Financials & guidance: NextEra reported 2025 adjusted EPS of $3.71 (up >8%) and is guiding 2026 adjusted EPS of $3.92–$4.02 (targeting the high end), while reaffirming an 8%+ CAGR in adjusted EPS through 2035 and dividend growth targets (~10% through 2026, ~6% annually to 2028).
FPL investment and large-load demand: FPL secured a four‑year rate agreement with an allowed midpoint ROE of 10.95% and plans to invest $90–$100 billion through 2032, with >20 GW of large-load interest (about 9 GW in advanced talks) that could begin being served as soon as 2028.
Renewables, storage and supply chain: Energy Resources grew its backlog to roughly 30 GW (adding ~13.5 GW), placed 7.2 GW into service in 2025, and has secured solar panels and domestic batteries through 2029, with storage representing nearly one‑third (~5 GW) of the backlog.
NextEra Energy (NYSE:NEE) executives highlighted what they called strong operational and financial performance in 2025, alongside expanding demand from large-load customers and continued momentum in contracted renewables and storage, during the company’s fourth-quarter and full-year earnings call.
Chairman, President and CEO John Ketchum said NextEra delivered full-year 2025 adjusted earnings per share (EPS) of $3.71, up more than 8% from 2024 and “slightly better” than the top end of the range the company communicated at its December investor conference. CFO Mike Dunne said the company’s 2026 adjusted EPS expectations remain $3.92 to $4.02 per share, and management is targeting the high end of that range.
Management reiterated its longer-term financial framework, calling for adjusted EPS growth at a compound annual growth rate of 8%+ through 2032 and targeting the same from 2032 through 2035, off the 2025 base. Dunne also said NextEra expects operating cash flow growth from 2025 to 2032 to be at or above its adjusted EPS growth rate and reaffirmed its dividend growth expectations: roughly 10% per year through 2026 (off a 2024 base) and 6% per year from year-end 2026 through 2028.
Ketchum said Florida Power & Light (FPL) entered 2026 with a new four-year rate agreement running through the remainder of the decade, noting the Florida Public Service Commission unanimously approved the agreement in November and issued its final order recently. The agreement includes an allowed midpoint return on equity of 10.95% (range of 9.95% to 11.95%) and a rate stabilization mechanism.
Ketchum said FPL expects to invest $90 billion to $100 billion through 2032, primarily to support Florida’s growth, while maintaining customer affordability and reliability. He cited that FPL’s typical retail bill is more than 30% lower than the national average and said the company expects typical residential bills to rise about 2% annually between 2025 and 2029, which he noted is below current inflation of around 3%. Ketchum also said FPL’s non-fuel operations and maintenance (O&M) is more than 71% lower than the industry average.
Dunne said FPL’s full-year EPS increased $0.21 versus 2024, driven principally by regulatory capital employed growth of about 8.1%. FPL capital expenditures were approximately $2.1 billion in the fourth quarter and roughly $8.9 billion for the full year. He said FPL’s reported regulatory return on equity is expected to be approximately 11.7% for the twelve months ended Dec. 31, 2025.
On customer growth, Dunne said FPL’s retail sales increased 1.7% year-over-year on a weather-normalized basis in both the fourth quarter and full year 2025, driven primarily by continued customer growth. He said FPL added over 90,000 customers in the fourth quarter compared to the prior-year quarter.
A key theme during the Q&A was large-load demand from hyperscalers and data centers. Ketchum said FPL’s large load tariff is intended to provide “speed to market” at a competitive price while protecting existing customers from bearing infrastructure build-out costs for hyperscalers. He said FPL has seen “significant large load interest” totaling over 20 GW to date, with advanced discussions on about 9 GW, some of which could begin being served as soon as 2028. Ketchum added that, for context, each gigawatt is roughly $2 billion of capex and earns the same return on equity as other FPL investments.
During the Q&A, FPL President Scott Bores said Florida lawmakers are considering two pieces of legislation related to data centers, describing the Senate version as “more constructive” and aligned with protections already embedded in the tariff. He said the company is supporting that legislation and is not concerned about the Florida outlook. FPL CEO Armando Pimentel said he expects announcements regarding large load in FPL’s service territory in 2026.
NextEra Energy Resources, the company’s long-term contracted generation and storage business, posted full-year adjusted earnings growth of approximately 13% year-over-year, Dunne said. He attributed a $0.47 per share increase to contributions from new investments, while contributions from existing clean energy assets declined $0.04 per share. Dunne said higher financing costs reduced results by $0.17 per share and that other impacts lowered results by $0.30 per share, reflecting higher development activity and higher state taxes, among other items.
Ketchum said Energy Resources had a record year for origination, adding approximately 13.5 GW to its backlog, including a record quarter of 3.6 GW since the prior earnings call. Dunne said the company’s backlog stands at approximately 30 GW after accounting for roughly 3.6 GW of new projects placed into service since the third-quarter call. Ketchum said Energy Resources put 7.2 GW into commercial operations in 2025—its highest single-year total—and that FPL and Energy Resources combined placed about 8.7 GW into service during the year.
The company also emphasized supply chain preparation. Ketchum said NextEra has secured solar panels and domestic battery supply through 2029 and has secured 1.5 times its project inventory against its forecast to provide permitting protection. He said battery storage represents almost one-third of the backlog, with nearly 5 GW originated over the past 12 months, and described storage as “the only new capacity resource available at scale.”
NextEra also discussed gas-fired generation and equipment availability. Ketchum said the company’s pipeline of potential gas-fired builds has topped 20 GW and that it has secured gas turbine slots with GE Vernova to support 4 GW of projects. Asked about pricing and future turbine slots, Ketchum said he could not provide specific pricing but characterized availability and its relationship with GE Vernova as not a major concern, and said the company would make prudent supply-chain decisions as discussions advance.
Ketchum said NextEra Energy Transmission has total regulated and “secure” capital of $8 billion and has secured roughly $5 billion in new projects since 2023. He highlighted PJM’s December recommendation that NextEra Energy Transmission and Exelon be selected to develop a $1.7 billion high-voltage transmission line expected to enhance the flow of more than 7 GW of power across the region, with PJM expected to make a decision soon. In response to a question about pushback in Pennsylvania, management said it remains confident, viewing the project as important for reliability and “the lowest cost answer” in the region, while continuing to listen to stakeholders.
On gas infrastructure, Ketchum said Energy Resources owns interests in more than 1,000 miles of FERC-regulated pipelines and cited Mountain Valley Pipeline as having multiple growth avenues. He said the company acquired a portion of Con Edison’s interest in the Mountain Valley Pipeline earlier in the month. Dunne said that year-over-year changes in pipeline-related EBITDA reflected an asset divestiture at Explorer (the Meade Pipeline), and he reiterated pipelines as a “critical piece” of the company’s longer-term growth trajectory.
Nuclear was another focus, both in recontracting and potential new development. Ketchum said NextEra continues to advance the recommissioning of the Duane Arnold plant in Iowa, enabled by the 25-year power purchase agreement with Google announced last year. He also discussed opportunities at Point Beach in Wisconsin and Seabrook Station in New Hampshire, saying the company is offering 1.7 GW of capacity to the market between the two sites. Ketchum noted that Point Beach received a subsequent license renewal for another 20 years and signed a PPA extension covering 14% of capacity, which he said contributes $0.03 of annual adjusted EPS. He also said there is “similar interest” at Seabrook.
On small modular reactors (SMRs), Ketchum said NextEra has a dedicated SMR development team and is evaluating OEMs, including potential co-location opportunities totaling 6 GW at nuclear sites and greenfield options. He emphasized that any SMR move would require appropriate commercial terms and risk-sharing, and another executive added that SMRs are not included in the company’s base plan, describing them as potential upside.
Finally, Ketchum highlighted technology initiatives, including a strategic partnership with Google Cloud to support an enterprise AI transformation called “REWIRE.” He said the company expects to launch its first AI-enabled product focused on field operations and grid reliability at an industry event in early February.
NextEra Energy, Inc (NYSE: NEE), headquartered in Juno Beach, Florida, is a leading clean energy company with both regulated utility operations and competitive renewable generation businesses. The company’s principal operating subsidiaries include Florida Power & Light Company (FPL), a regulated electric utility serving customers in Florida, and NextEra Energy Resources, which develops, constructs, owns and operates a large portfolio of wind, solar and energy storage projects. Together these businesses provide electricity supply, transmission and distribution services as well as utility-scale renewable generation and related services.
NextEra’s activities cover the full lifecycle of power assets, from project development and construction to operation, maintenance and asset optimization.
