Executive Summary

Q2 2025 adjusted EPS was $1.05, up 9.4% YoY and above S&P Global consensus $1.01; GAAP EPS was $0.98. Operating revenue was $6.70B, up 10.4% YoY but below the $7.50B consensus. Management reiterated long-term EPS ranges and said they’d be “disappointed” not to deliver at or near the top end through 2027 . EPS/Revenue consensus from S&P Global: $1.01 and $7.50B, respectively*.
FPL delivered steady growth (net income $1.275B vs $1.232B YoY), with regulatory capital employed up ~8% YoY and Q2 capex of ~$2B; a Florida PSC technical hearing on its four‑year rate plan is scheduled next month and a final decision is expected in Q4 .
NextEra Energy Resources (NEER) had a strong origination quarter, adding 3.2 GW to backlog (now nearly 30 GW), including >1 GW for hyperscalers; ~6 GW of backlog is intended to serve technology/data center customers; combined with the operating fleet, >10.5 GW will serve tech/data center demand .
Dividend: The board declared a regular quarterly dividend of $0.5665 per share payable Sept. 15, 2025; management continues to expect DPS growth of ~10% per year through at least 2026 off a 2024 base .

What Went Well and What Went Wrong

What Went Well

Adjusted EPS advanced 9.4% YoY to $1.05; CEO: “We believe we are well positioned… and will be disappointed if we are not able to deliver financial results at or near the top of our adjusted earnings per share expectations ranges in each year through 2027” .
Robust commercial momentum: NEER added 3.2 GW to backlog, including >1 GW tied to hyperscalers; backlog nearing 30 GW and 6 GW intended for technology/data center customers; total serving tech/data center >10.5 GW when including the operating portfolio .
Florida regulatory backdrop firmed: Florida Supreme Court affirmed approval of FPL’s 2021 settlement; FPL continues to invest while keeping bills ~20% below the projected national average under the proposed plan; CEO highlighted storage as “a game changer… ready now” .

What Went Wrong

Revenue and EBITDA came in below S&P Global consensus (Revenue $6.70B vs $7.50B; EBITDA $4.13B vs $4.66B) despite the EPS beat, suggesting mix/other items supported earnings while top-line and operating cash proxies lagged*. CFO cited weaker wind resource (97% of long-term average vs 104% last year) and higher interest costs (-$0.06/sh) at NEER .
Corporate & Other adjusted EPS contribution fell $0.04 YoY in Q2; on GAAP and adjusted bases, Corporate & Other were down $0.04/sh vs prior year .
FPL EPS growth (+$0.02 YoY) trailed cap employed growth; CFO noted regulatory ROE was ~11.6% vs 11.8% last year and other puts/takes compressed the uplift this quarter .

Financial Results

Consolidated results vs prior periods and estimates

Metric	Q2 2024	Q1 2025	Q2 2025 Actual	Q2 2025 Consensus
Operating Revenues ($B)	6.07	6.25	6.70	7.50*
EPS (GAAP) ($)	0.79	0.40	0.98	—
Adjusted EPS ($)	0.96	0.99	1.05	1.01*
Operating Income ($B)	1.67	2.26	1.91	—
Operating Margin (%)	27.5% (1.67/6.07)	36.1% (2.26/6.25)	28.5% (1.91/6.70)	—
Net Income Attrib. to NEE ($B)	1.62	0.83	2.03	—
Net Income Margin (%)	26.7% (1.62/6.07)	13.3% (0.83/6.25)	30.3% (2.03/6.70)	—

Results: EPS beat; revenue missed consensus; operating margin compressed vs Q1 but improved YoY . Consensus figures from S&P Global*.
Non-GAAP: Adjusted results exclude non-qualifying hedges, unrealized gains/losses in NEER nuclear decommissioning funds, and XPLR Infrastructure net investment gains; reconciliations provided in the release .

Segment breakdown

Segment Metric	Q2 2024	Q2 2025
FPL Operating Revenues ($B)	4.39	4.71
FPL Net Income (GAAP) ($B)	1.23	1.28
FPL Adjusted Earnings ($B)	1.23	1.28
NEER Operating Revenues ($B)	1.65	1.91
NEER Net Income (GAAP) ($B)	0.55	0.98
NEER Adjusted Earnings ($B)	0.87	1.09

Corporate & Other (adjusted) was a ($0.20)B loss in Q2 2025 vs ($0.13)B in Q2 2024 .

KPIs and operating drivers

KPI	Q1 2025	Q2 2025
NEER backlog additions (GW)	~3.2 GW	3.2 GW
Total NEER backlog (GW)	~28	~30
Hyperscaler adds this qtr (GW)	—	>1
Backlog intended for tech/data center (GW)	—	~6
Operating + backlog serving tech/data center (GW)	—	>10.5
Projects placed into service since prior call (GW)	0.7 (since 4Q call)	>1.1 (since 1Q call)
FPL retail sales YoY	—	+1.7%
FPL retail sales, weather-normalized	—	+~2.6%
Usage per customer YoY	—	+0.1% (incl. -0.8% weather)
FPL regulatory ROE (12 months ending Jun-25)	—	~11.6%
Reserve amortization used / balance ($M)	—	$19 used; ~$254 remaining
NEER wind resource (% of LTA)	—	~97% vs 104% LY

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Adjusted EPS	2025	$3.45–$3.70	$3.45–$3.70	Maintained
Adjusted EPS	2026	$3.63–$4.00	$3.63–$4.00	Maintained
Adjusted EPS	2027	$3.85–$4.32	$3.85–$4.32	Maintained
Dividend growth	Through at least 2026	~10% CAGR off 2024 base	~10% CAGR off 2024 base	Maintained
Quarterly dividend	Declared 7/24/25	—	$0.5665/share payable 9/15/25	Regular declaration

Management reiterated they aim to deliver at or near the top of the ranges in 2025–2027 .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q4’24 and Q1’25)	Current Period (Q2’25)	Trend
AI/data center demand	Record origination year; Duane Arnold restart evaluation underway; backlog >25 GW (Q4’24) . Q1’25 adds ~3.2 GW; backlog ~28 GW .	3.2 GW adds incl. >1 GW to hyperscalers; ~6 GW backlog intended for tech/DC; >10.5 GW serving tech/DC including ops .	Increasing momentum
Storage as capacity	Emphasis on battery buildout and solar/storage reducing fuel costs (FPL) (Q4’24) . Q1’25: plan envisions 7.6 GW storage over 10 years .	“Storage is a game changer… ready now” with ~30% of backlog from storage .	Growing focus
Federal policy (OBBB), safe harbor/FEOC	Ongoing policy watch (Q4’24) .	Management confident on begin‑construction safe harbor to cover builds through 2029; comfortable with FEOC timelines .	Constructive clarity
Florida regulation	Q4’24: set up for 2026–2029 base rate plan . Q1’25: filed four‑year plan; typical bill ~20–25% below national average .	FL Supreme Court affirmed 2021 settlement; PSC technical hearing next month; decision expected Q4 .	Stable/positive
Nuclear/gas strategy	Duane Arnold restart evaluation initiated (Q4’24) .	Duane Arnold progressing; SMR development under evaluation; active gas dev. and potential selective M&A; PJM auction supportive .	Broadening toolkit
Transmission (NEET)	Competitive transmission emphasized (Q4’24) .	Building a stand‑alone rate‑regulated utility within Energy Resources via transmission .	Growing

Management Commentary

“Storage is a game changer. It is low cost… and the grid can rely on it for capacity… renewables and storage are ready now” — John Ketchum, CEO .
“We will be disappointed if we are not able to deliver financial results at or near the top of our adjusted earnings per share expectations ranges in each year through 2027” — John Ketchum .
“We have… begun construction on a sufficient number of projects to cover our development expectations through 2029” (re: begin‑construction safe harbor) — John Ketchum .
“Roughly 30% of our current backlog comes from storage… We have now originated ~12.7 GW of new renewables and battery storage over the last 12 months” — CFO Mike Dunn .
On FPL: “Typical residential bill… ~20% below the projected national average” under proposed plan; Supreme Court affirmed 2021 settlement — Management .

Q&A Highlights

Policy and safe harbor: Management believes begin‑construction safe harbor and continuity rules provide coverage for projects through 2029; comfortable with FEOC/fiat clause timelines .
Demand pull‑forward and financing: Expect natural pull‑forward in 2027–2029; confident in tax equity and project finance access, having expanded tax equity relationships by ~50% over two years .
Gas strategy: Will pursue both new build and selective asset opportunities, prioritizing contracted returns; regional focus includes Texas and other accommodating states; labor/turbine/supply considerations matter .
Nuclear: Duane Arnold recommissioning progressing (engineering/site reviews, customer discussions); SMR options under active evaluation .
FPL earnings cadence: EPS uplift lagged capital employed due to ROE (11.6% vs 11.8% LY) and other puts/takes; not expected to persist through the year .

Estimates Context

Q2 2025 results vs S&P Global consensus: EPS $1.05 vs $1.01 (beat); Revenue $6.70B vs $7.50B (miss); EBITDA $4.13B vs $4.66B (miss). Target price consensus mean: $91.05*. [Actuals from company filings; consensus from S&P Global.]

Metric	Q2 2025 Actual	Q2 2025 Consensus	Surprise
EPS (Primary/Adjusted) ($)	1.05	1.01*	+$0.04
Revenue ($B)	6.70	7.50*	-$0.80B
EBITDA ($B)	4.13*	4.66*	-$0.53B
Target Price (Avg, $)	—	91.05*	—

Values with asterisks retrieved from S&P Global.

Implications: Consensus EPS likely nudges higher on execution/top‑end guide tone, while top-line and EBITDA shortfalls may temper magnitude of upward revisions; mix/portfolio and storage growth underpin earnings quality .

Key Takeaways for Investors

Quality of earnings: Despite revenue/EBITDA misses vs S&P consensus, EPS outperformed, aided by portfolio mix, new investments, and NEER/customer supply contributions; corporate drag and higher interest costs moderated upside .
Backlog durability and AI exposure: NEER’s 3.2 GW adds (with >1 GW hyperscaler) and ~30 GW backlog, including ~6 GW for tech/data centers, position NEE to monetize robust AI/data center demand through 2029 .
Storage flywheel: Storage now ~30% of backlog; management sees storage as immediate capacity at scale—an accelerating competitive edge as interconnection and timing constraints challenge peers .
Florida visibility: Supreme Court affirmation and a pending PSC decision in Q4 support FPL’s capex plan and bill competitiveness, reducing regulatory uncertainty for the largest earnings contributor .
Nuclear/gas optionality: Duane Arnold restart, SMRs under evaluation, and selective gas new‑build/asset opportunities offer diversified earnings streams as tax credit regimes evolve .
Guidance intact with top‑end bias: 2025–2027 adjusted EPS ranges maintained; management explicitly aims for top‑end delivery; DPS ~10% growth through at least 2026 sustained .
Trading lens: Near term, EPS beat plus top‑end tone and AI/storage narrative are positive catalysts; revenue/EBITDA shortfalls and interest‑cost sensitivity are watch items into 2H and the FPL rate decision .

NEXTERA ENERGY INC (NEE)·Q2 2025 Earnings Summary