Adjusted earnings per share increased by 10% year-over-year, reflecting strong financial and operational performance at both FPL and Energy Resources. We're able to meet this increased power demand while keeping power prices low, and we're doing it by leveraging our common platform. At Energy Resources, customers choose us because they know we have an unmatched, decades-long track record of building energy infrastructure that delivers cost-effective solutions tailored to their needs. Importantly, our forecasted growth is visible and balanced between our regulated and long-term contracted businesses.
Florida is a prime example of how we reliably serve growth while keeping bills low. Florida is already a $1.8 trillion economy, the 15th largest in the world, and the growth isn't slowing down. FPL supports this growth by building the right new power generation and the right new transmission infrastructure across the state. Yet, even with significant capital investment, bills have actually gone down over time.
Instead, this performance is a direct result of smart, disciplined capital investments, coupled with a relentless focus on operating efficiently. Initially, we expect every gigawatt of large load under FPL's approved tariff to be equivalent to roughly $2 billion of CapEx, and to earn the same return on equity as other FPL investments. Lone Star's investment share of approximately $300 million represents a roughly 40% increase in Lone Star's rate base. In total, NextEra Energy Transmission has regulated and secured capital of $8 billion, almost twice the rate base size of Gulf Power when we bought the company in 2019.
| Metric | Period | Current guidance |
|---|---|---|
| Adjusted EPS | FY2026 | $3.92-$4.02 (targeting the high end) (unchanged) |
| Adjusted EPS CAGR | through 2032 (off 2025 base of $3.71), and 2032-2035 | +8% (reaffirmed) |
| FPL full-year capital expenditures | FY2026 | $12 billion-$13 billion (raised) |
| Dividends per share growth | through 2026 (off 2024 base), and year-end 2026 through 2028 | roughly 10% per year through 2026, then 6% per year 2026-2028 (reaffirmed) |
| Operating cash flow average annual growth | 2025-2032 | at or above adjusted EPS CAGR range (reaffirmed) |
| FPL capital investment | through 2032 | $90 billion-$100 billion (reaffirmed) |
| Energy Resources electric and gas transmission regulated/investment capital | by 2032 | $20 billion (20% CAGR off 2025 base) (reaffirmed) |
| Metric | YoY | Note |
|---|---|---|
| Consolidated adjusted EPS | +10% | strong financial and operational performance at both FPL and Energy Resources |
| FPL EPS | +$0.06 | regulatory capital growth of approximately 8.8% versus the prior year quarter |
| Energy Resources adjusted earnings | +14% | new investment contributions (+$0.04), existing clean energy (+$0.01), and NextEra Energy Transmission (+$0.05 net of financing, including a California transmission equity-interest sale), partly offset by a $0.04 decline in customer supply |
| FPL Q1 retail sales | +3.4% (+0.3% weather normalized) | continued favorable underlying population growth |
| FPL average customers | +nearly 100,000 | Florida population and economic growth, with three of the five fastest-growing U.S. metro areas |
| Corporate and other adjusted earnings | -$0.02 per share | not specified beyond corporate-level impacts |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| Electricity demand growth | — | Demand is accelerating with customers needing power now; speed to power is essential, and NextEra positions itself as a builder of all forms of generation at scale | Accelerating |
| Large load / hyperscaler demand at FPL | — | About 21 GW of interest, ~12 GW in advanced discussions, some serviceable as soon as 2028; each GW under tariff is roughly $2 billion of CapEx at FPL's standard ROE | Growing |
| Battery storage | — | Record 1.3 GW origination in the quarter with four growth avenues and a standalone/co-located pipeline over 110 GW | Strong |
| Linear infrastructure (transmission and pipelines) | — | $8 billion of secured/regulated transmission capital and 1,000+ miles of FERC-regulated pipelines, targeting $20 billion combined by 2032 at a 20% CAGR | Expanding |
| U.S.-Japan / federal hub projects | — | Capital-light development for Texas and Pennsylvania sites with definitive agreements targeted in two-three months; essentially zero capital with fee streams over the asset life | Advancing |
| Gas generation build-out | — | Advancing but constrained by EPC labor scarcity and permitting; renewables and storage remain the fastest route to new capacity until gas can be built | Constrained |
| Nuclear | — | Exploring SMRs (favoring Gen-3) at Turkey Point and other sites with 6 GW of SMR capacity at existing sites; recontracting interest around Point Beach; would not pursue via a consortium | Exploratory |