NextEra Energy grows Q3 adjusted EPS 9.7%, targets high end of 2026 guidance as Dominion merger advances

NextEra Energy (NEE) reported third-quarter 2026 adjusted earnings of $1.24 per share, up 9.7% from $1.13 a year earlier and above the $1.18 consensus. GAAP net income attributable to NextEra was $4.775 billion, or $2.28 per share, a figure that includes gains excluded from adjusted results. Revenue of $8.09 billion fell short of the $8.88 billion estimate, which 24/7 Wall St. attributed to timing and mix. The company kept its 2026 adjusted EPS range of $3.92 to $4.02 and said it is targeting the high end of that range.

The development engine kept growing. NextEra Energy Resources added 3.7 gigawatts of renewables and storage to its backlog in the quarter, 2.4 GW of it battery storage, bringing the backlog to about 36.7 GW. Year to date the company has recontracted nearly 1,400 megawatts of renewables at roughly a $20 per megawatt-hour premium above recent realized pricing, and CEO John Ketchum said it has achieved more than two-thirds of the midpoint of its 2026 through 2029 development expectations. Management also pointed to fee-based development contracts for federal hubs as a way to monetize technology-sector power demand.

The pending combination with Dominion Energy (D) is moving through approvals. Under the all-stock terms, each Dominion share converts into 0.8138 NextEra shares, with a $360 million special cash payment to Dominion shareholders. Shareholders of both companies approved the deal in September, state reviews in Virginia, North Carolina and South Carolina are underway, and both companies still expect closing in the second half of 2027. The items to watch are the state regulatory rulings, whether the renewables premium holds as data-center demand evolves, and whether NextEra delivers the top of its 2026 range.