NextEra Energy delivered strong third quarter results with adjusted earnings per share increasing 9.7% year-over-year. In addition, through the first nine months of the year, our adjusted earnings per share has increased 9.3% year-over-year. As we discussed with you earlier this month, our long-term earnings growth drivers are extensive, both inside and outside Florida. The Florida economy continues to see significant economic growth, and Florida Power & Light Company continues to make smart, long-term investments to serve that growth while keeping bills low and reliability high.
The four-year proposed agreement would provide an allowed midpoint regulatory return on equity of 10.95% with a range of 9.95%-11.95%. If the proposed agreement is approved, typical residential customer bills would increase only about 2% annually between 2025 and 2029. Hyperscalers, data center operators, and load-serving entities continue to tell us they need solutions for large load today and tomorrow to address growing energy demand across America. As a demonstration of the pride of working at Duane Arnold and for NextEra Energy, a significant number of Duane Arnold's previous workforce are looking to return to work at the facility.
For the third quarter of 2025, FPL's earnings per share increased by $0.08 year-over-year. The principal driver of this performance was FPL's regulatory capital employee growth of approximately 8% year-over-year. FPL's capital expenditures were approximately $2.5 billion for the quarter, and we expect FPL's full-year capital investments to be between $9.3 billion-$9.8 billion. For the 12 months ending September 2025, FPL's reported return on equity for regulatory purposes will be approximately 11.7%.
| Metric | Period | Current guidance |
|---|---|---|
| 2025/2026/2027 adjusted EPS expectations | FY2025-FY2027 | Reaffirmed; would be disappointed not to deliver at or near the top end of each range (reaffirmed) |
| Operating cash flow growth (2023-2027) | 2023-2027 | Same: average annual growth at or above adjusted EPS CAGR range (reaffirmed) |
| Dividends per share growth | through at least 2026 (off 2024 base) | ~10% per year (reaffirmed) |
| FPL full-year 2025 capital investments | FY2025 | $9.3B-$9.8B (issued) |
| FPL four-year capital plan | next four years | ~$40B, including 5.3 GW solar, 3.4 GW battery storage, and a gas peaker (pending approvals) (issued) |
| Duane Arnold PPA accretion | first 10 years of PPA | ~$0.16 average annual accretion with limited year-to-year variability around refueling outages (issued) |
| Metric | YoY | Note |
|---|---|---|
| Consolidated adjusted EPS | +9.7% (Q3); +9.3% YTD nine months | Strong performance at both FPL and Energy Resources |
| FPL EPS | +$0.08 | Regulatory capital employed growth of about 8% year over year |
| FPL regulatory ROE (12 months ended Sept 2025) | ~11.7% | Used reserve amortization (reversed ~$218M in Q3, ~$473M balance remaining) |
| FPL retail sales | -1.8% (reported); +1.9% weather-normalized | Milder weather; underlying customer growth and usage |
| Energy Resources adjusted earnings | +~13% (EPS +$0.06) | New investments contributed +$0.09 from renewables growth; existing portfolio flat (weak wind offset by nuclear); customer supply +$0.06 on origination timing; other -$0.09 |
| Energy Resources backlog | to nearly 30 GW | Sixth consecutive quarter adding 3+ GW; 1.9 GW record storage origination |
| Wind resource | ~90% of long-term average vs 93% prior year | Weaker wind conditions |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| Power demand / golden age | — | America described as in a golden age of power demand with new electrons unable to get on the grid fast enough; NextEra positioned to lead across all generation types | Accelerating tailwind |
| Nuclear restart and advanced nuclear | — | Duane Arnold recommissioning with Google PPA; exploration of advanced nuclear; ~6 GW of SMR potential across Point Beach, Seabrook, and existing sites | Expanding |
| Hyperscaler / data center demand | — | Bring-your-own-generation trend plays to NextEra's combined renewables, storage, gas, nuclear, transmission, and customer-supply capabilities; renewables/storage used to secure early load interconnects ahead of baseload gas | Growing |
| Battery storage leadership | — | Record 1.9 GW origination quarter; storage economically advantaged, buildable in 16-18 months versus four to five years for gas peakers; domestic, FEOC-de-risked battery supply | Strong growth |
| Gas-fired generation re-entry | — | Leveraging 20-year track record and GE Vernova partnership to pivot back into combined-cycle and peaker development for data center hubs | Emerging growth lever |
| Re-contracting and project returns | returns higher than ever (noted a month earlier) | Returns remain the highest seen in the industry on supply/demand imbalance; large long power position rolls off contract by decade-end to be re-contracted at premiums | Favorable |
| FPL rate case | filed February 28; proposed settlement reached in August | Evidentiary hearings completed; final FPSC decision expected November 20; 10.95% midpoint ROE, ~2% annual bill increases through 2029 | Progressing |