U.S.-based power producer NextEra Energy reported operating revenue of $7.97 billion for the third quarter (Q3) of 2025, a 5% year-over-year (YoY) increase from $7.57 billion in Q3 2024. The revenue, however, missed analysts’ expectations by $203.6 million.

NextEra’s earnings was $2.35 billion, a 10% YoY increase from $2.13 billion in the corresponding quarter last year.

The company’s earnings per share (EPS) stood at $1.13, compared to $1.03 in Q3 2024. The EPS exceeded analysts’ expectations by $0.11.

Florida Power & Light

The company’s regulated retail utility reported Q3 2025 net income of $1.46 billion, or $0.71 per share, compared to $1.29 billion, or $0.63 per share, in the corresponding quarter last year.

Florida Power & Light’s (FLP) growth in the third quarter of 2025 was primarily driven by continued investment in the business.

“We look forward to continuing the successful multi-decade approach of adding low-cost generation to meet Florida’s growing need for power, while also increasing reliability and keeping customer bills low,” said John Ketchum, President, CEO & Chairman. He said this strategy “is at the heart of our new 4-year rate proposal.”

NextEra initiated FPL’s 2025 base rate proceeding on February 28 for new rates effective January 2026, and reached a proposed settlement with most intervenors in August.

The four-year agreement would provide an allowed midpoint return on equity of 10.95% with no change to FPL’s 59.6% equity ratio, and includes a rate stabilization mechanism similar to the February filing. It also adds two new large-load tariffs designed to ensure those customers pay for incremental generation needed to serve them.

If approved, typical residential bills would rise about 2% annually from 2025–2029, which Ketchum said would keep bills well below the current national average and offer “economic certainty that comes from a 4-year rate agreement.” Evidentiary hearings are complete, and the Florida Public Service Commission is expected to issue its decision on November 20.

NextEra Energy Resources

The company’s renewable business reported Q3 2025 net income of $1.1 billion, or $0.53 per share, compared to $979 million, or $0.47 per share, in the corresponding quarter last year.

NextEra Energy Resources had a strong quarter for new renewables and storage origination, adding 3 GW to its backlog. The backlog includes 1.9 GW of battery storage, 800 MW of solar, and 300 MW of repowering.

With these additions, backlog now totals nearly 30 GW after taking into account more than 1.7 GW of new projects placed into service since the second-quarter 2025 financial results call in July.

The company expects the backlog additions will go into service over the next few years and into 2029.

Ketchum noted that this summer, the company received a constructive outcome on federal tax credits, providing policy certainty for its renewables build at Energy Resources. He added that the company expects to receive tax credits for its renewable development plans through 2030, while its suppliers are positioned to be FEOC-compliant.

Development risk has also been reduced. Energy Resources has approximately 1.5x coverage of the project inventory required to support its development expectations through 2030, providing the runway we need to continue delivering low-cost power solutions to our customers.

Beyond renewables, Ketchum said, “We also plan on delivering power through battery storage, gas-fired generation, and nuclear.”

Outlook

NextEra Energy’s long-term financial expectations remain unchanged. It continues to expect adjusted EPS to be in the range of $3.45 to $3.7 for 2025.

For 2026 and 2027, NextEra Energy expects adjusted EPS to be in the ranges of $3.63 to $4 and $3.85 to $4.32, respectively.

NextEra Energy reported a net income of $2.02 billion in Q2 FY 2025, a 24.98% YoY increase from $1.62 billion.