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- **EPS Growth**: Q3 adjusted EPS up 9.7% YoY to $2.35, driven by FPL and Energy Resources.
- **Storage Boom**: Q3 added 1.9 GW storage to backlog, strongest quarter ever.
- **Nuclear Deal**: Google PPA to restart Duane Arnold plant, +$0.16 EPS annually over 10 years.
- **FPL Rates**: 4-year rate case with 10.95% ROE, 2% annual bill growth for customers.
- **Gas Pipeline**: 20GW gas-fired pipeline positions for hyperscale data centers.
- **Dividend Growth**: 10%+ annual dividend hikes through 2026.

**【CEO Opening Remarks】**
- Adjusted EPS grew 9.7% YoY to $2.35 in Q3, driven by strong performance from FPL and Energy Resources.
- FPL's retail sales decreased 1.8% YoY due to milder weather, but normalized growth was 1.9% on customer expansion.
- Energy Resources added 3 GW to backlog (1.9 GW storage, 1.1 GW renewables), with 1.7 GW placed into service.
- Announced 25-year PPA with Google to restart Duane Arnold nuclear plant, expected to contribute $0.16 EPS annually over 10 years.
- FPL's 4-year rate proposal includes 10.95% ROE midpoint, with 2% annual bill growth for customers.

**【CFO Financial Commentary】**
- FPL EPS increased $0.08 YoY, driven by 8% regulatory capital growth and $2.5B Q3 capex.
- Energy Resources EPS rose $0.06 YoY, with $0.09 from new investments (renewables/storage) and $0.06 from customer supply.
- Consolidated operating cash flow growth expected to match or exceed EPS CAGR through 2027.
- Dividend growth target of ~10% annually through 2026 off 2024 base.

**【Q&A Highlights】**
- **Duane Arnold Restart**: Cost details withheld, but plant in good condition with same team decommissioning/recommissioning. 30% ownership buy-in from CIPCO/Corn Belt at fair value.
- **Backlog Adjustments**: Removed 900 MW (650M for conservative management, 250M permitting delay), all expected to return by 2027.
- **Nuclear Fuel Supply**: Confident in U.S. govt/industry focus on uranium security, with long-term contracts in place.
- **Storage Growth**: Q3 storage origination (1.9 GW) strongest ever, leveraging domestic battery supply chain.
- **Gas-fired Expansion**: 20GW pipeline positions for hyperscale data center hubs, with SMR collaboration with Google.
- **FPL Large Load Tariffs**: 2 new tariffs pending PSC approval, with hyperscalers actively engaging on load interconnects.


NextEra Energy, Inc. (NEE) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

NEE

NEE fundamentals

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