half EPS up 9.8% year-over-year. FPL added over 90,000 customers and placed 4 solar sites into service, while Energy Resources added 3.6 GW to backlog and recontracted over 500 MW during the quarter. The company closed the acquisition of the final 30% minority interest in Duane Arnold and received Iowa Utilities Commission approval for a generating certificate. The S-4 for the Dominion merger became effective, and the company filed for merger approval with multiple state and federal regulators. The company also announced support for the White House's Ratepayer Protection Pledge.
Management reaffirmed 2026 adjusted EPS guidance of $3.92-$4.02, targeting the high end, and reiterated 8%+ CAGR through 2032 and 2035. They raised FPL large load expectations from 6 GW to 8 GW by 2032, with at least one large load transaction expected by year-end. Energy Resources continues to target 15 GW of new generation for large load by 2035 (upside 30 GW), with 30 data center hubs now and a goal of 40 by year-end. The Dominion merger is progressing, with filings made and shareholder meetings expected in early September; management expects close in second half of 2027. Management noted that the S-4 reflects updated internal forecasts, with Energy Resources adjusted EBITDA roughly $4 billion higher in 2032 than the December investor conference, driven by better-than-expected renewables and storage origination performance, while development expectations remain unchanged.
“We feel like we're ahead of schedule. You can't always time these things around these calls, but I think the takeaway for investors should be ahead of schedule.”
on Data center hub strategy progress
“When you think about everything that's going on with PJM and the FERC show cause order, it requires, I think, an energy thought leader that has experience across the United States.”
on Market positioning and FERC order
“Our timing hasn't changed, Carly, from where the negotiations are to where we're looking for those projects to come online. So we're continuing to move the development in the background while we work out the Ts and Cs with the government entities.”
on Federal hub projects timing
On the S-4 filing, the internal forecast seems to imply higher earnings growth and NEER EBITDA than prior guidance. Can you explain the difference?
Mike Dunne explained that the S-4 reflects updated internal forecasts, with Energy Resources adjusted EBITDA roughly $4 billion higher in 2032 than the December investor conference, driven by better-than-expected renewables and storage origination performance. He noted development expectations are unchanged, and the company stands by its 8%+ EPS growth guidance.
Can you elaborate on what you're seeing in Florida for large load and whether you would announce transactions on quarterly calls or via 8-K?
John Ketchum and Scott Bores highlighted Florida's low-cost execution, baseload fleet, and the recent legislation codifying the large load tariff as key advantages. Mike Dunne added that material announcements would be made promptly, not necessarily waiting for quarterly calls.
What is your updated timeline for nuclear (SMR) coming to fruition?
John Ketchum emphasized progress on Duane Arnold recommissioning and SMR evaluations, but stressed that any nuclear build must have appropriate risk-sharing to avoid cost overrun risk. He expects to structure an 'insurance tower' allocating risk among developer, customer, government, OEM, and EPC.