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Earnings: the good, the meh, and the backlog
NextEra Energy’s second quarter was basically the corporate version of a decent dinner with one weird side dish. Adjusted EPS came in at $1.15, ahead of Wall Street’s $1.10 target, but revenue landed at $7.53 billion versus the $8.04 billion consensus.
The bright spot? The engine room is still humming. FPL benefited from continued capital investment, with quarterly spending around $2.8 billion and full-year investment plans of $12 billion to $13 billion. Management also said regulatory capital employed grew 9.3% year over year, which is the kind of utility jargon that usually translates to: we’re still building, and regulators are still letting us build.
Renewables are doing the heavy lifting
NextEra Energy Resources added 3.6 GW of renewable energy and storage projects to its backlog in the quarter, including 2 GW of battery storage. Even after bringing 1.1 GW online, the backlog still swelled to about 35.1 GW.
That matters because backlog is basically tomorrow’s revenue pipeline, and for a utility with big clean-energy ambitions, it’s the closest thing to a crystal ball. More backlog means more visibility, more buildout, and more reasons for investors to think this isn’t just a sleepy power company with a shiny ESG sticker.
The Dominion deal is now in paperwork mode
There’s also the merger subplot with Dominion Energy. NextEra says it has started filing for regulatory approval with state and federal agencies for the proposed combination announced in May 2026.
If approved, the deal would:
- hand Dominion customers $2.25 billion in shareholder-funded bill credits
- keep the combined company trading under the NextEra Energy name and ticker
- aim for double-digit-ish growth in regulatory capital employed and 9%+ adjusted EPS growth through 2032
Big picture: this is still a classic utility story, but with a turbocharged clean-energy backlog and a merger that could reshape the scale of the business if regulators give it the green light.