U.S.-based power producer NextEra Energy reported operating revenue of $6.7 billion for the first quarter (Q1) of 2026, a 7.3% year-over-year (YoY) increase from $6.25 billion in Q1 2025. The revenue, however, missed analysts’ expectations by $390 million.

NextEra’s adjusted earnings were $2.275 billion, a 12% increase from $2.038 billion in the corresponding quarter last year.

The company’s adjusted earnings per share (EPS) stood at $1.09, compared to $0.99 in Q1 2025. The adjusted EPS beat analysts’ expectations by $0.06.

Florida Power & Light

The company’s regulated utility, Florida Power & Light (FPL), reported operating revenue of $4.27 billion in Q1 2026, compared to $4 billion in the corresponding quarter last year.

The segment’s adjusted earnings were $1.462 billion, or $0.70 per share, compared to $1.316 billion, or $0.64 per share, a year earlier.

FPL’s performance was supported by continued capital investments, with approximately $3.2 billion deployed during the quarter. The utility expects capital investments of $12-$13 billion for the full year.

Chief Executive Officer John Ketchum said FPL added nearly 100,000 customers over the past year, reflecting strong population growth in Florida. The utility expects to invest between $90 billion and $100 billion through 2032 to support the state’s expanding economy.

Regulatory capital employed increased by approximately 8.8% YoY. Chief Financial Officer Michael Dunne said this growth was a key driver of earnings expansion during the quarter.

FPL also placed approximately 600 MW of new solar capacity into service during the quarter, bringing its total solar portfolio to over 8.5 GW.

NextEra Energy Resources

NextEra Energy Resources reported operating revenue of $2.31 billion in Q1 2026, compared to $2.16 billion in the corresponding quarter last year.

The segment’s adjusted earnings were $1.038 billion, or $0.50 per share, compared to $908 million, or $0.44 per share, a year earlier.

Ketchum said the business delivered a record quarter for renewables and storage origination, adding 4 GW to its backlog, including 1.3 GW of battery storage.

With these additions, the backlog increased to approximately 33 GW, reflecting strong demand across customer segments. About 30% of new backlog additions were driven by hyperscalers, while the remaining 70% came from utilities, cooperatives, and municipalities.

The company highlighted multiple growth pathways for battery storage. “We build standalone battery storage, co-locate storage at existing sites, develop storage as a grid solution, and expand batteries from four hours to eight hours,” Ketchum said, adding that the standalone and co-located storage pipeline exceeds 110 GW.

NextEra also pointed to a growing opportunity in recontracting existing assets. Ketchum said the company has up to 6 GW of renewables and 1.5 GW of nuclear recontracting opportunities through 2032 and expects pricing to improve as power purchase agreements expire. In Q1, the company contracted over 600 MW of existing projects with an average contract duration of more than 18 years.

Dunne added that NEER’s adjusted earnings grew approximately 14% YoY, driven by the continued expansion of its power generation portfolio and new investments.

The company also highlighted its supply chain readiness, noting it has secured solar modules and battery storage supply through 2029, wind components through 2027, and sufficient transformer capacity to support its buildout through the end of the decade.

Outlook

NextEra Energy’s long-term financial expectations remain unchanged. The company expects 2026 adjusted EPS in the range of $3.92 to $4.02, targeting the higher end.

It also expects adjusted EPS to grow at a compound annual growth rate of 8%+ through 2032 and through 2035, off a 2025 base of $3.71. The company expects dividend per share growth of approximately 10% annually through 2026 and 6% annually from 2026 through 2028.