Executive Summary

Adjusted EPS of $1.13 grew 9.7% year over year; GAAP EPS was $1.18. EPS beat S&P Global consensus ($1.02*) while revenue of $7.97B missed ($8.17B*) on mix; management reaffirmed full-year ranges and said they’d be disappointed not to deliver at or near the top through 2027 .
FPL drove the quarter with $1.463B of net income and continued ~8% regulatory capital employed growth; Q3 capex was $2.5B and full-year capex guidance was raised to $9.3–$9.8B (from $8.0–$8.8B), supporting reliability and load growth .
NextEra Energy Resources added 3 GW to backlog (now nearly 30 GW) and achieved a record 1.9 GW storage origination; wind resource was 90% of long-term average, offset by stronger nuclear performance .
Strategic catalyst: 25-year PPA with Google to restart the 615 MW Duane Arnold nuclear plant (target online by Q4’28/Q1’29), expected to contribute up to $0.16 of annual adjusted EPS on average over its first 10 years; NEE and Google will also explore advanced nuclear deployment .
Regulatory momentum: FPL’s proposed four-year base rate settlement (2026–2029) implies typical residential bill increases of ~2% annually (lower than prior 2.5% view) and decision expected Nov. 20; two new large-load tariffs are part of the proposal .

What Went Well and What Went Wrong

What Went Well

EPS beat with strong segment execution: Adjusted EPS $1.13 vs. $1.02* consensus; FPL contributed $0.71/share and NEER $0.53/share on adjusted basis, with total net income at $2.438B .
Storage and renewables origination: NEER added 3 GW backlog, including a record 1.9 GW in battery storage; backlog totals nearly 30 GW despite >1.7 GW placed in service since Q2 call .
Nuclear strategy advances: 25-year Google PPA enables Duane Arnold restart and is expected to add up to $0.16 in annual adjusted EPS; exploration agreement for advanced nuclear broadens long-term growth vectors .

Quotes:

“America is in a golden age of power demand… New electrons can’t get on the grid fast enough. NextEra Energy is uniquely positioned…” — John Ketchum .
“We will be disappointed if we are not able to deliver financial results at or near the top of our adjusted EPS expectations ranges in each year through 2027” — John Ketchum .

What Went Wrong

Top-line miss: Revenue of $7.97B vs. $8.17B* consensus as mix and weather impacted utility sales (retail sales -1.8% YoY; weather-normalized +1.9%) .
Wind resource headwind: Q3 wind resource was ~90% of LT average (vs. 93% last year), partially offset by stronger nuclear fleet performance .
Backlog timing adjustments: ~900 MW removed/shifting due to permitting and conservative backlog management (650 MW likely recaptured 2026–2027; 250 MW shifted to 2026), though overall plan intact .

Financial Results

Metric	Q3 2024	Q2 2025	Q3 2025
Revenue ($USD Billions)	$7.567	$6.700	$7.966
GAAP Diluted EPS ($)	$0.90	$0.98	$1.18
Adjusted EPS ($)	$1.03	$1.05	$1.13
Operating Income ($USD Billions)	$2.856	$1.911	$2.527
Net Income ($USD Billions)	$1.852	$2.028	$2.438
EBIT Margin %	35.55%*	33.85%*	30.77%*
Net Income Margin %	24.47%*	30.27%*	30.61%*

Values with asterisk (*) retrieved from S&P Global.

Segment breakdown (Operating Revenues and Net Income Attributable to NEE):

Segment	Q3 2024 Revenues ($B)	Q2 2025 Revenues ($B)	Q3 2025 Revenues ($B)	Q3 2024 Net Income ($B)	Q2 2025 Net Income ($B)	Q3 2025 Net Income ($B)
FPL	$4.939	$4.708	$5.285	$1.293	$1.275	$1.463
NEER	$2.585	$1.914	$2.566	$1.223	$0.983	$1.275
Corporate & Other	$0.043	$0.078	$0.115	$(0.664)	$(0.230)	$(0.300)
Total NEE	$7.567	$6.700	$7.966	$1.852	$2.028	$2.438

Consensus vs. actual (Q3 2025):

Metric	Consensus	Actual
EPS ($)	$1.02*	$1.13
Revenue ($USD Billions)	$8.17*	$7.97

Values with asterisk (*) retrieved from S&P Global.

KPIs (current quarter highlights):

FPL capex: $2.5B; full-year $9.3–$9.8B .
FPL regulatory capital employed: ~+8% YoY .
FPL retail sales: -1.8% YoY due to milder weather; weather-normalized +1.9% .
NEER backlog additions: 3 GW; backlog nearly 30 GW .
Storage origination: record 1.9 GW .
Wind resource: ~90% of LT average (vs. 93% Q3’24) .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Adjusted EPS	FY 2025	$3.45–$3.70	$3.45–$3.70	Maintained
Adjusted EPS	FY 2026	$3.63–$4.00	$3.63–$4.00	Maintained
Adjusted EPS	FY 2027	$3.85–$4.32	$3.85–$4.32	Maintained
Dividend growth	Through 2026 (off 2024 base)	~10% per year	~10% per year	Maintained
FPL full-year capex	FY 2025	$8.0–$8.8B	$9.3–$9.8B	Raised
FPL typical residential bill increase	2025–2029	~2.5% annual avg	~2% annual avg	Lowered
Duane Arnold restart target	In-service	N/A	Q4’28–Q1’29 target	New
Duane Arnold EPS impact	First 10 years	N/A	Up to $0.16 annual adjusted EPS	New
Large-load tariffs (FPL)	Tariff approval	N/A	Two tariffs proposed; PSC decision Nov. 20	New

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 & Q2)	Current Period (Q3)	Trend
AI/data center demand	Strong hyperscaler demand; 6 GW backlog serving tech; “golden age of power demand” narrative emerging	Formalized with Google PPA; data center hub strategy; large-load tariffs	Up
Nuclear strategy	Existing fleet (Point Beach, Seabrook); evaluation of options	Duane Arnold restart; up to $0.16 EPS; explore advanced nuclear nationwide	Up
Battery storage	Ongoing build; backlog growth	Record 1.9 GW storage origination; domestically sourced supply, FEOC compliance	Up
Supply chain/FEOC	Positioning for tax credits; safe harbor through 2030	Suppliers positioned FEOC-compliant; policy certainty through 2030	Stable/Positive
Regulatory (FPL)	Filed four-year rate plan; bills ~2.5% annual increase	Settlement hearings completed; ~2% annual bill increase; decision Nov. 20	Improved
Backlog/Origination	3.2 GW added; backlog nearly 30 GW	3 GW added; backlog nearly 30 GW; 900 MW timing shift	Stable
Gas-fired generation	Platform and pipeline discussed	More emphasis; ~20 GW pipeline; anchor for data center hubs	Up
Wind resource	Typical variability	90% of LT avg vs. 93% last year; nuclear offset	Down (resource) but mitigated

Management Commentary

“We are powering today and building tomorrow… in a terrific position to continue delivering near-term and long-term value” — John Ketchum .
“We expect Duane Arnold will be eligible for a nuclear production tax credit… contribute up to $0.16 of annual adjusted EPS” — John Ketchum .
“Returns have been higher than I’ve ever seen them in this industry… supply and demand is commanding premiums” — John Ketchum .
FPL settlement: “Typical residential customer bills would only increase about 2% on average between 2025 and 2029” .
Long-term outlook: “We will be disappointed if we are not able to deliver… at or near the top of our adjusted EPS expectations ranges in each year through 2027” .

Q&A Highlights

Duane Arnold economics and ownership: Capex not disclosed; NEE acquiring CIPCO/Corn Belt’s 30% in exchange for assuming decommissioning liability; restart EPS cadence steady aside from routine refueling outages .
Backlog adjustments: ~900 MW removed/shifted due to development/permitting; expected recapture across 2026–2027; no impact on high-end guidance trajectory .
Large-load tariffs: Two tariffs pending PSC approval; significant inbound interest; Florida positioned to attract hyperscalers .
Gas strategy and hubs: Combined-cycle opportunities leveraging ~20 GW pipeline; renewables/storage to secure interconnect, gas/SMR to follow .
Nuclear fuel supply chain: Long-term procurement discipline; U.S. government and industry focus; baked into Google PPA assumptions .

Estimates Context

Q3 2025 EPS beat: $1.13 actual vs. $1.02* consensus; revenue miss: $7.97B actual vs. $8.17B* consensus .
Forward consensus snapshot: Q4 2025 EPS $0.60*; Q1 2026 EPS $0.83*; Q4 2025 revenue $7.14B*; Q1 2026 revenue $7.35B* (management maintained multi-year EPS ranges) .

Values retrieved from S&P Global.

Where estimates may adjust:

Nuclear contribution and elevated storage origination underpin medium-term EPS visibility; combined with lowered bill trajectory at FPL (~2%), sell-side may reassess margin durability and mix even if renewables timing shifts persist .

Key Takeaways for Investors

EPS quality: Beat on EPS with utility and nuclear strength offsetting weaker wind resource; revenue miss reflects mix/weather but cash flow trajectory and multi-year EPS ranges were reaffirmed .
Utility engine: FPL’s capex ramp ($9.3–$9.8B FY25) and ~8% regulatory capital growth support rate base, reliability, and load growth with a lower bill trajectory (~2% annual) boosting political durability .
Long-term growth vectors: NEER backlog nearly 30 GW, record storage origination (1.9 GW), and Google nuclear PPA establish multi-technology pathways (renewables, storage, gas, nuclear) to serve hyperscale demand .
Nuclear EPS optionality: Duane Arnold is modeled to add up to $0.16 annual adjusted EPS over its first decade; advanced nuclear exploration broadens optionality into the 2030s .
Regulatory catalyst: Nov. 20 PSC decision on FPL’s settlement and large-load tariffs is a near-term event; approval would de-risk the 2026–2029 framework .
Backlog timing manageable: ~900 MW timing shifts are conservative and expected to be recaptured; management still targets high-end of EPS ranges through 2027 .
Trading setup: Near-term catalysts include PSC outcome and continued data center deals; medium-term thesis rests on durable utility growth, multi-tech development, and nuclear/AI-driven demand amplification .

Non-GAAP note: Adjusted earnings exclude effects of non-qualifying hedges, changes in unrealized gains/losses on equity securities in NEER’s nuclear decommissioning funds and OTTI, and XPLR Infrastructure investment gains; management views adjusted earnings as a more meaningful representation of fundamental earnings power .

NEXTERA ENERGY INC (NEE)·Q3 2025 Earnings Summary