GAAP EPS rose 93.2% to $2.28, but non-qualifying hedge gains explain most of it 8-K. Company-defined adjusted EPS rose 9.7% to $1.24, driven by new investment at FPL and NextEra Energy Resources 8-K.
NextEra Energy, Inc · Q3 2026 · Reported 21 Oct 2026 · US
Key figures
Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
Diluted EPS | 2.28 USD/share | 1.18 USD/share | +93.2 % |
Adjusted earnings per share | 1.24 USD/share | 1.13 USD/share | +9.7 % |
Figures in USD, as reported.
Mark-to-market hedge gains, not operations, drove the near-doubling of GAAP EPS
GAAP net income attributable to NextEra was $4.775 billion, or $2.28 per share, against $2.438 billion, or $1.18, a year earlier 8-K. The reconciliation removes pretax net gains of $3.005 billion on non-qualifying hedges, worth $1.07 per share after tax 8-K. Corporate and Other GAAP results rose $0.95 per share, while on an adjusted basis they fell $0.01 8-K.
On the company-defined adjusted measure, earnings were $2.592 billion, or $1.24 per share, against $2.348 billion, or $1.13, a year earlier 8-K. Diluted shares rose to 2,098 million from 2,071 million, so per-share growth trails the growth in earnings dollars 8-K. The company presents the adjusted figure as the more meaningful read of the quarter.
Capital deployment lifted both FPL and NextEra Energy Resources
FPL earned $0.77 per share against $0.71 a year earlier, which the release attributes primarily to disciplined capital investment 8-K. Regulatory capital employed rose about 9.2% from the prior-year quarter 8-K. New investment growth contributed $0.05 per share 8-K.
NextEra Energy Resources' adjusted EPS was $0.59 against $0.53 a year earlier 8-K. New investments added $0.09 per share, partly offset by a $0.04 drag from customer supply 8-K. It added 3.7 GW to its backlog, which stands at about 36.7 GW 8-K.
Guidance is unchanged, and the Dominion timeline runs into 2027
Management still expects 2026 adjusted EPS of $3.92 to $4.02 and is targeting the high end 8-K. It also expects 8%+ annual growth through 2032 off a 2025 base of $3.71 8-K. Adjusted EPS was $3.47 for the first nine months of 2026, against $3.17 a year earlier 8-K.
Shareholders approved the Dominion combination on Sept. 3, and the companies expect Virginia and South Carolina final orders in January 2027 and a close in the second half of 2027 8-K. Merger-related expenses were $19 million in the quarter 8-K. Over nine months, operating cash flow was $12.322 billion against $26.986 billion of investing outflows, with $18.232 billion of long-term debt issued 8-K. The release gives no quarterly cash flow, and risk factors arrive with the 10-Q.
What to watch next
Hurricane Isaias struck on Oct. 10, after the quarter ended, and the release does not quantify costs or any effect on the 2026 guidance range 8-K.
Virginia and South Carolina hearings in November and December, and final orders expected in January 2027, are the next tests for the Dominion timeline 8-K.
Sources
Produced by Clarifo Research with the Clarifo financial research engine from the company's public filings. AI was used in parts of the analysis and drafting. Figures are checked automatically against the filings they come from. This is not investment advice.