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    Earnings

    NextEra beats third-quarter profit forecasts and sets out its regulatory path for the Dominion deal

    Adjusted earnings rose 9.7% to $1.24 a share as both the Florida utility and the renewables arm grew, and the company kept its 2026 guidance.

    HedgeWeekly News Desk ·

    NextEra Energy on Wednesday reported third-quarter adjusted earnings of $1.24 a share, up 9.7% from $1.13 a year earlier and above the $1.18 analysts had forecast. Quarterly revenue came to $8.09 billion. Both of the group's main businesses earned more: Florida Power & Light made $1.62 billion, up from $1.46 billion, and NextEra Energy Resources made $1.49 billion on a GAAP basis, up from $1.27 billion.

    Reported net income almost doubled to $4.78 billion, or $2.28 a share, from $2.44 billion. Most of that gap with adjusted earnings came from about $3.0 billion of pre-tax net gains on non-qualifying hedges, which the company excludes from its adjusted figures.

    The renewables unit added 3.7 gigawatts to its backlog in the quarter, including 2.4 GW of battery storage, bringing the total to about 36.7 GW after 1.8 GW was put into service since the July call. NextEra kept its 2026 adjusted EPS range of $3.92 to $4.02 and said it is aiming for the top end. It also kept its target of at least 8% annual adjusted EPS growth through 2032 from a 2025 base of $3.71.

    Why it matters: the Dominion Energy combination now sets the timetable for the stock. Shareholders of both companies approved the deal on September 3. Virginia hearings are scheduled for November and South Carolina's for December, with final orders expected in January 2027. North Carolina expert-witness hearings start in February 2027, federal reviews are under way, and the companies still expect to close in the second half of 2027. Investors comparing reported and adjusted results should also note how far hedge marks moved GAAP earnings this quarter. FPL alone expects to spend about $12 billion of capital this year.

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