NextEra reported higher Q2 2026 adjusted earnings while reaffirming its financial outlook
The company added 3.6 GW of renewable energy and battery storage projects during the reporting quarter
NextEra said its proposed acquisition of Dominion Energy is progressing through regulatory review as planned
NextEra Energy, the US utility, has reported higher adjusted earnings for Q2 2026, supported by growth across its regulated utility and renewable energy businesses. The company says its Dominion Energy merger plan remains on track.
Its adjusted earnings for the quarter increased to $2.41 billion, up 9.5% year-on-year (YoY) from $2.2 billion in Q2 2025. Net income of $3.14 billion rose from $2.03 billion in the corresponding quarter last year.
Florida Power & Light (FPL), the NextEra subsidiary in the power utility business, saw its net income rise from $1.27 billion in Q2 2025 to $1.41 billion in Q2 2026. Its renewable energy subsidiary, NextEra Energy Resources, reported an approximately 18% annual jump in adjusted earnings, from $1.1 billion to $1.3 billion over the same period.
During Q2 2026, NextEra Energy Resources expanded its backlog by 3.6 GW of new generation and storage, including 900 MW of solar, 2 GW of battery storage, and 700 MW of wind capacity. The company says this is the second-largest quarter of additions, following a record 4 GW reported in the previous quarter.
As of July 24, 2026, its total backlog of projects with long-term contracts or agreements reached 35.1 GW. NextEra expects total development opportunities of 76.6 GW to 107.6 GW through 2032, with solar and battery storage driving most of this growth. For solar, the company says it has secured panels through 2029, and has competitively priced domestic supply for battery storage also secured through 2029.
The company calls battery storage an important growth driver, as it can be built as a standalone project or incorporated into existing renewable sites. It also offers the flexibility to expand existing systems from 4-hour to 8-hour configuration.
“Our standalone and co-located battery storage pipeline sits at over 110 gigawatts, without including our expansion opportunities. More broadly, our backlog provides meaningful visibility into future growth and underscores the value of our long-term contracted business,” stated management.
Growth opportunity also comes from rising electricity demand for data centers. It is currently in discussions with 30 potential data center hubs, a number it expects to rise to 40 by the end of 2026.
NextEra also provided an update on its proposed merger with Dominion Energy, saying the transaction continues to move through the regulatory approval process. The company said it remains on track to complete the merger, subject to customary approvals, and continues integration planning (see NextEra-Dominion Energy Merger Seeks Regulatory Approval).
“We’re putting a larger NextEra Energy platform behind Dominion Energy at the exact time when scale matters more than ever to face a set of challenges unlike anything the utility industry has seen in decades,” said John Ketchum, Chairman, President and Chief Executive Officer of NextEra Energy.
The combined company is expected to support close to an 11% annual growth in regulatory capital employed through 2032. The transaction is projected to close in H2 2027.
